超越肉類 (BYND) 2022 Q3 法說會逐字稿

Good day, and welcome to the Beyond Meat, Inc. 2022 Third Quarter Conference Call. (Operator Instructions). Please note, this event is being recorded. At this time, I'd like to turn the conference over to Teri Witteman, Chief Legal Officer and Secretary. Please go ahead.

美好的一天，歡迎來到 Beyond Meat, Inc. 2022 年第三季度電話會議。 （操作員說明）。請注意，此事件正在記錄中。在這個時候，我想把會議交給首席法務官兼秘書 Teri Witteman。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 Lubi Kutua, Chief Financial Officer and Treasurer. By now, everyone should have access to the company's third 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.

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 Lubi Kutua。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三季度收益新聞稿。本文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分獲取。

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 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.

在我們開始之前，請注意今天電話會議中提供的所有信息都未經審計。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，涉及風險和不確定性，導致實際結果與這些前瞻性陳述中描述的結果存在重大差異。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。

We refer you 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 October 1, 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.

我們向您推薦今天的新聞稿，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 10 月 1 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 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 measures.

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，這是一項非公認會計原則的財務指標。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, Teri, and good afternoon, everyone. Last month, we signaled that the business continues to navigate a challenging period where broader economic conditions, particularly inflation, category-specific headwinds and increased competition have, over the past 12 months, combined to disrupt what has been over a decade of growth. This disruption has been in contrast to the year we had planned, where we expected a resumption of our strong growth trajectory as the pandemic receded in the majority of our markets.

謝謝你，泰瑞，大家下午好。上個月，我們表示該業務將繼續度過一個充滿挑戰的時期，在過去 12 個月中，更廣泛的經濟狀況，特別是通貨膨脹、特定類別的逆風和競爭加劇，共同破壞了十多年來的增長。這種中斷與我們計劃的那一年形成鮮明對比，我們預計隨著大流行在我們大多數市場的消退，我們將恢復強勁的增長軌跡。

In my remarks today, I will briefly unpack what we believe are the key drivers of this disruption in our growth, the elements that we believe are transitory and those that may be more persistent. I will then walk through the full force transition underway toward accelerated cash flow positive operations in route to a sustainable growth model. Before doing so, I would like to take a moment to offer a broader perspective. As is the case with many emerging industries that challenge the status quo, the path to mainstream adoption is rarely straight and smooth.

在我今天的講話中，我將簡要介紹我們認為造成我們增長中斷的關鍵驅動因素，以及我們認為是暫時的和可能更持久的因素。然後，我將逐步進行全面的力量過渡，以加速現金流正向運營，以實現可持續增長模式。在此之前，我想花點時間提供一個更廣泛的視角。與許多挑戰現狀的新興行業一樣，主流採用的道路很少是直截了當的。

Turbulence along the way generally does not signal a diminished long-term total addressable market, or TAM. The history of innovation is replete with examples of this phenomenon, captured across a host of disruptive technologies. We are in one such moment as a brand category and are operating with urgency and decisive action to navigate it. We do so with an unwavering focus on our $1.4 trillion TAM, the global meat market and continued execution of our long-held goal of achieving taste and price parity with animal protein.

一路上的動盪通常並不意味著長期總潛在市場或 TAM 減少。創新的歷史充滿了這種現象的例子，這些例子被許多顛覆性技術捕捉到。我們正處於這樣一個品牌類別的時刻，並且正在以緊迫和果斷的行動來應對它。我們堅定不移地專注於我們價值 1.4 萬億美元的 TAM、全球肉類市場，並繼續執行我們實現與動物蛋白的口味和價格均等的長期目標。

As we seek to pivot the business to cash flow positive operations and quicken our path to profitability, we are committed to transparency and accountability. To this end, in my remarks, I will center on a clear and highly focused set of actions that we are taking, which are intended to fortify the foundation of our business and drive long-term value for shareholders. For the next several quarters, I will return to these actions to track progress. And as we advance, provide a more fulsome look at the underlying financial metrics we are using beyond free cash flow to form the backbone of a durable financial algorithm and total shareholder return equation. With that, I will now turn to a brief overview of current market dynamics.

在我們尋求將業務重心轉向積極的現金流運營並加快實現盈利的過程中，我們致力於提高透明度和問責制。為此，在我的講話中，我將集中討論我們正在採取的一系列明確且高度集中的行動，這些行動旨在鞏固我們的業務基礎並為股東創造長期價值。在接下來的幾個季度中，我將返回這些行動以跟踪進展情況。隨著我們的進步，我們將更全面地了解我們在自由現金流之外使用的基本財務指標，以構成持久財務算法和股東總回報等式的支柱。有了這個，我現在將簡要概述當前的市場動態。

Current economic climate has not been timed to plant-based meat. The most quantifiable trend, which we believe is transitory, is a well-established history of consumers trading down among proteins during difficult economic times. This appears to be in full swing today. With persistent and 40-year record inflation in grocery stores, shoppers are seeking to dial out inflation by, among other measures, switching out higher cost proteins for lower-cost proteins, with that decline, SPAM rises and so on.

當前的經濟氣候尚未適應植物性肉類。最可量化的趨勢，我們認為是暫時的，是消費者在經濟困難時期減少蛋白質交易的良好歷史。這似乎在今天全面展開。隨著雜貨店持續和 40 年創紀錄的通貨膨脹，購物者正在尋求通過其他措施來緩解通貨膨脹，其中包括將成本較高的蛋白質換成成本較低的蛋白質，隨著這種下降，垃圾郵件的增加等等。

And while these items are on either end of the continuum, consumers are trading down throughout, generally from higher cost beef and pork items to lower-cost chicken. In this environment, the category in Beyond Meat should be expected to see declines as consumers flock to cheaper proteins. Correspondingly, the household penetration for the plant-based meat category according to numerator data, slipped for a second consecutive quarter falling roughly 20 basis points versus second quarter of 2022.

雖然這些商品處於連續體的兩端，但消費者的交易量一直在下降，通常從成本較高的牛肉和豬肉到成本較低的雞肉。在這種環境下，隨著消費者湧向更便宜的蛋白質，預計 Beyond Meat 類別將出現下滑。相應地，根據分子數據，植物性肉類的家庭滲透率連續第二個季度下滑，較 2022 年第二季度下降約 20 個基點。

Recall that Q2 saw the first sequential decline in household penetration for the category since at least Q1 of 2018 and which is as far back as the data set goes. Finding trend in household penetration holds true for us and most of our peers as well, and we have seen some brands significantly retrench or exit the category altogether in the U.S. Despite the category slowdown, there has been a tremendous increase in the number of competitive entrants and activities.

回想一下，至少自 2018 年第一季度以來，第二季度該類別的家庭滲透率首次出現連續下降，這可以追溯到數據集的歷史。發現家庭滲透率趨勢對我們和我們的大多數同行來說都是如此，我們已經看到一些品牌在美國顯著縮減或完全退出該類別。儘管類別放緩，但競爭進入者的數量卻大幅增加和活動。

As we have maintained, we believe that healthy competition within plant-based meat is a good thing as it brings investment in marketing to the category. However, in the current environment, we are not seeing this benefit of competition, instead more companies are pursuing the same or fewer consumers. Though we remain the category leader in refrigerated plant-based meat the volume of competition has eroded some of our share. As noted a moment ago, a shakeout does appear to be underway, and we expect more brands to either retreat or consolidate a less cluttered playing field to emerge in the midterm.

正如我們一直堅持的那樣，我們認為植物性肉類中的健康競爭是一件好事，因為它為該類別帶來了營銷投資。然而，在目前的環境下，我們並沒有看到競爭的這種好處，而是更多的公司在追求相同或更少的消費者。儘管我們仍然是冷凍植物肉品類的領導者，但競爭激烈已經侵蝕了我們的部分份額。如前所述，一場洗牌似乎正在進行中，我們預計更多品牌要么撤退，要么鞏固一個不那麼混亂的競爭環境，以期在中期出現。

A less tangible, though important dynamic is also present within the category today. As consumers intensify focus on making ends meet, health and environmental considerations take a back seat. This phenomenon makes it more difficult to broadly convey our core value proposition to the consumer, a topic I will return to later.

今天，該類別中還存在一種不太明顯但重要的動態。隨著消費者更加關注維持生計，健康和環境因素被置於次要地位。這種現象使得向消費者廣泛傳達我們的核心價值主張變得更加困難，這個話題我稍後會回到。

To summarize the current situation, we face an economy where blistering inflation pressure is shifting consumer behavior in the grocery store, category where competition has dramatically increased despite a broad and precipitous category slowdown and a consumer base whose focus understandably turned to fulfilling immediate basic needs of pursuing the broader benefits that represent our core value proposition.

總結目前的情況，我們面臨的經濟體中，強勁的通脹壓力正在改變消費者在雜貨店的行為，儘管品類廣泛而急劇放緩，但競爭急劇增加，消費者群體的焦點轉向滿足即時的基本需求是可以理解的。追求代表我們核心價值主張的更廣泛的利益。

These trends have precipitated a substantial drop in revenues for our business, the impact of which is a series of knock-on effects across our income statement. They include a sizable reversal and expected improvements in gross margin as we contend with lower overhead absorption, greater variability of our inventory reserves and excess capacity and related underutilization and termination fees within our co-manufacturing network.

這些趨勢導致我們業務的收入大幅下降，其影響是我們損益表中的一系列連鎖反應。它們包括毛利率的大幅逆轉和預期改善，因為我們在共同製造網絡中應對較低的間接費用吸收、庫存儲備和產能過剩以及相關的未充分利用和終止費用的變化更大。

Path forward in this environment is clear and it at its foundation as a pivot from the growth above all operating model that has characterized our business to date to one that prioritizes positive cash flow and sustainable growth. This strategic shift is designed to stabilize the business, nurture our most important growth paths and position us to drive and capitalize on renewed category growth as the economy emerges from its current state. We will use the following 3 tenets to underpin our path to cash flow positive operations and sustainable growth, and I will return to these in subsequent quarters to track progress.

在這種環境下前進的道路是明確的，它的基礎是從增長至上的運營模式（迄今為止我們的業務特點）到優先考慮正現金流和可持續增長的模式。這一戰略轉變旨在穩定業務，培育我們最重要的增長路徑，並使我們能夠在經濟擺脫當前狀態時推動和利用新的類別增長。我們將使用以下 3 條原則來支持我們實現現金流正運營和可持續增長的道路，我將在隨後的幾個季度中回到這些原則以跟踪進展。

One, we are significantly reducing operating expenses while focusing on a more narrow set of strategic partner, retail and foodservice opportunities and utilizing lean value streams across our beef, pork and poultry platforms.

第一，我們正在顯著降低運營費用，同時專注於更有限的戰略合作夥伴、零售和餐飲服務機會，並在我們的牛肉、豬肉和家禽平台上利用精益價值流。

Two, for the time being, we will be emphasizing cash flow-accretive management of our inventory with a focus on profit dollars versus maximizing percent margin. Currently, we are further rationalizing our production network in the context of more moderate volume assumptions to improve overhead absorption, address underutilization fees and support margin improvement.

第二，目前，我們將強調庫存的現金流增值管理，重點關注利潤美元而不是最大化百分比利潤率。目前，我們正在進一步合理化我們的生產網絡，在產量假設更為溫和的情況下，以改善間接費用吸收、解決利用不足的費用並支持提高利潤率。

Three, we are applying a laser focus to our sales and marketing activities, emphasizing those opportunities that we believe strike the right balance between restoring near-term growth and nurturing our most valuable long-term opportunities. Though my comments today tend to focus on our U.S. business and global partnership activities, we are applying similar measures across our EU and China operations.

第三，我們將重點放在我們的銷售和營銷活動中，強調那些我們認為在恢復近期增長和培育我們最有價值的長期機會之間取得適當平衡的機會。儘管我今天的評論傾向於關注我們在美國的業務和全球夥伴關係活動，但我們在歐盟和中國的業務中採用了類似的措施。

I will now address each of the 3 pillars of our go-forward strategy in greater detail. One, operating expenses. We continue to bring our total operating expenses down and expect to drive further progress. Compared to Q1 of this year, we have reduced total operating expenses by 23% from $97.8 million to $74.9 million in Q3, and we expect OpEx to fall even further in Q4 and thereafter. To date, we have instituted 2 separate reduction-in-force actions, one in August and one in October, totaling approximately 240 positions. Together, these actions represent more than 20% of our global workforce. With our most recent reduction-in-force, we are expecting operating expense savings of approximately $39 million over the next 12 months, excluding onetime separation costs of approximately $4 million.

我現在將更詳細地討論我們前進戰略的三個支柱中的每一個。一、營業費用。我們繼續降低我們的總運營費用，並期望推動進一步的進展。與今年第一季度相比，我們在第三季度將總運營費用從 9780 萬美元減少了 23% 至 7490 萬美元，我們預計第四季度及之後的運營支出將進一步下降。迄今為止，我們已經制定了 2 次單獨的減員行動，一次在 8 月，一次在 10 月，總計約 240 個職位。這些行動合計占我們全球員工總數的 20% 以上。隨著我們最近的裁員，我們預計未來 12 個月的運營費用將節省約 3900 萬美元，其中不包括約 400 萬美元的一次性離職成本。

Although letting go of these dedicated, passionate and talented team members was painful, these actions were necessary to rightsize our organization so that we are aligned with current business conditions. Moving forward, support the execution of a more narrow set of key priorities while delivering further OpEx reductions. We are implementing lean value streams across the organization around our 3 product platforms of beef, poultry and pork. I have, along with the team, strong enthusiasm around this implementation as lean value stream management comports well with and extends throughout the organization, several of the principles of our Beyond Meat's rapid and relentless innovation program.

儘管解僱這些敬業、熱情和才華橫溢的團隊成員是痛苦的，但這些行動對於調整我們的組織規模是必要的，以便我們與當前的業務條件保持一致。展望未來，支持執行一組更狹窄的關鍵優先事項，同時進一步降低運營支出。我們圍繞牛肉、家禽和豬肉這 3 個產品平台在整個組織內實施精益價值流。我和團隊對這一實施抱有強烈的熱情，因為精益價值流管理與我們的 Beyond Meat 快速和不懈創新計劃的幾項原則非常吻合併延伸到整個組織。

Two, aggressively managing down inventory and rationalizing our production network. We are focused on maximizing cash flow generation and profit dollars when it comes to inventory management over percent margin. Specifically, in the context of a more limited number of segments, we are testing a pricing reduction that more quickly collapses the pricing delta between one of our core products and its animal protein equivalent. We are implementing these programs in a highly targeted manner where we believe doing so will welcome new points of distribution and new consumers to our brand while increasing volumes throughout our facilities and network. We expect these activities to accelerate our drawdown of inventory, which we already reduced by nearly $37 million since the end of Q1 and free up cash.

第二，積極管理庫存並合理化我們的生產網絡。在庫存管理方面，我們專注於最大限度地提高現金流量和利潤。具體來說，在細分市場數量有限的情況下，我們正在測試一種降價方式，這種降價方式可以更快地降低我們的一種核心產品與其動物蛋白等價物之間的定價差值。我們正在以高度針對性的方式實施這些計劃，我們相信這樣做將歡迎新的分銷點和新的消費者加入我們的品牌，同時增加我們設施和網絡的銷量。我們預計這些活動將加速我們減少庫存，自第一季度末以來我們已經減少了近 3700 萬美元，並釋放了現金。

In addition, we are taking immediate steps to rationalize our production network to address what we expect may be continued lower than previously planned growth. These activities include the further consolidation of production activities within our co-packing network, the full utilization of our own facilities by bringing in certain outsourced activities and in certain instances, redistributing production across our network to address volume commitments. These measures are critical to improving overhead absorption and minimizing unproductive idle fees.

此外，我們正在立即採取措施使我們的生產網絡合理化，以解決我們預期可能會持續低於先前計劃的增長。這些活動包括在我們的聯合包裝網絡中進一步整合生產活動，通過引入某些外包活動來充分利用我們自己的設施，在某些情況下，在我們的網絡中重新分配生產以解決數量承諾。這些措施對於改善間接費用吸收和最大限度地減少非生產性閒置費用至關重要。

Three, restoring growth in retail and foodservice through a series of targeted innovation, sales and marketing execution. In the midst of all the noise in the broader economy and the specific challenges facing our segment and brand, it's important not to forget something. We remain an innovation engine working on one of the most powerful solutions, some of the most serious challenges facing our country and the world.

三是通過一系列有針對性的創新、銷售和營銷執行來恢復零售和餐飲服務的增長。在更廣泛的經濟中的所有噪音以及我們的細分市場和品牌面臨的具體挑戰中，重要的是不要忘記一些事情。我們仍然是一個創新引擎，致力於研究最強大的解決方案之一，以及我們國家和世界面臨的一些最嚴峻的挑戰。

As you will recall, this year, we were recognized by American consumers as the most innovative company in food as they in the same survey recognized Apple, Tesla and Amazon as the world's most innovative companies across technology, transportation and consumer goods. As such, even as we continue to reduce our operating expenses and implement lean value streams, prioritize cash flow from inventory and rightsize our production network, we will do what we do best, innovate as we challenge and push our way into our long-term $1.4 trillion TAM.

你會記得，今年，我們被美國消費者公認為食品領域最具創新性的公司，因為他們在同一項調查中將蘋果、特斯拉和亞馬遜評為世界上在技術、運輸和消費品領域最具創新性的公司。因此，即使我們繼續降低運營費用並實施精益價值流，優先考慮庫存現金流並調整我們的生產網絡，我們仍將做我們最擅長的事情，在挑戰中進行創新並推動我們的長期發展1.4 萬億美元。

Specifically, in retail, we plan to restore growth to our core product offerings, burgers, beef and dinner sausage in the refrigerated set through exciting product renovation, and to leverage and support these renovations by pursuing distribution expansion, certain aforementioned strategic pricing activities and targeted marketing. These products which generally carry the highest margins across our product portfolio account for roughly 3/4 of our total gross revenues and the majority of our retail gross revenues.

具體而言，在零售方面，我們計劃通過激動人心的產品翻新來恢復我們的核心產品——漢堡、牛肉和冷藏套餐中的晚餐香腸的增長，並通過追求分銷擴張、某些上述戰略定價活動和有針對性地利用和支持這些翻新。營銷。這些通常在我們的產品組合中利潤率最高的產品約占我們總收入的 3/4 和我們零售總收入的大部分。

Previously teased our fourth iteration of our Beyond Burger, so I'll speak more openly about that particular item now. Though we will not give a release date for our retail channel. I will say that I'm thrilled with the improvements the team has made on the broader Beyond Burger platform. Throughout its development, I've watched key customers and stakeholders come through innovation center, try a version of this fourth generation product and quickly share my belief that is a meaningful advance toward our North Star of being indistinguishable from its animal protein equivalent.

之前取笑了我們的 Beyond Burger 的第四次迭代，所以我現在將更公開地談論那個特定的項目。雖然我們不會給出零售渠道的發布日期。我會說，我對團隊在更廣泛的 Beyond Burger 平台上所做的改進感到非常興奮。在其開發過程中，我見證了主要客戶和利益相關者通過創新中心，嘗試了這個第四代產品的一個版本，並迅速分享了我的信念，即我們的北極星與動物蛋白同類產品無法區分是一個有意義的進步。

Though we have long emphasized the refrigerated meat taste next to animal meats as one of the long-term engines of significant growth, we do not discount the importance of the frozen aisle in grocery. As such, we are bringing an increased amount of innovation to the frozen category. We are continuing to prioritize expanding distribution for our chicken tenders, which as you may recall, on the 2022 People Magazine Food Award, while adding a host of new easy-to-use, delicious offerings for busy families and consumers. These include the recently announced Beyond Steak, which truly delivers the juicy tender and delicious bite of seared steak tips with the added nutritional and environmental benefits of plant-based meat.

儘管我們長期以來一直強調冷凍肉的味道與動物肉相比是顯著增長的長期引擎之一，但我們並不忽視冷凍過道在雜貨店中的重要性。因此，我們正在為冷凍類別帶來更多的創新。我們將繼續優先考慮擴大我們的雞肉招標的分銷，您可能還記得，這在 2022 年人物雜誌食品獎上，同時為忙碌的家庭和消費者增加了許多新的易於使用、美味的產品。其中包括最近宣布的 Beyond Steak，它真正提供多汁嫩滑的烤牛排尖，並具有植物性肉類的額外營養和環境效益。

This brand-new product, which like our chicken, was also the recipient of a well-recognized award, which will be announced soon, is now available at more than 5,000 Kroger and Walmart stores nationwide as well as select Albertsons and Ahold divisions, with further distribution gains expected in the near future.

這種與我們的雞肉一樣的全新產品也獲得了一項備受認可的獎項，該獎項即將公佈，現已在全國 5,000 多家 Kroger 和 Walmart 商店以及精選的 Albertsons 和 Ahold 分店發售，預計在不久的將來會有進一步的分配收益。

Reinforcing our health value proposition. Beyond Steak is low in saturated fat with 0 milligrams of cholesterol and has no antibiotics or hormones. And as just announced, we followed up on the introduction of Beyond Steak with the launches of Beyond Chicken nuggets and Beyond Popcorn Chicken, which are rolling out at over 5,000 stores at national retailers like Walmart and Kroger as well as select regional retailers like Ahold and Albertsons and is expected to expand into more outlets in the near future.

加強我們的健康價值主張。 Beyond Steak 的飽和脂肪含量低，膽固醇含量為 0 毫克，不含抗生素或激素。正如剛剛宣布的那樣，我們跟進了 Beyond Steak 的推出，推出了 Beyond Chicken nuggets 和 Beyond Popcorn Chicken，它們正在沃爾瑪和 Kroger 等全國零售商以及 Ahold 和 Ahold 等精選區域零售商的 5,000 多家商店推出。 Albertsons 並有望在不久的將來擴展到更多的門店。

As with tenders, these chicken products deliver tangible health benefits to the consumer including having 50% less saturated fat than the leading brand of traditional breaded chicken nuggets, 0 milligrams of cholesterol and no antibiotics or hormones. Frozen plant-based chicken is the largest single subcategory in all of plant-based meats and continues to grow at a double-digit pace, so we are pleased to be expanding our presence of additional chicken items.

與招標一樣，這些雞肉產品為消費者帶來了切實的健康益處，包括比領先品牌的傳統麵包屑雞塊少 50% 的飽和脂肪、0 毫克的膽固醇，並且不含抗生素或激素。冷凍植物性雞肉是所有植物性肉類中最大的單一子類別，並繼續以兩位數的速度增長，因此我們很高興能夠擴大更多雞肉產品的存在。

Turning now to Foodservice. In the last year alone, Beyond Meat has executed an impressive number of launches and tests across the globe with our strategic partners. Specifically, in the last 12 months, we have had 25 trials for permanent menu launches with 9 distinct products across our beef, pork and poultry platforms in 18 countries. Though these activities do not result in immediate sustained revenues, they represent very important seeds that we are planting for future growth. For example, across the McDonald's network, we have been busy launching the McPlant in Australia, the U.S., U.K., Ireland, Germany, Portugal, Taiwan, Austria and the Netherlands. And as of today, we are pleased to share that McPlant has already become a permanent menu item in the U.K. Ireland, Austria and the Netherlands.

現在轉向餐飲服務。僅在去年，Beyond Meat 就與我們的戰略合作夥伴在全球範圍內進行了大量的發布和測試。具體而言，在過去 12 個月中，我們在 18 個國家/地區的牛肉、豬肉和家禽平台上進行了 25 次永久性菜單發布試驗，其中包含 9 種不同的產品。儘管這些活動不會立即帶來持續的收入，但它們代表了我們為未來增長播下的非常重要的種子。例如，通過麥當勞網絡，我們一直忙於在澳大利亞、美國、英國、愛爾蘭、德國、葡萄牙、台灣、奧地利和荷蘭推出 McPlant。截至今天，我們很高興地分享 McPlant 已經成為英國、愛爾蘭、奧地利和荷蘭的永久菜單項。

Moving on to Yum!. As you know, we tested Beyond Kentucky Fried Chicken here in the U.S. early this year, and we've launched Beyond Meat toppings with Pizza Hut locations across Singapore, Germany, Kuwait and the UAE, Canada, Guatemala and El Salvador. With Canada, Guatemala, El Salvador and Singapore already converting to permanent Beyond Meat menu items. Most recently, regarding Yum!, we are excited to be testing Beyond Carne Asada at Taco Bell occasions in and around Dayton, Ohio. The Carne Asada product represents the toil and ingenuity of many special and talented people across the Yum! and Beyond Meat partnership. It was not easy to bring to life and getting it right as it walks through the halls of real innovation, ideation, research, development, failure, iteration, breakthrough and back again, countless times, and then resounding success.

繼續百勝！如您所知，我們今年初在美國測試了 Beyond Kentucky Fried Chicken，我們在新加坡、德國、科威特和阿聯酋、加拿大、危地馬拉和薩爾瓦多的必勝客地點推出了 Beyond Meat 澆頭。加拿大、危地馬拉、薩爾瓦多和新加坡已經轉變為永久的 Beyond Meat 菜單項。最近，關於 Yum!，我們很高興能在俄亥俄州代頓及其周邊地區的 Taco Bell 活動中測試 Beyond Carne Asada。 Carne Asada 產品代表了百勝餐飲集團眾多特殊人才的辛勤勞動和獨創性！和超越肉類合作夥伴關係。當它走過真正的創新、構思、研究、開發、失敗、迭代、突破、再回來無數次，然後取得巨大成功的大廳時，要實現並做到正確並不容易。

It is something new to the world, delivering the taste, mouthfeel and satiate experience of its animal protein equivalent. And importantly, it is being offered at the same price as its animal protein equivalent. If you are in or near Dayton, it is well worth the trip to Taco Bell to taste the future. As I round out some of the latest strategic launches, I'd like to turn to Panda Express. In early September, Panda Express brought back Beyond The Original Orange Chicken to over 2,300 U.S. locations for a limited time offering, following successful regional launch last year. As with McPlant to McDonald's, and Beyond Carne Asada at Taco Bell, I encourage you to stop by Panda Express and enjoy the absolutely delicious Beyond The Original Orange Chicken, tasting is believing.

它對世界來說是新事物，提供其動物蛋白等效物的味道、口感和飽腹感。重要的是，它的價格與其動物蛋白等價物的價格相同。如果您在代頓或附近，那麼值得一遊塔可鐘品嚐未來。當我完成一些最新的戰略發佈時，我想求助於熊貓快遞。繼去年成功推出區域性服務後，熊貓快遞於 9 月初將 Beyond The Original Orange Chicken 帶回美國 2,300 多家門店，限時發售。就像從 McPlant 到麥當勞，以及在 Taco Bell 的 Beyond Carne Asada 一樣，我鼓勵您在 Panda Express 停下來享受絕對美味的 Beyond The Original Orange Chicken，品嚐是相信的。

The final piece in this third pillar of our strategy is a more aggressive and more narrowly tailored application of our taste, health and planet message, focusing on those consumers who are most able to hear us during these difficult economic times. When I think about the first order of business and our long-term vision, building meat from plants that is indistinguishable from its animal protein equivalent, I am confident that we are advancing here by year. And when I think about the next critical step in our long-term strategy, driving down the cost of goods of our products so that we sell at or below price parity with animal protein in at least one category. I'm equally confident we are advancing the goal that I set 3.5 years ago. where we need to do better and we'll do better is in connecting with the right consumer at the right time around the very real broader benefits of going beyond so that we can make the leap from early adopters to the early majority.

我們戰略的第三個支柱的最後一部分是對我們的品味、健康和地球信息的更積極和更嚴格的定制應用，重點關注那些在經濟困難時期最能聽到我們聲音的消費者。當我考慮到第一筆業務和我們的長期願景時，即用與其動物蛋白等價物無法區分的植物製造肉類，我相信我們正在逐年推進。當我考慮我們長期戰略中的下一個關鍵步驟時，即降低我們產品的商品成本，以便我們在至少一個類別中以與動物蛋白平價或低於平價銷售。我同樣相信我們正在推進我在 3.5 年前設定的目標。我們需要做得更好並且我們會做得更好的地方是在正確的時間與正確的消費者聯繫，圍繞超越的真正更廣泛的好處，以便我們能夠從早期採用者飛躍到早期大多數人。

I believe this to be the case with both our health and planet messaging as a brand and as a sector. With health, we have allowed special interest groups to have a field day seating doubt by the health profile of what they call fake meet. I'd like to spend a moment on this point. We care about our ingredients and are proud of our process because we care about health at the very foundation of our brand. I returned to, for example, recent research conducted at the Stanford School of Medicine as part of our 5-year plant-based diet initiative with the University.

我相信我們的健康和地球信息作為一個品牌和一個行業都是如此。在健康方面，我們允許特殊利益集團通過他們所謂的假見面的健康狀況來質疑現場日座位。我想在這一點上花一點時間。我們關心我們的成分並為我們的工藝感到自豪，因為我們關心健康是我們品牌的基礎。例如，我回到了斯坦福醫學院最近進行的研究，這是我們與該大學為期 5 年的植物性飲食計劃的一部分。

In the first clinical trial published in the American Journal of Clinical Nutrition in August 2020, researchers reported declines in LDL or bad cholesterol and TMAO when participants switched from animal protein to plant-based Beyond Meat over successive 8-week periods. TMAO is a compound that forms in the gut and has been correlated with heart disease and certain cancers. As we move forward, we will be announcing a major partnership with a national health organization and taking other steps to highlight to consumers the tangible health benefits of Beyond Meat.

在 2020 年 8 月發表在《美國臨床營養學雜誌》上的第一項臨床試驗中，研究人員報告稱，當參與者連續 8 週從動物蛋白轉向植物性 Beyond Meat 時，LDL 或壞膽固醇和 TMAO 下降。 TMAO 是一種在腸道中形成的化合物，與心髒病和某些癌症有關。隨著我們的前進，我們將宣布與國家衛生組織建立重要合作夥伴關係，並採取其他措施向消費者強調 Beyond Meat 的切實健康益處。

Two, we need to do a better job helping the consumer better understand the connection between our products and climate. Again, focusing on the right consumer at the right time when we have the greatest chance of being heard. The climate impact of our food production system exceeds that of our transportation system globally. Correspondingly, plant-based meat is one of the most immediate and powerful tools available to the public for addressing climate change.

第二，我們需要做得更好，幫助消費者更好地了解我們的產品與氣候之間的聯繫。同樣，在我們最有可能被聽到的時候，在正確的時間關注正確的消費者。我們的食品生產系統對氣候的影響超過了我們在全球範圍內的運輸系統。相應地，植物性肉類是公眾可用於應對氣候變化的最直接、最有效的工具之一。

Here again, I return to research, which I shared earlier, conducted at the University of Michigan, in 2018, where the team performed a life cycle analysis of the original Beyond Burger versus 0.25-pound U.S. beef burger and found that producing a Beyond Burger not only generated 90% fewer greenhouse gas emissions, but also used 99% less water, while requiring 93% less land.

在這裡，我再次回到我之前分享的研究，該研究於 2018 年在密歇根大學進行，該團隊對原始的 Beyond Burger 與 0.25 磅的美國牛肉漢堡進行了生命週期分析，發現生產 Beyond Burger不僅減少了 90% 的溫室氣體排放，還減少了 99% 的用水量，同時減少了 93% 的土地佔用。

As I have long maintained, marketing is a lot easier when it's true, and in our case, as these and other data points suggest, we have a very real and compelling story to tell consumers on health and planet. What you'd expect from us going forward is more pronounced, narrowly targeted messaging around taste, health and planet directed towards those consumer segments most likely to listen to our voice.

正如我長期以來所堅持的那樣，當它是真的時，營銷會容易得多，而且在我們的案例中，正如這些和其他數據點所表明的那樣，我們有一個非常真實和引人入勝的故事來告訴消費者關於健康和地球的故事。您對我們未來的期望是圍繞品味、健康和地球的更明確、針對性更強的信息，針對那些最有可能傾聽我們聲音的消費者群體。

In closing, last month, as on this call, I signaled change in our growth strategy, namely after a long period of investment, I've set a clear target for our company to achieve cash flow positive operations within the second half of 2023. My decision to accelerate positive cash flow operations and ultimately profitability is simultaneously a recognition of today's challenging economy and tomorrow's opportunity. We are and will be here for the long game.

最後，在上個月的這次電話會議上，我暗示了我們增長戰略的變化，即經過長期的投資，我已經為我們公司設定了一個明確的目標，即在 2023 年下半年實現現金流正向運營。我決定加速正現金流運營並最終實現盈利，同時也是對當今充滿挑戰的經濟和明天機遇的認可。我們現在並且將在這裡進行長期的比賽。

To reiterate, the 3 main pillars we are using to advance positive cash flow and implement a sustainable growth model are: one, continued reduction in OpEx and a narrowing of focus on key strategic partner, foodservice and retail opportunities while making further efficiency gains through lean value streams across our beef, pork and poultry platforms; two, emphasizing cash flow accretive management of our inventory with a focus on margin dollars versus maximizing margin percent and concurrently rationalizing our production network in the context of more moderate volume assumptions; three, narrowing our sales and marketing focus to a core set of activities that we believe strike the right balance between restoring near-term growth and nurturing our most valuable long-term opportunities.

重申一下，我們用於促進正現金流和實施可持續增長模式的 3 個主要支柱是：第一，持續減少運營支出，縮小對關鍵戰略合作夥伴、餐飲服務和零售機會的關注，同時通過精益實現進一步的效率提升我們的牛肉、豬肉和家禽平台的價值流；二，強調我們庫存的現金流增值管理，重點是利潤美元而不是最大化利潤率百分比，同時在更溫和的產量假設的背景下合理化我們的生產網絡；第三，將我們的銷售和營銷重點縮小到一組核心活動，我們認為這些活動在恢復近期增長和培育我們最有價值的長期機會之間取得了適當的平衡。

I look forward to returning to our call in the new year to update you on our progress across this critically important pivot and plan. With that, I will turn it over to Lubi, our new Chief Financial Officer and Treasurer, to walk us through our third quarter financial results in greater detail and reiterate our outlook.

我期待在新的一年再次響應我們的號召，向您通報我們在這一至關重要的支點和計劃方面取得的進展。有了這個，我將把它交給我們的新首席財務官兼財務主管 Lubi，讓我們更詳細地了解我們的第三季度財務業績並重申我們的前景。

Thanks, Ethan. We recorded net revenues of $82.5 million in the third quarter of 2022, in line with the updated guidance we shared on October 14 and representing a 23% decrease compared to the third quarter of 2021. This result fell short of the expectations that informed our outlook on our Q2 earnings call, primarily as a result of weaker-than-expected demand in the category and especially within our core subcategory of refrigerated.

謝謝，伊桑。我們在 2022 年第三季度錄得 8250 萬美元的淨收入，這與我們在 10 月 14 日分享的最新指引一致，與 2021 年第三季度相比下降了 23%。這一結果低於我們預測的預期在我們的第二季度財報電話會議上，主要是由於該類別的需求弱於預期，尤其是在我們的核心冷藏子類別中。

In addition to overall category softness and as we shared in our October 14 press release, net revenues during the third quarter were also negatively impacted by increased competition, certain customer decisions such as reductions in targeted inventory levels and postponed and/or canceled promotions as well as delayed and/or canceled product promotions and introductions relative to our prior plans.

除了整體品類疲軟之外，正如我們在 10 月 14 日的新聞稿中所分享的，第三季度的淨收入也受到競爭加劇、某些客戶決策（例如目標庫存水平的降低以及推遲和/或取消促銷）的負面影響與我們之前的計劃相關的延遲和/或取消產品促銷和介紹。

In aggregate, total volumes sold during the third quarter of 2022 declined 12.8% compared to the year ago period, primarily as a result of the factors I just described, while net revenue per pound decreased approximately 11%. The decrease in net revenue per pound was primarily attributable to strategic but limited price reductions in the U.S. and broader list price reduction in the EU, increased trade discounts, unfavorable changes in foreign exchange rates and to a lesser extent, changes in sales mix.

總體而言，2022 年第三季度的總銷量與去年同期相比下降了 12.8%，這主要是由於我剛才描述的因素，而每磅淨收入下降了約 11%。每磅淨收入的減少主要是由於美國的戰略性但有限的降價和歐盟更廣泛的標價下調、貿易折扣增加、外匯匯率的不利變化以及在較小程度上銷售組合的變化。

Turning to gross profit. Gross profit in the third quarter of 2022 was minus $14.8 million or minus 18% of net revenues as compared to $23 million or positive 21.6% of net revenues in Q3 of 2021. Gross profit in the third quarter of this year was negatively impacted by approximately $7.2 million or minus 8.8 percentage points of gross margin of underutilization fees and onetime termination costs associated with certain co-manufacturer agreements, of which approximately $5.9 million was related to Beyond Meat Jerky, including such underutilization and onetime termination costs in total, Beyond Meat Jerky contributed a gross profit loss of $5.8 million or minus 7 percentage points of gross margin during the period.

轉向毛利。 2022 年第三季度的毛利潤為負 1480 萬美元或淨收入的負 18%，而 2021 年第三季度的毛利潤為 2300 萬美元或淨收入的正 21.6%。今年第三季度的毛利潤受到約與某些聯合製造商協議相關的未充分利用費用和一次性終止成本的毛利率為 720 萬美元或負 8.8 個百分點，其中約 590 萬美元與 Beyond Meat Jerky 相關，包括此類未充分利用和一次性終止成本總計，Beyond Meat Jerky在此期間，毛利損失為 580 萬美元或毛利率負 7 個百分點。

As Ethan alluded to, the decline in overall gross profitability is largely emblematic of the swift and meaningful deceleration in demand, which has necessitated a significant curtailment of our production volumes in short order. Generally speaking, it is the combined pace and magnitude of this volatility that presents the greatest challenge from an operating perspective as it is difficult to adjust and/or rightsize the production network at a commensurate pace. Overall, cost of goods sold per pound was $5.60 in Q3 2022 compared to $4.19 in Q3 2021 or an increase of $1.41 year-over-year.

正如 Ethan 所暗示的那樣，整體毛利潤的下降在很大程度上是需求迅速而有意義的減速的象徵，這導致我們必須在短期內大幅削減產量。一般來說，從運營角度來看，這種波動的綜合速度和幅度是最大的挑戰，因為很難以相應的速度調整和/或調整生產網絡的規模。總體而言，2022 年第三季度每磅商品的銷售成本為 5.60 美元，而 2021 年第三季度為 4.19 美元，同比增長 1.41 美元。

We estimate Beyond Meat Jerky expounded for approximately $0.47 of the increase with the remainder being driven by increased manufacturing costs, including depreciation and increased material costs and, to a lesser extent, higher transportation and warehousing costs. The increase in manufacturing costs, including depreciation, is primarily reflective of the volume deleveraging impact I described a moment ago. As an example, although COGS depreciation expense in Q3 increased by approximately 13% sequentially on a per pound basis, depreciation nearly doubled versus Q2.

我們估計 Beyond Meat Jerky 的增長約為 0.47 美元，其餘部分是由製造成本增加推動的，包括折舊和增加的材料成本，以及在較小程度上增加的運輸和倉儲成本。包括折舊在內的製造成本的增加主要反映了我剛才描述的去槓桿化的影響。例如，儘管第三季度的銷貨成本折舊費用按每磅計算環比增長了約 13%，但折舊幾乎是第二季度的兩倍。

While this is a single example of just one component of our COGS, the theme is generally true across our other COGS buckets and is informative of the potential impact our efforts to stabilize growth and rightsize the network could have.

雖然這只是我們 COGS 的一個組成部分的一個示例，但該主題在我們的其他 COGS 存儲桶中通常是正確的，並且提供了我們為穩定增長和調整網絡規模所做的努力可能產生的潛在影響。

Moving down the P&L to OpEx. Operating expenses for the third quarter of 2022 were $74.9 million, down 2.7% year-over-year and down 10.3% quarter-over-quarter. The year-over-year decrease was primarily driven by lower selling expenses, which include our cost of outbound freight and nonpeople general and administrative expenses, partially offset by higher marketing expense and restructuring costs which consists mainly of legal fees.

將損益表向下移動到運營支出。 2022 年第三季度的運營費用為 7490 萬美元，同比下降 2.7%，環比下降 10.3%。同比下降主要是由於銷售費用下降，其中包括我們的出境運費和非人員一般和行政費用，部分被較高的營銷費用和重組成本（主要包括法律費用）所抵消。

The sequential decrease in operating expenses was driven by reduced people expenses, including stock-based compensation, lower general and administrative expenses and lower selling expenses, partially offset by higher marketing expense and restructuring costs. As announced in our October 14 press release, we made the difficult but necessary decision to implement a secondary reduction in force, which impacted approximately 19% of our global workforce.

運營費用的連續下降是由人員費用減少推動的，包括基於股票的薪酬、較低的一般和管理費用以及較低的銷售費用，部分被較高的營銷費用和重組成本所抵消。正如我們在 10 月 14 日的新聞稿中所宣布的那樣，我們做出了艱難但必要的決定，實施了二次裁員，這影響了我們全球約 19% 的員工隊伍。

Through this action, we expect to generate approximately $39 million in operating expense savings over the next 12 months, excluding onetime separation costs, which will largely be incurred in Q4 2022. As a result, we expect total operating expenses to be in the mid-$60 million range in Q4 of this year, subsequently falling to the low $60 million range per quarter thereafter. Moving further down the P&L, loss from unconsolidated joint venture increased to $8.7 million compared to $0.6 million in the year ago period and $1.4 million in Q2 2022.

通過這一行動，我們預計未來 12 個月將節省約 3900 萬美元的運營費用，不包括一次性離職成本，這主要發生在 2022 年第四季度。因此，我們預計總運營費用將在今年第四季度為 6000 萬美元，隨後降至每季度 6000 萬美元的低位。進一步降低損益，未合併合資企業的虧損從去年同期的 60 萬美元和 2022 年第二季度的 140 萬美元增加到 870 萬美元。

This line item relates to our joint venture with PepsiCo, the Planet Partnership LLC, or TPP, and in the latest quarter reflects an increase in inventory reserves at TPP as well as planned increase in marketing. All in, net loss in the third quarter of 2022 was $101.7 million or a net loss of $1.60 per common share compared to net loss of $54.8 million in the year ago period or a net loss per common share of $0.87.

該項目與我們與百事可樂、Planet Partnership LLC 或 TPP 的合資企業有關，最近一個季度反映了 TPP 庫存儲備的增加以及營銷計劃的增加。總而言之，2022 年第三季度的淨虧損為 1.017 億美元或每股普通股淨虧損 1.60 美元，而去年同期淨虧損為 5480 萬美元或每股普通股淨虧損 0.87 美元。

Now turning to our balance sheet and cash flow highlights. Our cash and cash equivalents balance was $390.2 million and total debt outstanding was approximately $1.1 billion as of October 1, 2022. In Q3 2022, inventory decreased to $247 million as compared to $254.7 million at the end of Q2 2022, and decreased from $283.8 million at the end of Q1 2022. The inventory decline was driven by continued progress in reducing our finished goods and work in process balances partially offset by an increase in raw materials and packaging.

現在轉向我們的資產負債表和現金流亮點。截至 2022 年 10 月 1 日，我們的現金和現金等價物餘額為 3.902 億美元，未償債務總額約為 11 億美元。2022 年第三季度，庫存從 2022 年第二季度末的 2.547 億美元降至 2.47 億美元，從 2.838 億美元減少在 2022 年第一季度末。庫存下降是由於我們在減少成品和在製品餘額方面的持續進展，部分被原材料和包裝的增加所抵消。

In terms of cash flow for the 3 months ended October 1, 2022, net cash used in operating activities was $34.7 million a $35.9 million decrease compared to the year-ago period and a $35.8 million decrease compared to Q2 2022. As we have communicated, cash consumption continues to be a key focus area for us. And although we expect to drive further improvement over the next several quarters, we expect cash used in operating activities to increase sequentially in Q4 2022 as the benefit from collection of receivables in Q3 is expected to meaningfully moderate. Within cash flows from investing activities, capital expenditures totaled $18 million in Q3 2022 compared to $52.9 million in the year ago period, and we invested $10 million in our joint venture pursuant to the second tranche of our predetermined capital contribution schedule. We expect to invest a further $6.5 million in the JV split equally across the fourth quarter of 2022 and the first quarter of 2023.

截至 2022 年 10 月 1 日止 3 個月的現金流量方面，用於經營活動的現金淨額為 3470 萬美元，比去年同期減少 3590 萬美元，比 2022 年第二季度減少 3580 萬美元。正如我們所傳達的，現金消費仍然是我們關注的重點領域。儘管我們預計未來幾個季度將進一步改善，但我們預計運營活動中使用的現金將在 2022 年第四季度環比增長，因為第三季度應收賬款回收帶來的收益預計將顯著放緩。在投資活動產生的現金流中，2022 年第三季度的資本支出總額為 1800 萬美元，而去年同期為 5290 萬美元，我們根據預定的出資計劃的第二批向合資企業投資了 1000 萬美元。我們預計將在 2022 年第四季度和 2023 年第一季度平均投資 650 萬美元用於合資企業的拆分。

Let me now provide some commentary about our 2022 outlook as well as some high-level comments about 2023. We will provide further details regarding our 2023 outlook on our fourth quarter earnings call. As previously communicated in our October 14 press release, for the full year 2022, we expect net revenues to be in the range of $400 million to $425 million representing a decrease of approximately 14% to 9% compared to the full year 2021.

現在讓我提供一些關於我們 2022 年展望的評論以及一些關於 2023 年的高級評論。我們將在第四季度財報電話會議上提供關於 2023 年展望的更多細節。正如我們之前在 10 月 14 日的新聞稿中所傳達的，我們預計 2022 年全年的淨收入將在 4 億美元至 4.25 億美元之間，與 2021 年全年相比下降約 14% 至 9%。

Given the implied level of sales for the fourth quarter of 2022, combined with the gross margin pressure that I described earlier, we expect gross margin in the fourth quarter to be negative, albeit sequentially higher than Q3 as we do not expect to incur a similar co-manufacturer termination fees. For fiscal year 2023, as we shared in our October 14 press release, we are targeting cash flow positive operations within the second half of 2023. To be clear, this target implies the achievement of a full quarter of positive free cash flow, defined as cash flow from operations less capital expenditures during the second half of 2023.

鑑於 2022 年第四季度的隱含銷售水平，加上我之前描述的毛利率壓力，我們預計第四季度的毛利率為負數，儘管連續高於第三季度，因為我們預計不會產生類似的合作製造商終止費。正如我們在 10 月 14 日的新聞稿中所分享的，對於 2023 財年，我們的目標是在 2023 年下半年實現正現金流運營。需要明確的是，這個目標意味著實現一整個季度的正自由現金流，定義為2023 年下半年的運營現金流減去資本支出。

We intend to discuss the building blocks of this objective in greater detail following our Q4 2022 earnings call next year, but for now, I will share some high-level qualitative information. Given our near-term pivot to an approach that prioritizes cash flow and profitable growth above immediate market share capture, we expect 2023 growth to exhibit ongoing pressures as we transition the business model. To drive our cash flow positive objective, therefore, there are 4 key levers. First, as Ethan described, we are focused on stabilizing and subsequently restoring growth within our core portfolio of refrigerated SKUs, which in turn is expected to contribute to meaningful gross margin improvement back into positive territory.

我們打算在明年的 2022 年第四季度財報電話會議之後更詳細地討論這一目標的組成部分，但現在，我將分享一些高層次的定性信息。鑑於我們近期轉向優先考慮現金流和盈利增長高於直接市場份額捕獲的方法，我們預計隨著我們轉變商業模式，2023 年的增長將呈現持續的壓力。因此，為了推動我們的現金流積極目標，有 4 個關鍵槓桿。首先，正如 Ethan 所描述的，我們專注於穩定並隨後恢復我們核心冷藏 SKU 組合的增長，這反過來又有望有助於顯著提高毛利率，回到正值區域。

To reiterate, restoring growth in our core entails closing existing distribution gaps, launching renovated and improved versions of our core SKUs, deploying strategic promotional programs aimed at drawing in new consumers and securing new doors and focusing our marketing efforts on consumers whose receptivity to our value proposition is believed to be high.

重申一下，恢復我們核心的增長需要縮小現有的分銷差距，推出我們核心 SKU 的翻新和改進版本，部署旨在吸引新消費者和確保新門的戰略促銷計劃，並將我們的營銷工作重點放在接受我們價值的消費者提議被認為是高的。

Second, we will manage our operating expenses within a tight range by adopting a lean business practices and driving greater accountability among individual budget owners across the organization; Third, we will maintain a strong focus on drawing down inventory levels to free up cash from our balance sheet; and finally, fourth, we will tightly manage our CapEx budget to a level substantially below 2022 in either of the previous 2 years. Taken in combination, we believe these measures will serve as key enablers of our cash flow positive objective in the latter half of 2023.

其次，我們將通過採用精益業務實踐並在整個組織內加強個人預算所有者的問責制，在嚴格的範圍內管理我們的運營費用；第三，我們將繼續專注於降低庫存水平以從資產負債表中釋放現金；最後，第四，我們將在前兩年的任何一年中將資本支出預算嚴格控制在遠低於 2022 年的水平。綜合起來，我們相信這些措施將成為我們在 2023 年下半年實現現金流積極目標的關鍵推動力。

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

有了這個，我將結束我的發言並將電話轉回給接線員，以便為您的問題打開它。謝謝你。

(Operator Instructions). First question today will come from Alexia Howard of Bernstein.

（操作員說明）。今天的第一個問題將來自 Bernstein 的 Alexia Howard。

First of all, thank you very much for really focusing on how do you get back to cash flow positive. You've obviously given us a quantification of the savings from the 2 reduction in forces or the most recent reduction in force that you've just put in place. But the level of cash burn is still quite high. Lubi, thank you for going through the components, and I recognize you're going to give us more details on the fourth quarter. Is there anything else you can tell us about how much you could reduce the input cost or the COGS ingredient packaging side of things?

首先，非常感謝您真正關注如何恢復正現金流。顯然，您已經量化了您剛剛實施的 2 次減力或最近一次減力所節省的費用。但燒錢的程度仍然很高。 Lubi，感謝您瀏覽這些組件，我知道您將在第四季度向我們提供更多詳細信息。您還有什麼可以告訴我們您可以減少多少投入成本或 COGS 成分包裝方面的事情嗎？

How much the plant cost could come down by reducing the use of unnecessary co-manufacturers? Is there anything else that you can give us that will give us an idea of how much those -- all of that cash burn can come down by so that we can get some visibility into what the drivers are?

通過減少不必要的合作製造商的使用可以降低多少工廠成本？你還有什麼可以給我們的，讓我們知道這些錢有多少——所有的現金消耗都可以減少，這樣我們就可以了解驅動因素是什麼？

I apologize. We were muted. Alexia, thanks for the question. Although I can't provide the exact level of specificity that you're asking for. Let me try to give some qualitative information here that hopefully will help you in your modeling. So we put out a target to be cash flow positive within the second half of 2023. Clearly, there isn't a path to getting there if we don't restore our gross margins back to positive territory. Now we're not prepared just yet to give you sort of an exact target for gross margins for 2023. As I said in my prepared remarks, we'll be providing more detail at our fourth quarter earnings call. But clearly, restoring the gross margin back into sort of solidly positive territory is high on our priority list. And it entails a couple of different things, including stabilization of the core, rightsizing the network, those 2 initiatives are going to be very important levers to driving continued improvement in the gross margin profile of the business.

我道歉。我們被靜音了。亞歷克西亞，謝謝你的問題。雖然我無法提供您所要求的確切程度的特異性。讓我在這裡嘗試提供一些定性信息，希望對您的建模有所幫助。因此，我們提出了在 2023 年下半年實現現金流為正的目標。顯然，如果我們不將毛利率恢復到正值，就沒有辦法實現這一目標。現在，我們還沒有準備好為您提供 2023 年毛利率的確切目標。正如我在準備好的講話中所說，我們將在第四季度財報電話會議上提供更多細節。但很明顯，將毛利率恢復到穩定的正值區域是我們的首要任務。它需要一些不同的事情，包括穩定核心、調整網絡規模，這兩項舉措將成為推動業務毛利率持續改善的非常重要的槓桿。

And then obviously, we've taken recently the difficult but necessary decision to really reduce our operating expenses, and we'll continue to benefit from that as well as we move into next year. And so those -- from a margin perspective, those are going to be the 2 big drivers. And then obviously, there is the -- as I said in my prepared remarks, there's the inventory reduction and CapEx objectives as well that will help us get to that cash flow positive.

然後很明顯，我們最近做出了艱難但必要的決定，以真正減少我們的運營費用，我們將繼續從中受益，以及進入明年。所以那些 - 從利潤的角度來看，它們將成為兩大驅動力。然後很明顯，正如我在準備好的評論中所說，還有庫存減少和資本支出目標，這將幫助我們實現正現金流。

That's great, Lubi. And like you said, I can just give some additional color. We're obviously going to continue to bring cash consumption down. I think the biggest, broadest explanation that I think is important to drive home, when you have this drop in volume and associated deleveraging, things are going to start showing up in gross margin and elsewhere that are unfavorable. And you can either wait for growth to return or you can rightsize your production system and your organization.

太好了，盧比。就像你說的，我可以給一些額外的顏色。我們顯然將繼續降低現金消費。我認為，我認為最重要、最廣泛的解釋對於推動回家很重要，當交易量下降和相關的去槓桿化時，毛利率和其他不利因素將開始出現。您可以等待增長恢復，也可以調整生產系統和組織的規模。

And I want you guys to hear directly from me that we are rightsizing the organization, the operational footprint to be able to drive the cash flow positive within the second half of next year, independent of any aggressive growth assumptions. And I think that is something that is new to our business, given the 12-plus years of pretty aggressive growth that we had enjoyed. I think we will enjoy again in the future. But for now, it's really about stabilizing the business based on a more reasonable revenue growth trajectory.

我希望你們直接聽到我的消息，我們正在調整組織規模，運營足跡能夠在明年下半年推動現金流為正，獨立於任何激進的增長假設。我認為這對我們的業務來說是新事物，因為我們享受了 12 多年的相當積極的增長。我想我們會在未來再次享受。但就目前而言，這實際上是基於更合理的收入增長軌跡來穩定業務。

And it's exactly as Lubi said, in terms of making sure that we'll see some growth in the core lines of beef burger and dinner, but again, nothing extraordinary. Continuing to reduce the size of the network and eliminate idle fees, moving certain parts of production back in-house so that we can improve overhead absorption, really aggressively managing inventory. We always think about inventory as kind of sleeping money, and we need to start accessing much more of that. And there's 2 benefits to that, right?

正如魯比所說，就確保我們會看到牛肉漢堡和晚餐的核心產品線有所增長，但同樣，沒什麼特別的。繼續縮小網絡規模並消除閒置費用，將某些生產部分移回內部，以便我們可以改善間接費用吸收，真正積極地管理庫存。我們一直認為庫存是一種睡錢，我們需要開始獲得更多的東西。這樣做有兩個好處，對吧？

One is, obviously, you reduce inventory levels and free up the cash; but 2 is you can use some of that inventory to welcome new consumers into the brand at a time when they're economically stressed. And so we're going to -- some of that targeted pricing, which can explain more later on the call. We're going to go ahead and implement.

一是，很明顯，您降低了庫存水平並釋放了現金；但二是你可以利用其中的一些庫存來歡迎新消費者在經濟壓力大的時候加入品牌。所以我們要 - 一些有針對性的定價，稍後可以在電話會議上解釋更多。我們將繼續實施。

And then we have a whole cost-down program, which actually is going quite well, and it's one that we've been driving. The challenge is you're not going to see those results until we move through some of the inventory that we have now and start to get to the conversion of raw material into products within the new production system and where those cost down programs have been successful. So a lot of things are in play to be able to drive us from the model that we had, which was one of heavy cash consumption to one that will be cash flow accretive.

然後我們有一個完整的成本降低計劃，實際上進展順利，這是我們一直在推動的。挑戰在於，在我們通過現有的一些庫存並開始在新生產系統中將原材料轉化為產品以及這些成本降低計劃取得成功之前，您不會看到這些結果.因此，很多事情都在發揮作用，以便能夠將我們從我們擁有的模式（一種大量現金消費）轉變為一種可以增加現金流的模式。

Our next question will come from Adam Samuelson of Goldman Sachs.

我們的下一個問題將來自高盛的亞當薩繆爾森。

Maybe, Ethan, you kind of elucidate just the end of the last answer, but some of those strategic targeted pricing actions and kind of the ability to -- or the target to free up inventory, can you provide a little bit more context and scope around what that entails, kind of what you think the incremental distribution could be? And where you think the inventory balance will end up either at the end of the fourth quarter or at the end of the first quarter to help you access the cash that's on the balance sheet?

也許，Ethan，你有點闡明最後一個答案的結尾，但是一些戰略性的有針對性的定價行動和能力——或者釋放庫存的目標，你能提供更多的背景和範圍嗎圍繞這意味著什麼，您認為增量分佈可能是什麼？您認為庫存餘額將在第四季度末或第一季度末結束，以幫助您獲取資產負債表上的現金？

Thank you, Adam. I'm going to give you an answer that there probably is one degree of specificity away from where I think you'd like it just because of competitive reasons and things of that nature. So part of the push toward cash flow positive and a sustainable growth model is to dramatically narrow our focus within foodservice and retail. And the unifying theme in terms of what we're targeting are those opportunities that give us the highest probability of restoring growth also nurturing kind of the most valuable long-term pathways that we have.

謝謝你，亞當。我要給你一個答案，因為競爭的原因和這種性質的事情，我認為你可能會喜歡它可能有一個程度的特異性。因此，推動正現金流和可持續增長模式的一部分是大幅縮小我們對餐飲服務和零售的關注。就我們的目標而言，統一的主題是那些讓我們恢復增長的可能性最高的機會，同時也培育了我們擁有的最有價值的長期途徑。

And so examples of that, we have a number of QSR partners. We're narrowing our focus somewhat to a handful that we're having great success with and want to nurture those. I think there's a lot of focus on our U.S. business and our U.S. retail appropriately so. But if you look at what's going on in Europe, for example, and just focus for a moment on the launches and the tests that I mentioned, and then as well as the permanent menu placements, not only Europe or Latin America and in parts of Asia, we are planting seeds that we expect to be pretty significant volume drivers for us in the future.

例如，我們有許多 QSR 合作夥伴。我們正在將重點縮小到少數我們取得了巨大成功並希望培養牠們的人。我認為我們的美國業務和我們的美國零售業有很多關注點。但是，如果你看看歐洲正在發生的事情，例如，只關注我提到的發布和測試，然後是永久菜單位置，不僅是歐洲或拉丁美洲，而且在部分地區亞洲，我們正在播種我們預計在未來對我們來說非常重要的產量驅動力的種子。

So we'll narrow our focus there. And then when you get into the retail space, again, and narrowing the focus toward what can we do to restore growth in the fresh meat case where we really believe transformation can occur. And an enormous amount of energy time and focus has gone into the third iteration of our Sausage platform for the fresh case and the fourth iteration of our burger platform and beef platform. We expect to have those out. I can't give a specific deadline for that.

所以我們將在那裡縮小我們的關注點。然後，當您再次進入零售領域時，將重點縮小到我們可以做些什麼來恢復我們真正相信可以發生轉變的新鮮肉類案例的增長。大量的精力和精力已經投入到我們的香腸平台的第三次迭代中，用於新鮮案例以及我們的漢堡平台和牛肉平台的第四次迭代。我們希望有這些。我無法給出具體的截止日期。

But in a way, it will be helpful to restoring growth. Now within that, there are select pricing programs to answer your question that we're putting in place to target specific consumers. And it really gets back to -- again, it's a very -- it's a time of distraction for the consumer. Our story right now is, I think, several layers away from where the consumers focus in terms of just basic needs. And so we're tailoring our messaging to subsegments that are probably more receptive rather to hear.

但在某種程度上，這將有助於恢復增長。現在，在其中，有一些定價計劃可以回答您的問題，我們正在針對特定消費者制定這些計劃。它真的回到了 - 再次，這是一個非常 - 這是消費者分心的時期。我認為，我們現在的故事與消費者僅關注基本需求的地方相距幾層。因此，我們正在針對可能更容易接受而不是聽到的子段調整我們的消息傳遞。

And when it comes to health, that's generally 40 and older. When it comes to our planetary message around climate, water use, et cetera, that's the much younger generation. And so coming out with these innovations and then targeting specific subsegments of the population with that messaging and offering some introductory pricing that gets people involved is how we're going about restoring that fresh case. And then when you look at frozen. We've had good success with the tenders that we launched.

說到健康，通常是 40 歲及以上。當談到我們關於氣候、用水等的行星信息時，那是年輕得多的一代。因此，推出這些創新，然後通過該消息針對特定的人群細分，並提供一些讓人們參與其中的介紹性定價，這就是我們將如何恢復這個新案例。然後當你看著凍結。我們發起的招標取得了很好的成功。

I think we're up about 24% or so in frozen last 12 weeks year-over-year. And then, of course, we've launched the new steak product, that chicken tender product that I mentioned one the, I think, People Magazine award of the year or something of that nature and the steak product that we just launched, I think, is probably will be viewed by many as one of our best products is also up for an award that we'll announce shortly. That's going into the frozen section as well as poppers and tenders.

我認為我們在過去 12 週的凍結中同比增長了 24% 左右。然後，當然，我們推出了新的牛排產品，我提到的那個雞肉嫩產品，我認為，人物雜誌年度獎或類似性質的東西，以及我們剛剛推出的牛排產品，我認為，可能會被許多人視為我們最好的產品之一，也將獲得我們將很快宣布的獎項。那將進入冷凍部分以及poppers和招標。

On the foodservice side, I mentioned the QSRs, but they're also subsegments of the foodservice industry that are going to resonate -- our messaging is going to resonate more than in other subsegments. And so we're tailoring our messaging and our focus in terms of our sales to those subsegments and they have to do with younger consumers, they have to do with consumers who maybe in the health care system, things of that nature. And I don't want to get too much into it, but offering pricing in those segments that will attract the largest number of consumers to our brand at a time when pricing really matters is how we're going to deploy this pricing program. This -- we have a lot of inventory. We want to work through it, and we want to welcome people into the brand.

在餐飲服務方面，我提到了 QSR，但它們也是餐飲服務行業的子細分市場，會引起共鳴——我們的信息傳遞將比其他細分市場產生更大的共鳴。因此，我們正在調整我們的消息傳遞和我們對這些細分市場的銷售重點，他們與年輕消費者有關，他們與可能在醫療保健系統中的消費者有關，這類事情。而且我不想過多地參與其中，但是在定價真正重要的時候，在那些能夠吸引最多消費者加入我們品牌的細分市場中提供定價是我們將如何部署這個定價計劃的方式。這——我們有很多庫存。我們想解決這個問題，我們希望歡迎人們加入這個品牌。

So I can't give you specific numbers on exactly how much inventory we're going to draw down, but you can expect us to be aggressive in a way that maximizes profit dollars versus margin percent at the moment.

所以我不能給你具體的數字，說明我們將要減少多少庫存，但你可以期待我們以一種使利潤美元與利潤率百分比最大化的方式積極進取。

Next question today will come from Robert Moskow of Credit Suisse.

今天的下一個問題將來自瑞士信貸的羅伯特莫斯科。

The script today and the task at hand, it's a very different task than what your vision of the company was originally. And I also think the culture of the company that you've built. And I'm just wondering, do you have the right people in place to execute this new kind of approach? And are people ready to make this kind of pivot? Do you need to bring in different people to do it?

今天的劇本和手頭的任務，與你最初對公司的願景完全不同。我也認為你建立的公司文化。我只是想知道，你們有合適的人來執行這種新方法嗎？人們準備好做出這種轉變了嗎？你需要引進不同的人來做這件事嗎？

Yes. But that's a great question. Thanks, Rob, for asking that. It is a pivot for sure. And I want to be very clear that it's coming from me. I feel very passionate about this change that we're making. I have no doubt about the long-term opportunity facing our company and our ability to go get it. We continue to produce the very best products, all these other things, right? What we have to do is change our mindset from one where it was growth above everything else to now pushing very quickly the business into a cash flow positive and a profitable position.

是的。但這是一個很好的問題。謝謝，羅布，問這個問題。這肯定是一個支點。我想非常清楚它來自我。我對我們正在進行的這種改變充滿熱情。我毫不懷疑我們公司面臨的長期機會以及我們獲得它的能力。我們繼續生產最好的產品，所有這些東西，對吧？我們必須做的是改變我們的思維方式，從增長高於一切的思維方式轉變為現在非常迅速地將業務推向現金流正和盈利的位置。

And that's not because I feel that I need to produce better numbers for people right now or things of that nature. It's because it's what's going to allow us to endure this current economic situation and reach that longer-term goal. And so in terms of the people that I have around me, I do think that we have a lot of the right pieces in place and a lot of the language that I was using, you could obviously resonate with people who are aware of the lean literature and things of that nature.

這並不是因為我覺得我現在需要為人們或類似性質的事物提供更好的數字。這是因為這將使我們能夠忍受當前的經濟形勢並實現長期目標。所以就我周圍的人而言，我確實認為我們有很多正確的部分和我使用的很多語言，你顯然可以與那些意識到精益的人產生共鳴文學和那種性質的東西。

We have folks that have come out of that school of lean principles. And it's not a manufacturing mindset. It's an organization-wide mindset, right? And so we are pushing that out throughout the organization, but it is the #1 goal. The hallmark of the way I manage our business is we have a high-level set of goals for a 3-year period. We have a 3-year plan. We've got a 1-year annual operating plan. But those boil down into a set of discrete projects. The #1 project for this company is to push this into a cash flow-positive position by the second half of next year in order to accelerate profitability.

我們有一些從精益原則學校走出來的人。這不是一種製造思維方式。這是一種組織範圍的思維方式，對嗎？因此，我們正在整個組織中推動這一點，但這是第一目標。我管理我們業務的方式的標誌是我們有一套高水平的三年期目標。我們有一個 3 年計劃。我們有一個為期一年的年度運營計劃。但這些歸結為一組離散的項目。這家公司的第一個項目是在明年下半年之前將其推向現金流正的位置，以加速盈利。

Anyone who's not willing to sign up for that is not going to be very comfortable here. So it is -- it's coming from the top. I'm very passionate about it. We have the energy here to get it done. And just all the intensity and focus you saw in us signing up the very best partners in the world, putting the best products out and growing the movement. We are now shifting to achieving this goal again so that we can realize that long-term vision we have for the company. I had no intention of shifting gears in terms of what our long-term goal is.

任何不願意註冊的人在這裡都不會很舒服。所以它是 - 它來自頂部。我對此充滿熱情。我們有足夠的精力來完成它。您在我們身上看到的所有強度和專注力都與世界上最好的合作夥伴簽約，推出最好的產品並發展運動。我們現在正在轉向再次實現這一目標，以便我們能夠實現我們對公司的長期願景。我無意改變我們的長期目標。

We will be very large protein player globally. And this is a difficult period economically across the country and across the world. So we are going to rightsize the organization to get through, and it's coming from me, and we'll get it done.

我們將成為全球非常大的蛋白質參與者。這是全國乃至全世界經濟上的困難時期。因此，我們將調整組織規模以度過難關，它來自我，我們會完成它。

Our next question today will come from Cody Ross of UBS.

我們今天的下一個問題將來自瑞銀的科迪羅斯。

I just want to touch a little bit, Lubi. You talked about a good part of your goal to become cash flow positive is to turn gross margin positive. Can you just remind us or give us any color on what percentage of your COGS are fixed versus variable?

我只是想觸摸一點，Lubi。您談到了使現金流為正的目標的很大一部分是使毛利率為正。您能否提醒我們或給我們任何顏色，說明您的 COGS 的百分比是固定的還是可變的？

I'm not sure that we've quantified that specifically, but the vast majority of our COGS basket is variable of our -- COGS cost is variable. And that's a function of the sort of the co-manufacturer sort of model that we have today. And obviously, a fair amount of our finished goods production is still done with our co-manufacturing partners. And therefore, the only fixed costs that we have embedded are associated with our own facilities where we do extrusion.

我不確定我們是否具體量化了這一點，但我們的絕大多數 COGS 籃子是可變的——COGS 成本是可變的。這是我們今天擁有的那種聯合製造商模式的功能。顯然，我們相當多的成品生產仍然是與我們的共同製造合作夥伴完成的。因此，我們嵌入的唯一固定成本與我們自己進行擠壓的設施相關。

Our next question today will come from Peter Saleh of BTIG.

我們今天的下一個問題將來自 BTIG 的 Peter Saleh。

Ethan, I just wanted to come back to a comment you made. You said you guys are going to focus on gross profit dollars and not necessarily gross margin percent. So maybe just if you can provide a little bit more detail on that? What will you be focusing on in terms of products that drive gross profit dollars? And are there any products or channels that you'll be cutting that maybe were higher gross percent, but lower on the dollar side? Just trying to kind of understand that comment in the context of what you guys gave us today.

伊桑，我只是想回到你發表的評論。你說你們將關注毛利潤，而不一定是毛利率。所以也許只是如果你能提供更多的細節？在推動毛利潤增長的產品方面，您將重點關注哪些方面？是否有任何產品或渠道要削減，它們的毛利率可能更高，但在美元方面卻更低？只是想在你們今天給我們的背景下理解該評論。

Sure. So it has to do with the pricing program we're putting in place on one of our items that is kind of in our core. And again, it's not going to be a blanket pricing for all segments, but we think it will be meaningful for this that we apply it to. And I wanted the team to understand that the goal there is to drive conversion of inventory, bring new people into the category. We're obviously not going to do anything that would be on a per unit basis negative. But it has to do with that program.

當然。因此，這與我們為我們的核心項目之一實施的定價計劃有關。再說一次，這不會是所有細分市場的一攬子定價，但我們認為將其應用於此將是有意義的。我希望團隊了解，目標是推動庫存轉換，將新人帶入該類別。我們顯然不會做任何會在單位基礎上產生負面影響的事情。但它與那個程序有關。

I also think the days and again, gets to the change in mindset, we launched the jerky product, great partnership with Pepsi. I had a -- I think it's a $30 million contribution this year to revenue. I think we grew the category 4x or something of that nature. And we finally crossed over into a breakeven situation on the margin on that. It's being obscured by these termination fees and idle fees and things of that nature. But those days are over. like we're not going to be launching any products that aren't cash flow positive and margin -- profit dollar contributors at the onset.

我還認為，隨著思維方式的轉變，我們推出了生澀的產品，與百事可樂建立了良好的合作關係。我有一個 - 我認為今年對收入的貢獻是 3000 萬美元。我認為我們將類別增長了 4 倍或類似的東西。我們終於在這方面進入了盈虧平衡的境地。它被這些終止費和閒置費以及類似性質的東西所掩蓋。但那些日子已經過去了。就像我們不會推出任何不是正現金流和利潤率的產品——一開始就是利潤美元貢獻者。

And so it's really about flexing where we have room in margin to flex to drive more volume, and that gets down to our core lines. And again, I don't want to specify which one or which segment we're going after, but that's the reason that I'm asking the team to focus on profit dollar right now versus that margin.

因此，這實際上是在我們有餘地的地方進行靈活調整以推動更多的交易量，這涉及到我們的核心產品線。再說一次，我不想具體說明我們要追求哪個或哪個細分市場，但這就是我要求團隊現在關注利潤美元與利潤率的原因。

Yes, I would just add on top of that, that we're being very targeted with these programs. And we're looking at, number one, as Ethan alluded to, we're looking at some of our core SKUs where we continue to have strong margins on those already. And so these won't be negative margin from a unit perspective. But we're also looking at our core products where there are existing distribution gaps and where we have an opportunity to maybe secure new points of distribution by doing some kind of a special program, bring in new consumers who maybe haven't tried these types of products or our brand before. So it's a targeted type of program.

是的，我只想補充一點，這些計劃非常有針對性。正如 Ethan 所暗示的那樣，我們正在關注第一，我們正在關注我們的一些核心 SKU，我們已經在這些 SKU 上繼續擁有強勁的利潤率。因此，從單位的角度來看，這些不會是負利潤率。但我們也在關注我們的核心產品，哪些地方存在分銷差距，我們有機會通過某種特殊計劃來確保新的分銷點，吸引可能沒有嘗試過這些類型的新消費者產品或我們的品牌之前。所以這是一種有針對性的程序。

And it -- as Ethan said, it is -- these are cash flow accretive, assuming we get the lift, right? These still cash flow accretive activity because we'll be covering our variable costs.

而且它——正如伊森所說，它是——這些是現金流的增值，假設我們得到提升，對吧？這些仍然是現金流增長活動，因為我們將覆蓋我們的可變成本。

Our next question today will come from Michael Lavery of Piper Sandler.

我們今天的下一個問題將來自 Piper Sandler 的 Michael Lavery。

I just wanted to come back to fixed costs. I know we've touched on this a little bit, but for some of these underutilization penalties or for the new headquarters, which -- I think the rent starts at around $15 million a year and then builds. So there's -- it's a meaningful outlay in terms of your spend. How much flexibility do you have on terminating or changing any of these contracts? Or do you -- are you committed to the headquarters building? Is there a better way to think about how to run -- set that up? What's some of the flexibility you might have?

我只是想回到固定成本。我知道我們已經談到了這一點，但是對於這些未充分利用的罰款或新總部，我認為租金從每年約 1500 萬美元開始，然後建造。因此，就您的支出而言，這是一項有意義的支出。您在終止或更改這些合同方面有多大的靈活性？或者你——你致力於總部大樓嗎？有沒有更好的方法來思考如何運行——設置它？您可能擁有哪些靈活性？

Yes. So it's a great question. So we have kind of 4 buckets that we're looking at of kind of agreements and things we entered into several years ago that -- comporting more with the kind of growth curve that we're seeing then that we're just going to have the tough discussions with those partners about how to address it, and we're doing that now. On the headquarter question itself, we're just consolidating a bunch of leases. So we're pushing forward in that direction, getting out of the buildings we've been in, subleasing some of them, things of that nature.

是的。所以這是一個很好的問題。因此，我們正在考慮 4 個桶，我們正在研究幾年前達成的協議和事情 - 更符合我們當時看到的那種增長曲線，我們將擁有與這些合作夥伴就如何解決這個問題進行了激烈的討論，我們現在正在這樣做。關於總部問題本身，我們只是在合併一堆租約。所以我們正朝著那個方向前進，走出我們曾經住過的建築物，轉租其中一些，這種性質的東西。

And so I don't think we'll change course on the headquarters, but we will consolidate into them. And that's, I think, an important step. I mean people -- I think many people have commented on the disruptive aspect of the pandemic and distributed workforce in our kind of work where we're push in and turning out best products in the world and doing it under tight time lines, we need everyone together. And so I'm very much committed to making sure that happens.

所以我不認為我們會改變總部的路線，但我們會整合到他們那裡。我認為，這是重要的一步。我的意思是人們——我認為很多人都評論了大流行的破壞性方面和在我們這種工作中分散的勞動力，我們正在推進並生產世界上最好的產品並在緊迫的時間內完成，我們需要大家一起。所以我非常致力於確保這種情況發生。

But the kind of idle fee things and things of that nature, we're doing a few things there. One would be trying to consolidate some of our production in areas where we do have idle fees to make sure that we're not spending anything that's unnecessary for production and then having those conversations, right? I mean I think that the world has changed and everyone needs to play a part as our partner. So it's a big focus for me.

但是那種閒置費用的事情和那種性質的事情，我們正在那裡做一些事情。一種是嘗試在我們確實有閒置費用的地區整合我們的一些生產，以確保我們不會花費任何對生產不必要的東西，然後進行這些對話，對嗎？我的意思是我認為世界已經改變，每個人都需要作為我們的合作夥伴發揮作用。所以這對我來說是一個很大的焦點。

Our next question today will come from Rupesh Parikh of Oppenheimer.

我們今天的下一個問題將來自奧本海默的 Rupesh Parikh。

So just on international markets. I was curious if you guys have reviewed the business. Any thought of actually exiting any international markets to more quickly rationalize the business?

所以只是在國際市場上。我很好奇你們是否審查了這項業務。有沒有想過實際退出任何國際市場以更快地使業務合理化？

Yes. That's a good question. I think in Europe, you'll start to see as some of the inventory eroded. I can't predict the future there, obviously, but we see some trends that we like. There's an overhang of inventory. In China, it's so early to tell what's going on there because they're just coming out of all these lockdowns. And they come out and they go back in and things of that nature. What we are doing, though, is reducing expense throughout our global operation and relying more heavily on partners.

是的。這是個好問題。我認為在歐洲，你會開始看到一些庫存被侵蝕。顯然，我無法預測那裡的未來，但我們看到了一些我們喜歡的趨勢。庫存過剩。在中國，現在說那裡發生了什麼還為時過早，因為他們剛剛從所有這些封鎖中走出來。他們出來了，他們又回到了那種性質的東西。不過，我們正在做的是減少我們全球運營的費用，並更加依賴合作夥伴。

We have a terrific partner in Europe, an Zandbergen, and working very closely with them to continue to serve and grow the longer-term opportunity for Beyond in Europe, but do in a way that's a little bit more asset light. And then in China without getting into too much, we're looking at some similar opportunities there.

我們在歐洲有一個了不起的合作夥伴，一個 Zandbergen，並與他們密切合作，繼續為 Beyond 在歐洲的長期機會服務和發展，但以一種更輕資產的方式來做。然後在中國，無需過多涉足，我們正在那裡尋找一些類似的機會。

The next question today will come from Peter Galbo of Bank of America.

今天的下一個問題將來自美國銀行的彼得·加爾博。

Lubi, just a really quick one. I appreciate that you've given kind of a qualitative look at '23 revenues, but maybe just so that we're all on the same page. Can we kind of just outline some of the puts and takes that gets you to a still kind of compressed revenue next year? I think I heard from you, obviously, rationalizing some of the footprint across QSRs and some retail partners, focusing more on the core. I think you'll be lapping the jerky kind of load in from the first half of this year going into next year.

Lubi，只是一個非常快的。我很感激你對 23 年的收入進行了定性的審視，但也許只是為了讓我們都在同一個頁面上。我們可以簡單地概述一些讓你明年仍能獲得壓縮收入的看跌期權嗎？我想我顯然從你那裡聽到，合理化 QSR 和一些零售合作夥伴的一些足跡，更多地關注核心。我認為從今年上半年到明年，你會承受這種生澀的負擔。

But then I would think on the positive side of the ledger, you'll have some load-in on Steak in Popcorn Chicken. So just wanted to understand all of the puts and takes as we start to think about, again, from a high level, where revenues could shake out for '23.

但我會認為，在分類賬的積極方面，你會在爆米花雞牛排上有一些負擔。因此，我們只是想了解所有的看跌期權，因為我們再次從高水平考慮，23 年的收入可能會大幅下降。

Sure. I think you actually answered your own question, but there is -- certainly, if you look at where the trends have been in the business recently, and we've started to see some increased pressure in our international markets as well. That stuff is not going to turn on a dime, right? And so I think in the near term, there's going to continue to be some pressure, particularly you look in the first half of next year. But then as we've been discussing, right, we have a number of these initiatives that are really focused on stabilizing and eventually restoring growth within our core.

當然。我認為您實際上回答了您自己的問題，但是當然，如果您看看最近業務的趨勢，我們也開始看到我們的國際市場的壓力也在增加。那東西不會一毛錢，對吧？所以我認為在短期內，會繼續存在一些壓力，特別是你看明年上半年。但是正如我們一直在討論的那樣，對，我們有一些真正專注於穩定並最終恢復我們核心增長的舉措。

This includes things like launching the new iterations of some of our key core SKUs. And so when you look at those activities as well as, to your point, start to layer on a bigger contribution from things like Steak and Popcorn Chicken and potential other new launches. We do expect that the -- some of the pressure that we expect to feel in the first half of the year should abate as we get to the second half. So I know that's not overly specific, but hopefully, that gives you some sort of idea about how we're thinking about it.

這包括諸如啟動我們一些關鍵核心 SKU 的新迭代之類的事情。因此，當您查看這些活動時，就您的觀點而言，開始對牛排和爆米花雞等產品以及潛在的其他新產品的更大貢獻進行分層。我們確實預計，隨著我們進入下半年，我們預計在上半年感受到的一些壓力應該會減輕。所以我知道這並不過分具體，但希望這能讓你對我們的想法有所了解。

Our next question today will come from John Baumgartner of Mizuho.

我們今天的下一個問題將來自瑞穗的約翰鮑姆加特納。

Ethan, I want to dig into innovation because it's hard to think that there isn't cannibalization whether it's meat balls versus ground beef, ground beef versus patties. And you're renovating products, but you're also launching the fourth iteration of ground beef. And the competition has moved on to frozen meals, protein bowls. They're hitting new need states, going from commodity to value add. Why isn't Beyond also moving away from commodity products? Why wouldn't that benefit you more than trying to migrate consumers from like a beef 3.0 to 4.0? I'm just trying to think bigger picture about what you can do need state wise to get revenue growth back into the model?

Ethan，我想深入研究創新，因為很難認為無論是肉丸與碎牛肉、碎牛肉與肉餅，都沒有同類相食。你正在翻新產品，但你也在推出第四次碎牛肉。競爭已經轉移到冷凍食品、蛋白質碗上。他們正在達到新的需求狀態，從商品到增值。為什麼 Beyond 也不遠離商品？為什麼這不會比嘗試將消費者從像牛肉 3.0 遷移到 4.0 更讓您受益？我只是想從更大的角度思考你可以做什麼需要國家明智地讓收入增長回到模型中？

Yes. Yes, a very good question. So I think the move you've seen from us on frozen is in part response to that, and you'll see more of that from us in the frozen space in term of convenience and things like that and without doing too much. I don't think that, that part of your question is, in any way, not consistent with where we're headed. But on the question about the core, we really do believe -- and we've seen this that -- our products continue to get closer to animal protein, right, in terms of the taste and texture and sensory experience.

是的。是的，一個非常好的問題。所以我認為你從我們那裡看到的凍結部分是對這一點的回應，你會在凍結空間中看到更多的便利和類似的事情，而不需要做太多。我不認為，您的問題的那一部分無論如何都與我們的發展方向不一致。但在關於核心的問題上，我們確實相信——而且我們已經看到這一點——我們的產品在味道、質地和感官體驗方面繼續更接近動物蛋白。

As we drive down the cost -- BCG did a nice study on this. The consumers want to do this. They just don't want to pay more for it, right? And so we have to continue to drive toward taste parity, which we're getting closer on and then realize this cost goal that we've had, which I think we're still going to hit within the time frame that I specified in at least one product in one category. And then Taco Bell, Carne Asada is a good example to the (inaudible) the same price of steak.

當我們降低成本時，BCG 對此進行了很好的研究。消費者想要這樣做。他們只是不想為此付出更多，對吧？所以我們必須繼續努力實現口味平價，我們越來越接近，然後實現我們已經擁有的這個成本目標，我認為我們仍然會在我指定的時間範圍內實現一個類別中的至少一種產品。然後是 Taco Bell，Carne Asada 是（聽不清）同樣價格的牛排的一個很好的例子。

And so I'm not going to walk away from that massive global opportunity around beef, pork and poultry with just the core cuts of that the grounds, things of that nature. Because I'm certain that as we hit price parity with that, as the products become indistinguishable as the climate situation worsens as people get a clear sense of what the real health benefits are. And I want to actually just use this as a moment to talk about that real health benefits are of our products. This conversion will happen.

因此，我不會放棄圍繞牛肉、豬肉和家禽的巨大全球機會，而只關注其核心部分，這種性質的東西。因為我敢肯定，當我們達到價格平價時，隨著氣候形勢的惡化，隨著人們清楚地了解真正的健康益處是什麼，產品變得難以區分。實際上，我想藉此機會談論我們的產品對健康有真正的好處。這種轉換會發生。

And so I got to make sure, and I'm very committed to making sure that Beyond is the absolute best in that category. There's huge volume and value creation opportunity if we can do that. So in the near term, I've seen competitors go and launch value-added meals and in that nature, and that's fine. I'm not saying we're not going to do that. And I'm not saying we're not going to invest in frozen, we certainly are.

所以我必須確定，而且我非常致力於確保 Beyond 是該類別中絕對最好的。如果我們能做到這一點，就會有巨大的數量和價值創造機會。因此，在短期內，我已經看到競爭對手推出了增值餐點，而且在這種情況下，這很好。我不是說我們不會那樣做。我並不是說我們不會投資冷凍，我們當然會。

But the transformative growth is in the refrigerated meat case, and it's in these QSR relationships, those are the ones that are going to drive home this transition. And I acknowledge that probably swung too hard at that at the beginning of the company's entry into those markets. I didn't expect the pandemic or this high inflation. But it doesn't mean that over the long run, those things aren't going to come to fruition. And again, I would point everybody to -- I think we've done, what I mentioned on the call, 25 distinct launches in the last 12 months, 9 different products in 18 countries, and that listed the different permanent menu placements we're getting.

但變革性增長存在於冷藏肉類案例中，正是在這些 QSR 關係中，這些關係將推動這一轉變。我承認，在公司進入這些市場之初，這可能過於激烈了。我沒想到大流行或如此高的通貨膨脹。但這並不意味著從長遠來看，這些事情不會實現。再一次，我要向大家指出——我想我們已經做到了，正如我在電話會議上提到的那樣，在過去 12 個月中推出了 25 種不同的產品，在 18 個國家/地區推出了 9 種不同的產品，並列出了我們不同的永久菜單位置。重新獲得。

That's where the $30 billion to $40 billion revenue company is going to come from. I don't think it's going to come from the next spaghetti and meatballs -- frozen ball. Not to say we're not going to do it. But I think this core focus is the right one.

這就是收入 300 億至 400 億美元的公司的來源。我不認為它會來自下一個意大利面和肉丸——冷凍球。並不是說我們不會這樣做。但我認為這個核心焦點是正確的。

Our next question today will come from Ben Theurer of Barclays.

我們今天的下一個問題將來自巴克萊的 Ben Theurer。

Ethan, I wanted to follow up on your comments you just made around pricing and getting to price parity. And it really feels like if you just look and dig into the sales versus volume that you shared in the press release that there's been already a lot of investments, particularly on the international side. And it's tough to follow data points. So maybe you can help us understand where you stand right now in terms of the price premium versus your, call it, commodity peers, particularly on the international side?

Ethan，我想跟進您剛剛就定價和實現價格平價發表的評論。如果您只是查看並深入了解您在新聞稿中分享的銷售額與銷量，真的感覺已經有很多投資，特別是在國際方面。而且很難跟踪數據點。因此，也許您可以幫助我們了解您目前在價格溢價方面與您的商品同行相比所處的位置，尤其是在國際方面？

Yes. So a couple of things. One of the things that is requiring patients is we've been able to affect -- or we've been able to realize pathways to significant savings in our production that are just congested right now because we have inventory that we have to draw down in order for the new production, new sourcing, all that stuff to come to fruition, right? And so there's just a backlog in terms of to be able to show the cost down measures that we've taken. In -- internationally, not -- just to be very honest, we're just too expensive right now, right? Part of the pricing actually look in Europe is because of that.

是的。所以有幾件事。需要患者的一件事是我們已經能夠影響 - 或者我們已經能夠實現顯著節省生產的途徑，這些生產現在剛剛擁擠，因為我們有庫存，我們必須提取新生產、新採購的訂單，所有這些東西都將取得成果，對吧？因此，就能夠顯示我們已採取的降低成本措施而言，只是積壓了。在——在國際上，不是——老實說，我們現在太貴了，對吧？部分定價實際上在歐洲看起來是因為這個。

But I was just getting -- I got a text earlier this morning from a friend -- from a colleague, Head of Sales, at one of our divisions here, who was in Israel. And he was saying just how incredibly expensive our products are there, and I heard the same thing about Singapore recently. And so we have to drive better coordination across our distribution network our retailers about not driving the price up. Even in the U.S., I think a lot of the contraction you've seen is -- not all, but a lot of the contraction you've seen if you go into the store, on average, $3 more than a pound of beef.

但我剛剛收到 - 我今天早上早些時候從一位朋友那裡收到了一條短信 - 來自我們這裡一個部門的一位同事，銷售主管，他在以色列。他說我們那裡的產品有多貴，我最近聽說新加坡也有同樣的事情。因此，我們必須在我們的分銷網絡中更好地協調我們的零售商，以免價格上漲。即使在美國，我認為你看到的很多收縮是 - 不是全部，但是如果你去商店看到的很多收縮，平均而言，比一磅牛肉多 3 美元。

The consumer is clearly signaling as they go to a dollar store and everywhere else. So that's just not what they're going to do today. So again, I get back to the BCG study, back to the vision I've had to the company since I started, we've got to get this to be at price parity. And I think it's interesting, there's so much -- and I understand it's sort of human nature, desire to call this in one way or the other, right? They say, well, [publishing papers] or not. Yet the dynamics are not yet in place to answer that question, right?

當消費者去一元店和其他地方時，他們顯然是在發出信號。所以這不是他們今天要做的。因此，我再次回到 BCG 研究，回到我自成立以來對公司的願景，我們必須讓這個價格平價。而且我認為這很有趣，有這麼多——我理解這是一種人性，渴望以一種或另一種方式來稱呼它，對吧？他們說，好吧，[發表論文] 與否。然而，動態還沒有到位來回答這個問題，對吧？

Let the economy settle, let us get our price point at parity. Then let's see what happens, right? And so if the launch doesn't go well with the QSR, the sky is falling. Well, how about it, maybe it was priced too high? Maybe it wasn't the right build, right? Things of that nature. So it's not binary, and we just have to keep chopping away at this thing. And we'll get to the point where you'll see that kind of accelerated growth again. But we've got a lot to navigate right now, and I want to make sure we stabilize the company and be able to do that, and that's what I'm focused on.

讓經濟穩定下來，讓我們以平價獲得我們的價格點。那麼讓我們看看會發生什麼，對吧？因此，如果 QSR 的發射不順利，天就要塌了。好吧，怎麼樣，也許它的價格太高了？也許它不是正確的構建，對吧？那種性質的東西。所以它不是二進制的，我們只需要繼續砍掉這個東西。我們將達到您將再次看到這種加速增長的地步。但是我們現在有很多事情要做，我想確保我們穩定公司並能夠做到這一點，這就是我所關注的。

Our next question will come from Rebecca Scheuneman of Morningstar.

我們的下一個問題將來自晨星的 Rebecca Scheuneman。

Great. So my question really stems from the -- on the $7.2 million fees that was in the gross margin. So I'm trying to get a sense for how much of that will be continuing into other quarters or how much was truly onetime? It seems like if it's a termination fee that, that would be onetime, but maybe some of these underutilization would be ongoing. So I would just like some clarity on how much of this we can expect to continue forward as long as we're in this kind of softer environment?

偉大的。所以我的問題真正源於毛利率中的 720 萬美元費用。所以我試圖了解其中有多少會持續到其他季度，或者有多少是真正的一次性？似乎如果這是一筆終止費，那將是一次性的，但其中一些未充分利用的情況可能會持續存在。所以我只是想弄清楚，只要我們處於這種較軟的環境中，我們可以期待在多大程度上繼續前進？

That's a good question. So I mean, you're right, the majority was the termination, but doesn't -- but there are these continuing capacity fees, and we're reorienting the network to be able to absorb some of those, so they're not just going to nonproductive use. And then we're also just in negotiation, right? But if you look at what's happened in the industry, I mean, I found this interesting just from a disruption perspective and how categories expand and then contract and expand again.

這是個好問題。所以我的意思是，你是對的，大部分是終止，但不是——但是有這些持續的容量費用，我們正在重新定位網絡以便能夠吸收其中的一些，所以它們不是只是去非生產性使用。然後我們也只是在談判，對吧？但如果你看看這個行業發生了什麼，我的意思是，我發現這很有趣，只是從顛覆的角度來看，以及類別如何擴展、然後收縮和再次擴展。

You saw JBS closed entirely their Planterra effort here, like 125 people, whole facility in Denver. I don't know who listened to it. My friend, Michael's commentary yesterday at Maple Leaf, I think it took $190 million goodwill charge on their plant protein business and [impairment] rather. And also, I think, 22.5% negative margin. So there's just -- there's so much volatility right now in this category given the broader economic issues and things of that nature.

你看到 JBS 在這裡完全關閉了他們在 Planterra 的工作，就像 125 人一樣，在丹佛的整個設施。我不知道是誰聽的。我的朋友，邁克爾昨天在楓葉的評論，我認為他們的植物蛋白業務需要 1.9 億美元的商譽費用，而不是[減值]。而且，我認為，負利潤率為 22.5%。因此，鑑於更廣泛的經濟問題和這種性質的事情，目前這一類別的波動性很大。

And so you're going to run it. If you design a business for a year to say you're going to get -- I'll make up the number of $150 million in revenue or something for a quarter, and it drops dramatically, you're going to have idle fees, you're going to have excess capacity. You're going to have lower absorption of overhead, all these knock-on effects. And we're feeling those. And instead of just saying, I'm going to cross my fingers and hope for growth to return in that process of negotiation in that process of reducing the operations footprint temporarily to be able to produce better margin without any significant resumption of growth.

所以你要運行它。如果你設計一個企業一年，說你會得到——我會在一個季度內彌補 1.5 億美元的收入，然後它急劇下降，你就會有閒置費用，你將有過剩的產能。您將減少對開銷的吸收，所有這些連鎖效應。我們正在感受到這些。而不是只是說，我會祈禱並希望在談判過程中恢復增長，在這個過程中暫時減少運營足跡，以便能夠在沒有任何顯著恢復增長的情況下產生更好的利潤。

Our next question will come from Ken Zaslow of Bank of Montreal.

我們的下一個問題將來自蒙特利爾銀行的 Ken Zaslow。

Yes, real quick question. Of your program, which -- of the 4 steps that you have, do you think is most at risk or out of your control? And which ones do you think you have the most control over?

是的，真正的快速問題。在您的程序中，您認為在您擁有的 4 個步驟中，哪一個是最危險的還是您無法控制的？你認為哪些是你最能控制的？

So I think Lubi was referring specifically to 4 of the kind of financial levers on the program that we have is 3 steps, obviously, to drive home the reduction in OpEx. And that one, I think we feel comfortable with. I think the -- getting to cash flow positive really depends on not only discipline there, but also working through our inventory, which is a second step. And then third, which is probably the one that we have the least control over is the result of the execution of our focused growth strategy.

因此，我認為 Lubi 專門指的是我們所擁有的計劃中的 4 個財務槓桿，顯然是 3 個步驟來推動運營支出的減少。我認為我們對此感到滿意。我認為 - 獲得正現金流實際上不僅取決於那裡的紀律，還取決於我們的庫存，這是第二步。然後是第三個，這可能是我們控制最少的一個，是我們執行重點增長戰略的結果。

We're narrowing down our focus to some key retail activities and some key foodservice activities and some key QSR partners. It's a much narrower scope than we've had in the past. But we think those are the kind of 80/20 rule. Those are the ones that are going to drive growth. If the economy continues to worsen, if we don't connect with the consumer in the right way, that could be something where there's risk.

我們正在將重點縮小到一些關鍵的零售活動和一些關鍵的餐飲服務活動以及一些關鍵的 QSR 合作夥伴。它的範圍比我們過去的範圍要窄得多。但我們認為這些是 80/20 規則。這些將推動增長。如果經濟繼續惡化，如果我們沒有以正確的方式與消費者建立聯繫，那可能存在風險。

But again, we're not structuring the business for that -- where that has to happen at some sort of dramatic level. We're going to structure the business differently, right? Where -- if there's -- even if there's some moderate growth, I mean, very moderate, we'll be able to achieve the goals that we're talking about -- what I like about that is that as these things that would have been percolating and that we've been planting the seeds quarter after quarter, the 25 distinct launches, the 9 distinct products, 18 countries, the Taco Bell stuff here in the U.S., the Panda Express here in the U.S., the McDonald's in Europe, the Pizza Hut in Latin America, as those things start to move from kind of the test phase into much broader utilization, those has gone upside for a business that has been rightsized. And I think that's where the value creation in this environment will occur.

但同樣，我們並沒有為此構建業務——這必須在某種戲劇性的水平上發生。我們將以不同的方式構建業務，對嗎？在哪裡 - 如果有 - 即使有一些溫和的增長，我的意思是，非常溫和，我們將能夠實現我們正在談論的目標 - 我喜歡的是因為這些事情會一直在滲透，我們一個季度又一個季度地播種，25 種不同的發布，9 種不同的產品，18 個國家，美國的 Taco Bell 的東西，美國的 Panda Express，歐洲的麥當勞，拉丁美洲的必勝客，隨著這些東西開始從某種測試階段進入更廣泛的應用階段，這些對於一個已經調整規模的企業來說已經有了好處。我認為這就是在這種環境中創造價值的地方。

And ladies and gentlemen, at this time, we will conclude our question-and-answer session. I would like to turn the conference back over to Ethan Brown for any closing remarks.

女士們，先生們，此時，我們將結束我們的問答環節。我想把會議轉回給 Ethan Brown 做任何閉幕詞。

I think I've said it all, what I wanted to convey. It is a pivot in our business model. It's a pivot from kind of growth above all to cash flow positive and sustainable growth. I'm very excited about it. It's something I think is going to produce the long-term results that we've been after and do so in a way that's more efficient. And I look forward to building it together. Thanks.

我想我已經說完了，我想表達什麼。這是我們商業模式的一個支點。這是從一種增長首先轉向現金流正和可持續增長的樞紐。我對此感到非常興奮。我認為這將產生我們一直追求的長期結果，並以更有效的方式實現。我期待著一起建造它。謝謝。

The conference has now concluded, and we thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束，我們感謝您參加今天的演講。您現在可以斷開線路。