超越肉類 (BYND) 2022 Q2 法說會逐字稿

Good day, and welcome to the Beyond Meat conference call. (Operator Instructions)

美好的一天，歡迎來到 Beyond Meat 電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Lubi Kutua. Please go ahead.

請注意，此事件正在記錄中。我現在想把會議交給 Lubi Kutua。請繼續。

Thank you. Good afternoon, and welcome. Joining me on today's call are Ethan Brown, Founder, President and Chief Executive Officer; and Phil Hardin, Chief Financial Officer and Treasurer.

謝謝你。下午好，歡迎。和我一起參加今天電話會議的還有創始人、總裁兼首席執行官 Ethan Brown；以及首席財務官兼財務主管菲爾·哈丁（Phil Hardin）。

By now, everyone should have access to the company's second quarter earnings press release filed today after the market closed. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com. Before we begin, please note that all the information presented on today's call is unaudited, and during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release, the company's annual report on Form 10-K for the fiscal year ended December 31, 2021, the company's quarterly report on Form 10-Q for the quarter ended July 2, 2022, to be filed with the SEC and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

到目前為止，每個人都應該可以訪問該公司今天在市場收盤後提交的第二季度收益新聞稿。本文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分獲取。在我們開始之前，請注意，今天電話會議上提供的所有信息均未經審計，在本次電話會議期間，管理層可能會做出聯邦證券法含義內的前瞻性陳述。這些陳述基於管理層當前的預期和信念，涉及可能導致實際結果與這些前瞻性陳述中描述的結果大不相同的風險和不確定性。我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅在今天發布，不會隨著實際事件的發展而更新。請參閱今天的新聞稿，該公司截至 2021 年 12 月 31 日的財政年度的 10-K 表格年度報告，該公司截至 2022 年 7 月 2 日的季度的 10-Q 表格季度報告，將提交給美國證券交易委員會以及向 SEC 提交的其他文件，詳細討論可能導致實際結果與今天做出的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險。

Please also note that on today's call, management may make reference to adjusted EBITDA, which is a non-GAAP financial measure. While we believe this non-GAAP financial measure provides useful information for investors, any reference to this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release for a reconciliation of adjusted EBITDA to its most comparable GAAP measure.

另請注意，在今天的電話會議上，管理層可能會參考調整後的 EBITDA，這是一項非 GAAP 財務指標。雖然我們認為這種非公認會計原則財務措施為投資者提供了有用的信息，但對這些信息的任何引用都不應被孤立地考慮或作為根據公認會計原則提供的財務信息的替代品。請參閱今天的新聞稿，了解調整後的 EBITDA 與其最具可比性的 GAAP 指標的對賬。

And with that, I would now like to turn the call over to Ethan Brown.

有了這個，我現在想把電話轉給 Ethan Brown。

Thank you, Lubi, and good afternoon, everyone. We have a clear view of our vast long-term opportunity and its ever-increasing global importance and a strong confidence in the leadership position of our brand. In fact, in Q2 2022, we recorded our second largest quarter ever of net revenues even as consumers traded down among proteins in the context of very significant inflationary pressures. We simultaneously, however, recognize that progress for us and for the sector is taking longer than expected. We now expect reflecting this inflationary pressure on consumer spending and specifically how this impacts higher-cost proteins and foods, a delay in post-COVID resumption of growth. Accordingly, we are taking a number of steps to reduce cash consumption to position the company for sustainable growth while we apply our near-term focus on the following key drivers: one, executing against a planned series of high-value market initiatives for strategic and Foodservice partners; and two, strengthening our retail business through, among other measures, bolstering support for our core lines while bringing to market among other new products that will expand our portfolio one of our best innovations ever a delicious and convincing strip of stake.

謝謝你，Lubi，大家下午好。我們清楚地認識到我們巨大的長期機遇及其日益增長的全球重要性，並對我們品牌的領導地位充滿信心。事實上，在 2022 年第二季度，我們錄得了有史以來第二大季度的淨收入，儘管在非常顯著的通脹壓力的背景下，消費者在蛋白質之間進行了交易。然而，我們同時認識到，對於我們和該行業而言，取得進展所需的時間比預期的要長。我們現在預計會反映出這種通脹壓力對消費者支出的影響，特別是這會如何影響成本更高的蛋白質和食品，以及 COVID 後恢復增長的延遲。因此，我們正在採取一系列措施來減少現金消耗，以使公司實現可持續增長，同時我們將近期重點放在以下關鍵驅動因素上：第一，執行計劃中的一系列高價值市場計劃，以實現戰略性和餐飲服務合作夥伴；第二，通過加強對我們核心產品線的支持等措施加強我們的零售業務，同時將其他新產品推向市場，這些新產品將擴大我們的產品組合，這是我們有史以來最好的創新之一，是一個美味且令人信服的股份。

Cost-related actions underway include one significant reductions in general operating expenses. For this quarter, we reduced OpEx by approximately $14 million or 15% on a sequential basis, further intensifying reduction in production costs to drive continued sequential progress on manufacturing costs so as to recover healthy margins and reach pricing goals. Three, realigning organizational structures across North America, the EU and China to increase regional focus, efficiency and speed. Four, continued focus on managing down inventory levels. And five, and an action that I will now turn to, yesterday, we instituted a reduction in force of approximately 40 positions. Given the high value of our team members, and again, the tremendous opportunity that lays ahead the reduction in force is a difficult measure. Beyond Meat is a team of tremendously dedicated, passionate and talented individuals who have come together in service to our mission, our customers, our consumers and our shareholders. I'm proud of what our team has built and are building and the resilience that our company has shown over the past 2 years as well as now as we face, like others, challenging macroeconomic conditions. We are committed to treating those employees affected by this reduction in force with the utmost respect in providing assistance to help them in their transitions.

正在進行的與成本相關的行動包括一項顯著降低一般運營費用的措施。在本季度，我們環比減少了約 1400 萬美元或 15% 的運營支出，進一步加大了生產成本的降低力度，以推動製造成本的持續環比進步，從而恢復健康的利潤率並實現定價目標。第三，重新調整北美、歐盟和中國的組織結構，以提高區域重點、效率和速度。四是繼續關注降低庫存水平。第五，我現在要談到的一項行動是，昨天，我們減少了大約 40 個職位。鑑於我們團隊成員的高價值，再次強調，減少兵力的巨大機遇是一項艱鉅的措施。 Beyond Meat 是一個由非常敬業、充滿激情和才華橫溢的個人組成的團隊，他們齊心協力為我們的使命、我們的客戶、我們的消費者和我們的股東服務。我為我們的團隊已經建立和正在建立的東西以及我們公司在過去 2 年以及現在像其他人一樣面臨具有挑戰性的宏觀經濟條件時所表現出的韌性感到自豪。我們致力於以最大的尊重對待受裁減影響的員工，提供幫助以幫助他們過渡。

The second quarter of 2022 saw a sequential contraction in U.S. household penetration of plant-based meat for the first time in over 4 years. According to numerated data, even as the number of brands and SKUs expanded by roughly 60% and 70%, respectively, over the past 2 years. As consumers are expressly seeking value, we believe that high inflation in the sector's premium pricing relative to animal protein is largely, if not fully, determining. Despite intense competitive pricing in the category by existing and new entrants on the one hand and rising animal protein that prices on the other, the category remains a premium one relative to animal meats. As such, it is subject to the same trading down behaviors that one sees during inflationary periods. Numerated data for the 12 weeks ended June 26, 2022, shows that the primary drivers of volume leakage for our own U.S. business were indeed shifts to animal protein as well as to private label. This dynamic shrinking consumer buying power in grocery stores that favors lower-cost proteins and products, exerted greater-than-anticipated pressure on category growth, and in turn, our own growth.

2022 年第二季度，美國家庭對植物性肉類的滲透率連續收縮，這是 4 年來的首次。根據統計數據，即使品牌和 SKU 的數量在過去兩年中分別增長了大約 60% 和 70%。由於消費者明確尋求價值，我們認為該行業相對於動物蛋白的溢價定價的高通脹在很大程度上（如果不是完全）是決定性的。儘管一方面現有和新進入者對該類別的價格具有激烈的競爭性，另一方面動物蛋白價格上漲，但相對於動物肉類，該類別仍然是溢價的。因此，它會受到與通脹時期相同的交易下降行為的影響。截至 2022 年 6 月 26 日的 12 週的數字數據顯示，我們自己的美國業務量流失的主要驅動因素確實是轉向動物蛋白和自有品牌。雜貨店中消費者購買力不斷下降，偏愛低成本的蛋白質和產品，對品類增長以及我們自身的增長施加了超出預期的壓力。

Turning to gross margin. Although we made sequential progress on manufacturing conversion costs, this was obscured by the sale of certain inventory items to the liquidation channel as well as increased inventory reserves for the same, the combination of which accounted for nearly 10 points of gross margin, pushing our gross margin down to negative 4.2%. Looking forward, though we do expect growth for the balance of the year, we need to continue to temper expectations given the clear precedent for consumers to trade down among proteins in grocery stores when buying power shrinks in inflationary periods. As I noted earlier, we've indeed begun to see this trading down materialize and expect to continue for the time being. As such, we are issuing revised lower guidance for the full year 2022.

轉向毛利率。儘管我們在製造轉換成本方面取得了連續進展，但由於將某些庫存項目出售給清算渠道以及增加庫存儲備，這掩蓋了這一點，兩者合計佔毛利率近 10 個百分點，推高了我們的毛利率。利潤率降至負 4.2%。展望未來，儘管我們確實預計今年餘下時間會出現增長，但鑑於通脹時期購買力下降時消費者在雜貨店購買蛋白質的明顯先例，我們需要繼續降低預期。正如我之前提到的，我們確實已經開始看到這種下跌實現，並預計暫時會繼續下去。因此，我們正在發布修訂後的 2022 年全年指引。

Before closing, I want to reiterate my enthusiasm for our brand and our long-term growth prospects. When research firm Brand Keys surveyed American consumers regarding the world's most innovative companies, Apple, Tesla and Amazon took #1 spots, respectively, across technology, transportation, and consumer goods, and Beyond Meat took the #1 spot in food according to a report released last month. I share this to note that despite the current economic environment, the long-term opportunity ahead of us remains as began vast and substantial. We are grateful for the commitment of our partners, including some of the world's most valuable QSR companies, namely McDonald's and Yum! Brands, and one of the globe's largest CPG companies, PepsiCo, with whom we share the Planet Partnership joint venture. We note that the McPlant Burger co-developed with Beyond Meat is now a core menu item at McDonald's in the U.K., and then in July, McDonald's initiated a 270-store test of McPlant burger in Victoria, Australia. In Austria, following the nationwide limited time offer of a second McPlant build and McPlant Steakhouse, McDonald's just started nationwide limited time offer of a third McPlant build, and McPlant Tasty, which is inspired by McDonald's popular big tasty burger. Also during the quarter, the limited time test in McPlant burger in the San Francisco Bay and Dallas-Fort Worth areas concluded as planned.

在結束之前，我想重申我對我們品牌和長期增長前景的熱情。根據一份報告，當研究公司 Brand Keys 對美國消費者進行關於全球最具創新性公司的調查時，蘋果、特斯拉和亞馬遜分別在技術、交通和消費品領域排名第一，而 Beyond Meat 在食品領域排名第一上個月發布。我分享這一點是為了指出，儘管當前的經濟環境如此，但我們面前的長期機會仍然像開始時那樣巨大而巨大。我們感謝合作夥伴的承諾，包括一些世界上最有價值的 QSR 公司，即麥當勞和百勝！ Brands，以及全球最大的 CPG 公司之一百事可樂，我們與它們共享 Planet Partnership 合資企業。我們注意到，與 Beyond Meat 共同開發的 McPlant Burger 現在是英國麥當勞的核心菜單項目，然後在 7 月，麥當勞在澳大利亞維多利亞州啟動了 270 家門店的 McPlant 漢堡測試。在奧地利，繼第二次 McPlant build 和 McPlant Steakhouse 的全國限時優惠之後，麥當勞剛剛開始在全國范圍內限時提供第三次 McPlant build 和 McPlant Tasty，其靈感來自於麥當勞流行的大美味漢堡。同樣在本季度，舊金山灣和達拉斯-沃思堡地區 McPlant burger 的限時測試按計劃結束。

Turning to Yum!. We have launched or tested 5 Beyond Innovations thus far. This year is Beyond Fried Chicken LTO at KFC nationwide and Beyond Italian Sausage Crumbles at Pizza Hut in Canada, which is now a permanent menu placement. Last year's Beyond Pepperoni test in the U.S. and the permanent edition of Beyond Beef Crumbles and Beyond Port Crumbles at Pizza Hut delivery in the U.K. These ongoing tests are natural progression of our partnership with our strategic QSR partners, take time as well as iteration across product attributes, pricing and other considerations, and we are encouraged by the multiple introductions that we're seeing with both McDonald's and Yum! globally as we innovate together. Finally, we are thankful for consumers who continue to make Beyond Meat the #1 brand in our retail category of refrigerated plant-based meats according to SPINS data, and we are planning aggressive steps across the balance of the year to further engage the consumer in grocery. I've said many times that I believe the rise of plant-based meats to a prominent role in the global diet is inevitable. The benefits of such a transition driven by the unique effectiveness of plant-based meats in addressing climate and conserving natural resources are powerful. As the Boston Consulting Group recently reported, the climate return for plant-based meats measured in terms of carbon equivalent emissions avoided per dollar invested is unrivaled, significantly investing climate returns per dollar invested in green technologies across a host of sectors, including transportation and electricity.

轉向百勝！到目前為止，我們已經推出或測試了 5 項超越創新。今年是全國肯德基的 Beyond Fried Chicken LTO 和加拿大必勝客的 Beyond Italian Sausage Crumbles，現在是永久菜單位置。去年在美國的 Beyond Pepperoni 測試以及在英國必勝客交付的 Beyond Beef Crumbles 和 Beyond Port Crumbles 的永久版。這些正在進行的測試是我們與戰略 QSR 合作夥伴合作的自然進展，需要時間以及跨產品的迭代屬性、定價和其他考慮因素，我們對麥當勞和百勝的多次介紹感到鼓舞！全球範圍內，我們一起創新。最後，我們感謝根據 SPINS 數據繼續讓 Beyond Meat 成為我們冷藏植物肉零售類別中排名第一的品牌的消費者，我們計劃在今年餘下時間採取積極措施，進一步讓消費者參與雜貨店。我已經多次說過，我相信植物性肉類在全球飲食中的崛起是不可避免的。由植物性肉類在應對氣候和保護自然資源方面的獨特功效推動的這種轉變的好處是強大的。正如波士頓諮詢集團最近報導的那樣，以每投資一美元所避免的碳當量排放量來衡量的植物性肉類的氣候回報是無與倫比的，在包括交通和電力在內的眾多行業中，每一美元投資於綠色技術的氣候回報顯著投資.

In closing, it is our foundational belief that we can offer in the mainstream transition to plant-based meats by driving ever more intently toward products that are indistinguishable and taste from are clearly understood by the consumer to deliver health benefits relative to and are at price parity or below that of their animal protein equivalents. We are focused intensely on increasing efficiency in operations and production while driving execution of our highest value growth initiatives across North America, the EU and China, and we confidently expect to emerge from today's economic conditions leaner, stronger and very well poised to deliver on the promise of our brand.

最後，我們的基本信念是，我們可以在向植物性肉類的主流過渡中提供更加專注的產品，即消費者可以清楚地了解其味道和口味，以提供相對於價格的健康益處均等或低於其動物蛋白等價物。我們專注於提高運營和生產效率，同時推動我們在北美、歐盟和中國的最高價值增長計劃的執行，我們有信心從今天的經濟環境中脫穎而出，變得更精簡、更強大，並準備好實現我們品牌的承諾。

With that, I will turn it over to Phil to walk us through our second quarter financial results in greater detail and our outlook for the full year 2022.

有了這個，我將把它交給菲爾，讓我們更詳細地了解我們第二季度的財務業績以及我們對 2022 年全年的展望。

Thanks, Ethan. We achieved net revenues of $147 million in the second quarter of 2022, representing a decrease of 1.6% compared to the second quarter of 2021, the highest revenue quarter in Beyond Meat history. The decrease in net revenues was driven by a reduction in net revenue per pound of approximately 14.2%, partially offset by a 14.6% increase in total pounds sold. Q2 2022 net revenue per pound was $4.88, down from $5.69 per pound in Q2 2021, and was primarily attributable to decreased price per pound, including the impact of selling to liquidation channels and other pricing changes, including the EU list price reductions instituted in Q1 2022, changes in foreign exchange rates and increased trade discounts.

謝謝，伊桑。我們在 2022 年第二季度實現了 1.47 億美元的淨收入，與 2021 年第二季度相比下降了 1.6%，這是 Beyond Meat 歷史上收入最高的季度。淨收入減少的原因是每磅淨收入減少約 14.2%，部分被銷售總磅數增加 14.6% 所抵消。 2022 年第二季度每磅淨收入為 4.88 美元，低於 2021 年第二季度的每磅 5.69 美元，主要歸因於每磅價格下降，包括出售給清算渠道和其他定價變化的影響，包括第一季度實施的歐盟降價2022年，外匯匯率變化和貿易折扣增加。

Moving down the P&L to gross profit. Gross profit during Q2 2022 was negative $6.2 million or negative 4.2% of net revenues as compared to $47.4 million or 31.7% of net revenues in Q2 2021. The combination of sales of certain inventory to the liquidation channel and increased inventory reserves weighed heavily on gross profit this quarter, representing a combined headwind, excluding any impacts from Beyond Meat Jerky of approximately 10 percentage points on gross margin. In assessing our inventory during the quarter, for certain goods, we did not project adequate demand from full-price customers in the U.S. retail channel, and therefore, decided to sell the inventory at a deep discount into the liquidation channel. The inventory carried a cost of approximately $10.5 million, and we realized revenue of approximately $1.9 million and a loss of approximately $8.7 million on the transaction. As part of our quarterly inventory assessment, we also increased our inventory reserves, which further reduced gross margin. We estimate Beyond Meat Jerky was an additional approximately 670 basis point gross margin headwind and an approximate 270 basis point improvement from the estimated 940 basis point headwind in Q1 2022. The sequential improvement was driven by an increase in revenue per pound, including a onetime true-up of $1.4 million, primarily for pricing on Q1 volumes and a decrease of Jerky as a total percentage of the mix. In Q2 2022, cost of goods sold was $5.09 per pound, an increase of $1.20 per pound year-over-year. We estimate Jerky accounted for an approximately 57% of the increase, with the remainder being driven by increased manufacturing costs, including depreciation, increased materials cost, higher transportation and warehouse costs and increased inventory reserves versus the year ago period. We estimate -- to reiterate, we estimate jerky accounted for approximately $0.57 of the increase, with the remainder being driven by increased manufacturing costs, including depreciation, increased material costs, higher transportation and warehousing costs and increased inventory reserves versus the year ago period. Manufacturing costs, including depreciation, increased approximately $0.48 per pound versus the prior year. With Jerky accounting for approximately $0.26 per pound, and the remainder primarily reflecting expensive inventory created in Q1 and sold through in Q2 as well as higher depreciation per unit.

將損益表向下移動到毛利潤。與 2021 年第二季度的 4740 萬美元或淨收入的 31.7% 相比，2022 年第二季度的毛利潤為負 620 萬美元，占淨收入的負 4.2%。某些庫存銷售到清算渠道和增加的庫存儲備對毛利潤造成了沉重壓力本季度的利潤，代表綜合逆風，不包括 Beyond Meat Jerky 對毛利率約 10 個百分點的影響。在本季度評估我們的庫存時，對於某些商品，我們沒有預測美國零售渠道中全價客戶的充足需求，因此決定以極低的折扣將庫存出售到清算渠道。庫存成本約為 1050 萬美元，我們在交易中實現了約 190 萬美元的收入和約 870 萬美元的損失。作為我們季度庫存評估的一部分，我們還增加了庫存儲備，這進一步降低了毛利率。我們估計 Beyond Meat Jerky 的毛利率額外增加了大約 670 個基點，比 2022 年第一季度估計的 940 個基點的逆風提高了大約 270 個基點。連續改善是由每磅收入的增加推動的，包括曾經真實的- 增加了 140 萬美元，主要用於對第一季度的銷量進行定價，並降低了 Jerky 在產品組合中的總百分比。 2022 年第二季度，商品銷售成本為每磅 5.09 美元，同比增長 1.20 美元/磅。我們估計 Jerky 約佔增長的 57%，其餘部分是由製造成本增加推動的，包括折舊、材料成本增加、運輸和倉庫成本增加以及與去年同期相比增加的庫存儲備。我們估計 - 重申一下，我們估計生澀約佔增長的 0.57 美元，其餘部分是由製造成本增加推動的，包括折舊、材料成本增加、運輸和倉儲成本增加以及與去年同期相比增加的庫存儲備。包括折舊在內的製造成本與去年相比每磅增加了約 0.48 美元。 Jerky 的價格約為每磅 0.26 美元，其餘主要反映了第一季度創建並在第二季度售出的昂貴庫存以及更高的單位折舊。

In the Q1 earnings call, we spoke about the beginnings of an improved trajectory for manufacturing costs, and we saw that improvement in the P&L with the sequential decrease in manufacturing costs, led by continued improvements in our Devault, Pennsylvania finished goods manufacturing facility. Cereals cost increased approximately $0.44 per pound year-over-year with an estimated $0.29 of the increase driven by jerky. Not reflected in Q2 2022 results. But in the last earnings call, we said we were in the process of attempting to qualified products made from pea isolate, or PPI, supplied from lower-cost providers. We were successful and now have the capability to produce many of our products from 100% low-cost PPI. This gives us flexibility as we balance the introduction of additional low-cost PPI into our formulas, the desire to consume existing WIP and PPI inventory and to adhere to existing purchase commitments. We also continue to work diligently across our ingredients and packaging and have recently secured reduced prices on certain packaging components and are in the process of finalizing contracts on multiple ingredients.

在第一季度財報電話會議中，我們談到了製造成本軌跡改善的開始，我們看到損益表的改善隨著製造成本的連續下降，這得益於我們位於賓夕法尼亞州 Devault 的成品製造設施的持續改進。穀物成本每年每磅增加約 0.44 美元，其中估計增加了 0.29 美元是由肉乾推動的。未反映在 2022 年第二季度的業績中。但在上一次財報電話會議中，我們表示我們正在嘗試對由低成本供應商提供的豌豆分離物或 PPI 製成的產品進行鑑定。我們取得了成功，現在有能力使用 100% 低成本的 PPI 生產我們的許多產品。這為我們提供了靈活性，因為我們平衡了在我們的配方中引入額外的低成本 PPI、消耗現有 WIP 和 PPI 庫存以及遵守現有採購承諾的願望。我們還繼續在我們的成分和包裝方面努力工作，最近確保某些包裝組件的價格降低，並且正在敲定多種成分的合同。

Logistics costs, including those associated with internal transportation and warehousing, increased $0.15 per pound in Q2 2022 versus Q2 2021. Note, this excludes the outbound freight associated with shipping finished goods to our customers, which is included in our SG&A as a selling expense. The increase in logistics cost per pound was primarily attributable to increased transportation costs and from increased warehousing costs. And although up year-over-year, these costs improved sequentially through efforts like better execution and a recent RFP, where we rebid our trucking lengths. The team remains extremely focused on working down our inventory balance, and as we reduce inventory, we expect to further reduce our warehousing costs. Inventory was a significant headwind for the business in Q2. In the case of sales through the liquidation channel, the entire impact shows up in decreased revenue per pound without driving a degradation in cost per pound. But in Q2, we also had an increase in inventory reserves that created an increase of approximately $0.14 per pound of additional costs versus Q2 2021. We are improving our processes to allow faster and smarter responses to changes in demand and are making an effort to reduce the overall inventory levels to curtail this risk.

與 2021 年第二季度相比，2022 年第二季度的物流成本（包括與內部運輸和倉儲相關的成本）每磅增加了 0.15 美元。請注意，這不包括與將成品運送給我們的客戶相關的出境運費，該運費作為銷售費用包含在我們的 SG&A 中。每磅物流成本的增加主要是由於運輸成本增加和倉儲成本增加所致。儘管同比增長，但通過更好的執行和最近的 RFP 等努力，這些成本連續改善，我們在其中重新投標我們的卡車運輸長度。該團隊仍然非常專注於減少我們的庫存餘額，並且隨著我們減少庫存，我們希望進一步降低我們的倉儲成本。庫存是第二季度業務的重大不利因素。在通過清算渠道進行銷售的情況下，整個影響表現為每磅收入的減少，而不會導致每磅成本的下降。但在第二季度，我們的庫存儲備也有所增加，與 2021 年第二季度相比，每磅額外成本增加了約 0.14 美元。我們正在改進我們的流程，以更快、更智能地響應需求變化，並努力減少整體庫存水平以減少這種風險。

Moving down the P&L to OpEx. Operating expenses for Q2 2022 were $83.5 million, up $17.6 million from $66 million in Q2 2021. The year-over-year increase was driven mainly by increases in people expenses, non-people G&A driven by consulting fees, marketing expenses and commercialization expenses related to scaling new products. OpEx as a percentage of revenue was reduced from 89.4% in Q1 2022 to 56.8% in Q2 2022. In addition to a larger revenue base, Q2 2022 operating expenses at $83.5 million were down $14.3 million sequentially from Q1 2022. The sequential decrease in OpEx versus Q1 was primarily driven by reductions in marketing and commercialization expenses. In recent quarters, the majority of our OpEx has been driven by nonpeople-related expenses, approximately 61% and 55% in Q1 and Q2, respectively. We began managing those down in Q2 and expect to drive further reductions as we go through the balance of the year. In addition to direct spend reductions, we recently began rolling out bracket pricing to incentivize customers to order in quantities that more efficiently use our trucks to minimize outbound freight costs, another component of our OpEx. We've also been heavily scrutinizing our people-related expenses and headcount, and despite adding additional people in Europe and China this year, we ended Q2 with slightly fewer nonproduction heads globally than we started the year. We'll continue to manage down headcount through natural attrition and performance management, but to further decelerate spending, we announced some reductions in our workforce today, reducing it -- yesterday, reducing it by approximately 40 people or approximately 4%. The reduction is expected to reduce OpEx by approximately $8 million annually, although we expect to incur incremental onetime separation costs of approximately $1 million in Q3 of 2022.

將損益表向下移動到運營支出。 2022 年第二季度的運營費用為 8350 萬美元，比 2021 年第二季度的 6600 萬美元增加了 1760 萬美元。同比增長的主要原因是人員費用、諮詢費、營銷費用和商業化費用相關的非人員 G&A 的增加擴展新產品。運營支出佔收入的百分比從 2022 年第一季度的 89.4% 下降到 2022 年第二季度的 56.8%。除了更大的收入基礎外，2022 年第二季度的運營費用為 8350 萬美元，比 2022 年第一季度下降了 1430 萬美元。運營支出的連續下降與第一季度相比，主要是由於營銷和商業化費用的減少。最近幾個季度，我們的大部分運營支出都是由非人員相關費用推動的，第一季度和第二季度分別約為 61% 和 55%。我們在第二季度開始管理這些下降，並希望在我們度過今年的餘額時進一步減少。除了直接減少支出外，我們最近開始推出支架定價，以激勵客戶訂購更有效地使用我們的卡車的數量，以最大限度地降低出境貨運成本，這是我們運營支出的另一個組成部分。我們還一直在嚴格審查與人員相關的費用和員工人數，儘管今年在歐洲和中國增加了更多人員，但我們在第二季度結束時全球非生產負責人比年初略少。我們將繼續通過自然減員和績效管理來減少員工人數，但為了進一步降低支出，我們今天宣布裁員，減少員工人數 - 昨天，減少了大約 40 人或大約 4%。儘管我們預計在 2022 年第三季度會增加約 100 萬美元的一次性離職成本，但預計這一減少每年將使運營支出減少約 800 萬美元。

Turning to our balance sheet and cash flow highlights. Our cash and cash equivalents balance was $454.7 million, and total debt outstanding was approximately $1.1 billion as of July 2, 2022. In Q2 2022, inventory decreased to $254.7 million, down $29.1 million from $283.8 million at the end of Q1 2022, and up $12.8 million from $241.9 million at the end of Q4 2021. We expect to continue to reduce our inventory balance going forward. In terms of cash flow for the 3 months ended July 2, 2022, net cash used in operating activities was $70.5 million, a $19.3 million decrease compared to the $89.8 million used in the year-ago period. Note, contained in our Q2 2022 operating cash flows, we contributed approximately $6.7 million towards the build-out of our new innovation and headquarters facility here in the L.A. area, which was recorded in prepaid rent compared to approximately $26.6 million in Q2 2021. Capital expenditures totaled $20.4 million in Q2 2022 compared to $28.1 million in the year ago period.

轉向我們的資產負債表和現金流亮點。截至 2022 年 7 月 2 日，我們的現金和現金等價物餘額為 4.547 億美元，未償債務總額約為 11 億美元。2022 年第二季度，庫存從 2022 年第一季度末的 2.838 億美元減少至 2.547 億美元，減少了 2910 萬美元，甚至增加了從 2021 年第四季度末的 2.419 億美元增加到 1280 萬美元。我們預計未來將繼續減少庫存餘額。截至 2022 年 7 月 2 日止 3 個月的現金流量方面，經營活動使用的現金淨額為 7050 萬美元，與去年同期的 8980 萬美元相比減少了 1930 萬美元。請注意，包含在我們 2022 年第二季度的運營現金流中，我們為在洛杉磯地區建造新的創新和總部設施貢獻了大約 670 萬美元，與 2021 年第二季度的大約 2660 萬美元相比，這記錄在預付租金中。資本2022 年第二季度的支出總額為 2040 萬美元，而去年同期為 2810 萬美元。

Next, I will provide some commentary about our 2022 outlook. For the fiscal year 2022, we expect net revenues to be in the range of $470 million to $520 million, corresponding to year-over-year growth of between 1% to 12%. Previously, we had guided to $560 million to $620 million. The significant majority of the decrease was driven by 3 main areas: First, reductions in our outlook of Europe and the Middle East, where according to Nielsen data, plant-based meat across all our brands for Burger, mints, meatballs and sausage in our key European markets has decelerated from growth of approximately 7% in 2021 to shrinking approximately 14% year-over-year in the first half of 2022. Although we continue to gain share, the sustained headwind of the contracting segment is bigger than was anticipated. Also, we successfully launched extended shelf life for our burgers in March, but have been delayed in getting extended shelf life versions of other products out to the markets, though we continue to target doing so in the near future. Second, reductions in U.S. retail. As a reminder, the majority of our U.S. retail business is for refrigerated product versus frozen. According to SPINS data, refrigerated plant-based meat has accelerated its rate of contraction from negative 3.6% in the 12-week period ended March 20, 2022, to negative 12.5% in the 12 weeks into July 10. This broad pressure in our primary subcategory has more than offset any benefits gained from recent expansion of distribution. And finally, reductions in the forecast for Beyond Meat Jerky. As a reminder, we recognize revenue and COGS in our P&L as we sell into the PLANeT partnership and then further recognize our share of the (inaudible) loss of the PLANeT partnership in the equity and losses of unconsolidated joint venture line of the P&L. Although Beyond Meat Jerky has approximately quadrupled the size of the plant-based meat snacks subsegment, we had very high expectations for this product, and velocities are now turning below initial forecast. Due to the length of the supply chain, this forecast decrease will have a disproportionate impact on new production and revenue recognized by Beyond Meat in the second half of 2022. For gross margins in Q3 2022, while we do not expect similar liquidation and inventory headwinds to Q2, the decreased revenue forecast puts additional pressure on gross margin versus earlier forecast by negatively impacting capacity utilization, which could also give rise to termination fees to exit certain supply chain arrangements, driving less leverage on fixed costs and delays the speed at which cost savings initiatives make their way into the P&L. We expect these challenges to result in an anticipated gross margin in the low to mid-single digits for Q3 2022, increasing in Q4 2022, but still well below historical norms.

接下來，我將對我們的 2022 年展望發表一些評論。對於 2022 財年，我們預計淨收入將在 4.7 億美元至 5.2 億美元之間，同比增長 1% 至 12%。此前，我們的指導價為 5.6 億至 6.2 億美元。大部分下降是由 3 個主要領域推動的：首先，我們對歐洲和中東地區前景的下調，根據尼爾森的數據，我們所有品牌的漢堡、薄荷糖、肉丸和香腸中的植物肉歐洲主要市場已從 2021 年的約 7% 的增長放緩至 2022 年上半年的同比收縮約 14%。儘管我們繼續獲得份額，但承包領域的持續逆風比預期的要大。此外，我們在 3 月份成功推出了漢堡的延長保質期，但在將其他產品的延長保質期版本推向市場方面卻被推遲了，儘管我們繼續計劃在不久的將來這樣做。其次，美國零售業的減少。提醒一下，我們在美國的大部分零售業務是冷藏產品而不是冷凍產品。根據 SPINS 的數據，冷凍植物性肉的收縮率從截至 2022 年 3 月 20 日的 12 週內的負 3.6% 加速到截至 7 月 10 日的 12 週內的負 12.5%。子類別抵消了最近擴大分銷所帶來的任何好處。最後，Beyond Meat Jerky 的預測下調。提醒一下，當我們出售給 PLANeT 合夥企業時，我們在損益表中確認收入和銷貨成本，然後進一步確認我們在 PLANeT 合夥企業的（聽不清）損失中的權益和損益表中未合併的合資企業線的損失中的份額。儘管 Beyond Meat Jerky 的植物性肉類零食細分市場的規模大約翻了兩番，但我們對這款產品抱有很高的期望，現在發展速度低於最初的預測。由於供應鏈的長度，這一預測下降將對 Beyond Meat 在 2022 年下半年確認的新產量和收入產生不成比例的影響。對於 2022 年第三季度的毛利率，我們預計不會出現類似的清算和庫存逆風到第二季度，與之前的預測相比，收入預測的下降對產能利用率產生了負面影響，從而對毛利率造成了額外壓力，這也可能導致退出某些供應鏈安排的終止費，從而降低對固定成本的槓桿作用並延遲成本的速度儲蓄計劃進入損益表。我們預計這些挑戰將導致 2022 年第三季度的預期毛利率處於中低個位數，並在 2022 年第四季度增加，但仍遠低於歷史標準。

For fiscal year 2022, our current expectation is to incur CapEx of roughly $80 million, down from $136 million in 2021, although we will continue to look for opportunities to reduce this further by deferring additional spend. We expect additional cash contributions for the build-out of our innovation center and headquarters facility will be $12 million in the second half of 2022, with the expected $15 million remaining to the completion now deferred into 2023.

對於 2022 財年，我們目前的預期是產生大約 8000 萬美元的資本支出，低於 2021 年的 1.36 億美元，儘管我們將繼續尋找機會通過推遲額外支出來進一步減少資本支出。我們預計 2022 年下半年用於擴建創新中心和總部設施的額外現金捐款將達到 1200 萬美元，預計剩餘的 1500 萬美元將推遲到 2023 年完成。

With that, I'll turn the call back over to the operator to open it up for your questions. Thank you.

有了這個，我會將電話轉回給接線員，以便為您解答問題。謝謝你。

(Operator Instructions)

（操作員說明）

And our first question comes from Alexia Howard from Bernstein.

我們的第一個問題來自 Bernstein 的 Alexia Howard。

So I guess we're all sort of looking at the guide on the sales side for the second half, and that does imply a slowdown, I think, from the rate that we saw quarter. What do you think it's going to take to refrigerate category, particularly in the U.S. and in Europe? I mean is this something that -- it's obviously going to be work in progress for some time, but what do you think the key factors are there? And how long is it going to take to actually see some sort of turnaround?

所以我想我們都在看下半年銷售方面的指南，我認為這確實意味著我們看到的季度增速放緩。你認為冷藏品類需要什麼，特別是在美國和歐洲？我的意思是這件事——它顯然會在一段時間內進行，但你認為關鍵因素是什麼？真正看到某種轉變需要多長時間？

Sure. Thank you again for the question. And so I think to start, a key data point and data points are the following that if you look at the price of our ground beef today on a retail average 12 weeks using SPINS data, we're selling at $8.35 a pound. If you look at the USDA ground beef data for the month of June, the price per pound was $4.90. So you have $8.35 per pound price versus a $4.90 per pound price. I can talk a lot about all the different influences and things that are going on in the economy, but that is a very difficult proposition when consumers have very high levels of inflation going on and their buying power in grocery is declining. So I think that there are a number of confounding factors. We went from a pandemic into record inflation, highest in 40 years. And for a sector that's still gathering its feet and is still in sort of the first set of downs, that's a very difficult set of conditions to navigate. Now the good news is, our strategy has always been about 3 things: it's been, first and foremost, about getting the taste right so that we are indistinguishable from animal protein; the second has been about making sure that consumers understand that our products have health benefits relative to animal protein; and the third and most relevant here is price. So we've always known, right, that we need to drive our cost structure down and offer the consumer at a price point that is the same as animal protein. So the pullback you're seeing against our sector is very consistent with that belief. And so in a kind of unfortunate way, it's reinforcing our strategy, and it's propelling us and challenging us to try to wring cost out of our system as quickly as we can. And while there's a lot of things that are obscuring our cost down initiatives, we are seeing progress, particularly on a sequential basis, on manufacturing cost, on logistics costs and things of that nature. Now what we need to be able to bring it into the market is a resumption of volume growth so that we can spread out those costs among more production. So what's needed to reinvigorate the category. One is to get out of this economic situation where consumers are trading down on proteins. I think it's very well understood that, for example, SPAM rises during periods of recessing. SPAM is having its record year. I think the seventh year in a row where they continue to grow, and you see that being accentuated in particularly difficult economic times. You see consumers trading down to lower cuts of meat. So we have to get through this period to see a resumption of growth, and I think it's pretty simple, and we're focusing on that.

當然。再次感謝您的提問。因此，我認為首先，一個關鍵數據點和數據點如下，如果您使用 SPINS 數據查看我們今天 12 周平均零售價的碎牛肉價格，我們的售價為每磅 8.35 美元。如果您查看美國農業部 6 月份的碎牛肉數據，每磅的價格為 4.90 美元。因此，每磅價格為 8.35 美元，而每磅價格為 4.90 美元。我可以談論很多不同的影響和經濟中正在發生的事情，但是當消費者的通脹水平很高並且他們在雜貨店的購買力正在下降時，這是一個非常困難的主張。所以我認為有很多混雜因素。我們從大流行進入創紀錄的通貨膨脹，達到 40 年來的最高水平。對於一個仍在站穩腳跟並且仍處於第一波低谷的行業，這是一組非常難以駕馭的條件。現在好消息是，我們的策略一直是關於三件事：首先，是為了讓味道與動物蛋白沒有區別；第二是確保消費者了解我們的產品相對於動物蛋白具有健康益處；第三個也是最相關的是價格。所以我們一直都知道，對，我們需要降低成本結構，並以與動物蛋白相同的價格向消費者提供。因此，您看到的針對我們行業的回調與這種信念非常一致。因此，以一種不幸的方式，它正在強化我們的戰略，它正在推動我們並挑戰我們盡可能快地從我們的系統中榨取成本。雖然有很多事情阻礙了我們降低成本的舉措，但我們看到了進展，特別是在連續的基礎上，在製造成本、物流成本和類似的事情上。現在，我們需要能夠將其推向市場的是恢復產量增長，以便我們可以將這些成本分攤到更多的生產中。所以需要什麼來重振這個類別。一是擺脫消費者對蛋白質進行交易的經濟形勢。我認為這是很好理解的，例如，垃圾郵件在經濟衰退期間上升。垃圾郵件正在經歷創紀錄的一年。我認為它們連續第七年繼續增長，你會看到在特別困難的經濟時期這種情況更加突出。您會看到消費者減少了肉類的交易量。所以我們必須度過這段時期才能看到恢復增長，我認為這很簡單，我們正在關注這一點。

Our next question comes from Peter Galbo, Bank of America.

我們的下一個問題來自美國銀行的 Peter Galbo。

Phil, thank you for the comments on the gross margin cadence. I think that's helpful just in terms of setting expectations for the rest of the year. I was wondering if you'd be able to kind of do the same with just the revenue phasing in the back half. If there's any sort of split you're imagining whether that's at the midpoint of the range or just anything else to help us there.

菲爾，感謝您對毛利率節奏的評論。我認為這對設定今年剩餘時間的期望很有幫助。我想知道您是否能夠僅通過後半部分的收入階段來做同樣的事情。如果有任何形式的分裂，你會想像它是在範圍的中點還是其他任何可以幫助我們的東西。

At this point, we're just providing full year revenue guidance, and so you obviously know what the first 2 quarters are. So we're not providing additional detail.

在這一點上，我們只是提供全年收入指導，所以你顯然知道前兩個季度是什麼。所以我們不提供額外的細節。

Okay. Fair enough. I had to try. And then on the cash burn, guys, I guess you did see pretty significant improvement at least quarter-on-quarter and even year-over-year. Just as you continue to kind of liquidate some of the inventory in the back half of the year, should we see that number continue to sequentially improve? I know you're talking about some of your OpEx spend being down further sequentially. Just anything to help us on the cash burn going forward?

好的。很公平。我不得不嘗試。然後在現金消耗方面，伙計們，我猜你們確實看到了至少環比甚至同比的顯著改善。就像您在今年下半年繼續清理一些庫存一樣，我們是否應該看到這個數字繼續增加？我知道您說的是您的一些 OpEx 支出依次進一步下降。有什麼可以幫助我們繼續燒錢嗎？

Yes. We're very focused on the rate of cash expenditure, and inventory is a key one, for sure. I think, hopefully, we will be able to not necessarily liquidate, but sell existing inventory and use existing ingredients. And the teams are working really hard to make sure we're being very smart in our supply chain and managing our inventory really well. So yes, we anticipate through the rest of the year that we should be able to continue to drive down the inventory balance. Similarly, we're working to also drive down OpEx. We had a pretty big step down sequentially, and we're particularly -- we announced some layoffs recently. I think there's a lot more we can do in the non-people OpEx as well, and so that's a big focus area for us, but the intent is that we continue to reduce the rate of cash consumption as we go through the year.

是的。我們非常關注現金支出率，當然，庫存是關鍵。我認為，希望我們不一定能夠清算，而是出售現有庫存並使用現有成分。團隊正在努力確保我們在供應鏈中非常聰明，並且非常好地管理我們的庫存。所以是的，我們預計在今年剩下的時間裡，我們應該能夠繼續降低庫存餘額。同樣，我們也在努力降低運營支出。我們連續下降了相當大的一步，尤其是我們最近宣布了一些裁員。我認為在非人員運營支出方面我們還可以做更多的事情，所以這對我們來說是一個很大的重點領域，但我們的目的是在這一年中繼續降低現金消耗率。

Our next question comes from Adam Samuelson, Goldman Sachs.

我們的下一個問題來自高盛的亞當薩繆爾森。

So I guess, Ethan, I wanted to come back to the point you made about the price competitiveness of your product versus ground beef and you gave that roughly the $3.5 or so kind of price gap on the shelf at retail. And I guess I'm kind of thinking about that in the context of your gross margin. So if you just help us think about the pathway, not only for you to lower the price gap versus ground beef to improve kind of the consumer appeal in tough consumer times or not, but to do so profitably and help us think about some of the levers on the COGS side that you have and you've got line of sight to that can give you that magnitude of not only get the gross margins up from where they are now, but the unit costs down even more to enable the price reductions.

所以我想，Ethan，我想回到你所說的關於你的產品與碎牛肉的價格競爭力的觀點，你給出了零售貨架上大約 3.5 美元左右的價格差距。我想我是在你的毛利率的背景下考慮這個問題。因此，如果您只是幫助我們思考路徑，不僅是為了您降低與碎牛肉的價格差距，以在艱難的消費時期提高消費者吸引力，而且這樣做是有利可圖的，並幫助我們思考一些您擁有的 COGS 方面的槓桿，並且您已經看到了這一點，不僅可以使您的毛利率從現在的水平提高，而且單位成本甚至可以降低，以實現降價。

Sure. So I'll answer that, and then I also want to give maybe a bit of a more complete answer to Alexia's question. So I think you can see the sequential decline in manufacturing costs. You see a similar sequential decline in transportation and warehousing. And particularly on the transportation warehousing, I think it's just being driven by better execution. We just did a recent RFP on our trucking lanes and are taking other measures to really start to bring down our overall manufacturing cost structure. And in part, we're also looking now at a design-to-value strategy where we have such expertise in our understanding of ingredients and processes throughout the world of plant-based meat. And we're looking at how do we strip cost out from a design perspective out of our products and potentially offer portfolio strategy into the market so that we can get more broadly and more quickly to a profitable lower price point. So the idea is not to continue to orient the business towards just lower pricing without improvement on margin or cost structure, but rather is to allow the cost structure improvements that we're seeing to help drive that lower pricing. We do need the volume to pick back up, and we have some strategies there that we're going to try to deploy even during this difficult economic time. But it does get down to just continued blocking and tackling quarter after quarter, bringing these costs down, and we're starting to see some good results. Again, they're a little obscured by things like depreciation and just the lower volume we have, but it is an effort to make sure that we're doing that in tandem, driving the cost structure down as we bring our pricing down.

當然。所以我會回答這個問題，然後我還想對 Alexia 的問題給出一個更完整的答案。所以我認為你可以看到製造成本的連續下降。您會看到運輸和倉儲也出現了類似的連續下降。尤其是在運輸倉儲方面，我認為這只是由更好的執行力推動的。我們剛剛對我們的貨運車道進行了最近的 RFP，並且正在採取其他措施來真正開始降低我們的整體製造成本結構。在某種程度上，我們現在也在研究一種價值設計戰略，在這種戰略中，我們在了解植物性肉類世界的成分和工藝方面擁有如此專業的知識。我們正在研究如何從設計角度從我們的產品中剔除成本，並可能向市場提供組合策略，以便我們能夠更廣泛、更快地獲得可盈利的更低價格點。因此，我們的想法不是在不改善利潤率或成本結構的情況下繼續將業務導向更低的定價，而是允許我們看到的成本結構改進有助於推動更低的定價。我們確實需要恢復交易量，而且我們有一些策略，即使在這個困難的經濟時期，我們也會嘗試部署這些策略。但它確實可以歸結為一個季度又一個季度地繼續阻止和解決問題，從而降低這些成本，我們開始看到一些好的結果。同樣，它們有點被折舊和我們擁有的較低數量等因素所掩蓋，但這是為了確保我們同時做到這一點，在我們降低定價時降低成本結構。

But to get back to the original question about reinvigorating, the thesis remains the same. The need for the sector remains the same, and in fact, is increasing in importance year after year. We've made a very significant amount of investment over the last 3 years in commercializing and scaling products for large QSRs and for our partnership with Pepsi, the PLANeT partnership, as well as new retail products. Our shift now is really toward a model where we can introduce and support those at a sustainable growth level, and so we're focusing on harvesting the investments we've made over the last several years. So what that doesn't mean is that we're pulling back from launches or test with QSRs. You'll see a lot of activity from us in the next 12 months with our QSRs. You'll see it not only here in the U.S., but globally. And that's really bringing to market the work that we've already done. So we're looking forward to that. You'll also see us really focus on strengthening our retail presence. I believe so strongly in the benefits of these relationships with QSRs to be able to create an environment where the mainstream consumer can experience our brand that we've invested a lot over the last several years in that. I think one of the side effects of that is that our retail presence has probably been less powerful than it could be. And so we're making some investments in the retail space to better build out a brand block, if you think about what happened to the category over the last 3 years in retail. So we started with the fresh category. Beyond Meat really pioneered that. We had the beef products, the burger sausage, et cetera. And then a number of brands came in and it got kind of disorganized and disjointed as a category, particularly in the fresh space. And so what we need to do is, allow the process to occur, which does in a lot of evolving industries. There'll be some brands that fall away. There will be consolidation and things of that nature, but let's get back to a really clearly identifiable brand block in retail. Let's make sure that happens in refrigerated. Let's make sure that happens in frozen. So the Beyond Brand offers consumers a lot of choice across both categories. So the new products that we're bringing into the market, particularly later this fall, we'll start to do that and the product we're beginning next year in '23, we'll start to do that. So reinvesting in the retail space to strengthen our retail lines is something that we're really going to focus on as part of the effort to bring growth levels back to where they were. But again, I don't want to dismiss the larger macroeconomic environment. We've got to get out of this particular phase with the consumer where there's so much pressure on their wallets and get to a more normal economy.

但回到最初的關於振興的問題，論點還是一樣的。該行業的需求保持不變，事實上，其重要性逐年增加。在過去 3 年中，我們在大型 QSR 產品的商業化和規模化以及與百事可樂的合作夥伴關係、PLANeT 合作夥伴關係以及新零售產品方面進行了大量投資。我們現在的轉變實際上是轉向一種可以引入和支持可持續增長水平的模式，因此我們專注於收穫我們在過去幾年中所做的投資。所以這並不意味著我們正在退出發布或使用 QSR 進行測試。在接下來的 12 個月中，您會看到我們的 QSR 開展了大量活動。您不僅會在美國看到它，還會在全球看到它。這確實將我們已經完成的工作推向了市場。所以我們很期待。您還將看到我們真正專注於加強我們的零售業務。我堅信與 QSR 建立這些關係的好處是能夠創造一個主流消費者可以體驗我們品牌的環境，因此我們在過去幾年中為此投入了大量資金。我認為這樣做的副作用之一是我們的零售業務可能沒有它可能的強大。因此，如果您考慮過去 3 年零售領域發生的情況，我們正在零售領域進行一些投資，以更好地建立品牌塊。所以我們從新鮮的類別開始。 Beyond Meat 真正開創了這一點。我們吃了牛肉製品、漢堡香腸等等。然後一些品牌進來了，它作為一個類別變得有點雜亂無章，特別是在新鮮空間。所以我們需要做的是，讓這個過程發生，這在許多不斷發展的行業中都是如此。會有一些品牌消失。會有整合和類似性質的事情，但讓我們回到零售業真正清晰可辨的品牌塊。讓我們確保在冷藏條件下發生這種情況。讓我們確保這發生在凍結。因此，超越品牌在這兩個類別中為消費者提供了很多選擇。因此，我們將進入市場的新產品，特別是今年秋天晚些時候，我們將開始這樣做，而我們將於明年 23 年開始的產品，我們將開始這樣做。因此，對零售空間進行再投資以加強我們的零售線是我們真正要關注的事情，作為將增長水平恢復到原來水平的努力的一部分。但同樣，我不想忽視更大的宏觀經濟環境。我們必須與消費者一起走出這個特殊階段，在這個階段他們的錢包承受著如此大的壓力，並進入一個更正常的經濟。

And if I can just ask a quick follow-up. If I looked at the COGS spend, whether you want to do this year or last 12 months, how much would you characterize as fixed that would have the more obvious leverage if you got the volume throughput higher?

如果我可以要求快速跟進。如果我查看 COGS 支出，無論您是想在今年還是過去 12 個月做，如果您提高容量吞吐量，您認為固定多少會有更明顯的影響？

Well, I think even among the variable cost, one of the areas the teams have done great work on in the cost downstream is running the machinery faster, but you got to have the orders to take full advantage of that even from a variable cost perspective. So obviously, you can use the asset more fully if you're running harder, but it's also easier to produce with your variable costs, if you're running full speed. And so obviously, there are obvious things like depreciation that are fixed, but volume drives fuller trucks. It drives better utilization in the co-manufacturer network, and so it really is a significant benefit to both the fixed and the variable cost.

好吧，我認為即使在可變成本中，團隊在下游成本方面做得很好的領域之一就是讓機器運行得更快，但即使從可變成本的角度來看，你也必須有訂單才能充分利用這一點.所以很明顯，如果你跑得更努力，你可以更充分地利用資產，但如果你全速運行，用可變成本生產也更容易。很明顯，有一些明顯的事情，比如折舊是固定的，但銷量會推動卡車的滿載。它提高了合作製造商網絡的利用率，因此對固定成本和可變成本都有很大的好處。

Our next question comes from Ben Theurer with Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Theurer。

So one quick one because I think we need to ask it. So you've talked about some of the rollouts with McDonald's and some of the termination of those. Can you share an update on some of the initiatives or some of the potential plan things, particularly in the U.S. like second wave? I mean we've seen it in other markets. So it feels like normal, but if you could add some additional color on that, Ethan, that would be great.

所以一個快速的，因為我認為我們需要問它。所以你已經談到了麥當勞的一些推出和一些終止。您能否分享一些舉措或一些潛在計劃的最新情況，特別是在美國，如第二波？我的意思是我們已經在其他市場看到了它。所以感覺很正常，但如果你可以在上面添加一些額外的顏色，Ethan，那就太好了。

Sure. As much as I'd love to, I can't. We're a supplier and really want to be respectful of McDonald's and how they want to analyze. I think you've heard us both the silent on the recent speculation, and that's how I need to say.

當然。儘管我很願意，但我做不到。我們是供應商，真的希望尊重麥當勞以及他們想要如何分析。我想你已經聽到我們倆對最近的猜測保持沉默，這就是我需要說的。

Okay. I have to try it. So with that in mind -- well, you know me. So if we look into the CapEx and things you're delaying and basically reducing in this year and then pushing into next year. What are the things where you think you can actually safe on the CapEx side in order to improve that free cash flow profile? And where do you think this is a must invest on the CapEx side, innovation, product development, et cetera, and capabilities there, I guess, is part of that. But if you could give us a little bit of a sense of what you're postponing, what's behind that so that we understand what the potential implication of that CapEx delay is.

好的。我得試試。所以考慮到這一點——嗯，你認識我。因此，如果我們研究一下資本支出以及您在今年推遲並基本上減少的事情，然後再推遲到明年。為了改善自由現金流狀況，您認為可以在資本支出方面真正安全的事情是什麼？你認為這是資本支出方面必須投資的地方嗎？創新、產品開發等等，我想，那裡的能力是其中的一部分。但是，如果您可以讓我們對您推遲的內容有所了解，那麼這背後的原因是什麼，以便我們了解資本支出延遲的潛在影響。

Sure. This is Phil. So first, I think a lot of the build-out has been to build capacity both for kind of existing products as well as new products. And we really -- we have a lot of capacity now, and so -- especially, as the forecast falls and as we can sort of better run our existing equipment, it doesn't necessarily necessitate as much investment as you've seen from us in the past because we've invested quite a bit in CapEx previously. So we don't see it as a major hindrance. I think the teams have been very diligent in going through and are being appropriately frugal to make sure that we're managing the cash carefully. But we don't see it as a major hindrance for the business at all at this point given the amount of installed capacity we've already got.

當然。這是菲爾。所以首先，我認為很多擴建都是為現有產品和新產品建立能力。而且我們真的 - 我們現在有很多容量，所以 - 特別是隨著預測的下降並且我們可以更好地運行我們現有的設備，它不一定需要像你所看到的那樣多的投資我們過去是因為我們之前在資本支出上投入了大量資金。所以我們不認為這是一個主要的障礙。我認為團隊一直非常勤奮，並且正在適當節儉以確保我們謹慎地管理現金。但鑑於我們已經擁有的裝機容量，我們目前根本不認為這是對業務的主要障礙。

Our next question comes from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自 Rupesh Parikh 和 Oppenheimer。

So I just wanted to touch on some of the pricing efforts that you guys discussed in the press release, and I think what we saw in the U.S. retail market. So first, you talked about list price increases. Just curious if that was originally contemplated within your guidance? And do you expect to make further adjustments in that market? And in the U.S. market, we did observe price reduction at Costco. Just want to get a sense of if you're starting to do price reduction as well in the U.S. retail market.

所以我只是想談談你們在新聞稿中討論的一些定價努力，我想我們在美國零售市場看到了什麼。所以首先，你談到了價格上漲。只是好奇這是否最初是在您的指導中考慮的？您是否希望在該市場上進行進一步調整？在美國市場，我們確實觀察到了 Costco 的降價。只是想了解您是否也開始在美國零售市場進行降價。

Yes. So I'll take that. On the EU side of things, we actually -- so we saw a nice volume increase year-over-year, but that was more than offset by an actual reduction in pricing, which brought revenue down 22%. So we've actually tried to calibrate better our pricing to what we're seeing from competitors in the EU. In the U.S., we have run deals and promotions across -- we did across the second quarter. And again, I think that's a key thing. It's a very unusual phenomenon going, right? Everyone else is taking price, but our category continues to do a lot of discounting and things of that nature. So again, it puts emphasis on the importance of continuing to get the sequential gains in cost reduction. But in Europe, we actually ended up reducing (inaudible).

是的。所以我會接受的。在歐盟方面，我們實際上 - 所以我們看到銷量同比增長不錯，但這被定價的實際降低所抵消，這導致收入下降了 22%。因此，我們實際上已經嘗試根據我們從歐盟競爭對手那裡看到的情況來更好地調整我們的定價。在美國，我們在整個第二季度都進行了交易和促銷活動。再說一次，我認為這是一件關鍵的事情。這是一個非常不尋常的現象，對吧？其他人都在接受價格，但我們的類別繼續做很多折扣和類似的事情。因此，它再次強調了在降低成本方面繼續獲得連續收益的重要性。但在歐洲，我們實際上最終減少了（聽不清）。

Our next question comes from Robert Moskow with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Robert Moskow。

Given the change in your outlook for sales and your commentary that you need volume to go up a lot higher, and there really aren't any catalyst to get it higher in order for the model to work. Why not reduce the workforce further? 4% doesn't seem like a very big number. And I guess the reason I ask it is, you say you've scaled up to support large QSRs for big chunky launches, but it doesn't look like those are on the horizon. So if they aren't on the horizon, would that -- does that mean it would necessitate bigger cuts to come?

鑑於您的銷售前景發生了變化，並且您評論說您需要銷量大幅上升，而且實際上沒有任何催化劑可以讓它更高以使模型發揮作用。為什麼不進一步減少勞動力呢？ 4% 似乎不是一個很大的數字。我想我問這個問題的原因是，你說你已經擴大規模以支持大型 QSR 以進行大型發射，但看起來這些都不會出現。因此，如果它們不在地平線上，那是否意味著需要更大的削減？

Right. So I think we have taken some pretty significant reductions. In overall OpEx, I think the sequential decline was something like 14% or 15% quarter-over-quarter, and we're going to continue to drive that to the extent we don't want to continue to cut into our people costs. We have an incredibly talented team. We have obviously a tremendous amount about each and every employee here. But the more important thing is that I would probably dispute the idea. There's no catalyst for resumption of volume. They're actually our catalysts, and we just can't predict the macroeconomic environment. But I think just keep an eye out for activity across the globe from us and from our strategic partners, and it may make more sense. But again, the big thing is, let's get through -- let's show some patience around this difficult economic environment, and then let's get back to some more normal conditions and growth in retail and in our Foodservice business. But I wouldn't say that these QSR relations aren't coming to course. I think that will be something that will become clear in the next 6, 12 months.

正確的。所以我認為我們已經進行了一些相當大的削減。在整體運營支出中，我認為環比下降了 14% 或 15%，我們將繼續推動這一趨勢，直到我們不想繼續削減人力成本。我們擁有一支才華橫溢的團隊。顯然，我們對這裡的每一位員工都有大量的了解。但更重要的是，我可能會質疑這個想法。沒有恢復成交量的催化劑。它們實際上是我們的催化劑，我們無法預測宏觀經濟環境。但我認為只要留意我們和我們的戰略合作夥伴在全球範圍內的活動，這可能更有意義。但同樣重要的是，讓我們度過難關——讓我們對這個困難的經濟環境表現出一些耐心，然後讓我們回到零售和餐飲服務業務的一些更正常的條件和增長。但我不會說這些 QSR 關係沒有走上正軌。我認為這將在接下來的 6、12 個月內變得清晰。

Our next question comes from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Goldman。

While we're on the subject of QSRs and partnerships, we have seen with other companies, trials with a particular QSR, come to an end as expected. And sometimes those turn into expanded partnerships several months later. So I wanted to understand a little bit better about how the trial -- you mentioned McDonald's. So I guess it's okay for me to kind of mention the specific customer. How did that go relative to your expectations? What were the learnings maybe? And especially, could you kind of compare, maybe contrast, why the U.K., Ireland market was one that was ready for expansion when it seems maybe the U.S. was not. I'm just curious for some color there.

雖然我們討論的是 QSR 和合作夥伴關係，但我們已經看到其他公司對特定 QSR 的試驗按預期結束。有時這些在幾個月後會變成擴大的合作夥伴關係。所以我想更好地了解試驗是如何進行的——你提到了麥當勞。所以我想我可以提一下具體的客戶。相對於你的預期，這如何？也許學到了什麼？特別是，您能否比較一下，也許是對比一下，為什麼英國、愛爾蘭市場已經準備好進行擴張，而美國似乎還沒有。我只是對那裡的一些顏色感到好奇。

Yes. So I don't -- again, I just can't comment on the McDonald's stuff to that level of detail, but I also wouldn't necessarily argue the U.S. market is not ready. I think there's a real desire among watching our company to kind of have a binary outcome at a very early stage in the development of the sector and our business. Test are done for all kinds, they're done to determine pricing. They're done to determine build. They're done to check out incrementality. And they get their results and then they make assessments. So I think there's a lot of noise in the system in the media right now about what's actually going on. To speak more generally about Europe, I think Europe is pretty advanced in terms of the plant-based market. I think that the governments are more proactive in terms of encouraging this shift. I mean the thing about this is, the -- it's going to happen. The reason that this is so important only increase on a daily basis, right? I don't know if you saw the economists, the coming food catastrophe and things of that nature. Like we have an issue, we have to solve it. We are one of the major solutions to help solve. And so efforts to try to call the outcome of this game during a recessionary period, during a pandemic, in my mind are kind of following. I think we need to focus on continuing to execute our strategy, our strategy to drive toward taste, to drive toward health and communicate that and then ultimately drive towards price. The day that we get the products to be indistinguishable protein, get the consumer to understand that these have health benefits above that you'll get from animal protein, and they can buy it at the same price. We will have a very, very promising part of the market. That's going to be distorted while things are going on in the economy that we can't control. What we can control is how effectively we drive towards those. We have an amazing team, and we've brought people over from industry that are very expert at running lines at low cost. And for example, Doug and Bernie from Tyson and many others within our company. So what I do is, is stay focused on the things we can control. Stay focused on serving our customers, who are lucky to have. We have some of the best customers in the world with McDonald's and Yum! Brands and Pepsi and so many others. And kind of just keep our heads down and keep doing our thing. And over time, you'll see, I think, tremendous growth in the sector. The same thing happened electric vehicles. I enjoy some time reading the 2019 commentary on Tesla and just they abuse the best stock [took]. I think it's premature to make the kind of calls that people are making, and it kind of spurs us on actually.

是的。所以我不——再說一次，我只是不能對麥當勞的東西發表如此詳細的評論，但我也不一定會爭辯說美國市場還沒有準備好。我認為觀察我們公司在行業和業務發展的早期階段有一種二元結果是真正的願望。對各種類型都進行了測試，它們是為了確定定價而進行的。他們完成確定構建。他們已經完成檢查增量。他們得到結果，然後進行評估。所以我認為現在媒體的系統中有很多關於實際發生的事情的噪音。更籠統地說歐洲，我認為歐洲在植物市場方面相當先進。我認為政府在鼓勵這種轉變方面更加積極主動。我的意思是，這會發生。這如此重要的原因只會每天增加，對嗎？我不知道你有沒有看到經濟學家，即將到來的糧食災難和類似的事情。就像我們有問題一樣，我們必須解決它。我們是幫助解決的主要解決方案之一。因此，在我看來，在經濟衰退時期、大流行期間試圖判斷這場比賽的結果的努力是一種追隨者。我認為我們需要專注於繼續執行我們的戰略，我們的戰略是推動品味，推動健康並進行溝通，然後最終推動價格。當我們將產品變成難以區分的蛋白質的那一天，讓消費者了解這些產品對健康的益處高於您從動物蛋白中獲得的益處，並且他們可以以相同的價格購買。我們將擁有一個非常非常有前途的市場部分。當經濟中發生我們無法控制的事情時，這將被扭曲。我們可以控制的是我們如何有效地推動這些目標。我們有一個了不起的團隊，我們從行業中引進了非常擅長以低成本運行生產線的人員。例如，來自 Tyson 的 Doug 和 Bernie 以及我們公司的許多其他人。所以我所做的是，專注於我們可以控制的事情。專注於為我們的客戶服務，他們很幸運。我們有一些世界上最好的客戶，包括麥當勞和百勝！品牌和百事可樂等等。並且只是保持低調並繼續做我們的事情。我認為，隨著時間的推移，你會看到該行業的巨大增長。同樣的事情也發生在電動汽車上。我很享受閱讀 2019 年對特斯拉的評論，只是他們濫用了最好的股票。我認為現在發出人們正在打的那種電話還為時過早，實際上它有點刺激我們。

Our next question comes from Peter Saleh, BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. I just wanted to come back to the conversation around Jerky for a second. I think you guys said the velocity trends are a little bit below forecast. Could you guys give us a little bit more color on what you're seeing there? I know it's -- we're a couple of quarters into this, but just a little bit more color on where it's selling well, where it's not performing as well? And maybe any changes you or Pepsi might be making to accelerate the sales there.

偉大的。我只是想回到圍繞 Jerky 的談話中。我想你們說速度趨勢有點低於預期。你們可以給我們更多關於你們在那裡看到的東西的顏色嗎？我知道這是 - 我們已經進入了幾個季度，但是在它賣得好的地方，它的表現不佳的地方多一點色彩？也許您或百事可樂可能會做出任何改變來加速那裡的銷售。

Yes. I think the one thing I can comment on, on that is, first of all, it was just an enormous launch, right? I mean we -- I can't remember the exact number, about 80,000-plus locations at some point. And did -- I think they did an excellent job at that. What is happening is, they have a more significant percentage of their budget that they're going to be spending because I'm talking about the PLANeT partnership, spending on shopper marketing activities going forward than they have thus far because they're waiting for sort of fuller distribution. So we just have to watch and see, but it's a new space for us. It's a new partnership for us. It's a new product for us. So the build may happen slowly -- more slowly than we thought, but it's a great product. It's really great to see it out there in the marketplace and people like it.

是的。我認為我可以評論的一件事是，首先，這只是一次巨大的發射，對吧？我的意思是我們——我不記得確切的數字，在某個時候大約有 80,000 多個地點。確實——我認為他們在這方面做得很好。正在發生的事情是，他們將花費更多的預算，因為我說的是 PLANeT 合作夥伴關係，他們在購物者營銷活動上的支出比迄今為止的要多，因為他們正在等待某種更全面的分佈。所以我們只需要觀察和觀察，但這對我們來說是一個新空間。這對我們來說是一個新的伙伴關係。這對我們來說是一個新產品。所以構建可能會發生得很慢——比我們想像的要慢，但它是一個很棒的產品。很高興在市場上看到它並且人們喜歡它。

I think I would add too that the Beyond Meat Jerky makes up the significant majority of the plant-based meat snack subsegment. So obviously, it's very, very big in the category.

我想我還要補充一點，Beyond Meat Jerky 佔據了植物性肉類零食細分市場的絕大部分。所以很明顯，它在這個類別中非常非常大。

Great. And then it was nice to see that the OpEx kind of moderated pretty meaningfully, I guess, sequentially. Can you just talk about any other reductions you guys are expecting? Or how we should be modeling that in the back end of the year?

偉大的。然後很高興看到 OpEx 類型的適度適度，我猜，順序。你能談談你們期待的任何其他削減嗎？或者我們應該如何在年底建模？

Yes. So we are expecting to further reduce OpEx as we go from Q2 to Q3. I think there are some moving pieces that make it difficult to predict exactly whether there are costs like the outbound customer freight. Some of the marketing, obviously, if we find lower funnel marketing with a very high return on ad sales that we're confident is incremental, we'll choose to invest there, especially given some of the commentary around volume. But we're targeting something in the mid- to lower 70s as sort of the Q3 number. And again, that can change as we get into the quarter a little more, but that's the current kind of model build.

是的。因此，我們預計從第二季度到第三季度將進一步減少運營支出。我認為有一些變動因素使得很難準確預測是否有像出境客戶運費這樣的成本。一些營銷，顯然，如果我們發現低漏斗營銷具有非常高的廣告銷售回報，我們相信這是增量的，我們會選擇在那裡投資，特別是考慮到一些關於數量的評論。但我們的目標是在 70 年代中期到 70 年代中期，作為第三季度的數字。再一次，隨著我們進入這個季度，這可能會改變，但這是目前的模型構建。

Our next question comes from Cody Ross with UBS.

我們的下一個問題來自瑞銀的 Cody Ross。

I just want to touch a little bit on the sales that you had through the liquidation channel this quarter, and we appreciate the guidance or commentary you gave there. Do -- how do you feel about your inventory position today? And how much more sales do you have, if at all, to go through this channel through the back half?

我只想談談您本季度通過清算渠道獲得的銷售額，我們感謝您在那裡提供的指導或評論。做——您對今天的庫存狀況有何看法？如果有的話，你還有多少銷售額可以通過這個渠道通過後半部分？

Sure. So we're putting a lot of work around our process to make sure we're identifying inventory as it ages. This was a very unusual sale for us, and based on kind of where we are now, we're not anticipating this kind of volume next quarter. We feel like we've reserved appropriately. So obviously, we'll have to continue to watch what our outlook does as well as kind of how we're managing inventory as it goes through our system. But I -- we're not anticipating this size of an impact going forward, but I would look for us around the edges to continue. As things become at risk, we would far prefer to realize some value rather than destroying the product.

當然。因此，我們圍繞我們的流程進行了大量工作，以確保隨著庫存的老化而識別庫存。這對我們來說是一次非常不尋常的銷售，根據我們現在的情況，我們預計下個季度不會有這種銷量。我們覺得我們已經適當地保留了。所以很明顯，我們將不得不繼續關注我們的前景如何，以及我們如何管理庫存，因為它通過我們的系統。但我 - 我們預計未來會產生如此大的影響，但我會在邊緣尋找我們繼續前進。當事情變得有風險時，我們寧願實現一些價值而不是破壞產品。

So just to clarify, you will have some product go through that channel, just not the same magnitude in the back half.

所以澄清一下，你會有一些產品通過那個渠道，只是後半部分的數量不一樣。

That's our expectation, but nothing anywhere near as large likely as what we saw here.

這是我們的預期，但沒有任何東西能像我們在這裡看到的那樣大。

Got it. And then I just want to turn quickly to your cash burn situation. You significantly improved this quarter, burning roughly $90 million of cash. You have about $450 million on the balance sheet. It's probably the biggest question we get from investors. I know you will be more tightly managing expenses going forward, but with the reduced sales outlook, it's hard to see how you won't need to access the capital markets in the next few years. Is that your assumption? Or do you see a pathway to an inflection in profits and cash flow on the horizon?

知道了。然後我只想快速轉向您的現金消耗情況。本季度你顯著改善，消耗了大約 9000 萬美元的現金。你的資產負債表上有大約 4.5 億美元。這可能是我們從投資者那裡得到的最大問題。我知道你們未來會更加嚴格地管理開支，但隨著銷售前景的下降，很難看出未來幾年你們將如何不需要進入資本市場。這是你的假設嗎？或者您是否看到即將出現利潤和現金流拐點的途徑？

So I'll take it in a general sense and then turn it to Phil. I think the change in tone that I hope people are picking up on from me is that although our strategy remains the same, we really are moving into a phase right now given the broader economic conditions that we're harvesting existing investments we're reorienting towards a more sustainable growth model for the time being. We're executing these planned QSR and food service launches. We're focusing on lifting our retail sector back up again and our retail brand rather and we're doubling down on cost and price. And all of those things we're doing with an eye toward reducing the consumption of cash and driving the business toward a more sustainable position. So I don't think we're going to offer a direct answer on a future cash raise, but we are working extremely hard on bringing the business into a more sustainable position. I don't know.

所以我會從一般意義上說，然後把它交給菲爾。我認為我希望人們從我這裡得到的基調變化是，儘管我們的戰略保持不變，但鑑於更廣泛的經濟條件，我們正在收穫我們正在重新定位的現有投資，我們現在確實正在進入一個階段暫時轉向更可持續的增長模式。我們正在執行這些計劃中的 QSR 和食品服務發布。我們專注於再次提升我們的零售業和我們的零售品牌，我們正在加倍降低成本和價格。我們所做的所有這些事情都是為了減少現金消耗並推動業務朝著更可持續的方向發展。因此，我認為我們不會就未來的現金籌集提供直接答案，但我們正在非常努力地將業務帶入更可持續的位置。我不知道。

Yes, nothing further.

是的，沒有別的了。

Our next question comes from Michael Lavery, Piper Sandler.

我們的下一個問題來自 Michael Lavery、Piper Sandler。

You touched on some of the things that influenced your change in thinking on the guidance with just the Jerky velocities and a couple of those sort of specific things. Was there any change in your Foodservice expectations that was a driver of that as well?

您僅通過 Jerky 速度和一些特定的事情觸及了一些影響您對指導思想的改變的事情。您對餐飲服務的期望是否有任何變化也是導致這種情況的原因？

Well, we update the forecast at really a kind of bottoms-up level. And so obviously, there's always movement, but it was definitely not one of the top 3 that we called out as a key driver, and we explained the significant majority of the reduction in the outlook.

好吧，我們實際上是在一種自下而上的水平上更新預測。很明顯，總會有變動，但它絕對不是我們稱之為關鍵驅動因素的前三名之一，我們解釋了前景下降的大部分原因。

Okay. That's helpful. And just on the gross margins, you gave some nice color on how that should progress. But the Jerky piece specifically that you've called out for the last 2 quarters, what's the sort of endgame there? Is that going to be a headwind that you just sort of live with? Or is there room to really improve how that impacts the gross margin overall as well?

好的。這很有幫助。就毛利率而言，您對應該如何發展給出了一些很好的說明。但是你在過去兩個季度特別提到的生澀片，那裡的殘局是什麼？這會是你忍受的逆風嗎？或者是否有真正改善這對整體毛利率的影響的空間？

Yes. So I think the -- it's going to come back to the same answer we gave before around once volumes start to materialize here, you'll start to see some of the reductions that we put in place, but until that point, you won't. And so we have integrated that production process more fully, and so going forward, it is much more efficient, but we saw some inventory sell-through and some volume that we need to see materialize to show that. But no, it won't be -- once we're back into kind of a full swing of volume, it will not continue to be a significant headwind.

是的。所以我認為——一旦這裡的銷量開始出現，它就會回到我們之前給出的相同答案，你會開始看到我們實施的一些削減，但在那之前，你不會的噸。因此，我們已經更充分地整合了該生產過程，因此，它的效率要高得多，但我們看到了一些庫存銷售量和一些我們需要看到實現的數量來證明這一點。但是，不，它不會——一旦我們恢復到一種全面的成交量，它就不會繼續成為一個重大的逆風。

That's right.

這是正確的。

Can you say how much your sales to the PLANeT partnership? How much sales came from Jerky this quarter?

您能說一下您對 PLANeT 合作夥伴的銷售額有多少嗎？本季度來自 Jerky 的銷售額有多少？

Yes. In Q2, our jerky volume was about $15.9 million.

是的。在第二季度，我們的生澀交易量約為 1590 萬美元。

This concludes our question-and-answer session. I would like to turn the conference back over to Ethan Brown for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想把會議轉回給 Ethan Brown 做任何閉幕詞。請繼續。

Thank you. Thanks for the very good questions. I think the general feeling we have here is -- been echoed by other companies that this is a difficult economic period and that's kind of it. It does not cover our tremendous enthusiasm for the long-term opportunity. I think it does force us to bringing in greater focus, the need for a more sustainable position, but our strategy, serving these terrific QSR partners that we have, reinvigorating our retail brand, doubling down on cost and price, including through designing new products to value. All of these things are ways that we're reacting to these conditions and strengthening our business. So we look at this as an opportunity to get stronger to come out a little leaner and resume the growth that we expect and look forward to showing.

謝謝你。感謝您提出的非常好的問題。我認為我們在這裡的普遍感覺是——其他公司也表示這是一個困難的經濟時期，就是這樣。它並沒有涵蓋我們對長期機會的巨大熱情。我認為這確實迫使我們更加關注，需要更可持續的地位，但我們的戰略，為我們擁有的這些了不起的 QSR 合作夥伴提供服務，重振我們的零售品牌，將成本和價格加倍，包括通過設計新產品去估價。所有這些都是我們對這些條件做出反應並加強我們業務的方式。因此，我們將此視為一個變得更強大、更精簡併恢復我們期望和期待展示的增長的機會。

Thanks, everybody.

謝謝大家。

The conference has now conclude. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。