超越肉類 (BYND) 2024 Q1 法說會逐字稿

Welcome to the Beyond Meat 2024 first quarter conference call.

歡迎參加 Beyond Meat 2024 年第一季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

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

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

Thank you.

謝謝。

Hello, everyone, and thank you for your participation on today's call.

大家好，感謝您參加今天的電話會議。

Joining me are Ethan Brown, Founder, President, and Chief Executive Officer and Lubi Kutua, Chief Financial Officer and Treasurer.

與我一起的還有創辦人、總裁兼執行長 Ethan Brown 和財務長兼財務主管 Lubi Kutua。

By now, everyone should have access to our first quarter 2024 earnings press release filed today after market close.

到目前為止，每個人都應該可以訪問我們今天收盤後提交的 2024 年第一季財報新聞稿。

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

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 today is unaudited and 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，今天提供的所有資訊均未經審計，在本次電話會議期間，管理層可能會做出聯邦證券法含義內的前瞻性聲明。

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 statement.

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 our earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

我們的財報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發生而更新。

We refer you to today's press release, our quarterly report on Form 10-Q for the quarter ended March 30, 2024 to be filed with the SEC and our annual report on Form 10-K for the fiscal year ended December 31, 2023, along with 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.

請參閱今天的新聞稿、我們將向 SEC 提交的截至 2024 年 3 月 30 日的季度的 10-Q 表格季度報告以及截至 2023 年 12 月 31 日的財年的 10-K 表格年度報告，以及與向美國證券交易委員會提交的其他文件一起詳細討論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, adjusted loss from operations and adjusted net loss, which are non-GAAP financial measures.

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、調整後的營運虧損和調整後的淨虧損，這些都是非 GAAP 財務指標。

While we believe these non-GAAP financial measures provide 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.

雖然我們相信這些非公認會計原則財務指標為投資者提供了有用的信息，但對這些信息的任何引用都不應被孤立地考慮或作為根據公認會計原則提出的財務信息的替代品。

Please refer to today's press release for a reconciliation of these non-GAAP financial measures for their most comparable GAAP measures.

請參閱今天的新聞稿，以了解這些非公認會計準則財務指標與其最具可比性的公認會計準則財務指標的調節表。

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'll begin with a brief overview of our Q1 2024 performance, after which I'll provide updates on the five priorities outlined on our previous earnings call and how we are building toward our goal of sustainable operations and return to growth.

我將首先簡要概述我們 2024 年第一季的業績，然後提供有關我們之前的財報電話會議中概述的五個優先事項的最新信息，以及我們如何實現可持續運營和恢復增長的目標。

Total net revenue above the top end of our $70 million to $75 million guidance range at $75.6 million, an 18% decline from Q1 and the previous year.

高於我們 7,000 萬至 7,500 萬美元指引範圍上限的總淨收入為 7,560 萬美元，比第一季和上一年下降 18%。

Gross margin was 4.9% higher than each of the three previous quarters, but a reduction from 6.7% in Q1 2023.

毛利率比前三個季度均成長 4.9%，但較 2023 年第一季的 6.7% 有所下降。

While we are pleased to return to positive gross profit for gross margin this quarter, this fell short of our expectations due to among other factors, trade discounts running a bit higher than plan transitional and start-up costs related to bringing production in-house as we continue to consolidate our network and incremental accelerated depreciation of certain fixed asset disposals.

雖然我們很高興本季度的毛利率恢復為正毛利潤，但由於其他因素，貿易折扣略高於計劃過渡和與內部生產相關的啟動成本，這未達到我們的預期我們繼續鞏固我們的網絡，並對某些固定資產處置進行增量加速折舊。

As this positive swing in margin occurred prior to the enactment of our price increases, the first tranche of which began rolling out last month and prior to completion of our network consolidation work as well as being impacted by the aforementioned accelerated depreciation.

由於利潤率的正面波動發生在我們提價之前，第一批漲價是在上個月、我們的網路整合工作完成之前開始推出的，並且受到上述加速折舊的影響。

We are optimistic regarding margin improvement across the balance of the year.

我們對今年剩餘時間的利潤率改善持樂觀態度。

Operating expenses in Q1 were $57.1 million.

第一季的營運支出為 5,710 萬美元。

It's $6.8 million reduction year-over-year.

年比減少 680 萬美元。

This operating expense total includes a $7.5 million accrual for consumer class action settlements which without operating expenses would have been $49.6 million, a reduction of $14.3 million year-over-year.

這項營運費用總額包括 750 萬美元的消費者集體訴訟和解費用，如果沒有營運費用，則為 4,960 萬美元，年減 1,430 萬美元。

This reduction in operating expense helped reduce our loss from operations to $53.5 million in Q1 '24 compared to $57.7 million in the year ago period.

營運費用的減少有助於我們將 24 年第一季的營運損失減少至 5,350 萬美元，而去年同期為 5,770 萬美元。

Adjusted loss from operations was $46 million, reflecting the exclusion of the $7.5 million accrual for the consumer class action settlement.

調整後的營運損失為 4,600 萬美元，其中不包括消費者集體訴訟和解中應計的 750 萬美元。

We will continue to drive efficiencies throughout the organization supported further operating expense reductions throughout 2024.

我們將繼續提高整個組織的效率，並支持 2024 年進一步削減營運費用。

Turning to our balance sheet and cash flow, Inventory fell to $122.5 million, down by $7.8 million from Q4 2023 and down by almost $100 million from Q1 2023.

談到我們的資產負債表和現金流，庫存降至 1.225 億美元，比 2023 年第四季減少 780 萬美元，比 2023 年第一季減少近 1 億美元。

And our cash consumption of $32.5 million in Q1 2024 was down significantly from $49 million in the same period in 2023.

2024 年第一季我們的現金消耗為 3,250 萬美元，較 2023 年同期的 4,900 萬美元大幅下降。

I should note that while inventories fell, the first quarter does represent a period of inventory build as we prepare for higher demand during our peak selling quarters.

我應該指出，雖然庫存下降，但第一季確實代表了庫存增加的時期，因為我們為銷售高峰季度的更高需求做好了準備。

This sales, which included inventories for the Beyond Burger four and Beyond Beef launch, meant that we parked more cash and finished goods inventory this quarter than we did in Q4 2023.

此次銷售包括 Beyond Burger 4 和 Beyond Beef 推出的庫存，這意味著我們本季儲備的現金和成品庫存比 2023 年第四季更多。

Coming off of this first quarter of the year and looking across 2024, we remain focused on driving further reductions in cash consumption.

結束今年第一季並展望 2024 年，我們仍然專注於推動現金消耗的進一步減少。

With that brief overview, I will now run more fully through the progress we're making against each of our product priorities for 2024.

透過這個簡短的概述，我現在將更全面地介紹我們針對 2024 年每個產品優先事項所取得的進展。

Well Lubi will follow with more detail on our overall financial performance in Q1 2024.

Lubi 將詳細介紹我們 2024 年第一季的整體財務表現。

First, getting near.

首先，靠近。

The first quarter of 2024 provides a clear proof point that our operations continue to get leaner and more efficient.

2024 年第一季清楚證明我們的營運持續變得更加精簡和有效率。

We realized a positive gross margin despite a lower revenue base while reducing operating expenses, inventory and cash consumption relative to the same period in 2023.

儘管收入基礎較低，但與 2023 年同期相比，我們實現了正毛利率，同時減少了營運費用、庫存和現金消耗。

Our continued emphasis on leaning out our operations also entails tightening our focus with regard to product portfolio, markets, consumer targets, claims and messaging, which leads me to our second priority Beyond IV.

我們對精實營運的持續重視也需要加強我們對產品組合、市場、消費者目標、聲明和資訊的關注，這讓我想到了 Beyond IV 的第二個優先事項。

In February, we unveiled Beyond Burger IV and Beyond Beef IV and across April, these products began rolling out in grocery stores, nationwide, including Walmart and Kroger.

二月份，我們推出了 Beyond Burger IV 和 Beyond Beef IV，四月份，這些產品開始在全國雜貨店推出，包括沃爾瑪和克羅格。

Through this fourth generation projects, which we expect will be fully distributed by Memorial Day, which is the leap forward on continuous improvement journey, that is our Rapid and Relentless Innovation Program.

透過第四代項目，我們預計將在陣亡將士紀念日之前全面分發，這是持續改進之旅的飛躍，這就是我們的快速和不懈的創新計劃。

As you'll recall, we iterate our product lines to cross border Galactic properties in a framework we refer to as SAAT for flavor aroma appearance and texture while driving improvements in nutrition costs and other considerations.

您可能還記得，我們​​在一個我們稱為 SAAT 的框架中迭代我們的產品線，以跨界銀河屬性，以實現風味、香氣、外觀和質地，同時推動營養成本和其他考慮因素的改善。

And Beyond core platform, as discussed previously, we placed considerable emphasis on unlocking further health gain.

如同前面所討論的，除了核心平台之外，我們還非常重視解鎖進一步的健康增益。

To this end, we work intensively with leading medical and nutrition experts as we built this next generation.

為此，我們與領先的醫療和營養專家密切合作，打造下一代產品。

Together with this network, our team, in my view, delivered a homerun and improves sensory experience of the nutritional build so impressive that it goes to market with a host of important validations.

在我看來，我們的團隊與這個網絡一起，創造了一個本壘打，並改善了營養構建的感官體驗，令人印象深刻，以至於它在​​進入市場時經過了一系列重要的驗證。

These include becoming the first plant-based meat brand to be recognized by the American Diabetes Association, evidence-based nutritional guidelines supports better choices for Life program.

其中包括成為第一個獲得美國糖尿病協會認可的植物性肉類品牌，基於證據的營養指南支持更好的生活計劃選擇。

Being featured in the collection of heart-healthy recipes certified by the American Heart Association's Heart Check program as well as an upcoming American Heart Association and beyond this cookbook, earning good housekeeping coveted nutritionist approved MLO, which assesses food products based on specific nutritional criteria as well as taste, simplicity and transparency.

被美國心臟協會的心臟檢查計劃以及即將推出的美國心臟協會認證的心臟健康食譜合集收錄，除此食譜外，還獲得了良好的家務管理令人垂涎的營養學家批准的MLO，該標準根據特定的營養標準評估食品以及品味、簡單性和透明度。

And finally, becoming the first plant-based meat products to be clean projects certified.

最後，成為第一個獲得清潔項目認證的植物肉產品。

As that has been the case with other disruptive innovations from history, innovation center today, commonplace everyday items, one of the biggest challenges overhead has faced is orchestrated misinformation regarding our product line.

正如歷史上其他顛覆性創新、今天的創新中心、常見的日常用品的情況一樣，我們面臨的最大挑戰之一是精心策劃的有關我們產品線的錯誤資訊。

As Beyond Burger IV and Beyond Beef IV approaches full distribution.

Beyond Burger IV 和 Beyond Beef IV 即將全面分銷。

We will launch our 2024 marketing program, which highlights their strongly validated helpfulness built with protein from yellow peas, Red lentils, brown rice and followed teams together with heart-healthy avocado oil.

我們將啟動 2024 年行銷計劃，重點強調其由黃豌豆、紅扁豆、糙米中的蛋白質和有益心臟健康的酪梨油製成的經過嚴格驗證的有益功效。

Beyond Burger IV and Beyond Beef IV provides consumers with 21 grams of clean protein with only two brands separate is that for service.

Beyond Burger IV 和 Beyond Beef IV 為消費者提供 21 克清潔蛋白質，兩個品牌的服務僅是分開的。

As the Beyond IV platform rolls out to more stores, we are pleased with the positive, though still anecdotal feedback is receiving from consumers as well as members of the health and wellness community, including nutritionists and dietitians.

隨著 Beyond IV 平台向更多商店推出，我們對消費者以及健康和保健社區成員（包括營養師和營養師）收到的正面回饋感到滿意，儘管這些回饋仍然是軼事。

And while consumer time today with a lengthy review of what has been a very gratifying initial introduction, but will instead share perhaps one of my favorite headlines thus far.

雖然今天的消費者時間對非常令人滿意的初步介紹進行了長時間的回顧，但我將分享迄今為止我最喜歡的頭條新聞之一。

This from good housekeeping, which simply states are registered dietitians can't start talking about Beyond Meat's newest launch.

這是因為良好的內務管理，簡單地說註冊營養師不能開始談論 Beyond Meat 的最新產品。

This headline is particularly important to me.

這個標題對我來說特別重要。

That represents our promise that we build plant-based meats that are not only delicious, but serve an important role in human health.

這代表了我們的承諾：我們生產的植物性肉類不僅美味，而且對人類健康發揮重要作用。

This and other similar views are also important because they help create strong relevance for large swath of consumers.

這一觀點和其他類似觀點也很重要，因為它們有助於為大量消費者創造強烈的相關性。

Whether quantified is roughly 160 million Americans who have some type of cardiovascular disease.

是否量化的是大約有 1.6 億美國人患有某種類型的心血管疾病。

The 97 million Americans were prediabetic or the 38 million Americans who are diabetic or the 25 million Americans who have high cholesterol.

9700 萬美國人處於糖尿病前期，3800 萬美國人患有糖尿病，2500 萬美國人患有高膽固醇。

We believe as do the nutritionists institutions and dietitians standing behind Beyond IV and we offer consumers the delicious yet powerful choice that can help them and their loved ones live healthier lives.

我們相信 Beyond IV 背後的營養學家機構和營養師也相信，我們為消費者提供美味而強大的選擇，可以幫助他們和他們的親人過上更健康的生活。

The aforementioned 2024 marketing campaign, which we are rolling out imminently will bring this message to life across a variety of media throughout the summer grilling season and beyond.

我們即將推出的上述 2024 年行銷活動將在整個夏季燒烤季節及以後透過各種媒體傳達這一訊息。

Moving on for products, I should note that we announced a newly renovated and expanded line of three different Beyond crumbles original, feisty and Italian style.

說到產品，我應該指出的是，我們宣布了一個新裝修和擴展的產品線，包括三種不同的 Beyond crumbles 原創、活躍和義大利風格。

These tasty bite-size crumbles go from frozen to finished just a few minutes and provide a delicious and healthy protein option throughout the day.

這些美味的一口大小的碎塊從冷凍到完成僅需幾分鐘，並提供全天美味健康的蛋白質選擇。

Beyond crumbles at 12 grams of protein per serving less than one gram assess reduced fat and no cholesterol.

除了每份 12 克蛋白質含量低於 1 克之外，還可以評估減少脂肪且不含膽固醇。

These are intended to join Beyond steak in the frozen now and as with Beyond steak, the Beyond prevalent assessments certified by the American Heart Association Heart Check program, the American Diabetes Association's better choices for Life program.

這些產品將立即加入冷凍的 Beyond 牛排中，與 Beyond 牛排一樣，Beyond 牛排經過美國心臟協會心臟檢查計劃（美國糖尿病協會更好的生活選擇計劃）認證的流行評估。

Moving forward, we expect to be introducing yet another delicious product set to this heart-healthy lineup later this year.

展望未來，我們預計將在今年稍後推出另一種美味產品，以增強心臟健康。

I'll turn now to our third priority, implementing changes to our US trade pricing programs beginning in Q2, which we believe will meaningfully impact gross margin.

現在我將討論我們的第三個優先事項，即從第二季度開始對我們的美國貿易定價計劃進行更改，我們相信這將對毛利率產生有意義的影響。

Our overarching goal is to restore margins to previous levels achieved in 2019 and 2020 over time.

我們的首要目標是隨著時間的推移將利潤率恢復到 2019 年和 2020 年實現的水平。

As we report, we've just passed through the second major tranche and majority of our pricing actions for the year.

正如我們所報告的，我們剛剛完成了今年的第二個主要部分和大部分定價行動。

These measures reflect a series of tiered pricing changes following a thorough analysis regarding elasticities in our frozen and fresh product offering and the introduction of Beyond IV additional premium ingredients among other factors.

這些措施反映了在對我們的冷凍和新鮮產品供應的彈性進行全面分析以及引入 Beyond IV 額外優質成分等因素後進行的一系列分級定價變化。

Fourth, we are nearing completion of the difficult task of consolidating our production network.

第四，生產網路整合的艱鉅任務即將完成。

Though our decision regarding the degree of consolidation reflects various factors depending on the co-manufacturing partner, we expect this comprehensive action to substantially contribute to margin as we emphasize the term production to benefit from better asset utilization, overhead absorption, production and logistics efficiencies, while also providing for better management of logistics and quality control.

儘管我們關於整合程度的決定反映了取決於聯合製造合作夥伴的各種因素，但我們預計這項綜合行動將大大提高利潤率，因為我們強調生產一詞受益於更好的資產利用率、間接費用吸收、生產和物流效率，同時也提供更好的物流管理和品質控制。

Finally, fifth, we are investing in our European business and related strategic partners.

最後，第五，我們正在投資我們的歐洲業務和相關戰略合作夥伴。

We continue to make progress with our quick service restaurant business in Europe and the UK, even as the quarters year-over-year numbers were impacted by the lapping of product load-in and promotional activities in the year-ago period that did not repeat in Q1 2024, they consumption trends toward value items in certain geography, reflecting broader macroeconomic conditions.

我們在歐洲和英國的快餐店業務繼續取得進展，儘管季度同比數字受到去年同期產品裝載和促銷活動的影響，但這些活動並未重複2024 年第一季度，他們在某些地區傾向於有價值的商品消費趨勢，反映了更廣泛的宏觀經濟狀況。

Looking forward, just today, McDonald's Germany kicked off its famous meals promotional campaign to all restaurants across Germany.

展望未來，就在今天，德國麥當勞向德國所有餐廳啟動了著名的餐食促銷活動。

The campaign features to celebrity favorite meals built around plant or plant nuggets exclusively.

活動的特色是專門圍繞植物或植物塊製作的名人最喜歡的食物。

Traditionally, Q1, McDonald's expanded availability of the plant burger across the Baltic countries of Latvia, Lithuania, and Estonia.

傳統上，第一季度，麥當勞在拉脫維亞、立陶宛和愛沙尼亞等波羅的海國家擴大了植物漢堡的供應。

In Europe, more broadly we launched Beyond state for foodservice in the Netherlands and a retail in Belgium as well as expanded availability of the Beyond Burger at club stores across the UK.

在歐洲，更廣泛地說，我們在荷蘭推出了 Beyond state 餐飲服務，在比利時推出了零售店，並在英國各地的俱樂部商店擴大了 Beyond Burger 的供應範圍。

Further, we are excited that we will soon be expanding our presence at retail in Germany, given our recent satisfaction of local shelf life for apartments and see continued opportunity for further distribution expansion in the EU and other international markets.

此外，我們很高興我們很快就會擴大在德國的零售業務，因為我們最近對當地公寓的保質期感到滿意，並看到在歐盟和其他國際市場進一步擴大分銷的持續機會。

To conclude, we believe that 2024 is a pivotal year for change and progress for Beyond Meat.

總而言之，我們認為 2024 年是 Beyond Meat 變革和進步的關鍵一年。

We began the year making solid strides along our 2024 strategy and correspondingly our path to sustainable operations and a return to growth.

今年伊始，我們就沿著 2024 年策略以及相應的永續營運和復原成長之路邁出了堅實的步伐。

We believe that our determination to sharply reduce our operating expenses and cash use, consolidate our production network, implement pricing changes to help restore margins and launch our most significant renovation to date Beyond IV for purposes of reinforcing as well as raising the bar on the health benefits of our plant-based meats amid sustained misinformation campaigns are beginning to pay off.

我們相信，我們決心大幅減少營運支出和現金使用，鞏固我們的生產網絡，實施定價調整以幫助恢復利潤，並啟動迄今為止最重大的改造Beyond IV，以加強和提高健康水平在持續的錯誤信息宣傳中，我們的植物性肉類的好處開始得到回報。

We expect to continue to harvest benefits from these actions across the balance of the year and beyond.

我們預計今年餘下時間及以後將繼續從這些行動中獲益。

These powerful measures and their early dividends, coupled with our initiative to bolster our balance sheet this year, infuse us with cautious optimism as we look forward.

這些強而有力的措施及其早期紅利，再加上我們今年加強資產負債表的舉措，讓我們在展望未來時充滿了謹慎樂觀的態度。

And with that, I'll turn the call over to Lubi to walk us through our Q1 financial results in greater detail as well as provide our outlook for 2024.

接下來，我將把電話轉給 Lubi，讓我們更詳細地了解第一季的財務業績，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。

I'll begin by reviewing our first quarter financial results before providing an update on our 2024 outlook.

我將首先回顧我們第一季的財務業績，然後提供 2024 年展望的最新資訊。

Net revenues decreased 18% to $75.6 million in the first quarter of 2024 compared to $92.2 million in the year ago period.

2024 年第一季淨收入下降 18%，至 7,560 萬美元，去年同期為 9,220 萬美元。

The decrease in net revenues was driven by a 16.1% decrease in volume of products sold and to a lesser extent, a 2.3% decrease in net revenue per pound.

淨收入下降的原因是產品銷售下降了 16.1%，其次是每磅淨收入下降了 2.3%。

Taking a closer look by channel, net revenues in our US retail and foodservice channels decreased by 16% and 16.2% respectively, primarily due to a decrease in the volume of products sold and reflecting continued macroeconomic and category-specific headwinds.

按通路仔細觀察，我們美國零售和餐飲服務通路的淨收入分別下降了 16% 和 16.2%，這主要是由於產品銷售量的減少以及宏觀經濟和特定類別逆風的持續影響。

Net revenues in our international retail and foodservice channels decreased by 12% and 28.7%, respectively.

國際零售和餐飲服務通路的淨收入分別下降 12% 和 28.7%。

Softness in our international retail channel, mainly reflected the lapping of large initial pipeline orders in Europe for our chicken innovation launches from a year ago as well as softer demand in the Canadian market for certain of our beef and pork items.

我們的國際零售通路疲軟，主要反映了一年前我們在歐洲推出的雞肉創新產品的大量初始管道訂單，以及加拿大市場對我們某些牛肉和豬肉產品的需求疲軟。

The year-over-year decline in our International Foodservice channel primarily reflected the lapping of strong sell-in of burger and chicken items to a large QSR customer in the year-ago period as well as generally softer demand in the UK.

我們的國際餐飲服務管道同比下降主要反映了去年同期對大型快餐客戶的漢堡和雞肉產品的強勁銷售以及英國需求普遍疲軟。

With regard to the UK, recessionary pressures appear to be dampening demand both in our retail and foodservice channels.

就英國而言，經濟衰退壓力似乎正在抑制我們零售和餐飲服務管道的需求。

Although we believe this to be a transitory effect.

儘管我們認為這是暫時的影響。

It's also worth noting that while the EU and Canada remain our two largest markets in the international space by some margin.

另外值得注意的是，儘管歐盟和加拿大在某種程度上仍然是我們在國際領域的兩個最大市場。

We do have presences in Mexico, Australia and certain parts of Asia among other regions where we did experience some idiosyncrasies that also impacted our first quarter results, albeit to a lesser expense.

我們確實在墨西哥、澳洲和亞洲某些地區以及其他地區開展了業務，在這些地區，我們確實經歷了一些特殊情況，這些特殊情況也影響了我們第一季的業績，儘管費用較少。

Turning to gross profit, gross profit in the first quarter of 2024 was $3.7 million, our gross margin of 4.9% compared to $6.2 million of gross margin of 6.7% in the year ago period.

談到毛利，2024 年第一季的毛利為 370 萬美元，毛利率為 4.9%，而去年同期毛利率為 620 萬美元，毛利率為 6.7%。

The year-over-year change in gross profit and gross margin reflected higher manufacturing costs, including depreciation, higher materials costs and reduced net revenue per pound, partially offset by lower inventory reserves and lower logistics costs per pound.

毛利和毛利率的同比變化反映了製造成本的增加，包括折舊、材料成本的增加和每磅淨收入的減少，但部分被庫存儲備的減少和每磅物流成本的降低所抵消。

Within manufacturing costs, although we realized solid benefits from our network consolidation efforts, we did also see transitional costs such as temporary labor and increased overtime in our own facilities as we brought in substantially higher production volumes in a short period of time.

在製造成本方面，儘管我們從網路整合工作中獲得了實實在在的好處，但我們也看到了過渡成本，例如臨時勞動力和我們自己工廠的加班費增加，因為我們在短時間內大幅提高了產量。

However, we saw encouraging sequential trends within the quarter and expect our meaningful insourcing of production volume.

然而，我們在本季度看到了令人鼓舞的連續趨勢，並預計我們將有意義地進行生產量內包。

It pays dividends in terms of reduce costs and improved quality in the coming periods.

它在未來一段時期內會在降低成本和提高品質方面帶來紅利。

Operating expenses were $57.1 million in the first quarter of 2024 compared to $63.9 million in the year ago period.

2024 年第一季的營運費用為 5,710 萬美元，而去年同期為 6,390 萬美元。

The decrease in operating expenses was primarily due to reduced non-production headcount expenses, lower marketing expenses and reduced selling expenses, partially offset by an increase in general and administrative expenses.

營業費用的減少主要是由於非生產人員費用的減少、行銷費用和銷售費用的減少，但部分被一般和管理費用的增加所抵消。

General and administrative expenses included a $7.5 million accrual for a consumer class action settlement associated with certain lawsuits that originated in 2022.

一般和管理費用包括與 2022 年發起的某些訴訟相關的消費者集體訴訟和解費用 750 萬美元。

Of the aforementioned settlement about and subject court approvals, we anticipate making a cash payment of approximately $250,000 in 2024 and the remainder in 2025.

在上述關於並須經法院批准的和解中，我們預計於 2024 年支付約 25 萬美元的現金，並於 2025 年支付剩餘部分。

Overall loss from operations was $53.5 million in the first quarter of 2024 compared to $57.7 million in the year ago period.

2024 年第一季的整體營運虧損為 5,350 萬美元，而去年同期為 5,770 萬美元。

Adjusted loss from operations, which excludes the aforementioned class-action settlement accrual was $46 million in the first quarter of 2024.

2024 年第一季調整後的營運虧損（不包括上述集體訴訟和解費用）為 4,600 萬美元。

Net loss was $54.4 million or $0.84 per common share in the first quarter of 2024 compared to net loss of $59 million or $0.92 per common share in the year-ago period.

2024 年第一季的淨虧損為 5,440 萬美元，即每股普通股 0.84 美元，而去年同期的淨虧損為 5,900 萬美元，即每股普通股 0.92 美元。

Adjusted net loss was $46.9 million was $0.72 per common share in the first quarter of 2024.

2024 年第一季調整後淨虧損為 4,690 萬美元，每股普通股虧損 0.72 美元。

Adjusted EBITDA was a loss of $32.9 million in the first quarter of 2024 compared to an adjusted EBITDA loss of $45.8 million in the year-ago period.

2024 年第一季調整後 EBITDA 虧損 3,290 萬美元，而去年同期調整後 EBITDA 虧損 4,580 萬美元。

While we still have a lot of work to do this represents our smallest adjusted EBITDA loss going back to the second quarter of 2021.

雖然我們還有很多工作要做，但這代表了我們自 2021 年第二季以來調整後 EBITDA 損失最小。

Turning now to our balance sheet and cash flow highlights, our cash and cash equivalents balance, including restricted cash, it was $173.5 million and total debt outstanding was $1.1 billion as of March 30, 2024.

現在轉向我們的資產負債表和現金流亮點，截至 2024 年 3 月 30 日，我們的現金和現金等價物餘額（包括限制性現金）為 1.735 億美元，未償債務總額為 11 億美元。

Net cash used in operating activities was $32.2 million in the quarter ended March 30, 2024, compared to $42.2 million in the year ago period.

截至 2024 年 3 月 30 日的季度，經營活動使用的現金淨額為 3,220 萬美元，去年同期為 4,220 萬美元。

Capital expenditures totaled $1.2 million in the quarter ended March 30, 2024, compared to $5.3 million in the year ago period.

截至 2024 年 3 月 30 日的季度資本支出總額為 120 萬美元，而去年同期為 530 萬美元。

Finally, I'll conclude my remarks by commenting on our 2024 full year outlook, which we are largely reaffirming as follows.

最後，我將透過評論我們的 2024 年全年展望來結束我的發言，我們基本上重申如下。

Net revenues are expected to be in the range of $315 million to $345 million for the full year.

預計全年淨收入將在 3.15 億美元至 3.45 億美元之間。

Net revenues for the second quarter of 2024 are expected to be in the range of $85 million to $90 million.

2024 年第二季的淨收入預計在 8,500 萬美元至 9,000 萬美元之間。

Gross margin is expected to be in the mid to high 10s range for the full year 2024 and is expected to be higher in the second half of the year relative to the first half.

預計 2024 年全年毛利率將在 10 左右左右，下半年毛利率預計將高於上半年。

Operating expenses, excluding the $7.5 million consumer class-action settlement are expected to be in the range of $170 million to $190 million weighted, slightly more towards the first half of the year.

扣除 750 萬美元的消費者集體訴訟和解金後，營運費用預計將在 1.7 億美元至 1.9 億美元之間，較上半年略有增加。

Lastly, capital expenditures are expected to be in the range of $15 million to $25 million.

最後，資本支出預計在 1500 萬至 2500 萬美元之間。

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

然後，我會將電話轉回給接線員，以解答您的問題。

Thank you.

謝謝。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good evening, everyone.

各位晚上好。

Hi, Alexia, hey there.

嗨，亞歷克西婭，嘿。

Hi, so I guess really my main question is around the confidence that you have in the sales outlook.

你好，所以我想我的主要問題是你對銷售前景的信心。

It feels as the last quarter, the pricing was down quite a bit and the volumes improved in this time.

感覺上個季度，價格下降了不少，而這次銷量有所提高。

Obviously, we've seen a big sequential increase on the pricing side, but the volumes have deteriorated.

顯然，我們看到價格方面連續大幅成長，但銷量卻惡化了。

So as you look out, what gives you the confidence to be able to reiterate on the full year guidance for improves over the summer during grilling season and so on.

因此，當您觀察時，是什麼讓您有信心重申全年指導，以在夏季燒烤季節等期間進行改進。

Thank you.

謝謝。

No, thank you for the question.

不，謝謝你的提問。

So I think we were rolling out toward the end of the first quarter, some of the most early shipments of the Beyond IV products.

因此，我認為我們將在第一季末推出 Beyond IV 產品的一些最早出貨的產品。

So those are hitting stores now and we expect to be in full distribution by Memorial Day.

因此，這些產品現已上市，我們預計將在陣亡將士紀念日之前全面分發。

And so a lot of the focus for us as a company has been on that reset.

因此，作為一家公司，我們的大部分注意力都集中在這種重置上。

I've spoken about this many times.

我已經多次談到這一點。

If you look at what has led to the deceleration of growth in the entire plant-based meat category, we believe it is perception around the health benefits of the products, which were quite strong.

如果你看看整個植物性肉類類別成長放緩的原因，我們認為這是對產品健康益處的認知，這種認知非常強烈。

If you think about 2020, for example, were -- survey results suggested they were that it was 50% or more of Americans felt that plant-based meat was healthy for them, whereas in 2022, that number was down at 38%.

例如，如果你想想 2020 年，調查結果表明，50% 或更多的美國人認為植物性肉類對他們來說是健康的，而到 2022 年，這個數字下降到 38%。

And my strong belief is that it declined further in subsequent years.

我堅信它在接下來的幾年裡會進一步下降。

And so we wanted to tackle that directly and tried to make our products as unassailable on the health side as they are on the climate and environment minimum welfare side of things.

因此，我們希望直接解決這個問題，並努力使我們的產品在健康方面像在氣候和環境最低福利方面一樣無懈可擊。

And so over this three year period of working with doctors, nutritionists, and dietitians, we did that in my view and this product that is now reaching full distribution later this month.

因此，在我看來，在與醫生、營養師和營養師合作的三年期間，我們做到了這一點，而該產品現在已在本月晚些時候全面分發。

It has been so well received by the not only medical community, but the nutrition and British dietitian community that we have high confidence that it addresses the number one issue in the category.

它不僅受到醫學界的好評，而且受到營養學和英國營養師界的好評，因此我們非常有信心它解決了該類別中的頭號問題。

And so if you think about the type of endorsements that I went through on the script there whether it's American Heart Association recipe program, whether it's American Diabetes Association, whether it's the clean label project certification, or Good Housekeeping Seal of nutrition, all of these things are signaling mechanism to the consumer that regardless of the misinformation out there, the orchestrated campaigns to suggest this and healthy.

因此，如果你想想我在劇本上經歷過的背書類型，無論是美國心臟協會食譜計劃，還是美國糖尿病協會，無論是清潔標籤項目認證，還是良好的管家營養印章，所有這些事情是向消費者發出信號的機制，無論存在什麼錯誤訊息，精心策劃的活動都表明這一點是健康的。

You can trust that this product has the health benefits that you'd expect it to have.

您可以相信該產品具有您期望的健康益處。

And so that's a very different scenario than the one we were facing a year ago.

因此，這與我們一年前面臨的情況非常不同。

Where there was just so much negative noise that was being jammed up about the category.

那裡有太多關於該類別的負面噪音。

And although we had studies where the work with Stanford, we did not have this kind of overarching framework of endorsement and support from nutrition and health and wellness community.

儘管我們與史丹佛大學合作進行了研究，但我們沒有這種來自營養和健康界的認可和支持的總體框架。

And if I could look at some of the earliest reviews of these products, whether it's Good Morning America saying we've raised the bar in nutrition and plant-based meat or eat this, not that, we were featured as one of the best new grocery products at '24, prevention magazine put us certainly the number one product for plant-based meat.

如果我能看一下這些產品的一些最早的評論，無論是《早安美國》說我們提高了營養和植物性肉類的標準，還是吃這個，而不是那個，我們都被評為最好的新產品之一《24 年食品雜貨預防雜誌》無疑將我們列為植物性肉類的第一大產品。

Eating Well, I think had done a really great review by nutritionists are registered dietitians around how this is a heart-healthy option and particularly relevant people who are struggling with cardiovascular issues, which by the way, is $160 million Americans I mentioned in my prepared remarks than women's health, selecting it as their number one favorite rather team favorites from plant-based meat.

吃得好，我認為營養師和註冊營養師對這是一種有益於心臟健康的選擇，特別是那些與心血管問題作鬥爭的相關人士做了非常好的評論，順便說一句，我在我的準備中提到了1.6 億美元的美國人評論比女性健康更重要，選擇它作為他們的第一最愛，而不是植物性肉類的團隊最愛。

So it took a lot of time, a lot of disciplinary effort, but we wanted to fix that fundamental perception issue around the category.

因此，我們花費了大量的時間和大量的紀律努力，但我們希望解決圍繞該類別的基本認知問題。

And so as we roll out in this pivotal year, we've taken all the steps that I went through in her remarks, whether it was bringing operating expenses down, feel continuing to bring our cost of goods down across the balance of this year, whether it's the price increase we're taking.

因此，當我們在這個關鍵的一年推出時，我們已經採取了我在她的演講中經歷的所有步驟，無論是降低營運費用，還是在今年餘下的時間裡繼續降低我們的商品成本，是否是我們正在採取的價格上漲。

We are stabilizing the business and then rolling out this very significant product.

我們正在穩定業務，然後推出這個非常重要的產品。

So we think for that reason that we will see some acceleration across the balance of the year.

因此，我們認為，出於這個原因，我們將在今年餘下的時間裡看到一些加速。

On a pricing that did not go into effect until this April 5, was first tranche and then May 5 roughly was the second tranche.

直到今年 4 月 5 日才生效的定價是第一批，然後大約在 5 月 5 日是第二批。

So that wouldn't have impacted our results in the first quarter.

因此，這不會影響我們第一季的業績。

In that case, may I follow up and ask whether you're seeing any preliminary pricing density as you introduce those price increases over the last month?

在這種情況下，我可以跟進詢問您在上個月推出價格上漲時是否看到任何初步定價密度？

We have it's too early to tell.

現在下結論還為時過早。

I mean, I think we were pleased with some of the -- some of what we've seen so far, but it's just too early, too early to tell.

我的意思是，我認為我們對迄今為止所看到的一些情況感到滿意，但現在下結論還為時過早。

But it is that the picture is somewhat clouded, right?

但情況有些陰暗，對吧？

Because not only are we introducing new pricing, but we're also introducing a new premium product.

因為我們不僅推出了新的定價，而且還推出了新的優質產品。

So there's just different diverse consumer.

所以有不同的不同的消費者。

So we'll wait and see, but we're optimistic.

所以我們會拭目以待，但我們很樂觀。

Okay.

好的。

Great.

偉大的。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Yeah.

是的。

Hey, good afternoon, Ethan and Lubi.

嘿，下午好，伊森和魯比。

So first of all, just wanted to follow up a little bit on that, like the initiatives, as you've laid out in order to just focus on the new products like a little bit of a premiumization on getting the right price points.

首先，我只是想跟進一下，就像您所製定的舉措一樣，以便專注於新產品，例如在獲得合適的價格點方面進行一點溢價。

So it felt like that in the quarter, prices were still on average, slightly down.

所以感覺這個季度的價格仍然處於平均水平，略有下降。

So can you help us understand how we should think about the cadence of the new product flowing into results and how that price points potentially going to move as you have like this more differentiated approach as to pricing.

那麼，您能否幫助我們了解我們應該如何考慮新產品轉化為結果的節奏，以及當您喜歡這種更具差異化的定價方法時，價格點可能會如何變化。

So how should we think about the cadence here for the coming quarters?

那我們該如何考慮未來幾季的節奏呢？

Yes, we won't get a full benefit from that in this quarter, although you will see definitely some benefit from it because it again is just reaching full distribution and the pricing went through in those two tranches of it makes it.

是的，我們不會在本季度從中獲得全部利益，儘管您肯定會從中看到一些好處，因為它再次剛剛達到全面分配，並且定價在其兩部分中完成。

So I think you can expect this quarter to see meaningful increase in net revenue per pound, in the US.

因此，我認為本季美國每磅淨收入將大幅成長。

And then, of course, we also have some activities elsewhere that are also, I think, going to be accretive to us from a margin perspective globally.

當然，我們在其他地方也有一些活動，我認為，從全球利潤的角度來看，這些活動也將為我們帶來增值。

Okay, and then just a quick follow-up as to the performance internationally which used to be the stronger market but felt a little softer this time just on and on and on a year-over-year basis, was there anything in particular that you could point us to what happened in the international markets that drove, particularly with volume decline?

好的，然後快速跟進一下國際市場的表現，這個市場曾經是走強的市場，但這次感覺有點疲軟，而且與去年同期相比，有什麼特別需要注意的嗎？發生了什麼，特別是在成交量下降的情況下？

Yeah, I think we are -- we remain very bullish about Europe, about some of other international markets, Canada, et cetera.

是的，我認為我們仍然非常看好歐洲、其他一些國際市場、加拿大等。

To main factors, I'll address retail first, we did sell in quite a bit of a new product in the first quarter of '23 in Europe.

對於主要因素，我將首先解決零售問題，23 年第一季我們確實在歐洲銷售了相當多的新產品。

That's our chicken product, and we're lapping that in Q1 of '24.

這是我們的雞肉產品，我們將在 24 年第一季進行生產。

And in the second -- we do have some exposure to both.

在第二個方面——我們確實對兩者都有一定的接觸。

Obviously, the UK, is a good and healthy market for us from an overall demand perspective as well as Canada.

顯然，從整體需求的角度來看，英國和加拿大對我們來說都是一個很好且健康的市場。

But in both cases, you see some recessionary factors in place there and consumer trading around looking more for value at the moment.

但在這兩種情況下，你都會看到一些衰退因素的存在，消費者目前正在四處尋找價值。

So those two issues on the retail side, I think led to -- led some of the lumpiness in that story.

因此，我認為零售方面的這兩個問題導致了這個故事的一些混亂。

I think on the International Foodservice side, somewhat similar in the sense that we were lapping a year ago, sell-in of chicken to one of our largest QSR as well as some additional burger sales loading.

我認為在國際餐飲服務方面，有點類似於我們一年前的情況，將雞肉出售給我們最大的快餐店之一，以及一些額外的漢堡銷售負載。

And then in a to the market that as mentioned, UK and Canada, overall slower sales, and some of our QSRs, another sort of related to our category, onto those two factors.

然後，正如前面提到的，英國和加拿大的市場總體銷售放緩，我們的一些 QSR（與我們的類別相關的另一種）涉及這兩個因素。

And I think some of it is typically on the QSR side really can be explained by timing.

我認為其中一些通常發生在 QSR 方面，確實可以透過時間來解釋。

We did see a pretty decent level of orders at the end of the fourth quarter of '23.

在 2023 年第四季末，我們確實看到了相當不錯的訂單水平。

And we did see some pretty healthy orders coming in as we started the second quarter here so.

當我們進入第二季時，我們確實看到了一些相當健康的訂單。

Had those moves, a few weeks, one or -- one or the other direction.

進行了這些舉動，幾週的時間，一個或一個或另一個方向。

I think we've been a little bit different story.

我認為我們的故事有點不同。

Okay, perfect.

好的，完美。

Thank you very much, Ethan.

非常感謝你，伊森。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

Yes, thank you.

是的，謝謝。

Good afternoon, everyone.

大家下午好。

Hi, there.

你好呀。

Hi, so it's a movie.

嗨，所以這是一部電影。

I was hoping to maybe get a little bit more color on the phasing of pricing and gross margins between the first half and the second half.

我希望能夠對上半年和下半年之間的定價和毛利率階段性有更多了解。

Just trying to think about full year getting to the mid to high 10s when we're at 4% in the first quarter, our 5% for sure, excuse me.

只是想一下，當我們第一季的成長率為 4% 時，全年成長率將達到 10% 左右，我們肯定是 5%，請原諒。

And then revenues first half, second half look to be about equally split and dollars wise based on the second quarter guidance.

根據第二季的指導，上半年和下半年的收入看起來大致相等，而且在美元方面也是如此。

And so as we think about getting to that mid to high 10s for the -- for the back half, it would seem to imply the back half gross margins are comfortably north of 20% kind of implied in that outlook.

因此，當我們考慮下半年達到中高 10 的水平時，這似乎意味著後半段的毛利率輕鬆超過該前景所暗示的 20%。

And if that's correct, can you just help us think about the magnitude of kind of pricing uplift that that helps push it there versus the magnitude of unit cost reductions in COGS that would improve the gross margins?

如果這是正確的，您能否幫助我們考慮一下有助於推動價格上漲的定價幅度，以及可提高毛利率的銷貨成本單位成本降低幅度？

It seems like there's anticipated contributions from both.

看來兩者都有預期的貢獻。

Thanks.

謝謝。

Yeah.

是的。

Thanks you.

感謝您。

This great question and you're absolutely right.

這是一個很好的問題，你是完全正確的。

We do see obviously some significant benefit from the pricing increase.

我們確實看到價格上漲明顯帶來了一些顯著的好處。

But I think also and so much work has gone into this.

但我認為這方面也做了很多工作。

I do want to pause on it for a minute, the consolidation of our network, and we did it for a number of reasons and some case quality, in some case, the cost and things of that nature.

我確實想暫停一下，我們的網路的整合，我們這樣做是出於多種原因和某些案例的質量，在某些情況下是成本和類似性質的事情。

But we wanted to begin the year with a lot more of the production under our own roof and we were able to do that.

但我們希望在今年開始時在我們自己的屋簷下進行更多的製作，我們能夠做到這一點。

There were some significant transitory costs in there from a transitioning perspective, whether it was temporary labor or overtime, some logistics, some start-up costs, and things of that nature.

從轉型的角度來看，其中存在一些重大的臨時成本，無論是臨時勞動力或加班費、一些物流、一些啟動成本以及類似性質的成本。

That did bring the overall margin for the quarter down.

這確實導致了本季的整體利潤率下降。

But if you look at the overhead absorption, we expect to see across the balance of the year as well, the efficiencies of being under one or two roads and then also reduced logistics and things of that nature.

但如果你看看管理費用的吸收情況，我們預計在今年餘下的時間裡也會看到，在一兩條道路下的效率，以及物流和類似性質的事情的減少。

You can begin to see quite a significant spread occurring between the price that we're charging and the cost of our production.

您可以開始看到我們收取的價格和生產成本之間存在相當大的價差。

So we do feel good about it for the balance of the year.

所以我們對今年剩下的時間確實感覺良好。

The amount of throughput that's flowing through our facilities right now is pretty impressive relative to where it was.

與以前相比，現在流經我們設施的吞吐量相當可觀。

So it's a lot of work, but it's the right thing.

所以這是很多工作，但這是正確的事情。

And if you look at the steps we're taking, I think one of the reasons I'm so optimistic about where we're headed is that business is getting leaner from an operations perspective.

如果你看看我們正在採取的步驟，我認為我對我們的發展方向如此樂觀的原因之一是，從營運的角度來看，業務正在變得更加精簡。

If you look it took $14 million out year-over-year, if you once adjust with the settlement.

如果你對和解協議進行調整的話，你會發現同比損失了 1400 萬美元。

We continue to bring down the overall size of the network and we're going to realize very significant, I think cost savings on a COGS basis for that raising price, there you're going to get additional margin.

我們繼續縮小網路的整體規模，我們將實現非常顯著的成本節省，我認為在提高價格的基礎上，您將獲得額外的利潤。

The new products that are coming out, address very squarely we could have just proliferate SKUs could have just relaunched this product in that product, but we wanted to address the fundamental issue going all of the category as the category leader.

即將推出的新產品非常直接地解決了我們可能只是激增的 SKU 可能只是在該產品中重新推出該產品，但我們希望解決所有類別作為類別領導者的根本問題。

I think we've done that.

我想我們已經做到了。

And by the way, that's opening up some new markets for us as we work with American Heart Association and others to address some of the disease states that are out there.

順便說一句，當我們與美國心臟協會和其他機構合作解決一些現有的疾病狀態時，這為我們開闢了一些新市場。

So all of these things to me are addressing the fundamental issues around the business and going to allow us this year to have the type of return to growth, whether it happened as you know, 12 months from now, 16 months now I can't say, but that we've been anticipating and so net-net, I feel very good about where the businesses and we're going to make these changes across balance of the year.

因此，對我來說，所有這些事情都在解決圍繞業務的基本問題，並使我們今年能夠恢復成長，無論它是否如你所知，從現在起12 個月後，現在16 個月後發生，我不能可以說，但我們一直在預期，所以我對企業和我們將在今年餘下的時間裡做出這些改變感到非常滿意。

And Adam, I'll just add to that.

亞當，我補充一下。

So I think it's a good question regarding what the margin trajectory looks like for the balance of the year, just given where we finished in Q1?

因此，我認為這是一個很好的問題，考慮到我們在第一季的表現，今年剩餘時間的利潤率軌跡是什麼樣的？

A couple of things, I'll say about Q1, and we mentioned this in the prepared remarks.

關於第一個問題，我要說幾件事，我們在準備好的評論中提到了這一點。

So first off, we have been -- we've talked about this for the last couple of earnings calls, sort of phasing out the -- some of the promotional activities that we were doing that were more on the aggressive side.

首先，我們在過去的幾次財報電話會議上討論了這一點，有點逐步取消我們正在進行的一些促銷活動，這些活動更加激進。

And what I will say is that we were encouraged to see that sequentially as we progress through the quarter.

我要說的是，隨著本季的進展，我們很高興看到這一點。

Our level of trade spend came down pretty nicely.

我們的貿易支出水準下降得相當不錯。

The other thing, Ethan mention this in his prepared remarks is, there was some -- we identified some incremental assets in the quarter.

伊森在他準備好的演講中提到的另一件事是，我們在本季度確定了一些增量資產。

We're still really just kind of wrapping up the -- that most of the heavy lifting as it relates to our network consolidation efforts.

我們實際上仍然只是完成與我們的網路整合工作相關的大部分繁重工作。

And there were some incremental fixed assets that we identified.

我們發現了一些增量固定資產。

And so that drove some higher depreciation costs in Q1.

因此，這導致第一季的折舊成本更高。

And then lastly, we mentioned this as well that there was some just on the direct labor side, right, some temporary labor and overtime and things like that that drove up our direct labor costs.

最後，我們也提到，有一些只是直接勞動力方面的問題，對吧，一些臨時工和加班之類的事情推高了我們的直接勞動成本。

Most of those right should be substantially less of a drag in the balance of the year.

大多數正確人士對今年剩餘時間的拖累應該會大大減少。

The other thing too is, as you know, pricing will become some we'll have the benefit of a full quarter's worth of pricing in the back half, right.

另一件事是，如您所知，定價將變得有些我們將在後半段獲得整個季度定價的好處，對吧。

We'll start to see some of that benefit in Q2, but then it kicks in in a more meaningful way in the back half.

我們將在第二季開始看到一些好處，但隨後它將在後半段以更有意義的方式發揮作用。

And I'll just remind you that as it relates to price not only are there was there pricing in terms of what we're doing from a list price perspective, but we've also rolled back up promotions and then all of the various efforts that we that we have going on in terms of the network consolidation, which should drive much better fixed cost absorption.

我只是提醒您，因為它與價格相關，不僅從標價的角度來看我們正在做的事情有定價，而且我們還回滾了促銷活動，然後是所有各種努力我們認為我們正在進行網絡整合，這應該會推動更好的固定成本吸收。

We're seeing logistics cost savings.

我們看到了物流成本的節省。

I think we're really encouraged to see the sequential progress that we saw in the first quarter in terms of our production costs.

我認為，看到第一季生產成本的連續進展，我們真的很受鼓舞。

And so we feel pretty good about our assumptions for the balance of the year.

因此，我們對今年剩餘時間的假設感到非常滿意。

And then you asked the question about the relative magnitude as it relates to pricing versus cost, I think price for sure is a significant component of it, but we are expecting to see some efficiencies from a cost perspective as well.

然後你問了關於定價與成本之間的相對大小的問題，我認為價格肯定是其中的重要組成部分，但我們也期望從成本角度看到一些效率。

Okay, that's all very helpful.

好的，這一切都非常有幫助。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Thanks.

謝謝。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, thank you.

嗨，謝謝你。

I wanted to follow up on the line of questioning about pricing, few here, right.

我想跟進有關定價的問題，這裡很少，對吧。

One, how are your customers reacting on given that you're raising prices as your cost decline and the category is still struggling a little bit.

第一，鑑於您隨著成本下降而提高價格，並且該類別仍然有點掙扎，您的客戶有何反應。

I guess the second one is how should we think about your competitors' reactions to your raising prices, what are you seeing or thinking you're going to see in the market?

我想第二個問題是我們應該如何考慮你的競爭對手對你提高價格的反應，你在市場上看到或認為你會看到什麼？

And then the third is what's in your guidance?

第三個問題是您的指導是什麼？

I mean, I don't need an exact number, but just are you being conservative enough on price elasticity in the markets where you're taking those meaningful increases?

我的意思是，我不需要確切的數字，但您在採取這些有意義的成長的市場中對價格彈性是否足夠保守？

So I know that's a lot.

所以我知道很多。

I just wanted to kind of dig in a little bit.

我只是想稍微深入一點。

Thank you.

謝謝。

Sure.

當然。

So I think on the first question, what we are seeing from some customers roll this out, it's just too early to tell.

所以我認為，關於第一個問題，我們從一些客戶那裡看到的情況是這樣推出的，現在下結論還為時過早。

I mean, it's just hitting the shelf now.

我的意思是，它現在剛剛上架。

We did have long discussions with a lot of the main retailers we work with around why we're doing this and with limited exception, most we're accepting.

我們確實與許多合作的主要零售商就我們這樣做的原因進行了長時間的討論，除了有限的例外，大多數我們都接受。

And we're doing this at a time when we're also offering a more premium set of products.

我們這樣做的同時，我們也提供了一套更優質的產品。

And so I think that made the discussions a lot easier.

所以我認為這使得討論變得更加容易。

From a competitive perspective, we're largely following a lot of price increases and obviously in retail, more generally.

從競爭的角度來看，我們在很大程度上關注價格的大幅上漲，顯然是在零售領域，更普遍的是。

But also if you look at our largest competitor, they went through a similar process about a year before us.

但如果你看看我們最大的競爭對手，他們比我們早一年經歷了類似的過程。

So I don't you anticipate much in terms of kind of strategic interplay from them.

所以我不認為你對它們之間的策略互動有太多期望。

I mean they are also trying to do what we're trying to do, which is drive their business toward profitability.

我的意思是，他們也在嘗試做我們正在嘗試做的事情，即推動他們的業務獲利。

So I don't think we're going to see a very strong discounting or something of that nature.

因此，我認為我們不會看到非常強烈的折扣或類似的情況。

But I can't promise it.

但我不能保證。

And then on guidance, just what's in it, we will answer it.

然後根據指導，我們會回答其中的內容。

Yeah, we do think that we are being appropriately conservative.

是的，我們確實認為我們是適當保守的。

We did a significant amount of work with an external consultant as we went through this price increase and we did various studies, consumer studies to tried to gauge what elasticity might look like.

在經歷這次價格上漲的過程中，我們與外部顧問進行了大量的工作，並進行了各種研究、消費者研究，試圖衡量彈性可能是什麼樣的。

We are baking into our estimates for the balance of this this year and elasticity, that's lower than one, but it's some -- but it's we feel like there's some conservatism baked into that.

我們正在對今年的平衡和彈性進行調整，這低於一，但它是一些 - 但我們覺得其中存在一些保守主義。

Okay.

好的。

Thank you for that.

謝謝你。

And then I appreciate the help with guidance for 2Q sales.

然後我很感謝您對第二季銷售指導的幫助。

Just thinking about the other factors in terms of -- I know there's been questions about the cadence of the gross margin.

只要考慮一下其他因素——我知道人們對毛利率的節奏有疑問。

How do we think about -- where would you like it to be generally?

我們如何思考──你希望它一般在哪裡？

I'll just ask it directly for the gross margin in 2Q and then an EBITDA, the Street's modeling, I think, negative $25 million for adjusted EBITDA.

我會直接詢問第二季的毛利率，然後詢問 EBITDA，我認為華爾街的模型調整後的 EBITDA 為負 2500 萬美元。

Just how reasonable do you think that is in light of where you're pointing people to for the top line?

考慮到您向人們指出的收入來源，您認為這有多合理？

Yeah.

是的。

In terms of -- in terms of margin, I would say we would expect to see a pretty decent sequential improvement, obviously from Q1 to Q2.

就利潤率而言，我想說，我們預計會看到相當不錯的連續改善，顯然是從第一季到第二季。

The Q2 does tend to be our highest volume quarter as well.

第二季也往往是我們銷售量最高的季度。

Just as we're entering the grilling season and things like that.

正當我們進入燒烤季節之類的時候。

So usually we will see some benefit from just fixed cost absorption, but then obviously with the price increases starting to kick in and as I mentioned, our freight rate has been coming down, we would expect to see a pretty meaningful sequential improvement.

因此，通常我們會從固定成本吸收中看到一些好處，但顯然隨著價格開始上漲，正如我所提到的，我們的運費一直在下降，我們預計會看到相當有意義的連續改善。

And then in the back half, we also would expect to see probably you wouldn't see the same step as we would expect to see going from Q1 into Q2, but we would expect there would be some incremental improvement versus Q2 in the back half just as a result of the fact that we'll have additional -- will have a full quarter's benefit of the price increase is the main driver in both quarters in Q3 and Q4.

然後在後半部分，我們也預計您可能不會看到與我們預期從第一季度到第二季度看到的相同步驟，但我們預計後半部分相對於第二季度會有一些增量改進因為價格上漲是第三季和第四季兩季的主要驅動力，我們將獲得額外的整個季度的收益。

And then

進而

(multiple speakers)

（多個發言者）

Please go ahead.

請繼續。

I mean the question on EBITDA, could you just remind me what was the question there?

我的意思是關於 EBITDA 的問題，你能提醒我那裡的問題是什麼嗎？

Yeah.

是的。

I am just trying to figure out a way to ask if this consensus number of negative $25 million is kind of in the ballpark of where you'd like us to be?

我只是想找到一種方法來詢問負 2500 萬美元的共識數字是否在您希望我們達到的範圍內？

Yeah, we don't -- I don't want to provide specific guidance by quarter for EBITDA, so I'll leave it at that.

是的，我們不想——我不想按季度提供 EBITDA 的具體指導，所以我就這樣吧。

Yeah.

是的。

If I can ask a quick one, Lubi, I'm not sure take too much time, but the EBITDA guidance for the year.

如果我能快速問一個問題，Lubi，我不確定會花太多時間，但今年的 EBITDA 指導。

Does that include or exclude the $7.5 million accrual?

這包括還是排除 750 萬美元的應計費用？

Just to be clear.

只是要明確一點。

We didn't guide to EBITDA, but we did guide to operating expenses, and that excludes the $7.5 million.

我們沒有指導 EBITDA，但我們指導了營運費用，其中不包括 750 萬美元。

Right.

正確的。

That's right.

這是正確的。

Thank you.

謝謝。

I apologize.

我道歉。

No problem.

沒問題。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you, good afternoon.

謝謝你，下午好。

Hi, good afternoon.

嗨，下午好。

Hi, there.

你好呀。

Just curious if you could update us on sort of the state of the union for SKU rationalization and how much of that work is done or midstream versus Deltacom and obviously you've given the revenue guidance that wraps it all together.

只是好奇您是否可以向我們介紹一下 SKU 合理化的聯盟狀況以及與 Deltacom 相比完成了多少工作，顯然您已經給出了將所有這些內容結合在一起的收入指導。

But how do we think about that as a piece of what we and what are the moving parts for revenues?

但我們如何將其視為我們的一部分以及收入的移動部分是什麼？

Yeah.

是的。

No, thanks for the question.

不，謝謝你的提問。

So obviously, we continue to complete the process of exiting jerky.

所以很明顯，我們繼續完成退出生澀的過程。

In terms of the overall emphasis and skews you're going to use, you'll see us very much lean into the Beyond IV platform this year, including launching a very I think it can be impactful and significant marketing campaign as we roll into more of it.

就您將要使用的整體重點和偏向而言，您會看到我們今年非常傾向於 Beyond IV 平台，包括推出一項非常有影響力和重要的營銷活動，因為我們將推出更多內容它的。

But in terms of announcing any major skew reductions or things of that nature, we're not in a position to do that.

但就宣布任何重大偏差減少或類似性質的事情而言，我們無法這樣做。

Okay.

好的。

That's helpful.

這很有幫助。

And just maybe a little bit of a higher level.

也許只是更高一點的水平。

Can you help us understand maybe if your target consumer has changed at all?

您能否幫助我們了解您的目標消費者是否改變了？

And I appreciate there's definitely some health and wellness seeking consumers, but certainly even quite a lot of them prioritize taste.

我很欣賞肯定有一些追求健康和保健的消費者，但當然，他們中的許多人也優先考慮口味。

And I'd say historically, when you've talked about targeting mainstream consumers, it would seem like that's an even bigger priority and our survey work always points to that.

我想說，從歷史上看，當你談到針對主流消費者時，這似乎是一個更重要的優先事項，我們的調查工作總是指出這一點。

So I know you've called out some doctor and dietitian support for Beyond IV, but for the consumer who doesn't pay attention or care, is that just not kind of your audience the way that might have been in the past?

所以我知道你已經呼籲一些醫生和營養師支持Beyond IV，但對於那些不關注或不關心的消費者來說，這是否不像過去那樣對你的觀眾友善？

Or how do we think about just the universe of consumers and how to excite them all?

或者我們如何思考消費者的世界以及如何激發他們所有人？

Yeah.

是的。

No, it's a -- that's a great question.

不，這是一個很好的問題。

My emphasis on the health side of things is simply because of the misinformation campaign.

我對健康的強調只是因為錯誤訊息運動。

We would not make these changes at the expense of test.

我們不會以犧牲測試為代價來進行這些更改。

And in fact, the team was able to score higher on Century test would be on four platform versus Beyond III.

事實上，該團隊在四個平台的 Century 測試中比 Beyond III 獲得了更高的分數。

As we do large testing is called CLT central location testing with consumers and don't move forward unless there's some statistically significant benefit that we see and so we did gain on the Century side as well as on the health side.

當我們進行大型測試時，我們將其稱為 CLT 中心位置測試，除非我們看到一些統計上顯著的好處，否則我們不會繼續進行，因此我們確實在世紀方面和健康方面都取得了進展。

And the reason that that I'm so focused on making sure people understand the health benefits is one, we want to bring back in that very close in early adopter consumer that maybe has been scared away.

我如此專注於確保人們了解其健康益處的原因之一是，我們希望讓早期採用者消費者非常接近，而他們可能已經被嚇跑了。

And so I think these changes are starting to do that and whether it's the inclusion of more premium ingredients.

所以我認為這些變化已經開始做到這一點，以及是否包含更多優質成分。

We have red lentils, fiber being, CLP's and brown rice, for example, avocado oil, bringing the saturated fat down to just two grams.

我們有紅扁豆、纖維、CLP 和糙米，例如酪梨油，將飽和脂肪降至僅兩克。

So you're sitting down having a barbecue.

所以你坐下來吃燒烤。

You've got either an animal protein, that is 8.5 grams or so, a fatter and fatter, you have beyond which has two brands of heart-healthy, avocado oil and saturated fat.

你要么吃動物蛋白，即 8.5 克左右，要么吃越來越多的脂肪，除此之外還有兩個品牌的有益心臟健康的鱷梨油和飽和脂肪。

And so it's not an either or we have to satisfy both.

所以這不是一個非此即彼的問題，否則我們必須同時滿足兩者。

And I think that that's the magic of Beyond Meat as we've done that in this case.

我認為這就是 Beyond Meat 的魔力，因為我們在這個案例中做到了這一點。

And in doing that, not only do we bring back some of those consumers that maybe we're kind of discouraged from or taking, but we also do open ourselves up to be a real solution for consumers that whether they're I think if you saw the video we did with a doctor -- doctor hospital and they're talking about between the ages of 12 and 14, [2/3] of Americans used early signs of high cholesterol disease curve cholesterol disease, rather.

在這樣做的過程中，我們不僅會帶回一些我們可能會感到氣餒或接受的消費者，而且我們也會開放自己，成為消費者的真正解決方案，無論他們是我認為如果你看了我們和醫院醫生一起做的視頻，他們談論的是12歲到14歲之間，[2/3]的美國人使用高膽固醇疾病曲線的早期跡象，而不是膽固醇疾病。

So whether this is about providing your family and your children with something that's going to benefit them over the long run, whether it's about addressing any concerns you have about your own health.

因此，這是否是為了向您的家人和孩子提供長期有益的東西，是否是為了解決您對自己健康的任何擔憂。

This is a really important solution for that, which is different than just saying, this taste just like meat.

這是一個非常重要的解決方案，這與僅僅說這種味道就像肉不同。

And so we are going to emphasize that as we move forward and it opens up, obviously those much bigger categories that I talked about and it's necessary because there has been a very sophisticated campaign to suggest that our products are healthy.

因此，我們要強調，隨著我們的前進和開放，顯然我談到的那些更大的類別是必要的，因為已經有一個非常複雜的活動來表明我們的產品是健康的。

And so we wanted to come back and as I said before, are in shopper data and just become even more clear on the health benefits.

因此，我們想回來，正如我之前所說，我們在購物者數據中更清楚地了解其對健康的益處。

I think at some point, the opposition to all of this will overstepped themselves and overstate their case because at the end of the day, what they're doing is discouraging people from making a choice that could really help them become healthier, right?

我認為在某種程度上，反對這一切的人會超越自己並誇大他們的觀點，因為到最後，他們所做的就是阻止人們做出真正可以幫助他們變得更健康的選擇，對嗎？

And at some point that cynical approach is going to become apparent.

在某些時候，這種憤世嫉俗的做法將會變得明顯。

And I think the more doctor’s nutritionists registered dietitians that come on board and support what we're trying to do to improve human health.

我認為越來越多的醫生營養師註冊營養師加入並支持我們為改善人類健康所做的努力。

I think the more dangerous that tactic is.

我認為這種策略越危險。

Okay.

好的。

That's helpful.

這很有幫助。

Andrew Strelzik, BMO.

安德魯‧斯特雷齊克 (Andrew Strelzik)，BMO。

Hi, this is Daniel on for Andrew Strelzik.

大家好，我是安德魯‧斯特雷齊克 (Andrew Strelzik) 的丹尼爾。

Thanks for taking my question.

感謝您提出我的問題。

The release mentions ongoing further slowdown in plant-based meat category trends.

新聞稿提到植物性肉類類別趨勢正在進一步放緩。

How do you juxtapose that with keeping the guidance?

您如何將其與保持指導並置？

What's like the

是什麼樣子的

--

--

Yeah, I think this all goes back to what we've been looking at this trying to crack this not for three years or four years now, right?

是的，我認為這一切都可以追溯到我們三年或四年以來一直在努力解決這個問題，對吧？

And what's going to bring back growth, the category and we've done a ton of consumer research and analysis and just lived through it, right.

什麼會帶來成長，這個類別，我們已經做了大量的消費者研究和分析，並且經歷了它，對吧。

And so I think these products what this Beyond stake, whether it's which was again, was the number one new item in retail last year or that Beyond IV was rolling out now to really strong accolades from the right communities or that Beyond crumble just launched, we are addressing the fundamental issue with the category.

因此，我認為這些產品是什麼 Beyond 股份，無論是哪一次，都是去年零售業的第一款新產品，或者 Beyond IV 現在推出並獲得了來自正確社區的強烈讚譽，或者 Beyond crumble 剛剛推出，我們正在解決該類別的根本問題。

And so we really do believe that will change the growth trajectory of the category and up Beyond Meat.

因此，我們確實相信這將改變該類別的成長軌跡並超越肉類。

Second, if you look at Europe, right, and while there's some lumpiness in the data there.

其次，如果你看看歐洲，對吧，雖然那裡的數據有點混亂。

Let's not forget that today McDonald's announced this very significant promotion around their famous meals at famous order program and the quote from the press release on that to me says a lot about where this whole category is moving and where Beyond Meat is moving.

我們不要忘記，今天麥當勞宣布了一項非常重大的促銷活動，圍繞他們的名點餐計劃進行，新聞稿中的引述對我來說充分說明了整個品類的發展方向以及 Beyond Meat 的發展方向。

And so actually I get printed about I'm going to share a little bit of it.

事實上，我收到了關於我將分享其中一點內容的資訊。

It was two musicians similar to what they did here in the United States with folks like Travis, Scott, et cetera.

這兩位音樂家與他們在美國與特拉維斯、斯科特等人所做的事情類似。

And I quote in the McDonald's press release was this like most people, Mcdonald's has been with us all their lives, the musicians speaking.

我在麥當勞的新聞稿中引用的是，就像大多數人一樣，麥當勞一直伴隨著我們一生，音樂家們都這麼說。

So it was a childhood dream, come true for us.

所以這對我們來說是一個童年的夢想，實現了。

Mcdonald's assets, we wanted to create our own menus and burgers.

麥當勞的資產，我們想創造自己的菜單和漢堡。

We both want to give up more, give up meat more and more often ourselves.

我們都想放棄更多，我們自己也越來越頻繁地放棄肉食。

So we wanted to create menus that offer a real great alternative, right?

所以我們想創建提供真正絕佳選擇的菜單，對吧？

So you'll hear is McDonald's promoting the beyond the Beyond [Mcdonald] called the Beyond Mcdonald in this press release.

因此，您會在本新聞稿中聽到麥當勞正在推廣“超越麥當勞”，稱為“超越麥當勞”。

Actively and not only having the one bill, but to build around it as well as serving the Beyond nuggets for their Chicken McNuggets.

積極地不僅有一張賬單，而且圍繞它進行建設，並為他們的麥樂雞提供超越雞塊。

So there's a lot of noise around the category.

因此，圍繞該類別存在許多雜訊。

It's very early days still.

現在還為時過早。

I can point to at least half as announced to get to profitability.

我可以指出至少有一半是宣布的才能獲利。

So that as this thing turns, we remain the category captain and we're doing it.

因此，隨著事情的發展，我們仍然是該類別的領頭羊，我們正在這樣做。

All the fundamental things we're doing whether it's leaning out our operating costs, raising our prices to restore margin, reducing our cost of goods sold, to restore margin, continue to focus on getting the right products to the right, consumers, all of these things position us to continue to lead the category.

我們正在做的所有基本事情，無論是削減我們的營運成本，提高我們的價格以恢復利潤，降低我們的銷售成本，以恢復利潤，繼續專注於將正確的產品提供給正確的消費者，所有的人這些都使我們能夠繼續在該類別中處於領先地位。

That's really helpful.

這真的很有幫助。

One different question, just on what your outlook is on cash burn and what that cadence might look like, kind of what would drive you to raise more cash, if like, at what level?

另一個問題是，您對現金消耗的看法如何，節奏可能會是什麼樣子，什麼會促使您籌集更多現金，如果您喜歡，在什麼水平？

Sure.

當然。

So I'll answer that in a general sense then turn over to Lubi.

所以我會從一般意義上回答這個問題，然後交給 Lubi。

Yeah, we continue to bring on an overall trajectory cash consumption down.

是的，我們持續實現現金消費整體下降的軌跡。

The first quarter of the year is obviously different for us because we end up partner in more cash.

今年第一季對我們來說明顯不同，因為我們最終為合作夥伴提供了更多現金。

I mentioned in my comments in inventory things of that nature.

我在庫存評論中提到過這種性質的事情。

But quarter-over-quarter, I think you'll continue to see a nice reduction across the balance of the year.

但從季度環比來看，我認為今年餘下的時間你將繼續看到大幅下降。

Then we are taking steps, as I mentioned, to bolster the balance sheet and so that should help as well.

然後，正如我所提到的，我們正在採取措施加強資產負債表，這也應該有所幫助。

Yeah, not really much to add to that.

是的，沒什麼好補充的。

So we don't guide to sort of projected cash burn by quarter or anything like that, but as Ethan said, all of the measures that we're taking to really improve gross margin.

因此，我們不會提供按季度預計的現金消耗量或類似的信息，但正如伊森所說，我們正在採取的所有措施都是為了真正提高毛利率。

And we also said that we -- our operating expenses are expected to be more front loaded than back, like all of these measures, right, we expect will translate into reduced cash consumption in the latter part of the year.

我們還表示，我們的營運支出預計將更多地前置而不是後置，就像所有這些措施一樣，我們預計將轉化為今年下半年現金消耗的減少。

So we would expect the rate of growth of cash consumption in the balance of the year to be lower.

因此，我們預計今年餘下的現金消費成長率將會較低。

But as Ethan also mentioned, and we've said before, we're sort of bolstering our balance sheet is still a top priority for us.

但正如伊森也提到的，我們之前也說過，加強我們的資產負債表仍然是我們的首要任務。

So that's something that we still anticipate we will complete this year.

因此，我們仍然預計今年將完成這項任務。

Great.

偉大的。

Thank you.

謝謝。

Sure.

當然。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great, thanks for taking the question.

太好了，感謝您提出問題。

Ethan, I wanted to ask on the Beyond IV you give us a list of all the endorsements from the accredited health institutions back here this product.

伊森，我想在 Beyond IV 上請您給我們一份該產品獲得認可的衛生機構的所有認可的清單。

So I'm just curious, how do you really get this word out in math?

所以我很好奇，你是如何在數學中真正表達出這個字的？

It's really change perception.

這確實是觀念的改變。

Is there a way to showcase this at the point of sale or on the packaging or any other way to just think outside the box to get this message out to really enact kind of step change going forward here?

有沒有一種方法可以在銷售點或包裝上或任何其他方式展示這一點，以跳出框框思考以傳達此訊息，從而真正實現向前邁進的某種變革？

Great question.

很好的問題。

And it's something I talk all the time about internally here.

這是我在內部一直在談論的事情。

And so from the air [game] all the way down to what you see in the store.

因此，從空中[遊戲]一直到您在商店中看到的內容。

What I want our marketing to be doing is to have each of these ambulance present front and center on product literature to the extent that we can on a product packaging.

我希望我們的行銷要做的是讓每輛救護車都出現在產品資料的前面和中心，就像我們可以在產品包裝上一樣。

And so you'll see some of that.

所以你會看到其中的一些。

But whether it's the American Heart Association recipe certification program, whether it's the American Diabetes or Clean Label Certification, that housekeeping policy, those should be front and center for the consumer because it is a signaling mechanism that cuts through the noise.

但無論是美國心臟協會食譜認證計劃，還是美國糖尿病協會或清潔標籤認證，以及內政政策，這些都應該成為消費者的首要和中心，因為它是消除噪音的信號機制。

We've worked so hard to formulate the products to achieve those.

我們非常努力地開發產品來實現這些目標。

I want everyone to understand that, right.

我希望每個人都明白這一點，對吧。

And so we are launching a very significant campaign in terms of the messaging around the helpfulness of the products, and that will be as we roll into Memorial Day.

因此，我們正在推出一項非常重要的活動，圍繞著產品的有用性傳遞訊息，這將在我們進入陣亡將士紀念日時進行。

We have a terrific agency working on that with us.

我們有一個很棒的機構與我們合作。

They've done some fabulous work that including a Super Bowl ad this year that I think most people would really say is a great piece of work.

他們做了一些出色的工作，其中包括今年的超級盃廣告，我認為大多數人都會說這是一件很棒的工作。

So we're going to be launching that and we expect that to begin to change perception and to be back some of the false narrative.

因此，我們將推出該項目，我們希望這能夠開始改變人們的看法，並糾正一些錯誤的敘述。

So I went so hard after this and really wasn't something that was happened overnight.

所以我在這之後非常努力，這確實不是一夜之間發生的事情。

We had a member of our team here create this ecosystem and she was able to pull in the right doctors, nutritionists and folks within this community that got so much support and almost ownership right over these changes we're making to the product.

我們團隊的一名成員創建了這個生態系統，她能夠吸引合適的醫生、營養師和這個社區中的人們，他們在我們對產品所做的這些改變中得到瞭如此多的支持和幾乎所有權。

So there's a lot of pride from that community in what we'll be able to accomplish here, and they're going to be vocal on our behalf.

因此，該社區對我們在這裡能夠取得的成就感到非常自豪，他們將代表我們發聲。

And you can see that we make announcements.

您可以看到我們發布了公告。

You can see people tagging in and suggesting and does this great work and things of that nature.

你可以看到人們標記並提出建議，並完成了這項偉大的工作和類似性質的事情。

So as we move forward, the campaign will be very clear in its messaging around these endorsements that we've very clear in its messaging around what type of health benefits it can drive.

因此，隨著我們的前進，該活動將非常明確地圍繞這些認可傳達訊息，我們在其可以帶來什麼類型的健康益處的訊息中也非常明確。

And so we're looking forward to.

我們對此充滿期待。

So when you say front and center, are you talking about you can use these or we'll use these or plan on using these Emblem on the actual packaging so that consumers see it in the down the aisle.

因此，當您說前面和中間時，您是在談論您可以使用這些還是我們將使用這些或計劃在實際包裝上使用這些標誌，以便消費者在過道上看到它。

Yes.

是的。

Some of the packaging has them directly on it and others will have to signal it through, point of sale materials and advertise and things of that nature.

有些包裝上直接有它們，而有些則必須透過銷售點材料和廣告以及類似性質的東西來發出信號。

Not all of them will be on the back, but more and more as we go forward, you'll see them on that, for example, the I believe the stake already has a certification on its ADA, some of our packaging as well.

並非所有這些都會在背面，但隨著我們的前進，您會越來越多地在背面看到它們，例如，我相信股份已經在其 ADA 上獲得了認證，我們的一些包裝也是如此。

Clean label project is on some of our packaging.

我們的一些包裝上有清潔標籤項目。

So yeah, I mean, it will be we're trying to be as overt as possible.

所以，是的，我的意思是，我們將盡可能地努力公開。

Excellent.

出色的。

Thank you very much.

非常感謝。

Yeah.

是的。

Robert Moskow, TD Cowan.

羅伯特·莫斯科，TD·考恩。

I guess two quick questions, Lubi, I think on the last call you said that for to bolster the balance sheet, you would look at a combination of possibilities either debt or equity.

我想問兩個簡單的問題，Lubi，我想你在上次電話會議上說過，為了加強資產負債表，你會考慮債務或股權的可能性組合。

Is that still the case?

現在還是這樣嗎？

And secondly, Ethan you've talked a lot about growing the category, have you done any internal testing in terms of the taste of your product versus your number one competitor.

其次，伊森，您已經談論了很多關於發展該類別的問題，您是否對您的產品與您的第一個競爭對手的口味進行了內部測試。

Anecdotally, I've heard that some prefer the competitor versus yours, but I'm sure you've done a lot of testing on your own.

有趣的是，我聽說有些人更喜歡競爭對手而不是你的，但我確信你已經自己做了很多測試。

So how does your product compare with competition?

那麼，您的產品與競爭對手相比如何？

And what are the differences?

有何不同？

We'll be happy to issue a better crowd Rob,

我們很樂意發行更好的人群Rob，

I would enjoy better crowd.

我會享受更好的人群。

It's a little (multiple speakers) I'm just joking.

這有點（多個發言者）我只是在開玩笑。

First of all, competitors, nice job, great.

首先，競爭對手，幹得好，太棒了。

They're a good company, enjoy competing with them.

他們是一家好公司，享受與他們競爭。

So it's not a [shared] relationship at all.

所以這根本不是一種[共享]關係。

They do a nice job.

他們做得很好。

We of course, that are very competitive and all that other stuff, I think this what's interesting is that the ground meat in a Patty form without seasoning, it actually tastes kind of okay, right.

當然，我們競爭非常激烈，還有其他的東西，我認為有趣的是，肉餡餅形式的肉餡沒有調味，實際上味道還不錯，對吧。

It's not it's not a thing that blows away.

這不是一個會被吹走的東西。

So when we do sensory testing right, you'd be surprised at how much both products really resemble or at least a score at parity with animal protein.

因此，當我們正確進行感官測試時，您會驚訝地發現這兩種產品非常相似，或至少與動物蛋白質的得分相同。

And so we do a lot of tests relative to our competition.

因此，我們針對我們的競爭對手做了很多測試。

We feel good about the results.

我們對結果感覺良好。

We don't move forward if we don't put it that way.

如果我們不這樣說，我們就不會前進。

Yeah then, Rob, on your first question regarding the balance sheet.

是的，羅布，關於你關於資產負債表的第一個問題。

Yeah, nothing has really changed since the last time we were on the call.

是的，自從上次我們通話以來，一切都沒有真正改變。

And so yes, we would consider all of those options that you mentioned.

所以，是的，我們會考慮您提到的所有這些選項。

Great.

偉大的。

Thank you.

謝謝。

sure.

當然。

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, CEO for any closing remarks.

我想將會議轉回執行長伊森布朗 (Ethan Brown) 發表閉幕詞。

Thank you.

謝謝。

Not to be repetitive, but just to be clear, we really do believe that we are at the early stages of a terrific and pivotal year for Beyond Meat.

不想重複，但要明確的是，我們確實相信我們正處於 Beyond Meat 非凡且關鍵的一年的早期階段。

The leaning out of our operating expenses, the stabilization of pricing and the lowering of our cost of goods and the improvements we're seeing across margin there, addressing the number one issue in the category coming out with products that are not only winning on century, but also receiving such accolades from such important institutions around the health benefits.

我們的營運費用的精簡、定價的穩定性和商品成本的降低以及我們在利潤率方面看到的改善，解決了該類別中的頭號問題，推出的產品不僅在世紀上獲勝，而且還獲得了有關健康益處的重要機構的讚譽。

We're doing the things you need to get through a period that is challenging and resume growth.

我們正在做您需要做的事情，以度過充滿挑戰的時期並恢復成長。

So I'm excited.

所以我很興奮。

I think the team here is excited, and we're looking forward to reporting to the balance of the year, and we'll be in touch.

我認為這裡的團隊很興奮，我們期待向今年剩餘的時間報告，我們會保持聯繫。

Thanks.

謝謝。