超越肉類 (BYND) 2023 Q3 法說會逐字稿

Good day, and welcome on Beyond Meat, Inc. 2023 Third Quarter Conference Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎參加 Beyond Meat, Inc. 2023 年第三季電話會議。 （操作員說明）請注意，該事件正在被記錄。

I'd like to turn the conference over to Paul Shepherd, Vice President, FP&A and Investor Relations. Please go ahead.

我想將會議交給 FP&A 和投資者關係副總裁 Paul Shepherd。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 2023 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

謝謝。下午好，歡迎光臨。與我一起參加今天電話會議的還有創辦人、總裁兼執行長伊森布朗 (Ethan Brown)；財務長兼財務主管 Lubi Kutua。到目前為止，每個人都應該可以訪問該公司今天收盤後提交的 2023 年第三季財報新聞稿。本文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分取得。

Before we begin, please note that all the information presented on today's call is unaudited, and that 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.

在我們開始之前，請注意，今天電話會議中提供的所有資訊均未經審計，並且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。這些陳述是基於管理階層目前的預期和信念，涉及可能導致實際結果與這些前瞻性陳述中描述的結果有重大差異的風險和不確定性。

Forward-looking statements in today's earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. We refer you to today's press release, the company's annual report on Form 10-K for the fiscal year ended December 31, 2022, the company's quarterly report on Form 10-Q for the quarter ended September 30, 2023, 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.

今天的收益發布中的前瞻性陳述以及對本次電話會議的評論僅在今天做出，不會隨著實際事件的展開而更新。我們請您參閱今天的新聞稿，該公司截至2022 年12 月31 日的財政年度的10-K 表格年度報告，以及該公司截至2023 年9 月30 日的季度10-Q 表格的季度報告，將提交給美國證券交易委員會和向美國證券交易委員會提交的其他文件，詳細討論了可能導致實際結果與今天做出的任何前瞻性聲明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 reference 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 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，這是非 GAAP 財務指標。雖然我們相信這項非公認會計原則財務指標為投資者提供了有用的信息，但任何對此資訊的引用都不應被孤立地考慮或作為根據公認會計原則提出的財務資訊的替代品。請參閱今天的新聞稿，以了解調整後 EBITDA 與其最具可比性的 GAAP 指標的對帳情況。

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

現在，我想將電話轉給伊森·布朗。

Thank you, Paul, and good afternoon, everyone. Having preannounced Select's financial results for the third quarter last week, I will briefly review these metrics and provide more color on our performance and then turn attention to what we are doing to adjust our global operations to fit the current macroeconomic reality and business environment. We expected a modest return to growth in the third quarter of 2023, which did not materialize as category-specific and broader consumer headwinds continued and drove weaker-than-expected sales volumes, reduced promotional effectiveness and adverse changes in our product sales mix.

謝謝保羅，大家下午好。上週預先公佈了Select 第三季度的財務業績，我將簡要回顧這些指標，並為我們的業績提供更多信息，然後將注意力轉向我們正在採取哪些措施來調整我們的全球業務，以適應當前的宏觀經濟現實和商業環境。我們預計2023 年第三季將出現小幅恢復成長，但由於具體類別和更廣泛的消費者逆風持續存在，並導致銷量低於預期、促銷效果降低以及我們的產品銷售組合發生不利變化，這一預期並未實現。

Net revenues for the third quarter were $75.3 million, down approximately 9% year-over-year. In turn, lower volumes, coupled with higher levels of discounting and other factors, exerted significant downward pressure on our gross margin relative to our previous expectations, with gross profit swinging to a loss of approximately $7 million. This result obscured continuing progress we're making on COGS reductions, where year-over-year, we reduced cost of goods sold by 18%. Despite these challenging circumstances, we were able to achieve free cash flow positive operations for the quarter.

第三季淨收入為 7,530 萬美元，年減約 9%。反過來，銷量下降，加上折扣水平較高和其他因素，相對於我們先前的預期，對我們的毛利率造成了顯著的下行壓力，毛利虧損約 700 萬美元。這一結果掩蓋了我們在降低銷貨成本方面取得的持續進展，我們的銷售成本比去年同期降低了 18%。儘管面臨這些充滿挑戰的環境，我們仍能夠在本季實現自由現金流正營運。

As we indicated when setting this goal 1 year ago, this outcome reflects a meaningful benefit from working capital as a source of cash. And while encouraging should not be interpreted to mean we turn the corner to sustained free cash flow positive operations. We do, however, believe that is indicative of the early progress we are making in our objective to reduce cash consumption even as the company takes additional measures to substantially reduce OpEx, make changes to pricing architecture and further prioritize current growth opportunities.

正如我們一年前設定這一目標時所指出的，這一結果反映了營運資本作為現金來源的有意義的好處。雖然令人鼓舞，但不應被解釋為意味著我們扭轉了困境，實現了持續的自由現金流積極運營。然而，我們確實相信，這表明我們在減少現金消耗的目標方面取得了早期進展，儘管公司採取了額外措施大幅降低營運支出、改變定價架構並進一步優先考慮當前的成長機會。

I will now dive into our strategy and plan to accelerate our transition to sustainable and ultimately profitable operations. We are pursuing 5 main actions to improve our cost structure and overall operating performance. One, as previously announced, we are executing a 19% reduction in our global nonproduction employee base, immediate step in a broader program to improve our cost structure; two, we are reviewing our pricing strategy with certain channels to support margin expansion; three, we are continuing to utilize inventory management to reduce working capital; four, we're intensifying our focus on channels and geographies that are exhibiting revenue growth; and five, in U.S. retail, we are using our portfolio and marketing to directly counter misinformation about our products and category.

我現在將深入探討我們的策略和計劃，以加速我們向可持續且最終盈利的營運轉型。我們正在採取 5 項主要行動來改善我們的成本結構和整體營運績效。一，正如先前宣布的，我們正在將全球非生產員工數量削減 19%，這是改善我們成本結構的更廣泛計劃的立即步驟；第二，我們正在審查我們的定價策略，並透過某些管道來支持利潤率擴張；第三是繼續利用庫存管理來減少營運資金；第四，我們正在加強對收入成長的管道和地區的關注；第五，在美國零售業，我們正在利用我們的產品組合和行銷來直接反擊有關我們產品和類別的錯誤訊息。

I will now provide further commentary in each of these 5 areas: operating expense reduction, a reduction in force combined with elimination of certain open positions is expected to result in approximately $10.5 million to $12.5 million in operating expense savings in 2024 and is an immediate step in a broader cost-cutting initiative to better align our operating expenses with current revenue. While necessary, this is a difficult decision for the business given the tremendous talent, expertise and passion of our workforce. Our people are what make us special and letting these team members go is done with a very heavy heart.

我現在將對這5 個領域中的每一個領域提供進一步的評論：運營費用減少、人員減少以及消除某些未平倉頭寸預計將在2024 年節省約1050 萬至1250 萬美元的運營費用，並且是立即採取的步驟更廣泛的成本削減計劃，以更好地調整我們的營運支出與當前收入。雖然這是必要的，但考慮到我們員工的才華、專業知識和熱情，這對企業來說是一個艱難的決定。我們的員工讓我們與眾不同，讓這些團隊成員離開我們的心情非常沉重。

Though we reduced year-to-date operating expenses by 29% or $73.9 million year-over-year to further cut costs as we look to establish our operating expense base for 2024 at a level that better reflects current revenues, we are initiating review of our global operations focused on narrowing our commercial focus to certain growth opportunities, and accelerating activities that prioritize gross margin expansion and cash generation. As part of these efforts, we are evaluating intend to reduce activities related to certain underperforming geographies, markets and channels, including a review and potential restructuring of our operations in China.

儘管我們將年初至今的營運支出減少了 29%（即 7,390 萬美元），以進一步削減成本，因為我們希望將 2024 年的營運支出基礎建立在更能反映當前收入的水平上，但我們正在開始審查我們的全球業務重點是將我們的商業重點縮小到某些成長機會，並加速優先考慮毛利率擴張和現金產生的活動。作為這些努力的一部分，我們正在評估減少與某些表現不佳的地區、市場和管道相關的活動的打算，包括對我們在中國的業務進行審查和可能的重組。

We are further focusing our research and development to near-term product renovations and innovations in a more limited sets of breakthrough projects and programs. As I will elaborate on momentarily, we are more narrowly deploying our marketing spend in the U.S. around the primary message of taste and health. More generally, we continue to invest focus and resources around lean management in support of overall expense reduction and margin expansion, including the potential exit of certain product lines and further optimization of our manufacturing capacity and real estate footprint to reduce overall complexity and drive additional cost savings relating to logistics, overhead, tolling and general production.

我們進一步將研發重點放在一系列更有限的突破性項目和計劃中的近期產品革新和創新。正如我稍後將詳細闡述的那樣，我們正在圍繞口味和健康的主要訊息更狹窄地部署在美國的行銷支出。更廣泛地說，我們繼續圍繞精益管理投入重點和資源，以支持總體費用削減和利潤擴張，包括可能退出某些產品線以及進一步優化我們的製造能力和房地產足跡，以降低總體複雜性並降低額外成本與物流、間接費用、通行費和一般生產相關的節省。

Pricing architecture. As you know, over the last year, we've used pricing in an effort to bring new consumers into the category and to support our inventory reduction and cash generation objectives. While these pricing programs are effective in generating cash and inventory, they did not help us move from early adopters to mainstream consumers. We believe there are likely several reasons for this outcome, among them, increased consumer confusion over our value proposition and the remaining price delta between Beyond Meat products and their animal protein equivalent. As we look to 2024, we expect to implement a more nuanced pricing strategy, keeping certain programs and pricing in place, while adjusting others in support of gross margin expansion.

定價架構。如您所知，在過去的一年裡，我們利用定價來努力吸引新消費者進入該類別，並支持我們減少庫存和現金產生的目標。雖然這些定價計劃可以有效地產生現金和庫存，但它們並沒有幫助我們從早期採用者轉向主流消費者。我們認為造成這一結果的原因可能有多種，其中包括消費者對我們的價值主張更加困惑，以及 Beyond Meat 產品與其動物蛋白等價物之間的剩餘價格差異。展望 2024 年，我們預計將實施更細緻的定價策略，保持某些計劃和定價不變，同時調整其他計劃和定價以支持毛利率擴張。

Inventory management. We intend to continue to manage inventory levels down to generate cash. We've made some progress in this regard as inventory levels have fallen by 21% year-over-year, yet we have many miles left to travel as we seek to bring inventory in line with lean management principles.

庫存管理。我們打算繼續控制庫存水準以產生現金。我們在這方面取得了一些進展，庫存水準年減了 21%，但在我們尋求使庫存符合精實管理原則的過程中，我們還有很長的路要走。

Commercial focus on current growth markets and channels. We are encouraged by and are investing in markets and partnerships that are currently exhibiting growth. This includes select markets in Europe and in particular, certain strategic partners where we are experiencing year-over-year double-digit growth. (inaudible) back in U.S. retail, we are pursuing the portfolio and marketing approach intended to restore growth in U.S. retail.

商業重點關注當前成長的市場和通路。我們對目前正在成長的市場和合作夥伴關係感到鼓舞，並正在對其進行投資。這包括歐洲的特定市場，特別是我們正在經歷兩位數同比成長的某些策略夥伴。 （聽不清楚）回到美國零售業，我們正在尋求旨在恢復美國零售業成長的投資組合和行銷方法。

We are contending with 2 main headwinds. First, there are broader challenges facing the U.S. consumer, namely higher prices and reduced buying power. We believe that the corresponding consumer action of trading down among proteins that is foregoing more expensive cuts of animal meat for cheaper cuts of meat, similarly impacting our category and brand. We are, despite aforementioned pricing programs at certain exceptions, a higher-priced protein relative to animal protein.

我們正在應對兩個主要阻力。首先，美國消費者面臨更廣泛的挑戰，即價格上漲和購買力下降。我們認為，相應的消費者在蛋白質方面的降價行為，即放棄更昂貴的動物肉，轉而購買更便宜的肉類，同樣會影響我們的品類和品牌。儘管在某些例外情況下有上述定價計劃，但相對於動物性蛋白質而言，我們是一種價格較高的蛋白質。

Second, as I previously mentioned, we continue to face serious category perception challenge. As I've long maintained as a brand and category, we will cross the chasm to mainstream on the strength of progress across taste, health and price and to a lesser extent here in the U.S., awareness of the planetary benefits of our products. We continue to make organoleptic progress across our portfolio, which the team is wrapping up recognition and awards as we close the century gap between our products and their animal protein equivalent.

其次，正如我之前提到的，我們繼續面臨嚴峻的品類認知挑戰。正如我長期以來作為一個品牌和品類所堅持的那樣，我們將憑藉口味、健康和價格方面的進步，以及在美國的較小程度上，透過我們產品對地球效益的認識來跨越鴻溝，成為主流。我們繼續在我們的產品組合中取得感官上的進步，隨著我們縮小我們的產品與其動物蛋白等效物之間的世紀差距，團隊正在獲得認可和獎勵。

And it is, in our view, the health perception of the category that is most immediate and important variable to address in order to restore growth. We must squarely and forcefully counter the broad misinformation that swirls around our category before we can more effectively use pricing as a tool to bring new users in the mainstream consumer into our category. There is a loud and steady drumbeat of advertisements, op-eds and social media post and activities that seek to negatively influence the consumer regarding our products and category.

我們認為，為了恢復成長，該類別的健康認知是最直接和最重要的變數。我們必須堅決有力地反擊圍繞我們品類的廣泛錯誤訊息，然後才能更有效地利用定價作為工具，將主流消費者中的新用戶帶入我們的品類。廣告、專欄文章、社群媒體貼文和活動不斷大聲且穩定地傳播，試圖對消費者對我們的產品和類別產生負面影響。

Generally, this always-on attack platform uses 1 or more of 3 million rhetorical anchors, sake meat, processed and full of chemicals. The financial backers of the successful campaign appear to range from more obvious, such as various members of the meat industry, the less obvious, which may include members of the pharmaceutical industry, the latter seeking to preserve one of the largest global markets for antibiotics, livestock. As you may know, it's estimated that over 70% of medically important antibiotics are given not to humans, but to livestock.

一般來說，這個永遠在線的攻擊平台使用 300 萬個修辭錨中的 1 個或更多，經過加工且充滿化學物質的清酒肉。這次成功活動的財務支持者似乎包括較明顯的，例如肉類行業的各個成員，以及不太明顯的，其中可能包括製藥業的成員，後者尋求保護全球最大的抗生素市場之一，家畜。如您所知，據估計超過 70% 的醫學上重要的抗生素不是用於人類，而是用於牲畜。

As I shared, this effort to sow doubt and confusion regarding our products has worked, while 50% of U.S. consumers believe that plant-based meats were healthy in 2020. By 2022, this number had declined at 38%, and my guess is that this percentage would be lower today. This well-orchestrated campaign borrows heavily from similar efforts to frustrate tobacco legislation and the tighter regulation of underage consumption of alcohol and, in fact, share some of the same players. We are confident that the strong health benefits available to consumers, the use of our products will ultimately overcome these tactics.

正如我所分享的，這種對我們的產品製造懷疑和困惑的努力已經奏效，而2020 年，50% 的美國消費者認為植物性肉類是健康的。到2022 年，這個數字已下降到38 %，我的猜測是今天這個百分比會更低。這場精心策劃的運動大量借鑒了類似的努力，以挫敗菸草立法和對未成年飲酒的更嚴格監管，事實上，也有一些相同的參與者。我們相信，使用我們的產品為消費者帶來強大的健康益處，最終將克服這些策略。

This said, we are not passively waiting and instead are taking the following actions. First, we continue to support third-party research regarding the health outcomes available to consumers through our products. This research includes our ongoing work with Stanford University School of Medicine, and a growing and formal consortium of universities, hospitals and institutions.

儘管如此，我們並沒有消極等待，而是採取了以下行動。首先，我們繼續支持透過我們的產品為消費者帶來的健康結果的第三方研究。這項研究包括我們與史丹佛大學醫學院以及不斷壯大的由大學、醫院和機構組成的正式聯盟的持續合作。

We derive significant value from this research in at least 2 ways. First, we achieve and can share a more precise understanding of the impact of our products on key human health indices, for example, cholesterol levels. Second -- we are surrounded by leading medical and nutritional experts who are instrumental in our efforts to, over time, deliver even greater health benefits in future iterations of our products.

我們至少透過兩種方式從這項研究中獲得重要價值。首先，我們可以更準確地了解我們的產品對關鍵人類健康指標（例如膽固醇水平）的影響。其次，我們周圍都是領先的醫學和營養專家，他們對我們的努力發揮了重要作用，隨著時間的推移，我們的產品在未來的迭代中提供更大的健康益處。

Second, we are teaming up with leading associations to validate and help familiarize the consumer with the health benefits of our products. These partnerships and affiliations include, as we've highlighted, the American Heart Association, which has recently expanded the number of Beyond products, earning its rigorous certification as a heart healthy food as well as our multiyear program with American Cancer Society to further research on plant-based meat and cancer prevention. In 2024, we expect to announce additional certifications and partnerships that we believe provide important third-party endorsements and/or recognition of the health benefits of our products.

其次，我們正在與領先協會合作，驗證並幫助消費者熟悉我們產品的健康益處。正如我們所強調的，這些合作夥伴關係和隸屬關係包括美國心臟協會，該協會最近擴大了 Beyond 產品的數量，獲得了心臟健康食品的嚴格認證，以及我們與美國癌症協會的多年計劃，以進一步研究植物性肉類與癌症預防。 2024 年，我們預計將宣布更多認證和合作夥伴關係，我們相信這些認證和合作夥伴關係將為我們產品的健康益處提供重要的第三方認可和/或認可。

Third, to make accessible and amplify the positive health outcomes associated with our products, we are teaming up with authentic voices, including ambassadors, medical professionals and registered dietitian and nutritionists to counter false narratives and educate the consumer on the ingredients and process we use for our plant-based meats. There will be more to come on this front in the coming quarters, and we look forward to updating you on our progress accordingly.

第三，為了讓人們了解並擴大與我們的產品相關的積極健康成果，我們正在與包括大使、醫療專業人員以及註冊營養師和營養師在內的真實聲音合作，以反駁虛假敘述，並教育消費者了解我們用於產品的成分和流程。我們的植物性肉類。未來幾季，這方面將會有更多進展，我們期待向您通報我們的最新進展。

In closing, we are disappointed by our third quarter 2023 results and are taking immediate action to pull significant costs out of our operating base as we enter 2024. Simultaneously, we are heightening and narrowing our focus around specific geographies and channels where we are experiencing growth, including in the EU, where we're seeing favorable near-term trends, such as certain segments of U.S. foodservice. As we head into 2024, we believe we have a solid portfolio and marketing strategy to address category and brand headwinds in U.S. retail, one built around the fundamental benefits available to the consumer through our carefully designed plant-based meats.

最後，我們對2023 年第三季的業績感到失望，並正在立即採取行動，在進入2024 年時從我們的營運基礎中削減大量成本。同時，我們正在加強和縮小對正在經歷成長的特定地區和通路的關注，包括在歐盟，我們看到了有利的近期趨勢，例如美國餐飲服務的某些領域。邁入 2024 年，我們相信我們擁有可靠的產品組合和行銷策略來應對美國零售業的品類和品牌逆風，這一策略的基礎是透過我們精心設計的植物性肉類為消費者帶來基本利益。

Though we believe that our achievement of cash flow positive operations for the third quarter is an encouraging directional signal, we are committed to a far more comprehensive and aggressive rebalancing of operating expense to current revenues as we plan for the future. We understand the current results, category challenges and the intended media coverage can distract from what we believe is a far brighter future. We see this future in colleges and universities here in the U.S. and abroad, including those where youth-driven movements are calling for fully plant-based campuses to fight climate change, drawing analogies to university pledges to divest from fossil fuels.

儘管我們相信第三季實現的現金流為正營運是一個令人鼓舞的方向性訊號，但我們致力於在規劃未來時對營運支出與當前收入進行更全面、更積極的重新平衡。我們了解目前的結果、品類挑戰和預期的媒體報道可能會分散我們對美好未來的注意力。我們在美國和國外的學院和大學中看到了這樣的未來，包括那些由青年驅動的運動呼籲建立完全以植物為基礎的校園來應對氣候變遷的大學，這與大學承諾放棄化石燃料進行類比。

We see this future in countries where per capita animal meat consumption is the lowest ever in recorded history, such as in the U.K. and Germany, and the corresponding progress we are experiencing in McDonald's McPlant platform in these and other EU economies. We see this future in cities, such as Amsterdam, where officials are taking tangible steps to increase availability of plant-based meats and dairy in support of their target to have 50% of citizens consuming a plant-based diet by 2030.

我們在人均動物肉消費量處於有史以來最低水平的國家（例如英國和德國）看到了這一未來，並且我們在這些國家和其他歐盟經濟體的麥當勞 McPlant 平台上正在經歷相應的進展。我們在阿姆斯特丹等城市看到了這樣的未來，那裡的官員正在採取切實措施增加植物性肉類和乳製品的供應，以支持他們的目標，即到 2030 年讓 50% 的公民食用植物性飲食。

And in South Korea, where the Minister of Agriculture, Food and Rural Affairs recently announced strategic plan to support the growth and consumption of plant-based meats and alternative proteins. And we see this future in the youth-driven petition to have the upcoming UN Climate Summit, COP28, the majority plant-based and UN's acknowledgment of the legitimacy and seeming acquiescence at this demand. Finally, we see this future when -- together with the medical and nutrition community, we mobilized pushback against incumbent industry propaganda and put in place our strong response yet to this troubling misinformation campaign.

在韓國，農業、食品和農村事務部部長最近宣布了支持植物性肉類和替代蛋白質的成長和消費的策略計畫。我們在年輕人發起的請願書中看到了這個未來，要求即將舉行的聯合國氣候高峰會、COP28、大多數植物性食品和聯合國對這項要求的合法性的承認和看似默許的要求。最後，當我們與醫療和營養界一起動員起來反對現有行業的宣傳並對這一令人不安的錯誤訊息活動做出強有力的反應時，我們就看到了這樣的未來。

In summary, though we did not foresee the current trough in our journey of disruption, we are confident in our ability to successfully fight through it, and fulfill our vision of being tomorrow's global protein company of size and significance. A company dedicated to empowering consumers through delicious and satiating products to take meaningful action to address the urgent human health, climate, natural resource and animal welfare challenges facing our global society.

總而言之，儘管我們沒有預見到當前顛覆之旅中的低谷，但我們對成功渡過低谷的能力充滿信心，並實現成為明天具有規模和重要性的全球蛋白質公司的願景。一家致力於透過美味和令人滿意的產品幫助消費者採取有意義的行動來解決全球社會面臨的緊迫的人類健康、氣候、自然資源和動物福利挑戰的公司。

With that, I'll turn it over to Lubi, our Chief Financial Officer and Treasurer, to walk us through our third quarter financial results in greater detail as well as update our outlook for 2023.

接下來，我將把它交給我們的財務長兼財務主管 Lubi，讓我們更詳細地了解第三季的財務業績，並更新我們對 2023 年的展望。

Thank you, Ethan, and good afternoon, everyone. As Ethan noted, this was a disappointing quarter for us. In light of continued weakness in the plant-based meat category in our largest channel, namely U.S. retail, we are doubling down on our gross margin expansion and cash generation efforts, hence our decision to execute a further reduction in force and initiate our global operations review.

謝謝伊森，大家下午好。正如伊森（Ethan）指出的那樣，這對我們來說是一個令人失望的季度。鑑於我們最大的通路（即美國零售通路）的植物性肉類類別持續疲軟，我們正在加倍加大毛利率擴張和現金生成力度，因此我們決定進一步裁員並啟動我們的全球業務審查。

As we shared in the press release, that review will consider the potential exit of select product lines, changes to our pricing architecture within certain channels, accelerated cash accretive inventory reduction initiatives, further optimization of our manufacturing capacity and real estate footprint and a review and potential restructuring of our operations in China. As you might expect, this global operations review needs to take its course, and so we will reserve providing further more detailed information for future periods as individual initiatives become more definitive.

正如我們在新聞稿中分享的那樣，該審查將考慮某些產品線的潛在退出、某些渠道內定價架構的變化、加速現金增值庫存減少計劃、進一步優化我們的製造能力和房地產足跡以及審查和我們在中國的業務可能會進行重組。正如您所期望的那樣，這項全球營運審查需要順其自然，因此，隨著個別舉措變得更加明確，我們將保留在未來時期提供更多更詳細的資訊。

As such, my remarks today will primarily focus on our financial results for the third quarter of 2023 as well as our updated outlook for the full year. Net revenues for the quarter ended September 30, 2023, were $75.3 million, a decrease of $7.2 million or 8.7% compared to the prior year period. This was driven by an 11.6% decrease in net revenue per pound, partially offset by a 3.5% increase in volume of products sold. The decrease in net revenue per pound was primarily driven by increased trade discounts, especially in the U.S. retail channel and changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates.

因此，我今天的演講將主要關注我們 2023 年第三季的財務業績以及我們最新的全年展望。截至 2023 年 9 月 30 日的季度淨收入為 7,530 萬美元，比去年同期減少 720 萬美元，即 8.7%。這是由於每磅淨收入下降 11.6%，但產品銷量成長 3.5% 部分抵消了這一下降。每磅淨收入的下降主要是由於貿易折扣增加（尤其是美國零售通路）和產品銷售組合的變化所致，但部分被外幣匯率的有利變化所抵消。

The increase in volumes of products sold was primarily driven by sales to international retail and foodservice channels and was partially offset by decreased volume in the U.S. retail and foodservice channels due to weak category demand and the cycling of certain sales in the foodservice channel in the year-ago period that did not repeat this year.

產品銷售的成長主要是由國際零售和餐飲服務通路的銷售所推動的，但由於類別需求疲軟以及年內餐飲服務通路的某些銷售週期而導緻美國零售和餐飲服務通路的銷量下降，部分抵消了產品銷量的成長-今年沒有重複的前一段時間。

Breaking down our net revenues by channel, net revenues from U.S. retail sales in the third quarter of 2023 were $30.5 million, a decrease of $15.7 million or 33.9% compared to the prior year period due to an 18.8% decrease in volume of products sold primarily reflecting continued soft category demand, particularly among our core refrigerated products, and an 18.6% decrease in net revenue per pound, resulting from higher trade discounts and to a lesser extent, changes in pricing and product sales mix.

按通路細分淨收入，2023 年第三季美國零售淨收入為 3,050 萬美元，較上年同期減少 1,570 萬美元，降幅為 33.9%，原因是主要銷售的產品數量減少了 18.8%反映了持續的軟品類需求，特別是我們的核心冷藏產品，以及由於貿易折扣增加以及定價和產品銷售組合的變化導致每磅淨收入下降18.6%。

In U.S. foodservice, net revenues in the third quarter were $12.5 million, a decrease of $3.5 million or 21.6% compared to the year-ago period. This decline was driven by a 37.7% decrease in volume of products sold, primarily reflecting the cycling of sales to a large QSR customer for a limited time offering in the year-ago period, which did not repeat in the current year, partially offset by a 26% increase in net revenue per pound, primarily driven by changes in product sales mix. Excluding the aforementioned sales to a large QSR customer for a limited time offering, U.S. foodservice channel net revenues would have increased by approximately 39% year-over-year.

美國餐飲服務業第三季淨收入為1,250萬美元，年減350萬美元，降幅為21.6%。這一下降是由於產品銷售量下降 37.7% 造成的，主要反映了去年同期向大型 QSR 客戶進行限時銷售的循環，這種情況在本年度沒有重複，但部分被每磅淨收入增長26%，主要是由於產品銷售組合的變化。不包括上述向大型 QSR 客戶限時銷售的銷售額，美國餐飲服務通路淨收入將年增約 39%。

Net revenues from international retail sales in the third quarter of 2023 were $14.2 million, an increase of $4 million or 38.8% compared to the year-ago period due to a 42.8% increase in volume of products sold, primarily reflecting strong sales from new product introductions and the lapping of a weak year-ago comparison partially offset by a 2.8% decrease in net revenue per pound. The decrease in net revenue per pound was primarily due to higher trade discounts and changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates.

2023 年第三季國際零售淨收入為 1,420 萬美元，比去年同期增加 400 萬美元，增幅為 38.8%，原因是產品銷量增長了 42.8%，主要反映了新產品的強勁銷售每磅淨收入下降2.8 %，部分抵銷了去年同期疲軟的引進和淘汰。每磅淨收入的下降主要是由於貿易折扣增加和產品銷售組合的變化，但部分被外幣匯率的有利變化所抵消。

Finally, in international foodservice, net revenues were $18.1 million in the third quarter of 2023, an increase of $8 million or 78.7% compared to the year-ago period. This increase was driven by a 90.9% increase in volume of products sold primarily reflecting strong sales to a large QSR customer in the EU, partially offset by a 6.3% decrease in net revenue per pound. The decrease in net revenue per pound was primarily due to higher trade discounts, partially offset by favorable changes in foreign currency exchange rates. I'll now move to gross margin.

最後，在國際餐飲服務領域，2023 年第三季淨收入為 1,810 萬美元，年增 800 萬美元，增幅 78.7%。這一成長是由產品銷售成長 90.9% 推動的，主要反映了對歐盟大型 QSR 客戶的強勁銷售，但每磅淨收入下降 6.3% 部分抵消了這一增長。每磅淨收入的下降主要是由於貿易折扣增加，部分被外幣匯率的有利變化所抵消。我現在將轉向毛利率。

Gross profit in the third quarter of 2023 was a loss of $7.3 million or gross margin of negative 9.6% compared to a loss of $14.8 million or negative 18% in the year-ago period. Although this represents over 8 percentage points of margin improvement versus the year-ago period, including the impact on depreciation expense from the change in our accounting estimates associated with the estimated useful lives of our large manufacturing equipment, it fell short of our previously stated expectation to drive sequential margin improvement throughout the year.

2023 年第三季的毛利為虧損 730 萬美元，毛利率為負 9.6%，去年同期為虧損 1,480 萬美元，毛利率為負 18%。儘管這意味著利潤率比去年同期提高了 8 個百分點以上，包括與大型製造設備的預計使用壽命相關的會計估計變更對折舊費用的影響，但仍低於我們先前提出的預期推動全年利潤率連續改善。

Relative to our previous expectation, the variance in gross margin was primarily driven by lower net revenue per pound, reflecting higher-than-expected trade discounts and less favorable sales mix and, to a lesser extent, higher COGS per pound, mainly driven by warehousing costs and co-manufacturer underutilization fees. Compared to the year-ago period, gross profit and gross margin in the third quarter of 2023 were positively impacted by lower manufacturing costs, excluding depreciation, lower materials costs, lower depreciation and lower inventory reserves per pound, partially offset by lower net revenues per pound.

與我們先前的預期相比，毛利率的差異主要是由於每磅淨收入較低，反映了高於預期的貿易折扣和不太有利的銷售組合，以及在較小程度上，每磅銷售成本較高，主要是由倉儲推動的成本和聯合製造商未充分利用費用。與去年同期相比，2023年第三季的毛利潤和毛利率受到製造成本降低（不包括折舊）、材料成本降低、折舊降低和每磅庫存儲備降低的正面影響，但部分被每磅淨收入下降所抵消。磅。

In the third quarter of 2023, gross profit and gross margin benefited by $4.4 million or 5.9 percentage points of gross margin, respectively, as a result of the change in the estimated useful lives of certain -- of our large manufacturing equipment as compared to those same measures calculated using our previous estimated useful lives.

2023 年第三季度，由於我們的某些大型製造設備的預計使用壽命與其他設備相比，毛利和毛利率分別增加了 440 萬美元或 5.9 個百分點。使用我們先前估計的使用壽命計算的相同措施。

Moving down the P&L. Operating expenses in the third quarter of 2023 were $62.4 million, a reduction of $12.5 million or 16.7% compared to the prior year period. The primary drivers were lower legal and restructuring expenses, reduced nonproduction head count expenses, lower product donation expenses and reduced scale-up expenses, partially offset by the write-off of an uncollectible note receivable in the amount of $3.8 million associated with a certain co-manufacturer as well as higher consulting expense accruals.

損益表向下移動。 2023年第三季營運費用為6,240萬美元，較去年同期減少1,250萬美元，降幅為16.7%。主要驅動因素是法律和重組費用減少、非生產人員費用減少、產品捐贈費用減少和規模擴大費用減少，但部分被沖銷與某公司相關的 380 萬美元壞賬應收票據所抵消。 - 製造商以及更高的應計諮詢費用。

Loss from operations was therefore $69.6 million in the third quarter of 2023, compared to $89.7 million in the prior year period. Total other expense net of $0.7 million in the third quarter of 2023 consisted primarily of $2.5 million in realized and unrealized foreign currency transaction losses, and $1 million in interest expense from the amortization of convertible debt issuance costs, offset by $2.8 million in interest income. Overall, net loss in the third quarter of 2023 was $70.5 million compared to $101.7 million in the year-ago period. Adjusted EBITDA was a loss of $57.5 million or negative 76.3% of net revenues in the third quarter of 2023, compared to an adjusted EBITDA loss of $73.8 million or negative 89.5% of net revenues in the year-ago period.

因此，2023 年第三季的營運虧損為 6,960 萬美元，而去年同期為 8,970 萬美元。 2023 年第三季的其他費用總額扣除70 萬美元後，主要包括250 萬美元的已實現和未實現的外幣交易損失，以及來自可轉換債券發行成本攤銷的100 萬美元利息費用，被280 萬美元利息收入所抵銷。整體而言，2023 年第三季的淨虧損為 7,050 萬美元，而去年同期為 1.017 億美元。 2023 年第三季調整後 EBITDA 虧損 5,750 萬美元，佔淨收入負 76.3%，而去年同期調整後 EBITDA 虧損 7,380 萬美元，佔淨收入負 89.5%。

Turning now to our balance sheet. Our cash and cash equivalents balance, including current and noncurrent restricted cash was $232.8 million, and total debt outstanding was approximately $1.1 billion. Inventory fell to $194.6 million in the third quarter of 2023, representing a sequential quarterly reduction of $12.6 million or 6.1% and our sixth consecutive quarter of inventory reductions.

現在轉向我們的資產負債表。我們的現金和現金等價物餘額（包括流動和非流動限制性現金）為 2.328 億美元，未償債務總額約為 11 億美元。 2023 年第三季庫存降至 1.946 億美元，季減 1,260 萬美元，或 6.1%，也是我們連續第六個季度減少庫存。

Turning to cash flows. Net cash provided by operating activities in the third quarter of 2023 was $9.1 million, an increase of $43.7 million compared to the year-ago period, and capital expenditures totaled $1.4 million compared to $18 million in the year-ago period.

轉向現金流。 2023年第三季經營活動提供的淨現金為910萬美元，較去年同期增加4,370萬美元，資本支出總額為140萬美元，較去年同期的1,800萬美元。

As a result, free cash flow, defined as cash flows from operating activities less capital expenditures was an increase of $7.6 million in the third quarter of 2023 and total net change in cash, including the effect of foreign currency exchange rate changes on cash was an increase of $6.9 million compared to a decrease of $64.5 million in the prior year period. Taken together, these year-over-year improvements in COGS, operating expenses, inventory drawdown and cash compensation demonstrate that we continue to make real strides in managing our business more efficiently.

因此，自由現金流（定義為經營活動產生的現金流減去資本支出）在2023 年第三季增加了760 萬美元，現金總淨變動（包括外幣匯率變動對現金的影響）增加了760 萬美元。與去年同期減少 6,450 萬美元相比，增加了 690 萬美元。總而言之，銷貨成本、營運費用、庫存減少和現金補償的逐年改善表明，我們在更有效地管理業務方面繼續取得真正的進步。

Finally, I'll provide revised guidance for our full year 2023 outlook. We now expect net revenues to be in the range of $330 million to $340 million representing a decrease of approximately 21% to 19% compared to the full year 2022. Gross profit for the full year is now expected to be approximately breakeven, and we continue to expect operating expenses to be approximately $245 million or less before onetime separation costs and noncash savings associated with our recent reduction in force.

最後，我將為 2023 年全年展望提供修訂後的指導。我們目前預計淨收入將在 3.3 億美元至 3.4 億美元之間，與 2022 年全年相比下降約 21% 至 19%。目前預計全年毛利潤約為盈虧平衡，我們將繼續預計營運費用約為2.45 億美元或更少，扣除一次性離職費用和與我們最近裁減部隊相關的非現金節省。

We estimate we will incur onetime cash charges of approximately $2 million to $2.5 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs. And we expect the majority of these charges will be incurred in the fourth quarter of 2023, subject to local law and consultation requirements, which may extend the process beyond the end of 2023 in certain countries.

我們估計，由於裁員，我們將產生約 200 萬至 250 萬美元的一次性現金費用，主要包括通知期和遣散費、員工福利和相關費用。我們預計，根據當地法律和協商要求，大部分費用將在 2023 年第四季產生，在某些國家/地區，該流程可能會延長到 2023 年底之後。

In aggregate, the reduction in force combined with the elimination of certain open positions is expected to result in approximately $9.5 million to $10.5 million in cash operating expense savings in 2024, and an additional approximately $1 million to $2 million in noncash savings related to previously granted, unvested stock compensation, which would have vested in 2024. Finally, we now expect capital expenditures to be in the range of $10 million to $15 million for the full year 2023.

總的來說，減少兵力加上消除某些未平倉頭寸預計將在 2024 年節省約 950 萬至 1,050 萬美元的現金運營費用，並額外節省約 100 萬至 200 萬美元的非現金費用。 ，未歸屬的股票補償，本應於2024 年歸屬。最後，我們現在預計2023 年全年的資本支出將在1000 萬美元至1500 萬美元之間。

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

至此，我將結束我的發言，並將電話轉回給接線生，以供您提問。

Thank you. I'll begin the question and answer session. (Operator Instructions)

謝謝。我將開始問答環節。 （操作員說明）

First question comes from Alexia Howard of Bernstein.

第一個問題來自伯恩斯坦的亞歷克西婭·霍華德。

So can we hone in on the U.S. sales generally, particularly the grocery channel. It looks as though the measured channel data was better than the numbers that you reported. So I'm wondering, first of all, what happened in nonmeasured channels? And then I have a follow-up. .

那麼，我們能否全面關注美國的銷售情況，尤其是雜貨通路。看起來測量的通道數據比您報告的數字要好。所以我想知道，首先，非測量管道中發生了什麼？然後我有一個後續行動。 。

Yes, sure, I can speak to that, Alexia. So as you know, there's typically a lag between shipments and the consumption data. So sometimes, some of the trends that you see in the consumption data do not necessarily align. I wouldn't say that there was anything particularly unusual that happened in nonmeasured channels. So I think primarily, like any differences that you're noting there are primarily driven by just sort of timing differences.

是的，當然，我可以這麼說，亞歷克西亞。如您所知，發貨數據和消費數據之間通常存在滯後。因此，有時，您在消費數據中看到的一些趨勢不一定一致。我不會說在非測量通道中發生了任何特別不尋常的事情。所以我認為，就像您注意到的任何差異一樣，主要是由時間差異引起的。

Great. And as a follow-up, can you talk about the differences between the dynamics in the international markets versus domestically? Obviously, things are still very challenged domestically with pricing down and so on. And yet you're actually seeing much better performance in the overseas market. So I'm wondering what the difference is in terms of consumer behaviors, competitive trends, et cetera? And I'll pass it on.

偉大的。作為後續，可以談談國際市場動態與國內市場動態之間的差異嗎？顯然，國內的情況仍面臨很大的挑戰，例如價格下降等等。然而，您實際上看到海外市場的表現要好得多。所以我想知道消費者行為、競爭趨勢等有什麼差別？我會把它傳遞下去。

Thank you for the question. That's exactly what's happening. I think the kind of main story that's afoot right now with our business from a growth perspective is if you look at the EU, as an example, your retail and foodservice are both up substantially. Some of that is driven by timing of shipments, but the numbers are pretty significant. It's like 39% for retail and almost 80% for foodservice. But again, you have to factor in some timing issues with shipments.

感謝你的提問。這正是正在發生的事情。我認為，從成長的角度來看，我們的業務目前正在發生的主要故事是，如果你以歐盟為例，你的零售和餐飲服務都大幅成長。其中一些是由發貨時間驅動的，但數量相當可觀。零售業佔 39%，餐飲服務業佔近 80%。但同樣，您必須考慮一些發貨時間問題。

But overall, very directionally encouraging. And then you look at the strategics and what's happening with McPlant platform, for example, in the EU, it continues to get good traction to a point where if you look at Austria, Germany, Ireland, Netherlands, U.K., Malta, Portugal and Slovenia and Switzerland, all of those markets are operating and doing well for us. So the main difference, right, is in the EU, the consumer is driven not only, of course, by taste, they're wanting to enjoy the delicious products, but also climate plays a significant role in the consumer decision around the food system and food choices as well as health. And health does not have the same kind of counter attack that's going on here in the U.S.. The -- both on a climate and health perspective, the products are viewed correctly and given credit for their positive impact.

但總體而言，非常有方向性的鼓舞人心。然後你看看 McPlant 平台的策略和正在發生的事情，例如，在歐盟，它繼續受到良好的關注，如果你看看奧地利、德國、愛爾蘭、荷蘭、英國、馬耳他、葡萄牙和斯洛維尼亞和瑞士，所有這些市場都在為我們運作並表現良好。因此，主要的區別是在歐盟，消費者當然不僅受口味驅動，他們想要享受美味的產品，而且氣候在消費者圍繞食品系統的決策中發揮著重要作用以及食物的選擇和健康。健康方面並沒有像美國那樣受到同樣的反擊。無論是從氣候還是健康的角度來看，這些產品都得到了正確的看待，並因其積極影響而受到讚揚。

So we continue to see very strong international growth. And if you start to look at the mix of our revenues, it's reflecting that, right? I think we're 43% now international versus [57%] domestic. And then in the U.S., if you look at U.S. foodservice, we are lapping an LTO we did a year ago this past quarter. And if you separate that out for a minute, U.S. foodservice is also up pretty substantially. So it really gets down to U.S. retail. That's the main issue. And so that's why we're spending so much time focusing on how do we write the narrative, how do we correct the narrative rather in U.S. retail around our product to bring the consumer back into our value proposition.

因此，我們繼續看到非常強勁的國際成長。如果你開始看看我們的收入組合，它就反映了這一點，對嗎？我認為現在我們的國際化比例為 43%，而國內化比例為 [57%]。然後在美國，如果你看看美國的餐飲服務，你會發現我們正在實施一年前上個季度所做的 LTO。如果你把這個問題分開來看，美國的餐飲服務也大幅成長。所以這其實取決於美國零售業。這是主要問題。因此，這就是為什麼我們花這麼多時間專注於如何撰寫敘述、如何糾正敘述，而不是在美國零售業圍繞我們的產品將消費者帶回我們的價值主張。

And as I noted, there's some confusion out there and some misinformation that we need to do a better job of cleaning up. So very encouraged by the growth we've seen internationally, encouraged by some of the segments in foodservice, continue to be concerned about retail, but have a strategy there to try to get that ship righted.

正如我所指出的，存在一些混亂和錯誤訊息，我們需要更好地清理這些資訊。因此，我們對國際上看到的成長感到非常鼓舞，受到餐飲服務領域的一些細分市場的鼓舞，繼續關注零售業，但制定了一項策略，試圖讓這艘船恢復正常。

Next question will be from Daniel [Gold], BMO.

下一個問題將由 BMO 的 Daniel [Gold] 提出。

This is Daniel Gold. In the preannouncement, there is a comment about improving margins through pricing. How does that reconcile with targeting price parity with beef?

這是丹尼爾·戈爾德。在預告中，有一條關於透過定價提高利潤率的評論。這與牛肉的目標物價平價如何協調？

Sure. So I think it's almost -- let me see, 4.5 years ago, I set a target to within 5 years to be able to price at parity with at least 1 product in 1 category. And we've actually achieved that with a particular product. We'll give more news on that as we come up on the 5-year mark. But overall, we need to take a step back.

當然。所以我認為，讓我想想，4.5 年前，我設定了一個目標，即在 5 年內能夠與 1 個類別中的至少 1 個產品進行同等定價。我們實際上已經透過特定產品實現了這一目標。當我們即將迎來 5 週年紀念時，我們將提供更多相關消息。但總的來說，我們需要退後一步。

The idea here last year when we went into a focus on driving our pricing structure, closer to animal protein, a couple of things are going on. One, animal protein was seeing increases in price. So we thought with that narrowing of the gap, we could accelerate and close the delta even further. But the idea was to get across chasm from kind of the niche early adopter consumer that we do so well with to the mainstream consumer. And it didn't work. We think that the headwinds that the category is facing, whether it's the misinformation or misunderstanding about the value proposition or whether it's just the incredible pressure the retail consumer is under and the very established pattern of trading down among high-cost proteins.

去年，當我們專注於推動我們的定價結構，使其更接近動物蛋白質時，有一些事情正在發生。第一，動物性蛋白質價格上漲。因此，我們認為，隨著差距的縮小，我們可以進一步加速並縮小三角洲。但我們的想法是跨越我們擅長的小眾早期採用者消費者與主流消費者之間的鴻溝。但它不起作用。我們認為該類別面臨的阻力，無論是對價值主張的錯誤訊息或誤解，還是零售消費者面臨的令人難以置信的壓力以及高成本蛋白質的降價交易模式。

So again, even though we did pricing program, we were still at higher cost. So in that environment, whether it was the sector-specific headwinds of -- the ambiguity around the health benefits and things of that nature or whether it was a broader consumer environment and reduced buying power and things of that nature, it just didn't have an impact. And so we're going to go back to pricing the products at a way that gives us a margin that can sustain our business. And that's not across the board, right? Some of the pricing programs will stay in place and others will lift, and it will be on a case-by-case basis.

同樣，即使我們制定了定價計劃，我們的成本仍然較高。因此，在這種環境下，無論是特定行業的逆風——圍繞健康益處和此類性質的事物的模糊性，還是更廣泛的消費者環境和購買力的下降和此類性質的事物，它都沒有有影響。因此，我們將重新以一種能夠為我們提供維持業務的利潤的方式來定價產品。這並不是一刀切的，對吧？一些定價計劃將保持不變，其他定價計劃將取消，具體情況視具體情況而定。

Interesting. That's really helpful. Also, there were some 3Q softness that was attributed to lower-than-anticipated promotional effectiveness. What can you learn from that? And why was that the case?

有趣的。這真的很有幫助。此外，由於促銷效果低於預期，第三季出現了一些疲軟。你能從中學到什麼？為什麼會這樣呢？

I think it's the same feature that I was just highlighting. When there's so much noise, both macroeconomic with the consumer pressure, as well as questions about our value proposition, [this type of program] is less effective. And so in hindsight, right, we probably would have done less of it, given the just the overall conditions of the market in our particular category. In the long run, we think it's a good thing to do.

我認為這與我剛才強調的功能相同。當存在如此多的噪音時，無論是宏觀經濟與消費者壓力，還是對我們價值主張的質疑，[此類計劃]的效果就不那麼明顯了。因此，事後看來，考慮到我們特定類別的市場整體狀況，我們可能會做得更少。從長遠來看，我們認為這是一件好事。

But we first have to clean up this messaging issue and the perception issue before. I think those type of programs can be effective. In some sense, you just train the consumer. If you're not increasing the population that's consuming your product, you're just training existing ones to wait for those discounts. So -- but we're going to look heavily at how we do that and when we do that in the future.

但我們首先必須解決這個訊息傳遞問題和先前的感知問題。我認為這類計劃是有效的。從某種意義上來說，你只是培訓消費者。如果你沒有增加產品的消費人群，那麼你只是在訓練現有的消費者等待這些折扣。所以——但我們將認真考慮如何做到這一點以及何時何時做到這一點。

Next question will be Ben Theurer of Barclays.

下一個問題將由巴克萊銀行的 Ben Theurer 提出。

So Ethan and Lubi, I wanted to dig a little bit into the potential of your gross margin and how we should think about this? Because clearly, I know you were targeting to be somewhat positive this quarter. You're talking about breakeven for the year, this quarter still didn't turn out. But just help us understand what's been driving the cost up so much compared to 3, 4 years ago when you were able to achieve gross margins in the 30%-plus range? And is that something you think is achievable? Or is there something structural to the cost of your product that is impacting and impeding you of reaching those levels you had, just call it maybe prepandemic, right before the pandemic? That would be my first question.

Ethan 和 Lubi，我想深入了解你們的毛利率潛力，以及我們應該如何考慮這個問題？因為顯然，我知道您的目標是在本季度取得一些積極的成果。你說的是今年的損益平衡，但這個季度仍然沒有實現。但請幫我們了解一下，與 3、4 年前相比，當您能夠實現 30% 以上的毛利率時，是什麼導致成本上漲如此之多？您認為這是可以實現的嗎？或者，您的產品成本是否存在某種結構性因素，正在影響並阻礙您達到大流行之前的水平，就稱之為大流行前的水平？這是我的第一個問題。

Yes. No, that's a good question. So I think this is an area that kind of can frustrate our operations team. We're about a year in now to implementing lean management and it all takes 5 years to get an organization to be fully leaned out and operating according to those principles. But we're taking it very seriously, and they're doing great work at the plant level. They're driving -- I think we took like $1 or so out of COGS on a year-over-year basis. But 2 things are working here against us on that front.

是的。不，這是個好問題。所以我認為這是一個會讓我們的營運團隊感到沮喪的領域。我們實施精實管理大約需要一年的時間，而要使組織完全精實並按照這些原則運作則需要 5 年時間。但我們非常認真地對待它，他們在工廠層級做得很好。他們正在推動——我認為我們從銷貨成本中減少了大約 1 美元。但在這方面有兩件事對我們不利。

One is just pricing, right? Like we've taken down pricing dramatically since the period you referenced. And second is mix has changed. There's definitely a pretty significant impact from mix. So the gains that we're seeing on whether it's direct labor or direct material or reduced logistics or things of that nature are kind of being swamped by the pricing measures we took as well as some of the mix changes. And so that's why we're so focused right on pricing. We obviously are going to continue to drive down costs, and address the mix issue and things of that nature. But the primary tools that we're looking at from a change perspective is moderating our pricing programs. But Lubi, don't know if you want to add to that?

一是定價，對嗎？就像自您提到的時期以來我們已經大幅降低了價格一樣。其次是組合發生了變化。混合肯定會產生相當大的影響。因此，我們所看到的無論是直接勞動力、直接材料、減少物流或類似性質的收益都被我們採取的定價措施以及一些組合變化所淹沒。這就是為什麼我們如此關注定價。顯然，我們將繼續降低成本，並解決混合問題和類似的問題。但我們從變革的角度來看的主要工具是調整我們的定價計畫。不過Lubi，我不知道要不要補充一下？

Yes, Ben, the only thing I would add to that is from a COGS per pound perspective, if you look over the last couple of years, say, the last 12 to 24 months or so. Clearly, there has been some softness in demand. And so there has been an impact from just volume deleveraging and also the impact from underutilization fees, right? And so we've done a lot of work over the last 12 months or so to really try to consolidate the network. We think we're going to start to see greater benefits from that in future periods.

是的，Ben，我唯一要補充的是從每磅銷貨成本的角度來看，如果你看看過去幾年，例如過去 12 到 24 個月左右。顯然，需求已疲軟。因此，數量去槓桿化和未充分利用費用都產生了影響，對嗎？因此，在過去 12 個月左右的時間裡，我們做了很多工作，並真正嘗試整合網路。我們認為，在未來一段時間內，我們將開始看到更大的好處。

But those are things that I wouldn't consider structural. I mean clearly, there's challenges that remain in the category today, and we got to figure out a way to stabilize the business in the U.S. and get that back to growth. But I wouldn't consider those as structural hurdles, right, in terms of the cost structure. And so as Ethan said, I think a large part of this does come down to pricing. And then I think if we're successful at restoring growth in the business and some of the fixed cost absorption issues and things like underutilization along with the work that we're doing from a network perspective should sort of resolve itself.

但這些是我不認為是結構性的事情。我的意思很明確，今天該類別仍然存在挑戰，我們必須找到一種方法來穩定美國業務並使其恢復成長。但就成本結構而言，我不會將這些視為結構性障礙，對吧。正如伊森所說，我認為這很大程度上取決於定價。然後我認為，如果我們成功恢復業務成長，一些固定成本吸收問題以及利用率不足等問題以及我們從網路角度所做的工作應該會自行解決。

Yes, I think that's exactly right. And we -- as we look at sort of what changed between August and now, certainly, the lower volumes impacted our ability to call this one, right? And then our trade payment, right? So it's less on the COGS side and more on those factors for right now.

是的，我認為這是完全正確的。當我們觀察八月到現在發生的變化時，當然，銷量的下降影響了我們稱之為這一點的能力，對嗎？然後是我們的貿易付款，對嗎？因此，目前較少關注銷貨成本方面，而更關注這些因素。

Okay. And then just one for me to like kind of try to get your thoughts on this idea of the concept of, if you want to -- you obviously said you're going to spend a lot of time on telling consumers and convincing consumers of the health aspects and just the benefits it has, not only to health but also to the environment, et cetera. So ultimately, talking about this being a superior or premium product. And usually in consumer products for healthier products, for superior products, you can charge premiums, you ultimately get a better pricing, making this a more exclusive product.

好的。然後，我想嘗試了解您對這一概念的想法，如果您願意的話，您顯然說過您將花費大量時間來告訴消費者並說服消費者健康方面以及它所帶來的好處，不僅對健康而且對環境等等。所以最終，談論這是一個卓越或優質的產品。通常在消費品中，對於更健康的產品、對於優質的產品，你可以收取溢價，你最終會得到更好的定價，使其成為更獨特的產品。

So is that something that you would consider within your strategy, particularly in retail, creating brand value, creating something that just on purpose is not striving for price parity, but actually for a significant premium because it is something better and to make it profitable through that?

那麼，你會在你的策略中考慮這一點，特別是在零售領域，創造品牌價值，創造一些東西，只是故意不追求價格平價，但實際上是為了獲得顯著的溢價，因為它是更好的東西，並透過以下方式獲利：那？

Yes. Look, that's a great question, and I don't want to sort of show too much of our hand. So I can't give a particularly detailed answer. But I think the way to think about our pricing and our value proposition is going to be varied. In certain segments, it's going to be very aggressive in terms of reaching price parity. And we're seeing some absolutely amazing that our team has done such good work in some of those channels. But in retail, particularly as we try to remove some of the targets even though we think they're unfair.

是的。聽著，這是一個很好的問題，我不想過度展示我們的牌。所以我無法給出特別詳細的答案。但我認為思考我們的定價和價值主張的方式將會有所不同。在某些細分市場，它將非常積極地實現價格平價。我們看到我們的團隊在其中一些管道中做瞭如此出色的工作，這絕對令人驚嘆。但在零售業，特別是當我們試圖取消一些目標時，儘管我們認為它們不公平。

We are going to kind of get into that area of maybe a more premium good. And that will, I think, drive a justification for pricing at a higher level as well. And it gets back to are we trying to in retail right now across the chasm to the mainstream consumer. Are we kind of regrouping getting our margins right, getting the product's value proposition cleaned up and selling maybe a higher priced product to a group of early adopters in early mainstream. So I think that the direction of your question, I think, is spot on.

我們將進入可能更優質的商品領域。我認為，這也將推動更高水準定價的合理性。這又回到了我們現在是否正在努力跨越零售業與主流消費者的鴻溝。我們是否正在重組，以確保我們的利潤率，清理產品的價值主張，並向早期主流的早期採用者銷售可能價格更高的產品。所以我認為你的問題的方向是正確的。

Next question will be from Adam Samuelson, Goldman Sachs.

下一個問題將由高盛的亞當·薩繆爾森提出。

So I guess going -- continuing on the pricing and margin discussion, if I look at the business, the U.S. pricing per pound is $0.80 or so -- $0.80, $0.90 higher than it is internationally. It moves around quarter-to-quarter, a little bit depending on promotions, mix and FX. How big of a difference would you frame the cost to serve that international business versus the domestic? So as part of the plan here, hey, we have better -- we're seeing better consumption growth. We're seeing better demand. Maybe there's less price elasticity if we can get our pricing points in Europe closer to where they are in the U.S.?

所以我想繼續討論定價和利潤，如果我看看業務，美國每磅的定價約為 0.80 美元左右，比國際價格高 0.80 美元，0.90 美元。它按季度變化，有點取決於促銷、組合和外匯。您認為服務國際業務與國內業務的成本有多大差異？因此，作為這裡計劃的一部分，嘿，我們有更好的——我們看到更好的消費成長。我們看到了更好的需求。如果我們能讓歐洲的定價點更接近美國的定價點，也許價格彈性會更小？

Or is the point that domestically in retail, we need the price -- kind of price cuts are not working, and so we can make it profitable to raise price even if we have to sacrifice volume just trying to dimensionalize where along the continuum we are in terms of the plan of attack going forward?

或者說，在國內零售業，我們需要價格——降價是行不通的，因此我們可以通過提高價格來盈利，即使我們必須犧牲銷量，只是為了確定我們所處的連續體的維度。就接下來的進攻計劃而言？

Yes. So I think in Europe, we're probably less inclined to do any significant price increases in retail and -- as well as in Europe because of the heavier action among strategics there. The price point is lower in foodservice. In U.S. foodservice, actually, our pricing went up due to mix. But in retail, of course, it went down substantially. I think the average was [521 to 424] price per pound basis, and that was driven largely by trade discounts and pricing and mix.

是的。因此，我認為在歐洲，我們可能不太願意在零售業以及歐洲進行任何大幅提價，因為那裡的戰略行動更加頻繁。餐飲服務的價格較低。實際上，在美國的餐飲服務中，我們的價格因混合而上漲。但在零售業，當然，它大幅下降。我認為平均價格是每磅 [521 至 424] 價格，這主要是由貿易折扣、定價和組合驅動的。

But -- so I don't -- I think the -- we're primarily focused on the pricing question and any significant strategy change in the U.S. market versus in Europe. I don't know, Lubi, if you want to add to that.

但是 - 所以我沒有 - 我認為 - 我們主要關注定價問題以及美國市場與歐洲市場的任何重大戰略變化。我不知道，Lubi，你是否想補充這一點。

Yes. Adam, what I would add to that is if you recall at the beginning of last year, I believe, in 2022 we did do a pretty broad-based pricing reduction in the EU to better align our pricing in the European retail landscape. Now one of the things that's structurally different about Europe retail, if you will, relative to the U.S. is there is a much greater presence of private label over there. And so when you look at the competitive landscape in the EU, you have to -- the pricing structure is going to be different from the U.S.

是的。 Adam，我想補充的是，如果你還記得去年初，我相信 2022 年我們確實在歐盟進行了相當廣泛的降價，以更好地調整我們在歐洲零售領域的定價。現在，如果你願意的話，歐洲零售業相對於美國在結構上的不同之處之一是，那裡有更多的自有品牌。因此，當你觀察歐盟的競爭格局時，你必須－定價結構將與美國不同。

Now we actually think that our pricing, where it stands today in the EU feels like it is where it needs to be relative to the competitive set. I think there are opportunities for us to drive incremental efficiencies from a COGS perspective. But our margin profile in the EU business is actually pretty good. I think there's opportunities to make improvements there. But I think when we're thinking about pricing strategy in the EU, I wouldn't necessarily be thinking about price increases. There's always going to be some variations from a promotional perspective and things that we do in that regard. But we actually went through the exercise a year -- over a year ago, right, to make sure that our price points were in the right place in EU retail.

現在，我們實際上認為我們的定價，目前在歐盟的定價，感覺與競爭對手相比是需要的。我認為我們有機會從銷貨成本的角度提高效率。但我們在歐盟業務的利潤率其實相當不錯。我認為那裡有改進的機會。但我認為，當我們考慮歐盟的定價策略時，我不一定會考慮價格上漲。從促銷角度以及我們在這方面所做的事情來看，總是會有一些變化。但我們實際上一年多前就進行了這項工作，對吧，以確保我們的價格點在歐盟零售中處於正確的位置。

And I think the way to think about -- so we're undergoing a substantial reduction in operating expense across the company to better fit kind of the near term conditions. But that -- in the EU, because of success we're seeing on a relative basis, for expanding our investment there just because it's such a powerful growth engine for us at the moment.

我認為，我們正在大幅削減整個公司的營運費用，以更好地適應短期條件。但在歐盟，我們在相對基礎上看到了成功，擴大了在那裡的投資，因為它目前對我們來說是一個如此強大的成長引擎。

Okay. And if I could just ask a follow-up on cash flow. So there was positive cash from operations kind of in the quarter. It seems like a large part of that was your payables actually expanded. So that was a source of cash, which is not we would expect to happen if you're also trying to reduce your purchases and slow down inventory and shrink inventory. So as part of the point on the cash flow sustainability that, that payables kind of growth in the quarter, which just becomes a source of cash is not repeatable, and that then becomes a headwind as you move in 4Q and into next year?

好的。我是否可以詢問現金流的後續情況。因此，本季的營運產生了積極的現金。看來其中很大一部分是你的應付帳款實際上擴大了。因此，這是一種現金來源，如果您也試圖減少採購、減緩庫存並縮減庫存，那麼我們預計不會發生這種情況。因此，作為現金流可持續性的一部分，本季應付帳款的成長，只是成為現金來源，是不可重複的，然後當你進入第四季和明年時，這會成為逆風？

Yes. I think that's right, Adam. So the working capital was a pretty significant benefit in the third quarter of this year. Typically, we do have a strong quarter from the perspective of accounts receivable in Q3 because that's following what is seasonally our strongest quarter in Q2. And so we collect -- I would say AP, typically, that tends to move around. It tends to be sort of more just timing driven.

是的。我認為這是對的，亞當。因此，營運資金在今年第​​三季是一個相當顯著的收益。通常，從第三季應收帳款的角度來看，我們確實有一個強勁的季度，因為這是繼第二季季節性最強季度之後。所以我們收集——我想說的是，通常情況下，AP 往往會四處移動。它往往更像是時間驅動的。

But I think you're absolutely right in thinking about as we move forward sequentially, and we've said we don't expect to sustain the cash flow positive in the fourth quarter. One of the headwinds, if you will, in this quarter will be we don't expect that type of a benefit from accounts payable.

但我認為，隨著我們繼續推進，您的想法絕對正確，我們已經說過，我們預計第四季度不會維持正現金流。如果你願意的話，本季的阻力之一是我們預期應付帳款不會帶來這種好處。

Next question comes from Peter Saleh of BTIG.

下一個問題來自 BTIG 的 Peter Saleh。

Great. You guys mentioned, I know it's early, the exit of select product lines and/or geographies, potentially restructuring in China. I was hoping you could give us a little bit more color on at least the early thinking there. Is this mostly related to U.S. retail product lines? And also maybe just a little bit of color on the performance of Jerky. Is that on the -- in the consideration set? And then when you mentioned restructuring in China, is this just a shrinking of the China market? Or are you considering a full-on exit? Just any color around that would be helpful.

偉大的。你們提到，我知道現在還為時過早，部分產品線和/或地區的退出可能會在中國進行重組。我希望你能給我們更多的信息，至少是早期的想法。這主要與美國零售產品線有關嗎？也許還可以為 Jerky 的表演增添一點色彩。這是在考慮範圍內嗎？那麼您提到在中國進行重組，這是否只是中國市場的萎縮？還是您正在考慮全面退出？只要周圍有任何顏色都會有幫助。

Sure. I mean we can't give too much, right, for -- just want to box ourselves in. But what's on the table, right, is our product lines that are underperforming in a way that we think is perhaps structural on a margin perspective or we're just not exhibiting the growth we want to see. So some of what you mentioned is probably falls into that pretty well. On China, I think it's just taking a look at what is our strategy for the next 2, 3 years there, and how big or small do we need to be.

當然。我的意思是，我們不能付出太多，對，只是想把自己限制在裡面。但擺在桌面上的是，對，我們的產品線表現不佳，我們認為從利潤角度來看，這可能是結構性的或我們只是沒有展現出我們希望看到的成長。所以你提到的一些內容可能很適合這個範圍。在中國，我認為只是看看我們未來兩三年的策略是什麼，我們需要做多大或多小。

It's interesting that part of the world is starting to replicate a little bit of what you're seeing in Europe in just an early, very nascent way. Like if you look at Europe with all the government programs and incentives or campaigns rather is always a better way to put it, to reduce animal protein consumption as I mentioned in my prepared remarks. Whether it's the U.K., Germany, Netherlands, et cetera, South Korea, as I mentioned as well, just came out with something you see some interesting activity occurring on the commercial side of things in Japan.

有趣的是，世界的一部分正在開始以一種早期的、非常新的方式複製你在歐洲看到的一些東西。就像你看看歐洲所有的政府計劃和激勵措施或運動一樣，減少動物蛋白的消耗總是更好的說法，正如我在準備好的演講中提到的那樣。正如我所提到的，無論是英國、德國、荷蘭等，還是韓國，都剛剛推出了一些東西，您可以看到日本在商業方面發生了一些有趣的活動。

So it's a little bit too early to give an answer to that, and we're just continuing to look at it. But to drive down the type of cost reduction and the operating expense reduction that we're pursuing, kind of everything has to be on the table and it is.

所以現在給出答案還為時過早，我們只是繼續關注它。但為了降低我們所追求的成本削減和營運費用削減，一切都必須擺在桌面上，事實也確實如此。

(Operator Instructions) Next question comes from Michael Lavery, Piper Sandler.

（操作說明）下一個問題來自 Michael Lavery、Piper Sandler。

Just would love to understand the table towards the end of the text in the release better on the distribution points by channel. Obviously, you've done much better in international foodservice than in the U.S., but that shows a sharp decline in distribution points and a small uptick in the U.S. in foodservice. Can you just help explain what's going on with those numbers and how to reconcile that with what you've reported? Is there somebody that's just had a recent discontinuation or anything we should be sure to be aware of?

只是想更好地了解發布中文本末尾的表格，以便更好地了解按渠道分配的點。顯然，您在國際餐飲服務方面的表現比在美國好得多，但這表明配送點急劇下降，而美國的餐飲服務略有上升。您能否幫助解釋一下這些數字的情況以及如何將其與您報告的內容進行協調？是否有人最近剛停藥或有什麼我們應該注意的事情？

Yes. So in international foodservice, what that's reflective of is basically the discontinuation of distribution at a certain large like chain customer, and this is in China. It's not a meaningful percentage of revenues at all. And then I think your -- the second part of your question was related to U.S. foodservice. Those numbers tend to -- from quarter-to-quarter have some fluctuations in them. So I don't think there was anything of note to call out in that particular line item.

是的。因此，在國際餐飲服務中，這基本上反映的是某個大型連鎖客戶的分銷的停止，而這是在中國。這根本不是收入的一個有意義的百分比。然後我認為你的問題的第二部分與美國的餐飲服務有關。這些數字往往會在每個季度之間出現一些波動。因此，我認為該特定行項目中沒有任何值得注意的地方。

Okay. That's helpful. And even a little bit of rounding, it's just not a huge move is what you're saying. Just following up on -- just some of the outlook on the restructuring or SKU rationalizations. I know you don't want to be too specific, but just in terms of how we're thinking about modeling 2024, which obviously too, I know you're not guiding on yet, but anything just directionally to -- more specific, I guess, in terms of where there's watch out in terms of even if certain products haven't been pinpointed yet. Is it more China-focused than U.S. retail? It sounds like we have some of the breadcrumbs, but anything more you can give there?

好的。這很有幫助。即使是一點點四捨五入，正如你所說，這也不是一個巨大的舉動。只是跟進——只是對重組或 SKU 合理化的一些展望。我知道你不想太具體，但就我們如何思考 2024 年建模而言，這顯然也是如此，我知道你還沒有提供指導，但任何事情都只是有方向性的——更具體，我想，即使某些產品尚未確定，也需要注意。它比美國零售業更關注中國嗎？聽起來我們已經有了一些麵包屑，但是您還能提供更多嗎？

We can give a lot more additional color, but I think it's -- we're not doing anything it would, I think, surprise people. If you look at kind of the performance of various product lines and where our emphasis is as a company. Obviously, we're very focused on beef and burger and sausage and our chicken lines and things of that nature, and really focused on the partnerships we have in Europe and some of the new retail items we've offered there. So it's some of the more underperforming SKUs if you were to do a quick chart, you'd see -- it's -- that's the process we're going through. So I don't think it's anything is going to surprise people.

我們可以提供更多額外的色彩，但我認為我們沒有做任何會讓人們感到驚訝的事情。如果你看看各種產品線的表現以及我們作為一家公司的重點在哪裡。顯然，我們非常關注牛肉、漢堡、香腸以及雞肉系列和類似的產品，並且真正關注我們在歐洲的合作夥伴關係以及我們在那裡提供的一些新零售產品。因此，如果您做一個快速圖表，您會發現，這是一些表現較差的 SKU，這就是我們正在經歷的過程。所以我認為沒有什麼會讓人們感到驚訝的。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to Mr. Ethan Brown for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回伊森·布朗先生致閉幕詞。

No, that's it. We are I think taking a very hard look at our operating expenses, given that the revenue is lower than we needed to be right now. So we're going to be fitting the organizational size into more of the near-term opportunity. We're extremely encouraged by the international growth that we're seeing. And the way the world is moving in that direction. The governments in Europe are taking this matter very seriously. They see plant-based foods and a shift from an animal protein-based economy to one that is plant-based from a food system perspective has a very strong lever for climate.

不，就是這樣。我認為我們正在認真審視我們的營運支出，因為收入低於我們現在需要的水平。因此，我們將根據更多的近期機會調整組織規模。我們所看到的國際成長令我們深受鼓舞。以及世界正在朝這個方向發展的方式。歐洲各國政府非常重視此事。他們認為，從食品系統的角度來看，植物性食品以及從動物性蛋白質經濟轉變為植物性經濟的轉變對氣候有非常強大的影響力。

And just so the folks understand this, the reason it's so powerful, right, is that not all emissions are kind of equal, right? And methane is a very powerful greenhouse gas. It also moves through the atmosphere at a quicker rate, its half-life is much lower. So you can take it out of the atmosphere much more quickly. And so in doing, you can dramatically slow within our lifetime and within the period it matters the rate of climate change. But more importantly, by utilizing the 30% of land that we have globally devoted to livestock for carbon sequestration, you can pretty much take a huge chunk out of the climate problem without any new technology development.

為了讓人們理解這一點，它如此強大的原因是，並非所有排放量都是平等的，對嗎？甲烷是一種非常強大的溫室氣體。它還以更快的速度穿過大氣層，其半衰期要短得多。這樣你就可以更快地將其從大氣中取出。因此，在我們的一生中，在重要的時期內，您可以顯著減緩氣候變遷的速度。但更重要的是，透過利用全球 30% 的畜牧業的土地進行碳封存，您幾乎可以在不開發任何新技術的情況下解決氣候問題。

So why this solution is so much more powerful than automotive or energy or the other areas that get so much attention? It's a near-term solution that requires very little additional technological development and the European government see that, right? And you think -- I think some of the Asian governments are starting to see as well. U.S. has been slow. It's dominated by vested interest, and the government is very much beholden to them.

那麼，為什麼這個解決方案比汽車、能源或其他備受關注的領域強大得多呢？這是一個短期解決方案，幾乎不需要額外的技術開發，歐洲政府也看到了這一點，對吧？你認為——我認為一些亞洲政府也開始看到這一點。美國進展緩慢。它由既得利益者主導，政府對他們非常感激。

So this transition here is going to be about businesses and the consumer making the change. I don't think we expect the government to step up, but we're doing that. And I think that health is the main driver here, and some really -- quite optimistic about what we're going to do next year to help write the narrative and get back on track with U.S. consumer and retail. So more to come, and we'll talk next time. Thanks.

因此，這裡的轉變將涉及企業和消費者做出改變。我不認為我們期望政府採取行動，但我們正在這樣做。我認為健康是這裡的主要驅動力，有些人對我們明年將採取的行動非常樂觀，以幫助書寫故事並讓美國消費者和零售業重回正軌。接下來還有更多內容，我們下次再談。謝謝。

Thank you. This concludes the conference. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。