超越肉類 (BYND) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Beyond Meat 2023 fourth-quarter conference call.

下午好，歡迎參加 Beyond Meat 2023 年第四季電話會議。

All participants will be in listen only mode.

所有參與者將處於僅聽模式。

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

如果您需要協助，請按星號鍵和零向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question.

問一個問題。

You may press star, then one on your telephone keypad.

您可以按星號，然後按電話鍵盤上的一個。

To withdraw your question, please press star then two.

若要撤回您的問題，請按星號然後按兩顆。

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Paul Sheppard, Vice President, FP&A and Investor Relations.

現在我想將會議交給 FP&A 和投資者關係副總裁 Paul Sheppard。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon and welcome.

下午好，歡迎光臨。

Joining me on today's call are Ethan Brown, Founder, President and Chief Executive Officer, and Louis Couture, Chief Financial Officer, and Treasurer.

與我一起參加今天電話會議的有創始人、總裁兼執行長伊森布朗 (Ethan Brown)，以及財務長兼財務主管路易斯庫圖爾 (Louis Couture)。

By now, everyone should have access to the company's fourth quarter and full year 2023.

到目前為止，每個人都應該能夠了解該公司第四季和 2023 年全年的情況。

Our earnings press release filed today after market close.

我們的收益新聞稿今天在收盤後發布。

This document is available in the Investor Relations section of Beyond Meat's website at w. w. w. dot Beyond Meat.com.

本文件可在 Beyond Meat 網站 w 的投資者關係部分取得。 w。 w。點 Beyond Meat.com。

Before we begin, please note that all the information presented on today's call is unaudited during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws.

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，管理層可能會在聯邦證券法的含義內做出前瞻性陳述。

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.

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.

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。

We refer you to today's press release company's quarterly report on Form 10-Q for the quarter ended September 30, 2023.

我們請您參閱今天新聞稿中公司截至 2023 年 9 月 30 日的季度 10-Q 表格季度報告。

And so the Company's annual report on Form 10-K for the fiscal year ended December 31, 2023, to be filed with the SEC along with other filings with the SEC for a detailed discussion of the risks that could cause actual results differ materially from those expressed or implied in any forward-looking statements made today, please also note that on today's call, management may reference adjusted EBITDA, which is a non-GAAP financial measure.

因此，公司將向 SEC 提交截至 2023 年 12 月 31 日財年的 10-K 表格年度報告以及向 SEC 提交的其他文件，詳細討論可能導致實際結果與實際結果存在重大差異的風險今天做出的任何前瞻性陳述中明示或暗示的，另請注意，在今天的電話會議上，管理層可能會參考調整後的EBITDA，這是一項非GAAP 財務指標。

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.

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。

Please refer to today's press release for a reconciliation of adjusted EBITDA, so its most comparable GAAP measure.

請參閱今天的新聞稿，以了解調整後 EBITDA 的調整表，這是最具可比性的 GAAP 指標。

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.

謝謝保羅，大家下午好。

I will begin my comments by briefly reviewing the five priorities.

我將首先簡要回顧五個優先事項。

We anchored our activities around in Q4 2023 and then turn to our five forward priorities for 2024 in both instances, these steps are intended to serve and accelerate our progress towards sustainable operations and return to growth.

我們將我們的活動圍繞 2023 年第四季度進行，然後在這兩種情況下轉向 2024 年的五個前瞻性優先事項，這些步驟旨在服務和加速我們在可持續運營和恢復增長方面的進展。

In Q4 2023, we executed across the following actions, one we sought to accelerate our transition to a leaner operating structure.

2023 年第四季度，我們執行了以下行動，旨在加速向更精簡的營運結構過渡。

As part of these efforts, we established a minimum of $70 million in cuts from operating budget for 2024 we recorded approximately $95.6 million in non-cash charges, primarily relating to inventory and assets now deemed to be in excess or no longer consistent with our path to profitability and continued to consolidate our production footprint to US retail, we put the finishing touches on a multiyear renovation of certain core platforms, including Beyond Burger and Beyond Beef.

作為這些努力的一部分，我們確定了 2024 年營運預算至少削減 7000 萬美元，我們記錄了約 9560 萬美元的非現金費用，主要與現在被認為過剩或不再符合我們路線的庫存和資產有關為了實現獲利並繼續鞏固我們在美國零售業的生產足跡，我們對某些核心平台（包括Beyond Burger 和Beyond Beef）進行了多年的改造，完成了最後的工作。

We believe this renovation further positions the brand to overcome misinformation regarding the nutritional and health profile of our products while providing strong support for certain pricing actions.

我們相信，這次革新進一步使該品牌能夠克服有關我們產品的營養和健康狀況的錯誤訊息，同時為某些定價行動提供強有力的支持。

Three, we conducted extensive pricing analysis and as discussed momentarily are now preparing to implement pricing changes to support gross margin expansion for throughout the quarter, we continued to use inventory management to free up working capital five.

第三，我們進行了廣泛的定價分析，正如我們暫時討論的那樣，現在正準備實施定價變化以支持整個季度毛利率的擴張，我們繼續使用庫存管理來釋放營運資金第五。

We maintained our investment focus in Europe and serve our strategic customers in this important market for plant-based meats, including continued traction, McDonald's across countries such as Austria, Germany, Ireland, the Netherlands, UK, Malta, Portugal, Slovenia and Switzerland.

我們保持對歐洲的投資重點，並為這個重要的植物性肉類市場的戰略客戶提供服務，包括奧地利、德國、愛爾蘭、荷蘭、英國、馬耳他、葡萄牙、斯洛維尼亞和瑞士等國家的麥當勞的持續牽引力。

Turning to 2024 a pivotal year for Beyond Meat, we are pursuing the following five priorities, several of which simply represent a transition from 2023 planning to 2024 implementation.

2024 年是 Beyond Meat 的關鍵一年，我們正在追求以下五個優先事項，其中幾個只是代表從 2023 年規劃到 2024 年實施的過渡。

One, we are beginning 2024 by executing within a leaner operation, consistent with substantially reduced 2024 planned OpEx and cash use part and parcel with this leaner operation is our ongoing tightening of focus relating to portfolio markets and consumer.

第一，我們從2024 年開始執行更精簡的運營，與大幅減少2024 年計劃的運營支出和現金使用相一致，這種更精簡的運營的重要組成部分是我們不斷加強對投資組合市場和消費者的關注。

We are, as just one example, discontinuing our Beyond Meat jerky product line despite its number one position in the plant-based jerky category.

舉一個例子，儘管 Beyond Meat 在植物肉乾類別中排名第一，但我們還是停止了 Beyond Meat 肉乾產品線。

These refinements of our focus and resources to be put against our latest product platform innovation beyond four and other skews, which we believe have higher profitable growth potential here in the US and are consistent with my intention to focus more resources against key markets and customers in Europe.

我們對重點和資源的這些改進將針對我們最新的產品平台創新，超越四種和其他傾斜，我們相信這些產品在美國具有更高的盈利增長潛力，並且與我將更多資源集中在關鍵市場和客戶的意圖是一致的。歐洲。

Two, we will be rolling out beyond four and US retail and view this renovation as an important and potentially transformative moment for our brand and category iron sharpens iron.

第二，我們將在四個和美國零售業之外推出，並將這次改造視為我們品牌和品類的重要且潛在的變革時刻。

And we've certainly experienced this ancient metaphor firsthand, specifically the current climate of misinformation and efforts by incumbents, including sadly, pharmaceutical interest to poison the plant-based meat will push us to accelerate gains in the health profile of our product platforms.

我們當然親身經歷過這個古老的隱喻，特別是當前的錯誤訊息和現有企業的努力，包括可悲的是，製藥公司對植物性肉類的毒害將推動我們加快產品平台健康狀況的進步。

To be clear, as I have often repeated likely their points of boredom of listeners.

需要明確的是，正如我經常重複的那樣，他們可能會讓聽眾感到無聊。

We are proud of the health benefits available through our current products, including for example, those documented in the swap meat study published in the American Journal of Clinical Nutrition, where participants experienced a meaningful drop in LDL or bad cholesterol as well as decline in TMAO. to compound in the gut associated with heart disease for switching from animal-based meats to Beyond Meat's across eight week intervals.

我們對我們現有產品所帶來的健康益處感到自豪，包括《美國臨床營養雜誌》上發表的換肉研究中記錄的那些益處，其中參與者的低密度脂蛋白或壞膽固醇顯著下降，並且TMAO下降。每隔八週從動物性肉類轉向 Beyond Meat 時，腸道中會產生與心臟病相關的化合物。

And we are proud of the certifications associated with our existing product lines, such as the American Heart Association's Heart Check program, certification of our Beyond Steak & Beyond Beef crumbles.

我們為與我們現有產品線相關的認證感到自豪，例如美國心臟協會的心臟檢查計劃、我們的 Beyond Steak 和 Beyond Beef 碎塊的認證。

However, as we've also oft repeated, we are chasing a perfect build of meat from plants, and this goal encompasses Century as well as nutritional characteristics.

然而，正如我們經常重複的那樣，我們正在追求植物肉的完美結構，這一目標涵蓋了世紀和營養特性。

On the latter, our job is to deliver as much of the nutritional benefits of plant-based eating as we can in the familiar and associating form and taste of meat over the years, we've surrounded ourselves with a broad ecosystem of doctors, registered dietitians and leading health institutions to guide us in this effort.

對於後者，我們的工作是多年來以熟悉且相關的肉類形式和味道提供盡可能多的植物性飲食的營養益處，我們周圍有一個廣泛的醫生生態系統，註冊營養師和領先的衛生機構指導我們進行這項工作。

Combination of his extensive input and the talent and expertise of our research and development team will lead to what I believe is a significant breakthrough in the beyond four platform.

我相信，他的廣泛投入與我們研發團隊的才能和專業知識相結合，將帶來超越四個平台的重大突破。

If you come to our facilities in Los Angeles, you will see that one of the analytical areas that we emphasize is the structure interplay and distribution of plant-based proteins and fats and beyond for the team was able to blend high-quality proteins from PharmAthene's red lentils, peas and brown rice, together with fast from avocado oil in a way to deliver superior nutrition and sensory outcomes.

如果您來到我們位於洛杉磯的工廠，您會發現我們強調的分析領域之一是植物性蛋白質和脂肪的結構相互作用和分佈，因為團隊能夠混合來自 PharmAthene 的高品質蛋白質紅扁豆、豌豆和糙米，以及酪梨油，可提供卓越的營養和感官效果。

Nutritionals are clear and compelling, including high levels of plant-based protein 21 grams, specifically with just two grams of saturated fat which is 75% less saturated fat than a typical 80 20 animal beef.

營養成分清晰且引人注目，包括 21 克高含量植物性蛋白質，特別是僅含有 2 克飽和脂肪，比典型的 80 20 動物牛肉的飽和脂肪含量減少了 75%。

Patty avocado oil has been identified as potentially beneficial across a range of health outcomes, including reducing the risk of various chronic diseases among them, heart disease, as well as potentially helpful with eye and skin health, reflecting its composition of mono and saturated fats, any accidents and other plant compounds.

帕蒂鱷梨油已被認為對一系列健康結果具有潛在益處，包括降低各種慢性疾病的風險，其中包括心臟病，以及對眼睛和皮膚健康有潛在幫助，這反映了其單一脂肪和飽和脂肪的成分，任何事故和其他植物化合物。

Critics will undoubtedly continue to agitate.

批評者無疑會繼續煽動。

The favorite target is sodium levels and the slight of hand and Floyd is to compare the Beyond Burger, which is seasoned and unseasoned this ground beef burger, keeping in mind that the current Beyond Burger contains 17% of the daily recommended value of sodium, which when appropriately compared to seasoned beef burgers, often means less not more sodium.

最喜歡的目標是鈉含量，弗洛伊德用手輕輕地比較了Beyond Burger，這是調味和未調味的碎牛肉漢堡，請記住，當前的Beyond Burger含有每日推薦值的17％，這與調味牛肉漢堡進行適當比較時，通常意味著鈉含量更少而不是更多。

Nevertheless, beyond four, achieved a 20% reduction in the amount of sodium with sodium content now registering at 14% of daily values.

然而，超過 4 次後，鈉攝取量減少了 20%，鈉含量目前為每日攝取量的 14%。

Quick math reveals that even if you were to have seven of the beyond four burgers in a single day, this consumption alone would not exceed the daily recommended value of sodium.

快速計算表明，即使您一天吃四個以上漢堡中的七個，僅此消耗量也不會超過每日建議的鈉含量。

And here's the thing we're not done as a critical position talk post and lobby.

這就是我們作為關鍵立場談話帖子和遊說活動尚未完成的事情。

We will keep chasing our own True North that perfect build of meat from plants, and you can expect even lower sodium levels in subsequent generations.

我們將繼續追求我們自己的“真北”，即從植物中完美構建肉類，並且您可以預期在後代中鈉含量會更低。

These and other advances and beyond four have earned recognition from important members of the Health & Nutrition community.

這些和其他進步以及其他四項進步贏得了健康與營養界重要成員的認可。

This includes the American Association of Heart Check program certification of a series of heart-healthy recipes featuring the beyond for beef and burger placement of the American Diabetes Association seal on our Beyond for beef and burger packaging as both products meet the nutritional guidelines of the American Diabetes Association, better choices for life programs and the clean label project certification of the beyond for the Schoenberger.

這包括美國心臟檢查協會對一系列心臟健康食譜的認證，其中包括牛肉和漢堡的Beyond 食品，在我們的牛肉和漢堡的Beyond 食品包裝上貼上美國糖尿病協會印章，因為這兩種產品均符合美國糖尿病協會的營養指南。糖尿病協會、更好的生活選擇計劃以及勳伯格超越的清潔標籤項目認證。

Moreover, in a survey of registered dietitians at a recent conference. 94% of these dietitians answered that they enjoyed the taste of the new Beyond Burger viewed as helpful and would recommend it while broader consumer testing scored favorably across the taste do significant texture relative to our existing burger three, we're implementing changes to our U.S. trade and pricing programs effective in early Q2, though varied across channels and product lines.

此外，在最近的一次會議上對註冊營養師的調查顯示。 94% 的營養師回答說，他們喜歡新的Beyond Burger 的味道，認為它有幫助，並會推薦它，而更廣泛的消費者測試在味道方面得分良好，相對於我們現有的三款漢堡，質地顯著，我們正在對我們的美國實施變更。貿易和定價計劃在第二季初生效，但因通路和產品線而異。

We expect the overall impact of these pricing changes to meaningfully impact margin across the balance of the year.

我們預計這些定價變化的整體影響將對今年剩餘時間的利潤率產生重大影響。

This change in strategy does not reflect an abandonment of our long sought price parity goal, which we in fact achieved in certain very specific offerings.

這種策略的改變並不反映我們放棄了長期追求的價格平價目標，事實上我們在某些​​非常具體的產品中實現了這一目標。

Rather, the change reflects three main factors.

相反，這種變化反映了三個主要因素。

One, we clearly need to restore margins and this, coupled with the network consolidation I discussed momentarily, are expected to aid greatly toward this end.

第一，我們顯然需要恢復利潤，再加上我剛才討論的網路整合，預計將大大有助於實現這一目標。

Two, the broad pricing programs we put in place over the last 18 months simply didn't accomplish the goal of crossing from early adopters into the mainstream.

第二，我們在過去 18 個月中實施的廣泛定價計劃根本沒有實現從早期採用者過渡到主流的目標。

In retrospect, the noise and Swirl surrounding the category reached decibels that were perhaps sufficient to ground out pricing and other messages, three, given the aforementioned margin objectives as well as the inclusion of certain premium ingredients in the beyond four platform, our pricing architecture is putting far more deliberate emphasis on tiered pricing across our product lines for as referenced above, we are nearing the completion of what has been a very difficult but highly worthwhile consolidation of our production network, though we undertook these changes for myriad reasons, depending on the site and partner.

回想起來，圍繞該類別的噪音和漩渦達到的分貝可能足以消除定價和其他信息，三，考慮到上述利潤目標以及在超越四個平台中包含某些優質成分，我們的定價架構是如上所述，我們更刻意地強調我們產品線的分級定價，我們即將完成對我們的生產網絡進行的非常困難但非常有價值的整合，儘管我們出於多種原因進行了這些改變，具體取決於網站和合作夥伴。

We expect this rightsizing to substantially contribute to margin.

我們預計此次規模調整將大幅提高利潤率。

To give a sense of the magnitude of this restructuring effort.

讓大家了解這次重組工作的規模。

It helps to consider that in the last two years, we've contracted our production network from as many as 13 co-packers in North America to just one today.

值得一提的是，在過去兩年中，我們已將北美的生產網路從多達 13 家代加工廠縮減為如今的 1 家。

This consolidation coupled with an emphasis on internal production has obvious benefits relating to overhead absorption as well as logistics and quality control.

這種整合加上對內部生產的重視，在管理費用吸收以及物流和品質控制方面具有明顯的好處。

Five.

五。

We continue to invest in our European business and related strategic customers in a recent trip to the UK, I was struck by what I'm personally certain is the future of plant-based meat that is a growing ubiquity.

在最近的英國之行中，我們繼續投資於我們的歐洲業務和相關戰略客戶，我個人確信植物性肉類的未來將越來越普遍，這讓我感到震驚。

I was able to within a radius of no more than three box enjoy delicious Beyond Meat offerings at McDonald's, UK, Pizza Hut UK and Starbucks U.K. More generally, I routinely enjoy watching with much interest the reaction of visitors at our headquarters in Los Angeles when they taste the new plant nugget, which is now available in Germany, almost universally, it is viewed as indistinguishable from its animal protein equivalent similar to the delicious aforementioned products at Pizza Hut, U.K. and Starbucks U.K. This outcome reflects years of development and investment that helps separate Beyond Meat for moving on from Europe.

我能夠在不超過三個盒子的半徑內，在英國麥當勞、英國必勝客和英國星巴克享用美味的 Beyond Meat 產品。更一般地說，我經常饒有興趣地觀看洛杉磯總部訪客的反應，他們品嚐了這種新的植物塊，這種植物塊現在在德國幾乎隨處可見，它被認為與動物蛋白等同物沒有區別，類似於英國必勝客和英國星巴克的上述美味產品。這一結果反映了多年的開發和投資幫助Beyond Meat 脫離歐洲。

I should note that across 2024, we look forward to more fulsome entry into the German retail market given our recent satisfaction of local shelf-life requirements.

我應該指出，鑑於我們最近滿足了當地的保質期要求，我們期待在 2024 年更順利地進入德國零售市場。

In closing, my comments, I want to properly frame the state of our business.

最後，我的意見是，我想正確地描述我們的業務狀況。

Over the last 12 to 18 months, we spent considerable time energy and resources reorienting Beyond Meat's trajectory amidst changing and challenging conditions with an eye towards sustainable operations and return to growth.

在過去 12 至 18 個月中，我們花費了大量時間、精力和資源，在不斷變化和充滿挑戰的環境中重新調整 Beyond Meat 的發展軌跡，著眼於永續營運和恢復成長。

To reiterate, these major steps include a potential leap forward in the value proposition of our core product lines, a steep reduction in our operating costs and cash use as we continue to implement lean management principles, the contraction of our production network to achieve quality and margin gains and the implementation of pricing changes also in support of margin expansion.

重申一下，這些主要步驟包括我們核心產品線的價值主張的潛在飛躍、隨著我們繼續實施精益管理原則而大幅降低我們的運營成本和現金使用、收縮我們的生產網絡以實現質量和利潤率的增長和定價變化的實施也支持利潤率的擴張。

As we look forward, we expect the early results from this extensive SpeechWorks, together with specific actions we plan to pursue to bolster our balance sheet to make 2024 an important promising year for the Beyond Meat story.

展望未來，我們期待這一廣泛的 SpeechWorks 的早期成果，以及我們計劃採取的具體行動來增強我們的資產負債表，使 2024 年成為 Beyond Meat 故事中充滿希望的重要一年。

With that, I'll turn it over to Louie, our Chief Financial Officer and Treasurer to walk us through our fourth quarter and full year 2023 financial results in greater detail as well as provide our outlook for 2024.

接下來，我將把它交給我們的財務長兼財務主管 Louie，讓我們更詳細地了解 2023 年第四季和全年的財務業績，並提供我們對 2024 年的展望。

Thank you, Ethan, and good afternoon, everyone.

謝謝伊森，大家下午好。

Before diving into the components of our fourth quarter P&L, let me provide some color more broadly on the significant non-cash charges you will have seen in our press release today, you'll recall we announced in November 2023 that we were initiating a review of our global operations spanning five areas.

在深入探討第四季度損益表的組成部分之前，讓我更廣泛地介紹一下您將在今天的新聞稿中看到的重大非現金費用，您會記得我們在 2023 年 11 月宣布我們正在啟動審查我們的全球業務涵蓋五個領域。

First, the potential exit of select product lines.

首先，部分產品線的潛在退出。

Second changes to our pricing architecture within certain channels.

我們在某些​​通路內的定價架構的第二次變更。

Third, accelerated cash-accretive inventory reduction initiatives, fourth, further optimization of our manufacturing capacity in the real estate footprint.

第三，加速現金增值庫存削減計劃，第四，進一步優化我們在房地產領域的製造能力。

And lastly, fifth, a review and potential restructuring of our operations in China, we recorded $67.5 million in non-cash charges in cost of goods sold this quarter in connection with our global operations review These charges consisted of a few different items, including the provision for certain inventory now deemed to be excess or obsolete, given changes to our strategic priorities as well as more limited internal resources following our November 2023 reduction in force, we also recorded a significant charge representing accelerated depreciation expense and certain fixed assets determined to be non-core to our strategic priorities within the foreseeable horizon for which no recovery or sale value could be reasonably expected.

最後，第五，對我們在中國業務的審查和潛在重組，我們在本季度的銷售成本中記錄了6750 萬美元的非現金費用，這些費用與我們的全球業務審查有關。這些費用包括幾個不同的項目，包括鑑於我們的戰略重點發生變化以及2023 年11 月裁員後內部資源更加有限，我們還記錄了一項代表加速折舊費用的巨額費用，以及確定為某些固定資產的準備金，這些庫存現在被認為是過剩或過時的。在可預見的範圍內，它不是我們策略重點的核心，無法合理預期回收或銷售價值。

Also in connection with the global operations review, we recorded a noncash write off to cost of goods sold associated with a prepaid option to purchase certain raw material ingredients, which we no longer expect to exercise.

此外，與全球營運審查相關，我們記錄了與購買某些原材料成分的預付選項相關的銷售商品成本的非現金沖銷，我們預計不再行使該選項。

Within operating expenses, we recorded a noncash charge of $17.6 million, reflecting the write-down to estimated fair value of certain production and R & D fixed assets, which we now intend to sell.

在營運費用中，我們記錄了 1,760 萬美元的非現金費用，反映了我們現在打算出售的某些生產和研發固定資產的估計公允價值的減記。

Of note $16.3 million of the non-cash items recorded in cost of goods sold and $3.6 million of the non-cash items recorded in operating expenses related to Beyond Meat jerky, which we have made the decision as part of our global operations review to discontinue.

值得注意的是，與Beyond Meat 肉乾相關的1,630 萬美元的非現金項目記錄在銷售成本中，360 萬美元的非現金項目記錄在與Beyond Meat 肉乾相關的運營費用中，作為全球運營審查的一部分，我們決定停止生產該產品。 。

Let me now briefly review our fourth quarter financial results before turning to our 2024 outlook, net revenues decreased 7.8% to $73.7 million in the fourth quarter of 2023 compared to $79.9 million in the year ago period.

現在讓我簡要回顧我們第四季的財務業績，然後再展望 2024 年的前景。2023 年第四季的淨收入下降 7.8%，至 7,370 萬美元，而去年同期為 7,990 萬美元。

The decrease in net revenues was driven by a 14.6% decrease in net revenue per pound, partially offset by an 8% increase in volume of products sold.

淨收入下降的原因是每磅淨收入下降 14.6%，但產品銷售增加 8% 部分抵消了淨收入下降。

The decrease in net revenue per pound was mainly driven by changes in product sales mix and increased trade discounts, partially offset by favorable impact from foreign exchange rates.

每磅淨收入的下降主要是由於產品銷售結構的變化和貿易折扣的增加造成的，但部分被外匯匯率的有利影響所抵消。

The increase in volumes sold was primarily driven by sales in our international business, where we continue to see solid growth across our retail and foodservice channels.

銷售的成長主要是由我們國際業務的銷售所推動的，我們的零售和餐飲服務管道繼續保持穩健成長。

However, this was partially offset by softness in our U.S. business where volumes declined in both our retail and foodservice channels due mainly to continued category weakness and the lapping of certain business in our foodservice channel that did not repeat in Q4 2013.

然而，這被我們美國業務的疲軟所部分抵消，我們的零售和餐飲服務管道的銷量均下降，主要是由於品類持續疲軟以及我們的餐飲服務管道中某些業務的下滑（這種情況在2013 年第四季沒有重複）。

Turning to gross profit and gross margin.

轉向毛利和毛利率。

Gross profit in the fourth quarter of 2023 was a loss of $83.9 million compared to a loss of $2.9 million in the year ago period, which included the negative impact of noncash charges totaling $78 million taken in the fourth quarter of 2023 of the aforementioned amount, $67.5 million was associated with strategic decisions arising from our global operations review.

2023 年第四季的毛利為虧損 8,390 萬美元，而去年同期為虧損 290 萬美元，其中包括 2023 年第四季上述金額中總計 7,800 萬美元的非現金費用的負面影響， 6,750 萬美元與我們的全球營運審查產生的策略決策相關。

And $10.5 million was due to other special items driven mainly by additional reserves for inventory associated with a large QSR customer and the write-off of a prepaid fee resulting from the termination of a co-manufacturing agreement in Q4 2023, excluding the aforementioned charges.

1,050 萬美元是由於其他特殊項目所致，主要是由於與大型 QSR 客戶相關的額外庫存準備金以及因 2023 年第四季度終止聯合製造協議而沖銷的預付費用，不包括上述費用。

Gross profit and gross margin were also impacted by lower net revenue per pound, partially offset by reduced logistics cost per pound compared to the year ago period.

毛利和毛利率也受到每磅淨收入下降的影響，但與去年同期相比，每磅物流成本的下降部分抵消了這種影響。

Operating expenses were $76.9 million in the fourth quarter of 2023 compared to $62.8 million in the year ago period.

2023 年第四季的營運費用為 7,690 萬美元，而去年同期為 6,280 萬美元。

The increase in operating expenses included non-cash charges totaling $17.6 million associated with our global operations review, which I described a moment ago.

營運費用的增加包括與我剛才描述的全球營運審查相關的總計 1760 萬美元的非現金費用。

Excluding these charges, operating expenses also reflected reduced non-production headcount expenses, lower restructuring expenses, reduced scale-up expense and lower selling expenses, partially offset by higher consulting fees compared to the year-ago period.

不包括這些費用，營運費用也反映了非生產人員費用的減少、重組費用的減少、規模擴大費用的減少和銷售費用的減少，但與去年同期相比，諮詢費用的增加部分抵消了這些費用。

Moving down the P&L, total other income net of $5.7 million was lower by approximately $1.2 million compared to the year ago period, reflecting decreased realized and unrealized foreign currency gains losses related to the Company's joint venture with PepsiCo, a planet partnership decreased by approximately $8 million year over year, reflecting the reduced scale of our jerky business versus the year ago period.

將損益表向下移動，其他總收入淨額為570 萬美元，與去年同期相比減少了約120 萬美元，反映出與公司與百事可樂（全球合夥企業）合資企業相關的已實現和未實現外匯收益損失減少了約8 美元年增 100 萬元，反映出我們的肉乾業務規模較上年同期下降。

Overall, net loss in the fourth quarter of 2023 was $155.1 million or $2.40 per common share compared to net loss of $66.9 million or $1.5 per common share in the year ago period.

整體而言，2023 年第四季的淨虧損為 1.551 億美元，即每股普通股 2.40 美元，而去年同期的淨虧損為 6,690 萬美元，即每股普通股 1.5 美元。

Net loss in the fourth quarter of 2023 included non-cash charges totaling $95.6 million.

2023 年第四季的淨虧損包括總計 9,560 萬美元的非現金費用。

As previously described, adjusted EBITDA was a loss of $125.1 million in the fourth quarter of 2023 compared to an adjusted EBITDA loss of $56.5 million in the year ago period.

如前所述，2023 年第四季調整後 EBITDA 虧損 1.251 億美元，而去年同期調整後 EBITDA 虧損 5,650 萬美元。

Turning now to our balance sheet, the Company's cash and cash equivalents balance, including restricted cash, was $205.9 million and total outstanding debt was $1.1 billion as of December 31, 2023.

現在轉向我們的資產負債表，截至 2023 年 12 月 31 日，該公司的現金和現金等價物餘額（包括限制性現金）為 2.059 億美元，未償債務總額為 11 億美元。

Net cash used in operating activities was $107.8 million in the year ended December 31, 2023, compared to $320.2 million in the year ago.

截至2023年12月31日止年度，經營活動使用的現金淨額為1.078億美元，去年同期為3.202億美元。

Period.

時期。

Capital expenditures totaled $10.6 million in the year ended December 3, 2023, compared to $70.5 million in the year ago period.

截至 2023 年 12 月 3 日止年度，資本支出總額為 1,060 萬美元，去年同期為 7,050 萬美元。

Let me now turn to our full year 2024 outlook.

現在讓我談談我們對 2024 年全年的展望。

We expect net revenues to be in the range of to $345 million and net revenues for the first quarter of 2024 are expected to be in the range of approximately $70 million to $75 million.

我們預計淨收入將在 3.45 億美元之間，2024 年第一季的淨收入預計將在約 7,000 萬美元至 7,500 萬美元之間。

Gross margin is expected to be in the mid to high 10s and is expected to be higher in the second half of the year relative to the first half, reflecting the timing of anticipated pricing actions and further production in sourcing activities.

毛利率預計將在 10 左右，下半年毛利率預計將高於上半年，反映了預期定價行動的時機和採購活動中進一步生產的時間。

Operating expenses are expected to be in the range of $170 million to $190 million, weighted slightly more towards the first half of the year and capital expenditures are expected to be in the range of $15 million to $25 million.

營運支出預計在 1.7 億至 1.9 億美元之間，其中上半年比重略高，資本支出預計在 1,500 萬至 2,500 萬美元之間。

Finally, in 2024, we plan to bolster our liquidity and potentially restructure our balance sheet.

最後，我們計劃在 2024 年增強流動性，並可能重組資產負債表。

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

至此，我將結束我的發言，並將電話轉給接線生以供您提問。

Thank you.

謝謝。

We will now begin the question and answer session to ask a question, you may press star then one on your telephone keypad.

我們現在將開始問答環節來提問，您可以按電話鍵盤上的星號然後再按一個。

If you are using a speakerphone, please pick up your handset before pressing the key to withdraw your question, please press star then two.

如果您使用免持電話，請在按按鍵撤回問題之前拿起聽筒，請按星號然後按兩顆。

At this time, we will pause momentarily to assemble our roster.

此時，我們將暫停片刻以集合我們的名單。

Our first question comes from Andrew Strelzik with BMO.

我們的第一個問題來自 BMO 的 Andrew Strelzik。

Please go ahead.

請繼續。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

This is Daniel Gould on for Andrew.

這是安德魯的丹尼爾古爾德。

Hi, Daniel.

嗨，丹尼爾。

When will the beyond four be rolled out and will that be a phased rollout and is pricing going to be rolled out alongside it?

超越四項何時推出？這是否會分階段推出？定價是否會隨之推出？

And what's the magnitude of pricing you plan on taking and kind of what channels and geographies is that platform?

您計劃採取的定價幅度是多少？該平台的管道和地理位置是什麼？

Thank you for the question.

感謝你的提問。

So we're very excited to have the beyond four come out.

因此，我們非常高興《超越四人組》的問世。

It will be shipping next month and probably start to gain broader distribution in April timeframe and into May.

該產品將於下個月發貨，並可能在 4 月和 5 月開始獲得更廣泛的分銷。

And that will be in US retail on pricing there to kind of separate issues on the beyond four, as I mentioned, my remarks was many years in the making and we were able to get it out as we roll into the summer season this year.

正如我所提到的，這將是美國零售業的定價問題，以及其他四個方面的單獨問題，我的言論是經過多年醞釀的，當我們進入今年夏季時，我們能夠將其發表出來。

But it does coincide well with some pricing changes that we have to take.

但這確實與我們必須採取的一些定價變化非常吻合。

And so they will be largely coincident and it certainly helps that there's some premium ingredients in beyond four and I think an enhanced value proposition in the on-floor to help support that pricing in terms of the magnitude.

因此，它們將在很大程度上是一致的，這肯定會有所幫助，因為超過四種的產品中存在一些優質成分，而且我認為現場增強的價值主張有助於支持在規模上的定價。

We should probably talk with retailers first before getting into the specific details on that.

在討論具體細節之前，我們可能應該先與零售商交談。

But the entire effort is really around making sure that we get back to very healthy margins.

但整個努力實際上是為了確保我們恢復到非常健康的利潤率。

And we did a tremendous amount of work on this question around elasticity work with an external firm and looked across our portfolio where we thought pricing had some headroom or room rather for growth and down.

我們與一家外部公司圍繞彈性工作圍繞這個問題做了大量工作，並審視了我們的投資組合，我們認為定價有一定的上升空間或空間，而不是成長和下降的空間。

And so I think we've made the right decisions here and just look forward to rolling it out there.

所以我認為我們在這裡做出了正確的決定，並期待在那裡推廣它。

It is really part if I could just reiterate some of the things that I was saying on our introductory remarks, it's part of an entire effort to really reset the business after that 12, 18 months of effort to reorient what we're doing from a much more growth at all cost focused operating model to one.

如果我能重申我在介紹性發言中所說的一些事情，這確實是一部分，這是在經過12、18 個月的努力重新定位我們正在做的事情之後，真正重新調整業務的整個努力的一部分。不惜一切代價實現更多以成長為中心的營運模式。

Now that is highly focused on sustainability, profitability.

現在高度關注永續性和盈利能力。

And so the pricing increase is just one of those things.

因此，價格上漲只是其中之一。

But if you look at all of the changes that we're making, whether it's a substantial reduction in operating budget, we'll be down significantly from from 2023 if we execute according to our '24 plan as well as a very substantial reduction in cash use.

但如果你看看我們正在做出的所有改變，無論是大幅削減營運預算，如果我們按照 24 小時計劃執行，我們的預算將比 2023 年大幅下降，並且大幅削減營運預算。現金使用。

And if you look at the global staff cuts we've made over the last several years because the one that we did in November was not insignificant at about 19%.

如果你看看過去幾年我們在全球範圍內進行的裁員，你會發現我們 11 月的裁員規模並不小，約 19%。

And so I think we've really rightsized the business to the size of the current opportunity and the growth that we want and critical ahead on pricing, you know, it is a very significant tool in restoring margin.

因此，我認為我們確實根據當前機會的規模和我們想要的成長來調整業務規模，並對定價至關重要，你知道，這是恢復利潤率的一個非常重要的工具。

It's not the only one.

這不是唯一的一個。

We're also well underway in terms of production efficiencies that we've been chasing.

在我們一直追求的生產效率方面，我們也進展順利。

And if you think about the magnitude of the effort over the last several years to put the business into a footprint that's consistent with the current opportunities.

如果您考慮過去幾年為將業務納入與當前機會一致的足跡所做的努力。

We go into 13 manufacturing locations that are external to our company down to one and bringing a lot of that production in-house to two to two benefit from much higher overhead absorption and some material flow efficiencies, things of that nature, reduce logistic costs, so on and so forth.

我們將公司外部的13 個製造地點減少到1 個，並將大量內部生產減少到2 到2 個，這得益於更高的間接費用吸收和一些材料流動效率，這種性質的事情，降低了物流成本，等等等等。

So it's really part and parcel with an entire effort to reorient the business toward sustainable and then profitable organizations.

因此，它確實是將業務重新定位為可持續且盈利的組織的整個努力的重要組成部分。

I think I mentioned in the opening remarks that we're going to discontinuing jerky at the same idea there.

我想我在開場白中提到，我們將出於同樣的想法停止生產肉乾。

And then this last, our goal business review to to take out some of the excess inventory and assets that we have from a write-down perspective and then be able to monetize those less pressure on on us.

最後，我們的目標業務審查是從減記的角度去除我們擁有的一些過剩庫存和資產，然後能夠將我們所承受的壓力較小的貨幣化。

So all these things, again, we were at one size and needed to get a little bit leaner.

所以，所有這些事情，再一次，我們都是同一個尺寸，需要變得更瘦一點。

I think we've done that now.

我想我們現在已經做到了。

And so in '24, I very much look forward to a lot of this coming to fruition, and it's reset beginning to really show.

因此，在 24 年，我非常期待這一切能夠實現，並且它的重置開始真正顯現出來。

That's really helpful.

這真的很有幫助。

Thank you to our team.

謝謝我們的團隊。

And just one more for me.

還給我一個。

Can you speak to your confidence in the gross margin guide?

您能談談您對毛利率指南的信心嗎？

So I'll give it to Louis, but I think the two main features that I just referenced.

所以我會把它交給路易斯，但我認為我剛才提到的兩個主要功能。

One is the pricing change as well as this consolidation of our production network and the increased some more continuing rather COGS reductions that you see throughout the last 12 months on those will, I think, help us significantly.

一是定價的變化以及我們生產網絡的整合，以及過去 12 個月中您看到的更多持續的 COGS 減少，我認為這將對我們有很大幫助。

And then also clearing out of some of the higher reserve levels of capability.

然後也清理出一些更高等級的儲備能力。

Yes, not a whole lot to add to that.

是的，沒有太多可補充的。

But I think just generally and speaking to sort of our confidence level, we feel pretty good about it, right.

但我認為總的來說，就我們的信心水平而言，我們對此感覺很好，對吧。

And so we did say in the guidance that we provided that we expect our gross margins to be higher in the back half relative to the first half.

因此，我們在指南中確實說過，我們預計下半年的毛利率將高於上半年。

And that's related to some of the timing around some of these actions or even already discussed the pricing.

這與其中一些行動的時間安排有關，甚至與已經討論過的定價有關。

One thing that we have communicated on prior calls as well is that we are on rolling back to to some degree, right, the level of promotions that we've done.

我們在之前的電話會議中也傳達過的一件事是，我們正在某種程度上回滾到我們已經完成的促銷水平。

We really did some aggressive promotions in 2023 as a means of trying to draw more consumers into the category.

2023 年，我們確實做了一些積極的促銷活動，試圖吸引更多消費者進入該類別。

We're taking a little bit of a different approach this year, the in-sourcing of finished goods production is something that I think should not be underestimated.

今年我們採取了一些不同的方法，我認為不應低估成品生產的內包。

As Ethan said, it really gives us an opportunity to sweat our assets more and benefit from and the fixed the fixed cost absorption as well as the fact is it helps us from a logistics cost perspective as well.

正如伊森所說，它確實給了我們一個機會，讓我們的資產更多地發揮作用，並從固定的固定成本吸收中受益，事實上，它從物流成本的角度也對我們有幫助。

Right?

正確的？

You can imagine if you have eight or 10 different co-manufacturers in your network, you know, you're transporting ingredients and work-in-process items to multiple locations that starts to have a detrimental effect on your logistics costs.

您可以想像一下，如果您的網路中有八個或十個不同的聯合製造商，您就會將原料和半成品運送到多個地點，這開始對您的物流成本產生不利影響。

And so all of these these things combined, I think, give us some pretty pretty good confidence that we should be able to achieve the margin targets that were, but we're seeking.

因此，我認為，所有這些因素結合起來，給了我們相當大的信心，我們應該能夠實現我們正在尋求的利潤目標。

The next question is from Adam Samuelson with Goldman Sachs.

下一個問題來自高盛的亞當·薩繆爾森。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Good afternoon.

午安.

So I just wanted a little bit easier.

所以我只是想輕鬆一點。

And I want to just make sure I'm thinking about 2024 outlook pieces correctly, frankly, given the revenue outlook you've given, given the gross margin outlook for kind of mid to high 10s on the operating expenses and there's some D&A and stock comp.

坦白說，考慮到您給出的收入前景、營運費用的毛利率前景為 10 左右，還有一些 D&A 和庫存，我想確保我對 2024 年前景的思考是正確的。比較。

So it's not all cash, but there's also the CapEx.

所以這並不全然是現金，還有資本支出。

It would still look like the cash burn based on the gross margin, less the OpEx, plus the less the less the CapEx add-backs in D&A and stock comp, you would still have a cash burn from operations in 2024 of $100 million plus some and a my missing something in terms of the non non-cash expenses in there.

看起來仍然是基於毛利率的現金消耗，減去營運支出，再加上 D&A 和股票補償中的資本支出加回，到 2024 年，營運中的現金消耗仍然為 1 億美元，再加上一些我漏了一些非現金費用。

And because I'm just trying to think about that level of cash burn in 2024 relative to an ending cash balance in '23 of putting $205 million, arguably kind of expecting to burn half or more of your cash balance in 2024 for further liquidity actions?

因為我只是想考慮一下2024 年的現金消耗水平，以及23 年期末現金餘額投入2.05 億美元的情況，可以說，我希望在2024 年燒掉一半或更多的現金餘額，以採取進一步的流動性行動？

Yes, I can.

我可以。

I'll answer and then hand it over.

我會回答然後把它交給你。

I do think we should probably after the call works as you work through this with you one on some of the puts and takes, we're pretty comfortable that it is going to come in at a reasonable number and lower than a than 100, certainly the midpoint, but I believe we can give guidance on that.

我確實認為我們應該在電話會議結束後，當你與你一起處理一些看跌期權和看跌期權時，我們很高興它會以合理的數字出現，並且低於 100，當然中點，但我相信我們可以就此提供指導。

Yes.

是的。

So Adam, I'm not sure you know what, the what assumptions you're baking in there in terms of, you know, some of the non-cash add-backs.

所以，亞當，我不確定你是否知道你在一些非現金附加回報所做的假設。

But um, I think the number that you were sort of that you referenced there, roughly $100 million.

但是，嗯，我認為您提到的數字大約是 1 億美元。

I think if you just looked at sort of you look at some of the big non-cash items, the depreciation and stock comp from last year and factor that in and then just take our guidance that would put us sort of right at the range that you're you're talking about.

我認為，如果你只關註一些大型非現金項目、去年的折舊和庫存補償，並將其考慮在內，然後採用我們的指導，這將使我們處於以下範圍：你就是你在說的。

Obviously, we expect to do better in certain areas.

顯然，我們希望在某些領域做得更好。

The other thing that's not and baked into those numbers, right.

另一件事情不是，並融入這些數字中，對吧。

We did.

我們做到了。

You know, part of the reason why we have these significant non-cash charges is we are writing down certain fixed assets right to move to estimated fair value so that we can sell them and start to monetize some of those those assets doing the same thing on the inventory side.

你知道，我們產生這些重大非現金費用的部分原因是我們正在減記某些固定資產，以便將其轉為估計公允價值，以便我們可以出售它們並開始將其中一些資產貨幣化，做同樣的事情在庫存方面。

And so that should come that should provide some benefit to cash as well.

因此，這應該也會為現金帶來一些好處。

And yes, we did talk about that.

是的，我們確實討論過這一點。

We're looking to bolster our liquidity.

我們正在尋求增強流動性。

So look, we're doing everything that we need to do to fix sort of the fundamentals of the business so that we are fundamentally a lower cash consumption business, right, with a longer-term goal, obviously, of getting to sustained free cash flow positive.

所以看，我們正在做一切我們需要做的事情來修復業務的基本面，以便我們從根本上成為一家現金消耗較低的企業，對吧，顯然，我們的長期目標是獲得持續的自由現金流正。

But we're being responsible as well.

但我們也有責任。

And this is why one of our objectives for 2024 is to bolster the balance sheet.

這就是為什麼我們 2024 年的目標之一是加強資產負債表。

But like I said, there's other puts and takes that just our guidance alone on its face would not necessarily consider it, but we think will provide a little bit of upside relative to the number that you are estimating.

但就像我說的，還有其他看跌期權和看跌期權，僅憑我們的表面指導不一定會考慮它，但我們認為相對於您估計的數字來說，這會提供一點上行空間。

Okay.

好的。

That's helpful.

這很有幫助。

And we take that offline.

我們將其離線。

If I could ask a follow-up.

如果我可以問後續情況。

Just on the outlook for revenues, which you have down 8% to roughly flat year over year for 2024 on what are volumes assumed in that at this juncture?

僅就收入前景而言，您預計 2024 年收入將年減 8%，基本持平，目前假設的收入量是多少？

I'm just trying to get a sense of how much price elasticity you really think would come from the higher price increases, the higher prices, particularly in US retail?

我只是想了解一下，您真正​​認為價格上漲會產生多大的價格彈性，尤其是在美國零售業？

Yes.

是的。

So we don't we don't necessarily guide to some volume, right?

所以我們不一定會指導某個卷，對嗎？

So we gave you the revenue dollar projection, but what I can say is we we looked at price elasticities very deeply as part of this exercise and we're looking at our at our pricing and it is going to vary by channel and region mix, et cetera.

因此，我們為您提供了收入預測，但我可以說的是，作為這項工作的一部分，我們非常深入地研究了價格彈性，我們正在研究我們的定價，它會因渠道和地區組合而異，等等。

But we believe and we feel pretty confident, right that and some in some of the areas where we are looking to take pricing that the elasticity with the changes in price will offset or more than offset the anticipated loss of volume as a result of the price increase.

但我們相信並且我們非常有信心，在我們尋求定價的一些領域，價格變化的彈性將抵消或超過抵消價格導致的預期銷售損失增加。

And so I don't want to get to specifics at a too specific on on volume numbers, but I'm generally speaking, right, we would expect the elasticity to be less than one.

因此，我不想過於具體地討論卷數，但一般來說，我們預期彈性會小於 1。

Okay.

好的。

So just to be clear there, some if you're still having revenue dollars down at the price increases offsetting volume declines, is the revenue declines, the dollar decline a function of exiting product lines or regions or what would be drive what would be underpinning the revenue dollar decline.

因此，需要明確的是，如果價格上漲抵消了銷售下降，收入仍然下降，那麼收入下降、美元下降是退出產品線或地區的函數，還是驅動因素是什麼？收入下降。

Okay.

好的。

Yes.

是的。

So some of that linked.

所以其中一些是有聯繫的。

So there is some exit of product lines, and we talked about Turkey as an example, the other thing is no, the reality is our US retail business, right continues to be challenged.

所以有一些產品線的退出，我們以土耳其為例，另一件事是沒有，現實是我們美國的零售業務，權利繼續受到挑戰。

And so there is some assumption in there which we hope will turn out to be conservative.

因此，我們希望其中有一些假設是保守的。

But nonetheless, we've seen a baseline of velocity erosion in the U.S. retail channel.

但儘管如此，我們已經看到美國零售通路的速度正在下降。

And so we're trying to factor that in, you know, particularly on the downside.

所以我們正在努力考慮這一點，尤其是不利的一面。

So that, you know, those are sort of the the key drivers, I guess some when you look at the lower end of the range, I think that's right.

所以，你知道，這些是關鍵的驅動因素，我想當你看看範圍的下限時，我認為這是正確的。

The from the continued kind of favorability in U.S. retail.

這是因為美國零售業持續受到青睞。

It's something that as you do your models, as we do our models, right, we didn't want to be too rosy a picture around.

就像你做你的模型一樣，就像我們做我們的模型一樣，對吧，我們不想讓事情變得太樂觀。

I think the general notion here is that we're doing a massive product launch.

我認為這裡的總體概念是我們正在進行大規模的產品發布。

That's, I think, transformative in terms of what we've done over the last years as probably the most important renovation we've done since that number done that we're also taking price.

我認為，就我們過去幾年所做的事情而言，這是變革性的，因為這可能是自我們也接受價格以來我們所做的最重要的改造。

So the two of those make it very hard to predict with a ton of certainty, any type of growth we just don't know.

因此，這兩者使得我們很難非常確定地預測我們不知道的任何類型的成長。

So we wanted to come in with something that was it reflected kind of current information and hope to change it and probably better.

因此，我們想要提供一些能夠反映當前資訊的東西，並希望對其進行更改，並且可能會做得更好。

Okay.

好的。

I appreciate all that.

我很感激這一切。

Color, I'll pass it on.

顏色，我傳一下。

Thank you.

謝謝。

To the next question is from John Baumgartner with Mahoney.

下一個問題是約翰·鮑姆加特納和馬奧尼提出的。

Please go ahead.

請繼續。

Good afternoon.

午安.

Thanks for the question.

謝謝你的提問。

From what I wanted to stick with the guidance for next year and specifically the OpEx, I mean, the midpoint you're guiding to it's about like a 25% drop from your recent sort of run rates from the global force reduction announced last quarter, I guess explains a small part of it, but I'm trying to understand the rest of that decline, especially in the context of what I guess, seems to be more reinvestment in marketing and brand-building at this point.

從我想堅持明年的指導，特別是營運支出來看，我的意思是，你所指導的中點大約比上季度宣布的全球兵力削減的近期運行率下降了 25%，我想解釋了其中的一小部分，但我試圖理解其餘的下降，特別是在我猜測的背景下，目前似乎對行銷和品牌建立進行了更多的再投資。

So I think I've said this before, but one of the things like say that marketing is that your marketing is a lot easier when it's true and that footprint it really gets to is you got to have a great product and I think Ed would manage it in an even more pointed way, which was a marketing what you do when your products?

所以我想我之前已經說過這​​一點，但行銷中的一件事是，當它是真實的時候，你的行銷會容易得多，而且它真正達到的足跡是你必須擁有一個偉大的產品，我認為艾德會以更尖銳的方式管理它，這是當你的產品時你所做的行銷？

No good Enda.

沒有好的恩達。

And what we have to do right is reengage the consumer into this entire category with products that are really delivering value to them in a way they understand.

我們必須做的正確的事情就是讓消費者重新融入整個類別，並提供真正以他們理解的方式為他們提供價值的產品。

And so for us, that's really about continuing to improve the taste, which I think we've done would be on for, but also addressing this fundamental issue around health.

因此，對我們來說，這實際上是為了繼續改善口味，我認為我們所做的就是為了這一點，同時也解決這個與健康有關的基本問題。

As I said in my prepared remarks, we really do have a set of products today can deliver fantastic alpha I've seen it in my own life and my family's, I've seen it in your studies we've done with Stanford, which I won't belabor today and in others.

正如我在準備好的演講中所說，我們今天確實有一套產品可以提供出色的阿爾法，我在我自己和家人的生活中看到了它，我在我們與史丹佛大學所做的研究中看到了它，我今天和其他人不會多說。

But yes, what we wanted to do was take another level.

但是，是的，我們想做的是達到另一個層次。

And we wanted to continue this march towards that perfect build.

我們希望繼續邁向完美的構建。

And I think we've taken a really big step here.

我認為我們已經邁出了很大的一步。

It is not just an iteration.

這不僅僅是一次迭代。

It's something that's more transformative than that.

這是比這更具變革性的事情。

And so to be able to have these products where you're enjoying the associate experience of Newberger or having a bonus or whatever you decide to do it.

因此，能夠擁有這些產品，讓您享受紐伯格的員工體驗，或獲得獎金，或您決定要做的任何事情。

And yet having a oil that that, for example, many in the fishing community that a community would characterize heart-healthy is something that that is new and it's something that changes the dynamic of the decision.

然而，例如，漁業社區中的許多人認為油對心臟健康是一種新的東西，它會改變決策的動態。

This went from five grams to two grams of saturated fat.

飽和脂肪從五克增加到兩公克。

And it's not just the composition of sorry, it's not just the the level of the fat in our product mix.

抱歉，這不僅僅是成分的問題，也不僅僅是我們產品組合中脂肪含量的問題。

The fact that it now comes from a source that I think is very well identified, is delivering benefits, not just because of the low levels because of what's in it.

事實上，它現在來自一個我認為非常明確的來源，正在帶來好處，而不僅僅是因為它的含量低。

So it's things like policy and Old Navy accidents and other plant compounds that depending on what study you want to look up, our people have attributed to being helpful in the area of cardiovascular disease or dementia or I know the health advisor scan, whatever it is.

因此，諸如政策和老海軍事故以及其他植物化合物之類的東西，取決於您想要查找的研究，我們的人員認為它們在心血管疾病或癡呆症領域有幫助，或者我知道健康顧問掃描，無論它是什麼。

There's a lot of benefit here.

這裡有很多好處。

We've also been able to reduce the sodium, which, as I said before, is a red herring, but it's still there and something we have to address.

我們也能夠減少鈉的含量，正如我之前所說，這是一個轉移注意力的話題，但它仍然存在，這是我們必須解決的問題。

And so at 14% of daily value.

所以是每日價值的 14%。

Now that's a significant improvement.

現在這是一個顯著的進步。

And then you look at the proteins, whether we're using not just the protein, but by going with Red lentils and followed the Interbrand price increase the protein amount.

然後你看看蛋白質，我們是否不僅使用蛋白質，還使用紅扁豆並遵循 Interbrand 價格來增加蛋白質含量。

So you have a product that fundamentally deliver a stronger value proposition and we'll certainly go to market around that.

因此，您擁有一種從根本上提供更強大價值主張的產品，我們肯定會圍繞它進入市場。

But there's also word of mouth in this community and there's a strong desire, whether it's the health community or the environment community within a welfare community for these products in this category to come back.

但這個社區也有口碑，無論是健康社區還是福利社區內的環境社區，都強烈希望這類產品能回歸。

And so I think we're going to leverage that.

所以我認為我們將利用這一點。

And you'll see us work a lot with veterans, dietitians and nutritionists and the medical community as well as with these very large health organizations.

您會看到我們與退伍軍人、營養師、醫學界以及這些非常大的衛生組織進行了大量合作。

I mentioned American Heart Association, American Diabetes Association.

我提到了美國心臟協會、美國糖尿病協會。

In fact, the American Diabetes, Don Seale will be on the package itself, clean label project and others.

事實上，美國糖尿病協會的 Don Seale 將關注包裝本身、清潔標籤項目等。

So we're going to have to market for sure but we're also going to do it in a way that look, this is a fundamental shift in the value propositions, enhanced increase, and I think people begin to realize that.

因此，我們肯定必須進行行銷，但我們也將以一種看起來像是價值主張的根本性轉變、增強的成長的方式來做，我認為人們開始意識到這一點。

So this use of grassroots marketing.

所以這就利用了草根行銷。

This use of institutions that are standing behind this, I think will allow us to do it much more efficiently.

我認為，利用背後的機構將使我們更有效地做到這一點。

And so some of the costs we've cut out of the business, I think only helped us to become profitable more quickly versus hurt us from back from a marketing perspective.

因此，我們從業務中削減的一些成本，我認為只會幫助我們更快地獲利，而不是從行銷的角度傷害我們。

(multiple speakers)

（多個發言者）

Okay.

好的。

Then to follow up on the gross margin guidance for 2024 on the improvement there, how much does that rest on the price increases?

那麼，為了跟進 2024 年毛利率指引的改善情況，這在多大程度上取決於價格上漲？

I mean I guess it sounds as though you're not building in much operating leverage from new volume growth, the co-man consolidation, I think has been accruing sort of quietly all along with the China anti-dumping duties and the pea protein.

我的意思是，我想聽起來好像你並沒有從新銷售成長中建立太多的營運槓桿，我認為隨著中國反傾銷稅和豌豆蛋白的增加，聯合人整合一直在悄悄增加。

I imagine input costs can't be all that beneficial this year.

我想今年的投入成本就不會那麼有利。

So it feels like the gross margin expansion in the guide a fair amount of it just boils down to the price increases that are I guess, can you walk through the kind of the relative contribution of magnitude there for the drivers?

因此，感覺指南中的毛利率擴張很大程度上歸結為價格上漲，我猜，您能介紹一下對司機的相對貢獻幅度嗎？

So I think you'll hear me talk a lot about how proud I am of the research development team here, and I often spend more time on it and you have the operations team and one of the things that I've felt hasn't been fair or not fair, but this has been unfortunate is that they're doing a really good job driving our fundamental cost structure down right, whether it's our facilities in Pennsylvania and Missouri.

所以我想你會聽到我經常談論我對這裡的研究開發團隊感到多麼自豪，我經常花更多的時間在這上面，而且你有運營團隊，而我覺得其中一件事還沒有無論公平與否，但不幸的是，他們在推動我們的基本成本結構下降方面做得非常好，無論是我們在賓夕法尼亞州和密蘇裡州的設施。

I mean, these are great operators that are really driving efficiency.

我的意思是，這些都是偉大的運營商，並且真正提高了效率。

And every quarter we have something that comes up.

每個季度我們都會出現一些情況。

Weather is dislocating from one co-packer and there's some fees or some high reserves coming in from legacy products or partnerships that have kind of disrupted that price and have not allowed them to shine publicly, although I see what they're doing.

天氣對代加工商來說是一種錯位，一些費用或一些高額儲備來自於遺留產品或合作夥伴關係，這在某種程度上擾亂了價格，並不允許他們公開發光，儘管我看到他們在做什麼。

And so as we steady and kind of bring in the production network, I think some of those savings that we're achieving in our facilities will start to come through a little bit better.

因此，當我們穩定並引入生產網路時，我認為我們在設施中實現的一些節省將開始變得更好一些。

And an example of that is just the scenario as we're taking production out of external networks into terminal utilization rates in our facilities are significantly improving overhead absorption and significantly improving.

一個例子就是這種情況，因為我們將生產從外部網路轉移到我們設施的終端利用率中，從而顯著提高了間接費用的吸收並顯著改善。

So these are things that I think even though we're going to be using, for example and beyond for some more premium ingredients they kind of offset and then even driven down somewhat over time by the internalization of our production and the continued reduction in in his overall cost.

因此，我認為，即使我們將使用一些更優質的成分，例如，它們也會抵消甚至隨著時間的推移，由於我們生產的內部化和生產量的持續減少，這些成分會下降。他的總成本。

So the guys were listening and gals are listening.

所以男人們在聽，女孩們在聽。

Appreciate it, and you guys got to keep it up.

欣賞它，你們一定要堅持下去。

We're finally going to be able to show it.

我們終於能夠展示它了。

Yes, I would just add, you know, I think it's fair to say that some of the some of the price increases are a significant factor that play into the gross margin expansion that we're targeting for next year.

是的，我想補充一點，你知道，我認為可以公平地說，其中一些價格上漲是影響我們明年目標毛利率擴張的一個重要因素。

But it's not just that on, as Ian mentioned, right, there's a lot of stuff that's been going on, you know, just across the on the production, our operations organization, et cetera.

但不僅僅是如此，正如伊恩所提到的那樣，在生產、我們的營運組織等方面，還有很多事情正在發生。

The other thing in addition to just price increases, we talked about pulling back on trade.

除了價格上漲之外，我們還討論了減少貿易的問題。

So the combined impact of those two things, right, actually has a pretty potentially meaningful impact on overall net revenue per pound.

因此，這兩件事的綜合影響實際上對每磅的整體淨收入具有相當潛在的有意義的影響。

And then you mentioned the internalization rate, the increase in sourcing of our in our finished goods production.

然後您提到了國際化率，以及我們在成品生產中採購的增加。

And you mentioned that some of that has been pretty much been accruing already.

你提到其中一些已經基本累積起來了。

I think that's true, but there still was a lot of noise in our cost of goods in 2023, even as we were internalizing, we're still dealing with some things like underutilization fees and things like that.

我認為這是事實，但 2023 年我們的商品成本仍然存在很多噪音，即使我們正在內部化，我們仍在處理一些問題，例如未充分利用費用等。

And I think you know that type of stuff should be significantly reduced in 2024.

我想你知道這類東西應該在 2024 年大幅減少。

And so now I think we know we are in a position where we start to benefit in a much more meaningful way from bringing a lot of those production volumes in-house.

因此，現在我認為我們知道我們正處於一個位置，我們開始透過將大量生產量引入內部來以更有意義的方式受益。

And then I mentioned a little bit earlier that there should be benefits as well from just a more streamlined network overall from in terms of logistics costs, when you look at some of these initiatives that were we're targeting now to reduce overall inventory balances that benefits warehousing costs and things like that.

然後我之前提到過，從物流成本方面來看，整體上更加簡化的網絡應該也有好處，當你看看我們現在的目標是減少總體庫存餘額的一些舉措時，有利於倉儲成本等。

Even the reclassification of some of these fixed assets to held for sale, right um, will have a beneficial impact from a depreciation perspective, right?

即使將其中一些固定資產重新分類為持有待售，對吧，從折舊的角度來看，也會產生有利的影響，對吧？

And so you combine all of these things together and that makes us feel pretty optimistic about where gross margins can go this year, but I think we will take it.

因此，將所有這些因素結合在一起，這讓我們對今年的毛利率走向感到非常樂觀，但我認為我們會接受它。

Your next question is from Robert Moskow with CD.

您的下一個問題來自 Robert Moskow，附帶 CD。

Cohen.

科恩。

Please go ahead.

請繼續。

I thanks for the question.

我感謝你的提問。

Even Lubi, it looks like the center of gravity is going to continue to shift to international markets for your business.

即使是魯比，看起來您的業務重心將繼續轉移到國際市場。

Can you speak to the profit margin profile of operating internationally?

能談談國際化經營的利潤率概況嗎？

How is it different from domestic.

和國內有什麼差別。

Can you operate it at a respectable margin overseas?

你能在海外以可觀的利潤經營嗎？

Or are there complicating factors that make it more difficult than here?

還是有一些複雜的因素使得事情比這裡更困難？

Thanks, Robert, and good to hear from you so when we think international, obviously, I've said a lot about Europe in the past and in some sense, Bill, that's becoming kind of zone operation over there.

謝謝羅伯特，很高興聽到你的來信，所以當我們考慮國際時，顯然，我過去已經說過很多關於歐洲的事情，從某種意義上說，比爾，這正在成為那裡的一種區域運作。

So it's not necessarily like we're shipping things from here or anything of that nature.

因此，我們不一定是從這裡運送東西或任何類似性質的東西。

They're driving a lot of the same cost reductions.

他們正在推動大量相同的成本降低。

We have a terrific partner there who does summer production.

我們在那裡有一個很棒的合作夥伴，負責夏季製作。

It's really a true partner to us as well as a very good general manager there and team.

它確實是我們真正的合作夥伴，也是我們和團隊非常優秀的總經理。

So I think I don't foresee that being particularly challenged from a cost perspective now and we're still pretty nascent there.

因此，我認為從成本角度來看，我認為現在不會面臨特別的挑戰，而我們在這方面仍處於起步階段。

So we do have to continue to adjust downward the cost structure, but that's possible and it's something that we'll continue focus on collect some of our retail pricing, for example, is just too high for those markets.

因此，我們確實必須繼續向下調整成本結構，但這是可能的，我們將繼續專注於收集一些零售價格，例如，對於這些市場來說太高了。

And so we need to continue to adjust it.

所以我們需要繼續調整它。

But that comes with time and further localization of our of our network, which is doable now just need to decide to do it.

但這需要時間和我們網路的進一步本地化，這是可行的，現在只需要決定這樣做。

And then on the kind of food service side, we're continuing to drive cost out of those products and improve margins.

然後在食品服務方面，我們將繼續降低這些產品的成本並提高利潤率。

And I think you'll start to see that come through in 2024.

我認為到 2024 年你就會開始看到這一點。

But yes, not a lot.

但是，是的，不是很多。

I would add to that, Rob.

我想補充一點，羅布。

But I think fundamentally, if you look at our international business relative to U.S., it does skew more towards foodservice and we have some we've built a pretty meaningful business now some of the large QSR customers in international and so as you can imagine, the margin profile for that business would look somewhat different for us than on the retail side.

但我認為從根本上來說，如果你看看我們相對於美國的國際業務，它確實更傾向於餐飲服務，我們已經建立了一些非常有意義的業務，現在有一些國際上的大型QSR 客戶，所以你可以想像，對我們來說，該業務的利潤狀況與零售方面的利潤狀況有些不同。

But I guess the short answer to your question about, you know, some do we have respectable margins in international?

但我想對你的問題的簡短回答是，你知道，我們在國際市場上是否有可觀的利潤？

I would say, yes, right.

我會說，是的，對的。

But As Ethan mentioned, there's still a number of things and initiatives that we're pursuing to come to to bring about even further improvement in margin international business.

但正如伊森所提到的，我們仍然在尋求許多事情和舉措，以進一步改善保證金國際業務。

And it is striking that you and it is directly responsive, but it just gives us opportunity.

令人驚訝的是，您和它都直接回應，但這只是給了我們機會。

It is it is striking to see the difference there in terms of uptake of the category and products.

令人驚訝的是，在品類和產品的接受度方面存在差異。

That thing I mentioned in my prepared remarks is significant within a several block radius in London, you're going to McDonald's getting Beyond Burger, you go into a Starbucks getting Beyond Sausage pizza and getting the pepperoni it some it's still these trends tend to to be stronger in Europe and then come over here.

我在準備好的發言中提到的那件事在倫敦的幾個街區範圍內很重要，你去麥當勞會得到超越漢堡，你會進入星巴克得到超越香腸披薩和意大利辣香腸，但這些趨勢仍然傾向於在歐洲變得更強，然後來到這裡。

And that's certainly our hope that we'll get through the verticalization of these protein choices here in the US and just get back to, hey, let's do something that's good for our health care environment.

當然，我們希望我們能夠在美國完成這些蛋白質選擇的垂直化，然後回到，嘿，讓我們做一些對我們的醫療保健環境有益的事情。

What we said, and they're very impressed that you're going to McDonald's and Burger King in London when you visit there.

我們所說的，當你訪問倫敦時，他們會去麥當勞和漢堡王，給他們留下了深刻的印象。

So keep up the good fight, but starting yet.

所以，繼續努力，但現在還沒開始。

But you also mentioned that pricing is too high for some of your products in the market.

但您也提到，對於您的某些產品在市場上的定價過高。

I think you've said that before.

我想你以前已經說過了。

Can you be more specific as to why that is it?

能更具體地說明為什麼會這樣嗎？

Is it more commoditized of the category in Europe or but how do I think about that?

在歐洲，該類別是否更加商品化，或者我如何看待這一點？

You know it a little bit give the details on it, but I was talking about retail, and I'm just we're still when you think about Beyond Meat 29 here in the United States, like we're still kind of getting going there in terms of the overall production process and things of that nature, but clearly further along than we were at that point, but maybe you can give some some detail.

你知道一點，請提供一些細節，但我說的是零售，我只是當你想到美國的 Beyond Meat 29 時，我們仍然處於起步階段。就整體生產流程和類似性質的事情而言，但顯然比我們當時的情況更進一步，但也許你可以提供一些細節。

Yes, Rob, I think come and one of the differences when you look at the retail landscape in the EU versus the U.S., is they have a much larger private label presence, right?

是的，羅布，我想，當你觀察歐盟與美國的零售業格局時，差異之一是他們擁有更大的自有品牌，對嗎？

And so I think the penetration of private label in the EU is about double from here in the U.S. And so there are there are some there is a much broader, I guess, portfolio of items that compete in our category.

因此，我認為自有品牌在歐盟的滲透率大約是美國的兩倍。因此，我認為有一些更廣泛的產品組合可以在我們的類別中競爭。

That's at a much lower price.

這是一個低得多的價格。

And the consumer in the EU does seem to be a little bit more predisposed towards private label than maybe the average US consumer.

歐盟消費者似乎確實比一般美國消費者更傾向於自有品牌。

We two years ago, we took some steps to close the price gap of our products relative to the broader competitive set in the EU, but certainly certain product categories where we still remain at a pretty healthy premium.

兩年前，我們採取了一些措施來縮小我們的產品相對於歐盟更廣泛的競爭產品的價格差距，但當然某些產品類別我們仍然保持著相當健康的溢價。

And I think over time, the goal would still be to tried to and compress that gap somewhat?

我認為隨著時間的推移，目標仍然是嘗試在一定程度上縮小這一差距？

Not necessarily.

不必要。

I don't know that there is a need to come down to the level of private label in the region, for example.

例如，我不知道該地區是否有必要降低到自有品牌的水平。

But there are areas where we think that the price gap is still some cheaper wider than where it needs to be.

但我們認為在某些領域，價格差距仍然比需要的範圍便宜。

But that's something that will occur over time.

但這是隨著時間的推移會發生的事情。

I mean, I don't I don't think it's something that we're immediately looking to to address and so on.

我的意思是，我不認為這是我們立即尋求解決的問題等等。

That's a that's just some some general fundamental differences.

這只是一些一般性的根本差異。

I think between the trade in the EU versus the U.S.

我認為歐盟與美國的貿易之間

Okay.

好的。

Thank you.

謝謝。

Thanks, Rob.

謝謝，羅布。

Thanks, Rob.

謝謝，羅布。

The next question is from Alexia Howard with Bernstein.

下一個問題是亞歷克西婭·霍華德和伯恩斯坦提出的。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good evening, everyone.

各位晚上好。

Good evening Alexia.

晚上好，亞歷克西婭。

Let's just get back to the dynamic in the US and how how do you go about recruiting lapsed consumers?

讓我們回到美國的動態，如何招募流失的消費者？

If people were somehow disappointed in previous products, what propels them back into this and especially if the price gaps to animal meat products are expanding because of the price increases you're planning to take?

如果人們對以前的產品感到某種失望，那麼是什麼促使他們重新陷入這種困境，特別是如果由於您計劃提價而與動物肉類產品的價格差距擴大？

And then specifically, I guess linked to that is marketing spend expected to be up or down in 2024.

具體而言，我認為與此相關的是 2024 年行銷支出預計會上升或下降。

So on the question of bringing people back into the category, some the biggest deterrent it has in this health question right.

因此，在將人們帶回這個類別的問題上，它在這個健康問題上具有最大的威懾力。

And you've heard me talk about it before that there is a it's not without interest and support from the industry and that needs to really be looked at as well I mean, it is it's not just the animal protein players and their lobbyists, but it's actually the pharmaceutical part members of the pharmaceutical industry, which I find to be kind of disturbing actually.

你之前聽過我談論過這個問題，這並不是沒有行業的興趣和支持，這也需要真正考慮，我的意思是，這不僅僅是動物蛋白參與者和他們的遊說者，而是實際上是製藥業的製藥部分成員，我覺得這其實有點令人不安。

And so we had to write the message and we can do that by yelling from the rooftops about the benefits of our existing products or we can just trying to make them even more healthier and unassailable at some point.

因此，我們必須寫下這個訊息，我們可以透過在屋頂上大喊我們現有產品的好處來做到這一點，或者我們可以只是試圖讓它們在某個時候變得更加健康和無懈可擊。

So that's what we've done.

這就是我們所做的。

I think beyond forward, we'll continue to do it.

我認為，除了未來，我們還會繼續這樣做。

You can expect future iterations to continue to drive improvements and then assist and linking up with associations and national institutions.

您可以預期未來的迭代將繼續推動改進，然後協助並與協會和國家機構建立聯繫。

That data really can validate what we're talking about and they help develop these products.

這些數據確實可以驗證我們所討論的內容，並有助於開發這些產品。

That's the fascinating part about this work is we didn't just do this in a conference room on our own.

這項工作的迷人之處在於我們不只是在自己的會議室裡完成這項工作。

We were out in the community talking to doctors and nutritionists.

我們在社區與醫生和營養師交談。

And each of these institutions.

以及這些機構中的每一個。

Our Head of Communications did an amazing job of pulling together an ecosystem of doctors and nutritionists and different national health organizations as well as universities.

我們的傳播主管出色地完成了將醫生、營養師以及不同國家衛生組織和大學組成的生態系統整合在一起的工作。

And we listened and we work very closely with them.

我們傾聽他們的意見並與他們密切合作。

And I can go back to individual conversations with individual doctors that relate to specific inputs that we use.

我可以回顧與個別醫生的個人對話，這些對話涉及我們使用的特定輸入。

And so I do think that there's an opportunity here for Com, organic style of marketing that relies on the power of social media that relies on the fundamental truth of the products to bring people back in.

因此，我確實認為 Com 有機會，有機的營銷風格依賴社交媒體的力量，依靠產品的基本事實來吸引人們回來。

And this wasn't just a health upgrade.

這不僅僅是健康升級。

And this was something that for years we've been focusing on creating much more of a neutral beef taste.

多年來，我們一直致力於創造更中性的牛肉口味。

As I've mentioned many times, there's over 4,000 molecules that make me taste like meat and our job is to use the scientific expertise we have here to match those with analogous or the same molecules in place and then find out what the main drivers are and incorporate this into our products.

正如我多次提到的，有超過 4,000 種分子讓我嘗起來像肉，我們的工作是利用我們擁有的科學專業知識來匹配那些具有類似或相同分子的分子，然後找出主要驅動因素是什麼並將其融入我們的產品中。

And I think the team has done an amazing job with this product doing that.

我認為團隊在這個產品上做得非常好。

So you get a benefit and help you get a benefit in taste and you get the word out.

這樣你就得到了好處，並幫助你在品味上得到好處，然後你就得到了宣傳。

And we've been very successful over the last decade in using people in a position of influence within society to carry that message because they believe in it.

過去十年來，我們非常成功地利用社會上有影響力的人來傳播這個訊息，因為他們相信這個訊息。

And when the message is this powerful, when you have the opportunity to help people really improve the cardiovascular health to really improve of the risk outcomes that they face in their day-to-day life.

當資訊如此強大時，當您有機會幫助人們真正改善心血管健康，真正改善他們在日常生活中面臨的風險結果時。

From a health perspective, there are folks in addition of influence that want to talk about that and so you're going to see us go back to that playbook and a very big way to get this message out and whether it's ambassadors and influencers, whether it's some of the institutions when you're trying to do some, there's good people recognize it, and there's a lot of truth to it.

從健康的角度來看，除了影響力之外，還有一些人想要談論這個問題，所以你會看到我們回到那個劇本，以及一個非常大的方式來傳達這個信息，無論是大使和有影響力的人，還是當你試著做一些事情時，有些機構會認可這一點，而且有很多道理。

You tend to get help.

你往往會得到幫助。

And I think we're going to get some help from our friends on this one.

我認為我們會在這方面從我們的朋友那裡得到一些幫助。

And when will it be out on shelf?

什麼時候會上架？

Is it a national launch in the first half of the year?

是上半年全國首發嗎？

Well, if that's a personal question, I can send you some equipment put into it.

好吧，如果這是個人問題，我可以向您發送一些放入其中的設備。

And if we can find, I think economically it really is singularly focused on just coming back to the marketing spend on, is that going to be up or down this year overall?

如果我們能發現，我認為從經濟角度來看，它真的特別專注於回到行銷支出上，那麼今年整體上會上升還是下降？

Just and then I'll pass it on.

就這樣我會把它傳承下去。

But yes, Alexia, we do expect in aggregate our marketing spend to be down, as you can imagine, if you look at our guidance, our OpEx guidance and you know the what that implies in terms of a year-over-year decline, we are taking a pretty broad cuts across the organization.

但是，是的，Alexia，我們確實預計我們的行銷支出總體會下降，正如你可以想像的那樣，如果你看看我們的指導，我們的營運支出指導，你就會知道這意味著同比下降意味著什麼，我們正在對整個組織進行相當廣泛的削減。

But I think when you start to dig down into specific areas of the business, specific departments, I mean what really matters is how that spend is going to be directed in, you know.

但我認為，當你開始深入研究業務的特定領域、特定部門時，我的意思是，真正重要的是如何引導支出，你知道。

So Eaton, I've touched on this, but it's really the mix of the marketing spend.

伊頓，我已經談到了這一點，但這實際上是行銷支出的組合。

And, you know, really taking a targeted approach being very deliberate about where we want to spend those marketing dollars.

而且，你知道，真正採取有針對性的方法，非常慎重地考慮我們想把這些行銷資金花在哪裡。

And so in aggregate, yes, it will be lower, but

所以總的來說，是的，它會更低，但是

--

--

I would comment on pricing here that you're right, that in certain areas, there will be a bit more of a delta between and we're putting ourselves, but in others, they will not be.

我想在這裡評論定價，你是對的，在某些領域，我們設定的價格之間會有更多的增量，但在其他領域，它們不會。

And so this is not a kind of a crude application of a price increase.

因此，這並不是提價的一種粗暴應用。

We have some very important partnerships and relationships, whatever pending on the product line, there won't be much change.

我們有一些非常重要的合作夥伴和關係，無論產品線上有什麼懸而未決的事情，都不會有太大的變化。

And so the content, including an retailer that you'll see some products where there's really not not that much change.

所以內容，包括零售商，你會看到一些產品實際上並沒有太大的變化。

But in the aggregate, based on the elasticity studies we did, we get a nice bump in terms of margin while still offering the consumer value for those that want.

但總的來說，根據我們所做的彈性研究，我們在利潤方面獲得了不錯的提升，同時仍然為那些想要的人提供了消費者價值。

Great.

偉大的。

Thank you very much.

非常感謝。

I'll pass it on to.

我會把它傳遞給。

The next question is from Peter Saleh with BTIG.

下一個問題來自 BTIG 的 Peter Saleh。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for taking the question on.

感謝您提出問題。

Sounds like you guys have done a lot of work on pricing and the level of pricing.

聽起來你們在定價和定價水準方面做了很多工作。

It sounds like it's a pretty meaningful change in your strategy.

聽起來這對你的策略來說是一個非常有意義的改變。

So I'm just curious, is this are you thinking about this as a one-time price hike to kind of get you in order here?

所以我只是很好奇，您是否認為這是一次一次性漲價，以便讓您在這裡秩序井然？

Or is this just a real meaningful change in strategy where you're thinking, you know, this will be a hike this year or maybe two hikes this year and more price hikes as we go forward just trying to understand how this strategy is really evolving on pricing?

或者這只是戰略上真正有意義的改變，你在想，今年將是一次加息，或者今年可能是兩次加息，並且隨著我們前進，只是試圖了解這一戰略是如何真正演變的，還會有更多的價格上漲關於定價？

And then can you just elaborate a little bit on your tiered pricing comments?

那麼您能詳細說明一下您的分級定價評論嗎？

Is this tiered by by distribution channel by product?

這是按分銷管道按產品分層的嗎？

Are some prices coming down or are all prices going up?

是部分價格下降還是全部價格上漲？

Just trying to understand those comments.

只是想理解這些評論。

Thanks.

謝謝。

Yes, I don't think it's a change in the long-term strategy meaning that if you if you think about and this is something I find endlessly fascinating, but we'll dive into too much of it.

是的，我不認為這是長期策略的改變，這意味著如果你仔細想想，這是我覺得無限迷人的事情，但我們會深入研究太多。

It just the incredible efficiency you have when you take a set of amino acids from plants versus waiting for that and animal to process and developed and bacteria and Internet-related the protein, all that stuff is just more efficient and so there will be a day when this dramatically underprice animal protein, but that's not today.

當你從植物中獲取一組氨基酸而不是等待動物加工和發育以及細菌和與互聯網相關的蛋白質時，你所擁有的令人難以置信的效率，所有這些東西都更加有效，所以有一天當時動物蛋白的價格大大低估，但那不是今天。

We did achieve price parity with certain products in certain markets here recently.

最近，我們確實在某些市場上實現了與某些產品的價格平價。

But in my view, and that was not a certainly a global statement at all in terms of the products that we still have a big delta for most of our products.

但在我看來，就產品而言，這根本不是一個全球性的聲明，我們的大多數產品仍然有很大的增量。

But I will say that the pricing measures we took, I don't know the minimum shipments.

但我要說的是，我們採取的定價措施，我不知道最低出貨量。

I think there's so much noise in the category so much noise about the category so much on agitation outside the category with people saying negative things about the category, scaring consumers away that pricing just wasn't as effective a tool.

我認為這個類別中有太多的噪音，關於這個類別的噪音如此之多，以至於人們對這個類別的負面言論在類別之外引起了騷動，嚇跑了消費者，因為定價並不是一個有效的工具。

And my view is that we probably end up selling a lot of our products to the same consumer, a reduced price.

我的觀點是，我們最終可能會以較低的價格向同一消費者出售大量產品。

So we learned that and moved away from it.

所以我們了解了這一點並遠離了它。

But I do think there's a real opportunity to continue to offer outstanding innovation and year after year that does have a more premium price on it.

但我確實認為，確實有機會繼續提供出色的創新，並且年復一年地提供更高的價格。

While you continue to offer some of the rest of your portfolio at lower price and so I do think you'll see that from us.

雖然您繼續以較低的價格提供您的投資組合的其餘部分，所以我確實認為您會從我們身上看到這一點。

And so when we talk about tiered part of that, is that type of dynamic.

因此，當我們談論其中的分層部分時，就是這種動態。

I think the other is with particular customers and channels.

我認為另一個是特定的客戶和管道。

So if you think about very large strategic customers, they're selling to take billions of orders a day.

因此，如果你考慮非常大的策略客戶，他們每天都會銷售數十億個訂單。

And that type of customer price sensitivity is so important and so we'll continue to drive those type of products to parity as quickly as we can.

這種類型的客戶價格敏感度非常重要，因此我們將繼續盡快推動此類產品達到平價。

I hope it helps.

我希望它有幫助。

Yes.

是的。

No, that's very helpful.

不，這非常有幫助。

And then just lastly, on my end given all the changes you guys are making do, but this to have a material impact on the number of doors that you're in in 2024?

最後，就我而言，考慮到你們正在做的所有改變，但這會對你們在 2024 年進入的門的數量產生實質影響嗎？

Yes, I think it's too early to tell.

是的，我認為現在說還為時過早。

And I meant to say it's uncertain to predict that.

我的意思是說，預測這一點是不確定的。

And I think it's just too early to tell.

我認為現在下結論還為時過早。

Yes.

是的。

I mean from the peer, the one thing that I'd call out in terms the distribution outlet is we are we said we are discontinuing the jerky product.

我的意思是，從同行角度來看，我在分銷管道方面要指出的一件事是，我們說我們將停止生產肉乾產品。

And as you know, there were some if there was a pretty significant distribution presence related to that product.

如您所知，如果與該產品相關的分銷存在相當大，那麼就會有一些。

It got us into certain channels like convenience, for example, where you look at the rest of our portfolio, it doesn't really play there.

它讓我們進入了某些管道，例如便利性，例如，當你查看我們投資組合的其餘部分時，它並沒有真正發揮作用。

And so certainly on the US retail side, if you include the right the impact of jerky, that those numbers should come down.

因此，當然在美國零售方面，如果考慮到肉乾的影響，這些數字應該會下降。

But apart from that, I think we're pretty well distributed across U.S. retail.

但除此之外，我認為我們在美國零售業的分佈相當廣泛。

So I wouldn't expect too much movement in those numbers.

因此，我預計這些數字不會有太大變動。

I think we would expect over time to continue to grow our presence across U.S. Foodservice and then it still feels like pretty early days for us in international, quite honestly.

我認為，隨著時間的推移，我們預計會繼續擴大我們在美國餐飲服務領域的影響力，但老實說，對於我們在國際市場來說，感覺還處於早期階段。

And so I think there's there's room for further distribution expansion in international markets in the EU and other areas and even same on the International Foodservice foodservices.

因此，我認為歐盟和其他地區的國際市場以及國際餐飲服務領域還有進一步擴大分銷的空間。

Great.

偉大的。

Thank you very much.

非常感謝。

Sure.

當然。

The next question is from Ben Theurer with Barclays.

下一個問題來自巴克萊銀行的 Ben Theurer。

Please go ahead.

請繼續。

Yes, thank you very much and I'll keep it short.

是的，非常感謝您，我會長話短說。

So thanks for.

所以謝謝。

Thanks for squeezing me to follow up a little bit on on on some of the dynamics in foodservice and kind of the success international versus and the declining trends in the US and also wanted to bring this back to some of the partnerships for the year.

感謝您讓我跟進一些餐飲服務的動態以及國際上的成功與美國的下降趨勢，並且還希望將其帶回今年的一些合作夥伴關係中。

Have you flowed out with young brands with McDonald's and so on.

有沒有麥當勞等年輕品牌流出。

So I know you've and you've talked a lot about the Madoff case over in the UK, but what are you seeing particularly with those foodservice players in the U.S. as it relates to your product and the rollout of does that and any color you can share on that, that would be much appreciated.

所以我知道您已經在英國談論了很多關於麥道夫案的事情，但是您特別是在美國的那些餐飲服務企業中看到了什麼，因為這與您的產品以及該產品和任何顏色的推出有關您可以分享這一點，我們將不勝感激。

Yes, I thank you very much for the questions Spirit one you guys have done in the past.

是的，我非常感謝你們過去提出的問題。

I really need to let those partners comment on their view on the category versus just a supplier to them so I want to be careful on that front.

我真的需要讓這些合作夥伴評論他們對該類別的看法，而不僅僅是他們的供應商，所以我想在這方面保持謹慎。

And I think that they look to the type of success we're having in Europe and then make decisions based on what they're going to bring here.

我認為他們會專注於我們在歐洲的成功類型，然後根據他們將為這裡帶來的​​東西做出決定。

But I will say the climate here has been so on since we're politicized earlier and clouded with this misinformation and things of that nature that we really had to straighten that out first from a get the right information out there, make sure the consumer understands the value proposition and I think the rest will follow from there.

但我要說的是，自從我們早些時候政治化以來，這裡的氣候就一直如此，並被這種錯誤訊息和類似性質的事情所籠罩，我們確實必須首先通過獲取正確的信息來糾正這一問題，確保消費者理解價值主張，我認為其餘的將由此而來。

I mean, if I could just on this be before that we're rolling out on what we're trying to do here is create a question in the consumer's mind as to why wouldn't you do this right.

我的意思是，如果我可以在此之前推出我們正在嘗試做的事情，那就是在消費者心中提出一個問題：為什麼你不正確地做這件事。

And of course, if it's too pricey, that's an answer, but we don't think it will be prohibitive as pricing and the health benefits are.

當然，如果它太貴，這也是一個答案，但我們認為它不會因為定價和健康益處而令人望而卻步。

So clearly, there have the support from the medical and nutrition communities there and pieces there.

很明顯，那裡得到了醫療和營養界的支持。

So that obviously environmental benefits and I will answer your question, but the the ability to resolve the main issue that people have in their hands about with clients through a change in how we get protein to center of the plate is absolutely phenomenal.

因此，這顯然對環境有利，我會回答你的問題，但是透過改變我們將蛋白質輸送到盤子中心的方式來解決人們與客戶之間的主要問題的能力絕對是驚人的。

And if you talk to people who studied this issue, whether it's the gentleman at yields in the video we did for beyond four or folks at NYU Medical, I guess one of them who study this and the use of land and biomass to bring carbon back out of the atmosphere and cooler climate and to reduce methane emissions, associate livestock, et cetera.

如果你和研究這個問題的人交談，無論是我們為超過四人製作的影片中的收益紳士還是紐約大學醫學院的人們，我想他們中的一個人正在研究這個問題以及利用土地和生物質來恢復碳遠離大氣層和涼爽的氣候，並減少甲烷排放、關聯牲畜等。

So on and so forth, it's an incredible opportunity until we're going to make sure that consumers understand that when we're talking about healing their body and helping them to achieve better health outcomes were also able to do that on on the planetary side.

等等，這是一個令人難以置信的機會，直到我們要確保消費者明白，當我們談論治癒他們的身體並幫助他們實現更好的健康結果時，他們也能夠在地球方面做到這一點。

And at some point, it becomes such a powerful value plus the consumer does come back and we need to take it away from the politics and you take it away from us versus them.

在某些時候，它會變得如此強大的價值，加上消費者確實回來了，我們需要將其從政治中奪走，而你將其從我們與他們手中奪走。

Farmers should be very much involved in this and making the great living doing it, not only growing our crops, but potentially receiving funds from the government to two to sequester carbon.

農民應該積極參與其中，並以此謀生，不僅種植農作物，而且有可能從政府獲得資金來封存碳。

And it's a real path forward for our country and the globe.

這對我們的國家和全球來說都是一條真正的前進道路。

So I think we've said to get people excited about that concept again, and the rest of the industry will follow in terms of restaurants and things of that nature, but feel for us to apply a lot of focus on that this year is probably not the right area, but let's continue to be successful with them in Europe.

因此，我認為我們已經說過要讓人們再次對這個概念感到興奮，並且該行業的其他公司將在餐館和此類性質的事物方面效仿，但感覺我們今年可能會重點關注這一點不是正確的領域，但讓我們繼續在歐洲取得成功。

And let's see what unfolds here in the US in the future.

讓我們看看美國未來會發生什麼。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ethan Brown for any closing remarks.

我想將會議轉回伊森·布朗（Ethan Brown）發表閉幕詞。

But thank you.

但謝謝你。

I would encourage folks to visit and put it in a press release with the video that we put together around beyond for again, to get a sense of the health benefits and to get a sense of the global environmental benefits from both of them are very strong.

我鼓勵人們參觀並將其與我們再次製作的影片一起放入新聞稿中，以了解它們對健康的益處，並了解它們對全球環境的益處是非常強大的。

I think both will bring the consumer back to this discussion and tasting is believing we're trying by type from a brand and as folks taste this new iteration, I think it will be done.

我認為兩者都會讓消費者回到這個討論中，品嚐相信我們正在嘗試從一個品牌的類型中獲得靈感，並且當人們品嚐這個新版本時，我認為它將會完成。

We'll be quite pleased with it.

我們會對此感到非常滿意。

So we're cautious in our optimism.

因此，我們對樂觀態度持謹慎態度。

We've actually had some tough years, but dumb but by making these changes and creating a sustainable baseline from which we can grow, we're going to create some room for ourselves to execute and get back on track for growth Thanks, everybody.

我們實際上經歷了一些艱難的歲月，但很愚蠢，但透過做出這些改變並創建一個可持續的基線，我們可以在此基礎上成長，我們將為自己創造一些執行空間並回到成長的正軌，謝謝大家。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。