超越肉類 (BYND) 2024 Q2 法說會逐字稿

Good afternoon and welcome to the Beyond Meat 2024 second quarter conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Beyond Meat 2024 年第二季電話會議。 （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 Sheppard, 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 Sheppard。請繼續。

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

謝謝。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、總裁兼執行長伊森布朗 (Ethan Brown)；財務長兼財務主管 Lubi Kutua。

By now, everyone should have access to our second quarter 2024 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

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 年第二季度收益新聞稿。本文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分取得。

Before we begin, please note that all the information presented today is unaudited and that 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 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. We refer you to today's press release, our quarterly reports on Form 10-Q for the quarter ended June 29, 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.

我們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截至今天，不會隨著實際事件的發生而更新。請參閱今天的新聞稿、我們將向 SEC 提交的截至 2024 年 6 月 29 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，與向美國證券交易委員會提交的其他文件一起，詳細討論了可能導致實際結果與今天所做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. 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. Please refer to today's press release for a reconciliation of these non-GAAP financial measures to their most comparable GAAP 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。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。請參閱今天的新聞稿，以了解這些非公認會計原則財務指標與其最具可比性的公認會計原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 am pleased to report a strong quarter of progress against our 2024 plan, including exceeding our Q2 revenue objective, continued reduction in operating expenses and cash consumption, and our best quarterly gross margin since Q3 2021.

我很高興地報告我們的2024 年計劃取得了強勁的季度進展，包括超出我們第二季度的收入目標、營運費用和現金消耗的持續減少，以及自2021 年第三季以來的最佳季度毛利率。

Today, I'll provide more detail around this progress in the context of each of our five key objectives for 2024, including the launch of Beyond IV as a defining pillar for Beyond Meat's center-of-the-plate role in the global health and wellness trend.

今天，我將在 2024 年五個關鍵目標的背景下詳細介紹這一進展，包括推出 Beyond IV，作為 Beyond Meat 在全球健康和食品領域的核心角色的決定性支柱。

But first, a brief overview of our second quarter financial results. Net revenues of $93.2 million exceeded the top end of our $85 million to $90 million guidance range but still reflected an 8.8% decline from the year-ago period.

但首先，簡要概述我們第二季的財務表現。淨收入為 9,320 萬美元，超出了我們 8,500 萬至 9,000 萬美元指導範圍的上限，但仍較去年同期下降 8.8%。

As discussed on prior calls, during the second quarter 2024, we scaled back on promotional trade discounts and together with the initial appearance of price increases on certain products in the US, this resulted in a 6.1% increase in our net revenue per pound compared to the year-ago period, including a 20.5% increase in our US retail channel net revenue per pound.

正如之前電話會議中所討論的，在2024 年第二季度，我們縮減了促銷貿易折扣，再加上美國某些產品最初出現價格上漲，這導致我們的每磅淨收入與去年同期相比增長了6.1%與去年同期相比，我們的美國零售通路每磅淨收入成長了 20.5%。

Gross margin rose to 14.7%, substantially higher than the 2.2% outcome in the same quarter last year and the 4.9% level achieved in the first quarter of this year. Importantly, we expect to see further gross margin progress across the balance of the year, reflecting the combined impact of more fully distributed pricing adjustments, continued moderation of promotional spending, and ongoing COGS improvements as we consolidate our network and continue on our lean management journey.

毛利率升至14.7%，大幅高於去年同季的2.2%和今年第一季的4.9%水準。重要的是，我們預計今年餘下的毛利率將進一步提高，這反映出隨著我們鞏固網絡並繼續精益管理之旅，更全面地分配定價調整、促銷支出持續放緩以及銷貨成本持續改善的綜合影響。

Operating expenses in the second quarter fell to $47.6 million as we continued to pursue efficiencies throughout the organization, marking a $8.4 million reduction year-over-year, a $2 million reduction compared to the first quarter of this year after adjusting for the $7.5 million class-action settlement we disclosed last quarter.

由於我們繼續追求整個組織的效率，第二季度的運營費用下降至 4760 萬美元，同比減少 840 萬美元，在對 750 萬美元類別進行調整後，與今年第一季度相比減少了 200 萬美元-我們上季披露的訴訟和解。

Lastly, our cash consumption fell to $15.5 million in the second quarter, a 67% and 52% reduction on a year-over-year, quarter-over-quarter basis respectively. We continue to aggressively manage cash use across the business and remain highly focused on working toward cash flow positive and ultimately profitable operations.

最後，第二季我們的現金消耗降至 1,550 萬美元，年比和季比分別減少 67% 和 52%。我們繼續積極管理整個業務的現金使用，並繼續高度專注於實現正現金流和最終盈利的營運。

With that, let me delve into our five priorities for 2024, including our clear and enhanced positioning around health, on the back of the Beyond IV launch.

接下來，讓我深入探討我們 2024 年的五個優先事項，包括在 Beyond IV 發布後我們圍繞健康的明確和強化的定位。

First, getting leaner. Q2 provides a very clear proof point that our operations are making progress toward getting leaner and more efficient. This quarter, compared with the year ago period, we realized $11.4 million more in gross profit despite lower revenue and $8.4 million less in operating expenses.

首先，變瘦。第二季提供了一個非常明確的證據，顯示我們的營運正在朝著更精簡、更有效率的方向取得進展。本季度，與去年同期相比，儘管收入下降，但營運費用減少 840 萬美元，但毛利增加了 1,140 萬美元。

Furthermore, inventory and cash consumption were both down on a year-over-year and sequential basis. Throughout the first half of 2024, we realized a reduction in operating expenses of $22.6 million, excluding the $7.5 million class action settlement accrued in Q1 2024. As reflected in our updated guidance, we are targeting a reduction in operating expenses in the remainder of 2024 compared to the equivalent period in 2023.

此外，庫存和現金消耗年比和環比均有所下降。在整個2024 年上半年，我們實現了營運費用減少2,260 萬美元，不包括2024 年第一季累計的750 萬美元集體訴訟和解金。年剩餘時間內減少營運費用與 2023 年同期相比。

In support of lean management implementation, continue to narrow our focus on specific products, markets, consumers, and messages. This brings us to our second priority, the Beyond IV rollout.

為了支持精益管理的實施，繼續將我們的關注範圍縮小到特定的產品、市場、消費者和資訊。這就引出了我們的第二個優先事項，即 Beyond IV 的推出。

We officially kicked off the launch and accompanying campaigns for Beyond IV during the week leading up to Memorial Day. An exciting moment for the company, one that marks the culmination of multi-year innovation for our core platforms of Beyond Burger, Beyond Beef, and Beyond Dinner Sausage. Beyond IV represents a clear manifestation of our company's product strategy.

我們在陣亡將士紀念日之前的一周內正式啟動了 Beyond IV 的發布和相關活動。對於公司來說，這是一個激動人心的時刻，標誌著我們 Beyond Burger、Beyond Beef 和 Beyond Dining Sausage 核心平台多年創新的頂峰。 Beyond IV是我們公司產品策略的明確體現。

As I have often shared, despite compelling data on the health benefits of our products from peer-reviewed research such as the Stanford School of Medicine's SWAP-MEAT study, a sustained misinformation campaign championed by members of the incumbent animal protein industry, as well as the pharmaceutical industry, electing sizable antibiotic sales to the livestock sector, has substantially and negatively impacted consumer perception of our products and the plant-based meat industry as a whole.

正如我經常分享的那樣，儘管史丹佛大學醫學院的 SWAP-MEAT 研究等同行評審研究提供了有關我們產品對健康益處的令人信服的數據，但由現有動物蛋白行業成員以及製藥行業將大量抗生素銷售給畜牧業，這對消費者對我們產品和整個植物性肉類產業的看法產生了重大負面影響。

In response, we have intensified our innovation roadmap's emphasis on health. The team has made remarkable progress with regards to this objective, so much so that over the longer run, I believe it will be arguable whether Beyond Meat is, at its core, a plant-based meat company that delivers health and wellness or a health and wellness company that makes plant-based meat.

作為回應，我們加強了創新路線圖對健康的重視。團隊在這一目標方面取得了顯著的進展，以至於從長遠來看，我相信Beyond Meat 的核心是一家提供健康和保健的植物性肉類公司，還是一家健康食品公司，這是值得商榷的。

The Beyond IV portfolio so successfully captures our health commitment that, as I previously noted, is worth repeating, our fourth generation Beyond Burger, Beyond Beef, and Beyond Dinner Sausage are recipe certified by the American Heart Association's Heart-Check program and are included in the American Diabetes Association's Better Choices for Life program.

Beyond IV 產品組合如此成功地體現了我們對健康的承諾，正如我之前指出的，值得重複一遍，我們的第四代Beyond 漢堡、Beyond 牛肉和Beyond 晚餐香腸的配方已獲得美國心臟協會心臟檢查計劃的認證，並包含在美國糖尿病協會的“更好的生活選擇”計劃。

Reflecting the widespread corrosiveness of the false and misleading attack, I do not expect consumer perception to shift quickly and certainly not overnight. However, I do believe it will change and this change is being aided by the increasing number of highly credible doctors, registered dietitians, and nutritionists who are coming out in strong support of our Beyond IV products. This support stems from the Beyond IV portfolio's clean ingredients and nutritional profile. For those who are newer to our story, these attributes are worth highlighting.

由於虛假和誤導性攻擊具有廣泛的腐蝕性，我預期消費者的看法不會迅速轉變，當然也不會在一夜之間轉變。然而，我確實相信它會改變，而這種改變正在得到越來越多高度可信的醫生、註冊營養師和營養師的幫助，他們大力支持我們的 Beyond IV 產品。這種支持源自於 Beyond IV 產品組合的清潔成分和營養成分。對於那些剛接觸我們的故事的人來說，這些屬性值得強調。

Beyond IV Burger and Beef products use protein sourced from yellow peas, brown rice, red lentils and fava beans, and fat from avocado oil to deliver 21 grams of clean protein with just 2 grams of saturated fat.

Beyond IV 漢堡和牛肉產品使用來自黃豌豆、糙米、紅扁豆和蠶豆的蛋白質以及來自酪梨油的脂肪，僅含 2 克飽和脂肪，即可提供 21 克清潔蛋白質。

By comparison, that's 75% less saturated fat than equivalently sized 80/20 beef burger. Turning to Beyond IV Dinner Sausage, we see a similar story with protein from yellow peas and brown rice, fat from avocado oil, delivering 75% less saturated fat than equivalently sized pork sausage.

相比之下，這比同等大小的 80/20 牛肉漢堡少 75% 的飽和脂肪。談到 Beyond IV 晚餐香腸，我們看到了類似的情況，其中的蛋白質來自黃豌豆和糙米，脂肪來自酪梨油，其飽和脂肪含量比同等大小的豬肉香腸少 75%。

These strong nutritional gains are occurring within products that are also winning praise from consumers for improved taste. As I reflect on these outcomes, I'm immensely proud of and grateful for our team, from our truly tireless innovators to our adaptive production crews who routinely rise to the engineering challenges of a fast-moving company.

這些強大的營養效益出現在產品中，這些產品也因改善口味而贏得了消費者的讚譽。當我反思這些成果時，我對我們的團隊感到非常自豪和感激，從我們真正不知疲倦的創新者到我們適應性強的生產人員，他們經常迎接快速發展的公司的工程挑戰。

Before moving on from our product strategy, I will briefly touch on the recent launch of an entirely new line, Beyond Sun Sausage. Beyond Sun Sausage is not intended to replicate beef, pork, or poultry, but rather is intended to be its own delicious, satisfying protein option, delivered in the context of nutritious and clean ingredients.

在繼續我們的產品策略之前，我將簡要介紹最近推出的全新系列 Beyond Sun Sausage。 Beyond Sun Sausage 並不是要複製牛肉、豬肉或家禽，而是要成為自己美味、令人滿意的蛋白質選擇，並以營養和清潔的原料提供。

The concept, which is receiving high praise from consumers and registered dieticians for taste and nutrition, and bears the emblem of the American Heart Association's Heart-Check Program, and the American Diabetes Association's Better Choices for Life program, is a confident step for Beyond Meat in the plant-based meat category outside of the confines of particular animal species, instead simply focusing on taste, mouthfeel, nutrition, and ingredients.

這個概念因其口味和營養而受到消費者和註冊營養師的高度讚揚，並帶有美國心臟協會心臟檢查計劃和美國糖尿病協會更好的生活選擇計劃的標誌，是Beyond Meat自信的一步在植物性肉類類別中，不受特定動物物種的限制，而是簡單地關注味道、口感、營養和成分。

The platform is built on the same protein blend from yellow peas, brown rice, red lentils, and fava beans mixed with avocado oil, delivering 12 grams of protein and only 1 gram of saturated fat and is offered in three delicious bold flavors, Cajun featuring diced red peppers and dried onions, Pineapple Jalapeno featuring dried pineapple and diced jalapenos, and Pesto featuring a blend of basil, oregano, and rosemary spices.

該平台以黃豌豆、糙米、紅扁豆和蠶豆與酪梨油混合而成的相同蛋白質混合物為基礎，提供 12 克蛋白質和僅 1 克飽和脂肪，並提供三種美味大膽的口味，Cajun 特色紅辣椒丁和乾洋蔥，鳳梨墨西哥辣椒以乾鳳梨和辣椒丁為特色，香蒜醬以羅勒、牛至和迷迭香香料的混合物為特色。

I've watched consumer and nutrition community feedback with great interest and was pleased to read what is my favorite comment in quite some time. Short and to the point, I believe this consumer post sums up our brand, people, and culture in seven words, writing, you guys keep getting better and better.

我饒有興趣地觀看了消費者和營養界的回饋，並很高興閱讀了相當長一段時間以來我最喜歡的評論。簡而言之，我相信這篇消費者貼文用七個字總結了我們的品牌、人員和文化，寫作，你們越來越好。

As we moved into summer grilling season with Memorial Day, we launched our Serve Love marketing campaign around our Beyond IV platform to heighten consumer awareness of the health benefits of Beyond IV products across a variety of media.

隨著陣亡將士紀念日進入夏季燒烤季節，我們圍繞 Beyond IV 平台推出了 Serve Love 行銷活動，透過各種媒體提高消費者對 Beyond IV 產品健康益處的認識。

We centered on Serve Love as this messaging communicates what we genuinely believe to be true, that serving Beyond IV products to family, friends, or yourself is an act of love due first and foremost the product's strong health credentials as well as attendant goodness for the world, whether that be climate, environment, or animal welfare.

我們以「服務愛」為中心，因為這一訊息傳達了我們真正相信的真理，即為家人、朋友或自己提供Beyond IV 產品是一種愛的行為，首先是因為該產品具有強大的健康資質以及隨之而來的對健康的益處。

With our fourth generation Beyond Burger, Beyond Beef, and Beyond Dinner Sausage including a collection of heart-healthy recipes certified by the American Heart Association's Heart-Check Recipe Program and the product's relevance to cardiovascular health, the image for the campaign is two hands forming a heart shape around our burger.

我們的第四代Beyond Burger、Beyond Beef 和Beyond Dining Sausage 包括一系列經過美國心臟協會心臟檢查食譜計劃認證的心臟健康食譜以及該產品與心血管健康的相關性，該活動的形像是兩隻手形成的形狀我們的漢堡周圍有一個心形。

Further, as part of the campaign, we unveiled our first ever cookbook, Serve Love, collection of heart healthy Beyond Meat recipes certified by the American Heart Association's Heart-Check Program. The cookbook is available for free download via the Beyond Meat website, and helps to make nutritious plant-based meals more accessible to all.

此外，作為活動的一部分，我們推出了第一本食譜《Serve Love》，這是經美國心臟協會心臟檢查計劃認證的心臟健康 Beyond Meat 食譜合集。食譜可透過 Beyond Meat 網站免費下載，有助於讓所有人更容易獲得營養豐富的植物性飲食。

Now, turning to our third priority, making progress to our US trade and pricing programs in support of improved gross margin. For Q2, net revenue per pound in the US retail channel is up 20.5% as compared to the year ago period and up 11.7% sequentially as compared to the first quarter of this year.

現在，轉向我們的第三個優先事項，即在美國貿易和定價計劃方面取得進展，以支持提高毛利率。第二季度，美國零售通路每磅淨收入較去年同期成長 20.5%，較今年第一季季增 11.7%。

The impact of pricing changes on the US foodservice channel net revenue per pound was more muted as we saw some higher trade expenses related to some of our larger customers in this channel. Nevertheless, we expect our US pricing actions to provide a tailwind to our net revenues per pound in both channels through the balance of the year.

定價變動對美國餐飲服務通路每磅淨收入的影響較為溫和，因為我們看到與該通路中一些較大顧客相關的貿易費用增加。儘管如此，我們預計我們在美國的定價行動將在今年餘下時間為我們兩個管道的每磅淨收入提供推動力。

Looking now at cost of goods sold and gross margin, we have substantially completed the consolidation of our production network, which is our fourth priority. This consolidation is enabling us to benefit from better asset utilization and inventory management, which we expect to continue freeing up working capital, aiding overhead absorption, and generating production and logistics efficiencies, while also providing for better management of logistics and quality control. We believe these pricing, trade, and ultimately COGS initiatives represent meaningful steps toward restoring gross margin.

現在從銷售成本和毛利率來看，我們基本上已經完成了生產網路的整合，這是我們的第四個重點。這種整合使我們能夠受益於更好的資產利用和庫存管理，我們預計這將繼續釋放營運資金，幫助吸收間接費用，提高生產和物流效率，同時也提供更好的物流管理和品質控制。我們相信，這些定價、交易以及最終的銷貨成本措施代表了恢復毛利率的有意義的步驟。

Fifth, we are maintaining our investment focus in Europe by serving our strategic customers in this important plant-based meat market. In May, McDonald's Germany kicked off its famous meals promotion with a campaign that featured two celebrity favorite meals built around the McPlant Burger and McPlant Nuggets.

第五，我們透過在這個重要的植物性肉市場上為我們的策略客戶提供服務，保持我們在歐洲的投資重點。五月份，麥當勞德國公司推出了一項著名的餐飲促銷活動，推出了圍繞 McPlant Burger 和 McPlant Nuggets 打造的兩種名人最喜歡的餐點。

Elsewhere in Europe, we launched Beyond Steak, Beyond Smash, and Beyond Burger Jalapeno for foodservice in the Netherlands and Beyond Steak at retail in Belgium while expanding availability of the Beyond Burger at Co-op stores across the UK.

在歐洲其他地方，我們在荷蘭的餐飲服務領域推出了 Beyond Steak、Beyond Smash 和 Beyond Burger Jalapeno，在比利時的零售領域推出了 Beyond Steak，同時擴大了 Beyond Burger 在英國各地合作商店的供應量。

We are also beginning our expansion into the significant plant-based meat refrigerated category in Germany, having successfully reformulated our products to achieve refrigerated shelf life requirements in that and other European markets.

我們也開始向德國重要的植物性肉類冷藏類別擴張，並成功地重新調整了我們的產品配方，以達到該市場和其他歐洲市場的冷藏保質期要求。

Before wrapping up, I want to call attention to the return of a true fan favorite.

在結束之前，我想提請大家注意一位真正的粉絲最愛的回歸。

Beyond The Original Orange Chicken, which we partnered with Panda Express to provide to consumers in a series of LTOs over the past few years, was the number one most requested dish on Panda Express's social channels, became the subject of a petition signed by over 7,000 consumers.

過去幾年，我們與熊貓快餐合作，透過一系列LTO向消費者提供的「超越原味橘子雞」是熊貓快餐社交管道上最受歡迎的菜餚，成為超過7,000人簽署的請願書的主題消費者。

Listening to this demand from the consumer, beginning last month, Panda Express brought back Beyond The Original Orange Chicken across hundreds of participating locations across the country for another LTO. If you have the chance to stop by and try the dish, your taste buds will not be disappointed. As with each of our QSR customers, including McDonald's, Starbucks UK, Pizza Hut UK, and A&W Canada, we are grateful for our partnership with Panda Express.

聽取了消費者的這一需求，從上個月開始，熊貓快車在全國數百個參與地點重新推出了Beyond The Original Orange Chicken，以提供另一份LTO。如果您有機會停下來嘗試這道菜，您的味蕾一定不會失望。與我們的每位 QSR 客戶一樣，包括麥當勞、英國星巴克、英國必勝客和加拿大 A&W，我們非常感謝與 Panda Express 的合作。

With that, I'll close by saying we are encouraged by many of the results we see this quarter, results that demonstrate clear progress against our 2024 plan and our longer-term goal of profitable operations. I look forward to taking your questions later.

最後，我要說的是，我們對本季度看到的許多結果感到鼓舞，這些結果表明我們在 2024 年計劃和盈利運營的長期目標方面取得了明顯進展。我期待稍後回答您的問題。

We'll now turn the call over to Lubi to walk us through our Q2 financial results in greater detail as well as update our outlook for 2024.

現在，我們將把電話轉給 Lubi，讓他更詳細地介紹我們第二季的財務業績，並更新我們對 2024 年的展望。

Thank you, Ethan, and good afternoon everyone. I'll begin by reviewing our second quarter financial results before providing an update on our 2024 outlook.

謝謝伊森，大家下午好。我將首先回顧我們第二季度的財務業績，然後提供 2024 年展望的最新資訊。

Net revenues decreased 8.8% to $93.2 million in the second quarter of 2024, compared to $102.1 million in the year-ago period. We were, however, pleased to see net revenues come in above our guidance range for the quarter, and we note that the rate of decline was much lower than the 18% year-on-year decline we saw in the first quarter of 2024.

2024 年第二季淨收入下降 8.8%，至 9,320 萬美元，去年同期為 1.021 億美元。然而，我們很高興看到本季淨收入高於我們的指導範圍，並且我們注意到下降率遠低於我們在 2024 年第一季看到的 18% 的同比下降率。

This decrease in net revenues for the second quarter was primarily driven by a 14% decrease in volume of products sold, partially offset by a 6.1% increase in net revenue per pound. The increase in net revenue per pound was primarily driven by lower trade discounts, pricing changes, and changes in product sales mix, partially offset by unfavorable changes in foreign currency exchange rates.

第二季淨收入下降的主要原因是產品銷量下降 14%，但每磅淨收入成長 6.1% 部分抵消了這一影響。每磅淨收入的成長主要是由較低的貿易折扣、定價變化和產品銷售組合的變化所推動的，但部分被外幣匯率的不利變化所抵消。

Breaking this down by channel, our US retail channel net revenues decreased 7.5% to $44.9 million in the second quarter of 2024 compared to $48.5 million in the year-ago period. Volume of products sold decreased 23.2%, primarily reflecting ongoing demand softness in the plant-based meat category and the lapping of substantial promotional sales to a club channel customer in the year-ago period.

按通路細分，我們的美國零售通路淨收入在 2024 年第二季下降 7.5%，至 4,490 萬美元，而去年同期為 4,850 萬美元。產品銷售量下降 23.2%，主要反映植物性肉品需求持續疲軟，以及去年同期向俱樂部通路客戶進行的大量促銷銷售。

However, we were pleased to see a 20.5% increase in net revenue per pound, primarily resulting from lower trade discounts, changes in product sales mix, and the early impact from recent pricing action. Regarding the latter, although it is still early days, we are encouraged by the initial read on consumer price elasticity, which appear to be generally in line with our expectations.

然而，我們很高興看到每磅淨收入成長了 20.5%，這主要是由於貿易折扣降低、產品銷售組合變化以及近期定價行動的早期影響。關於後者，雖然還處於早期階段，但我們對消費者價格彈性的初步了解感到鼓舞，這似乎總體符合我們的預期。

US foodservice channel net revenues decreased 18.9% to $10.3 million in the second quarter of 2024 compared to $12.8 million in the year-ago period. Volume of products sold decreased 20%, primarily reflecting ongoing demand softness in the plant-based meat category, as well as the impact from certain distribution losses.

2024 年第二季度，美國餐飲服務通路淨收入下降 18.9%，至 1,030 萬美元，去年同期為 1,280 萬美元。產品銷售量下降 20%，主要反映植物性肉品需求持續疲軟，以及某些分銷損失的影響。

Volume losses in US foodservice were partially offset by a 1.4% increase in net revenue per pound, primarily resulting from pricing changes and changes in product sales mix partially offset by higher trade discounts. In part, these higher trade discounts represented some trade reconciliations and true-ups for larger customers in this channel.

美國食品服務業的銷售損失被每磅淨收入 1.4% 的成長部分抵消，這主要是由於價格變化和產品銷售組合的變化，部分被較高的貿易折扣所抵消。在某種程度上，這些較高的貿易折扣代表了該管道中較大客戶的一些貿易調節和調整。

International retail channel net revenues decreased 12.1% to $17.6 million in the second quarter of 2024, compared to $20 million in the year-ago period, primarily due to a 6.9% decrease in net revenue per pound and a 5.5% decrease in volume of products sold.

2024 年第二季度，國際零售通路淨收入下降 12.1%，至 1,760 萬美元，去年同期為 2,000 萬美元，主要原因是每磅淨收入下降 6.9%，產品數量減少 5.5%賣。

At a high level, the year-on-year decrease in international retail was largely driven by weakness in our EU chicken portfolio which is lapping its year-ago market launch and channel sell-in, unfavorable changes in foreign currency particularly with respect to the Canadian dollar, and softening category demand in some geographic regions.

從高水準來看，國際零售額年減主要是由於我們的歐盟雞肉投資組合疲軟，該投資組合正在結束一年前的市場推出和渠道銷售，以及外匯的不利變化，特別是在加元，以及某些地理區域的類別需求疲軟。

International foodservice channel net revenues decreased 2.5% to $20.4 million in the second quarter of 2024 compared to $20.9 million in the year-ago period, primarily due to a 1.4% decrease in volume of products sold and a 0.9% decrease in net revenue per pound.

2024 年第二季度，國際餐飲服務管道淨收入下降 2.5%，至 2,040 萬美元，去年同期為 2,090 萬美元，主要原因是產品銷售量下降 1.4%，每磅淨收入下降 0.9% 。

Overall, the year-over-year decrease was mainly driven by reduced sales to a large QSR customer where we were lapping the launch of an LTO in the year-ago period.

總體而言，年減主要是由於我們去年同期推出 LTO 的大型 QSR 客戶的銷售額減少所致。

Gross profit in the second quarter of 2024 was $13.7 million or gross margin of 14.7% compared to $2.3 million or gross margin of 2.2% in the year-ago period. This represented our best quarterly gross margin performance since the third quarter of 2021, and our lowest quarterly cost of goods sold per pound since the second quarter of 2021, suggesting that we are starting to see the financial benefits from some of the pricing, network consolidation, and other cost reduction initiatives we have been pursuing.

2024 年第二季的毛利為 1,370 萬美元，毛利率為 14.7%，而去年同期為 230 萬美元，毛利率為 2.2%。這代表了我們自2021 年第三季以來最好的季度毛利率表現，也是我們自2021 年第二季以來每磅商品銷售成本最低的季度，這表明我們開始看到一些定價、網路整合帶來的財務效益，以及我們一直在追求的其他成本削減措施。

This quarter, we saw some abatement of the transitional direct labor costs which began to impact us in the first quarter as we brought more production volume in-house and we are continuing to realize efficiency improvements as we accumulate internal production experience of our finished goods.

本季度，我們看到過渡直接勞動力成本有所下降，這在第一季開始對我們產生影響，因為我們增加了內部產量，並且隨著我們積累成品的內部生產經驗，我們正在繼續實現效率提高。

Also, we are pursuing some rationalization of our US warehousing network, and it's been encouraging to see the realization of year-over-year savings in our transportation and warehousing expenses.

此外，我們正在對美國倉儲網路進行一些合理化，令人鼓舞的是我們的運輸和倉儲費用實現了逐年節省。

At a high level, the decrease in cost of goods sold per pound primarily reflected lower inventory provision, lower manufacturing costs, including depreciation, and lower logistics costs per pound, partially offset by higher materials cost per pound.

在較高水準上，每磅銷售商品成本的下降主要反映了庫存準備金的減少、包括折舊在內的製造成本的降低以及每磅物流成本的降低，但部分被每磅材料成本的上升所抵消。

Operating expenses were $47.6 million in the second quarter of 2024 compared to $56 million in the year-ago period. The decrease in operating expenses was primarily due to reduced marketing expenses and lower non-production headcount expenses, partially offset by an increase in general and administrative expenses.

2024 年第二季營運費用為 4,760 萬美元，而去年同期為 5,600 萬美元。營運費用的減少主要是由於行銷費用的減少和非生產人員費用的減少，但部分被一般和管理費用的增加所抵消。

The reduction of operating expenses, combined with the aforementioned improvement in gross profit, drove a $19.8 million year-on-year reduction in our operating loss, an achievement more notable when considering that net revenue was $9 million lower this quarter than in the year-ago period.

營運費用的減少，加上上述毛利潤的改善，使我們的營運虧損同比減少了 1,980 萬美元，考慮到本季度淨收入比去年同期減少了 900 萬美元，這一成績更加引人注目。時間。

Net loss was $34.5 million, or $0.53 per common share in the second quarter of 2024, compared to $53.5 million, or $0.83 per common share in the year-ago period. Adjusted EBITDA was a loss of $23 million, or minus 24.7% of net revenues in the second quarter of 2024 compared to an adjusted EBITDA loss of $40.8 million or 40% of net revenues in the year-ago period.

2024 年第二季的淨虧損為 3,450 萬美元，即每股普通股虧損 0.53 美元，而去年同期淨虧損為 5,350 萬美元，即每股普通股虧損 0.83 美元。 2024 年第二季調整後 EBITDA 虧損 2,300 萬美元，佔淨收入負 24.7%，而去年同期調整後 EBITDA 虧損 4,080 萬美元，佔淨收入的 40%。

Turning to our balance sheet and cash flow highlights. Our cash and cash equivalence balance, including restricted cash, was $158 million, and total outstanding debt was $1.1 billion as of quarter-end on June 29, 2024.

轉向我們的資產負債表和現金流亮點。截至 2024 年 6 月 29 日季末，我們的現金及現金等價物餘額（包括限制性現金）為 1.58 億美元，未償債務總額為 11 億美元。

Inventory fell to $119.5 million at the end of the second quarter, down by $3 million from Q1 of this year, and by $87.6 million from Q2 of last year. Net cash used in operating activities was $47.8 million in the six months ended June 29, 2024, compared to $88.3 million in the year-ago period. Capital expenditures totaled $2.5 million in the six months ended June 29, 2024 compared to $7.1 million in the year-ago period.

第二季末庫存降至 1.195 億美元，比今年第一季減少 300 萬美元，比去年第二季減少 8,760 萬美元。截至 2024 年 6 月 29 日的六個月，經營活動使用的現金淨額為 4,780 萬美元，去年同期為 8,830 萬美元。截至 2024 年 6 月 29 日的六個月，資本支出總額為 250 萬美元，而去年同期為 710 萬美元。

Finally, I'll conclude by commenting on our 2024 full-year outlook which we are updating as follows.

最後，我將評論我們正在更新的 2024 年全年展望，如下。

Net revenues are now expected to be in the range of $320 million to $340 million. Gross margin is now expected to be in the mid-teens range. Operating expenses excluding the $7.5 million accrual related to the consumer class action settlement recognized in the first quarter of 2024, are expected to be in the range of $180 million to $190 million. And capital expenditures are expected to be in the range of $15 million to $20 million.

目前預計淨收入將在 3.2 億美元至 3.4 億美元之間。目前預計毛利率將在十幾歲左右。不包括 2024 年第一季確認的與消費者集體訴訟和解相關的 750 萬美元應計費用，預計營運費用將在 1.8 億至 1.9 億美元之間。資本支出預計在 1500 萬至 2000 萬美元之間。

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

然後，我會將電話轉給接線員，以解答您的問題。謝謝。

(Operator Instructions) Ben Theurer, Barclays

（操作員指示）Ben Theurer，巴克萊銀行

Good afternoon, Ethan, Lubi. Thanks for taking my question.

下午好，伊森，盧比。感謝您提出我的問題。

So Ethan, to begin with, maybe as it comes out to the rollout of Beyond 4.0, the platform, and then obviously the associated price increases you've been putting through, and we're seeing that already nicely as you've highlighted on a per-pound basis.

所以伊森，首先，也許是隨著 Beyond 4.0 平台的推出，然後顯然是你一直在經歷的相關價格上漲，我們已經很好地看到了這一點，正如你所強調的那樣以每磅為基礎。

Two things around this. One, can you update us on how much of your portfolio has seen this upgrade and the new pricing already and how much is still yet to come over the next couple of months and/or quarters?

圍繞這件事有兩件事。第一，您能否向我們介紹一下您的投資組合中有多少已經經歷了此次升級和新定價，以及未來幾個月和/或幾個季度仍有多少尚未實現？

And then what has consumer perception maybe been just around the product and how is the feel associated with the price point, which obviously is a higher one than prior, that would be like kind of like my first general question, and I have a quick one for Lubi.

然後，消費者對產品的看法可能是什麼，以及與價格點相關的感覺如何，這顯然比以前更高，這有點像我的第一個一般性問題，我有一個快速的問題為了魯比。

Okay, great. So I'll go ahead and answer the first point first on what percentage of the portfolio has undergone renovation upgrade.

好的，太好了。因此，我將繼續回答第一點，即投資組合中有多少百分比進行了翻新升級。

And if you look at what we launched so far, you have the Beyond Burger, you have Beyond Beef, and then you have Beyond Dinner Sausage. All of those now have the new formula, and you have the associated endorsements and things of that nature. And that new formula is the new proteins, the new fat systems, et cetera.

如果你看看我們迄今為止推出的產品，你會發現 Beyond 漢堡、Beyond 牛肉、Beyond 晚餐香腸。所有這些現在都有了新的公式，並且您擁有相關的認可和類似性質的東西。新的配方是新的蛋白質、新的脂肪系統等等。

And then the additional application there is the Sun Sausage, which has even lower saturated fat levels. We do expect to continue to migrate the portfolio in the direction of those types of things. But for now, those are the major changes we've made.

另外還有太陽香腸，它的飽和脂肪含量更低。我們確實希望繼續將投資組合朝著這些類型的方向遷移。但就目前而言，這些都是我們所做的重大改變。

On the price increase, we've generally been pleased, as Lubi mentioned, the elasticity's come in largely where we expected. But I think the other piece to note is the significant reduction in promotional trade. That has helped us a lot on margin, and we're very pleased to see the portfolio sustain that.

對於價格上漲，我們總體上感到高興，正如魯比所提到的，彈性基本上達到了我們的預期。但我認為另一件值得注意的事情是促銷貿易的大幅減少。這對我們的利潤率有很大幫助，我們很高興看到投資組合能夠維持這個水準。

If you look at the consumer reception, which is for your third question, we do have data which is encouraging. If you strip away the promotional activity I talked about, which kind of tends to distort the year-over-year numbers, and just look at the base, and then you look at some of our larger accounts, you do see velocity for Beyond IV items, particularly beef and the burger, which is where we have the most data.

如果你看看消費者的反應，也就是你的第三個問題，我們確實有令人鼓舞的數據。如果你去掉我談到的促銷活動（這種活動往往會扭曲同比數字），只看基數，然後看看我們的一些較大的帳戶，你確實會看到 Beyond IV 的速度物品，特別是牛肉和漢堡，這是我們擁有最多數據的地方。

You're seeing growth in certain accounts that are significant national grocer accounts and then seeing stabilization in others. So we're quite pleased with that given that we instituted a significant price increase, pulled back on trade. And so we think that is evidence that the product is doing well and the messaging is resonating.

您會看到某些重要的全國雜貨商帳戶出現成長，然後看到其他帳戶穩定。因此，鑑於我們大幅提高價格並減少貿易，我們對此感到非常滿意。因此，我們認為這證明了該產品表現良好並且所傳達的訊息引起了共鳴。

Also along those lines, if you look at the chatter about the product both in the medical community and in the nutrition and registered dietitian community, it is extremely positive. It's not positive in the sense of, this doesn't taste very good but it's very healthy, it's really a to me, something that our research and development and operations team needs to be extremely proud of.

同樣，如果你看看醫學界、營養學和註冊營養師界關於該產品的討論，你會發現這是非常積極的。從某種意義上說，這不是正面的，雖然味道不太好，但非常健康，對我來說，這確實是我們的研發和營運團隊需要感到非常自豪的事情。

They not only improved the nutritional profile of those products, which were already strong, as I mentioned, but they also, from an organoleptic perspective, improved the products. And so, and we're seeing that in their reaction, whether on social media, whether on media coverage.

正如我所提到的，他們不僅改善了這些產品的營養成分，而且從感官角度來看，他們也改善了產品。因此，我們從他們的反應中看到了這一點，無論是在社群媒體上，還是在媒體報導上。

So overall, we're very pleased with how that launch is going, extremely early days. We just announced it right before Memorial Day, and we continue to see some of it on the dinner sausage side flow through. So overall, quite pleased. On the price increase.

總的來說，我們對發布的進展非常滿意，而且是在非常早期的階段。我們剛剛在陣亡將士紀念日之前宣布了這一消息，我們繼續看到晚餐香腸方面的一些消息流過。所以總的來說，非常滿意。關於漲價。

I'll hand it over to Lubi to handle that.

我會把這件事交給Lubi來處理。

Yeah, Ben, I think you have a second part of the question, was it specific to the price increase?

是的，本，我想你有問題的第二部分，是專門針對價格上漲的嗎？

No, the price, that was actually covered by Ethan. What I was wondering, you tend to always give a little bit of more of a near-term outlook and not only for the full year. So anything you can maybe share on your initial thoughts as to the third quarter now as we start getting into easier comps from last year, fair to assume that we're going to get into growth and continued margin expansion also on a sequential basis, or how should we think about the third quarter, maybe in context to the second quarter, as that one came already better than what you initially expected.

不，這個價格，實際上是由伊森承擔的。我想知道的是，您往往總是給予更多的近期展望，而不僅僅是全年的展望。因此，您可以分享您對第三季度的初步想法，因為我們從去年開始進入更容易的比較階段，可以公平地假設我們也將按順序進入增長和持續的利潤率擴張，或者我們應該如何看待第三季度，也許是在第二季度的背景下，因為第二季度的情況已經好於您最初的預期。

Yeah, sure. So I think as Ethan mentioned in his prepared remarks, we do expect to see sequential improvement in our gross margins in the second half of the year. And our guidance would imply that as well.

是的，當然。因此，我認為正如伊森在他準備好的演講中提到的那樣，我們確實預計下半年毛利率將連續改善。我們的指導也暗示了這一點。

You're correct. In recent quarters, we have provided some directional color for the current quarter. We're not doing that for Q3 specifically, but what I'll say is, if you think about just the seasonality of our business, right, typically we tend to generate most of our revenues or a bigger portion of our revenues in the second and third quarters.

你是對的。最近幾個季度，我們為當前季度提供了一些方向性的顏色。我們不會專門針對第三季度這樣做，但我要說的是，如果您只考慮我們業務的季節性，對吧，通常我們傾向於在第二季度產生大部分收入或更大一部分收入和第三季。

And so as you're thinking about Q3 versus Q4, I would just keep that in mind and then from an operating expense perspective, if you look at our guidance, right, what it would imply obviously for the back half of the year would be a lower rate of operating expenses relative to the first half.

因此，當您考慮第三季與第四季時，我會記住這一點，然後從營運費用的角度來看，如果您看看我們的指導，對吧，這顯然意味著今年下半年將是營業費用率較上半年較低。

Okay, perfect. Thank you very much. I'll pass it on.

好的，完美。非常感謝。我會把它傳遞下去。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

So I guess maybe first just thinking about kind of that tension between kind of the price increases and the clear desire to drive gross margins, but also kind of thinking about the unit cost reductions and kind of the ability to drive that on a lower volume base.

因此，我想也許首先要考慮價格上漲和提高毛利率的明確願望之間的緊張關係，但也要考慮單位成本的降低以及在較低產量基礎上推動這一目標的能力。

Can you help us think about the improvement in gross margins in the second half and how much we should be thinking really is increment incremental price increases or the flow through of effectuated price increases and mix versus actual reductions in unit costs from here?

您能否幫助我們思考下半年毛利率的改善，以及我們應該考慮多少真正是增量價格上漲或實際價格上漲和組合的流動與單位成本的實際減少之間的關係？

I appreciate you're trying to simplify the business, but the volume base is also shrinking, so I'm trying to just balance those two figures. Thank you.

我很欣賞你試圖簡化業務，但銷售基礎也在縮小，所以我試著平衡這兩個數字。謝謝。

Sure, do you want me -- I can take that.

當然，你想要我嗎──我可以接受。

Lubi, I'll grab it and hand it over to you. So I think, if you look at the cadence of the price increase, we began it in certain retailers and certain products beginning in April, phased it in a little bit more in May. And so this third and fourth quarter should be the sort of fuller distribution. And so we do expect some uplift from that.

魯比，我把它抓起來交給你。所以我認為，如果你看一下漲價的節奏，我們從四月開始在某些零售商和某些產品中開始漲價，並在五月分階段進行一點點漲價。因此，第三和第四季應該是更全面的分配。因此，我們確實期望由此帶來一些提升。

And then, of course, trade reduction will continue throughout the back half. So we'll also expect a good guide from that. But I don't want to underestimate, and I think this is where your question is, the significant progress that we're making on cost of goods, and that is coming from several different areas. Probably first and foremost is the internalization of our network.

當然，下半年貿易減少將持續下去。所以我們也期待從中得到一個很好的指導。但我不想低估，我認為這就是你的問題所在，我們在商品成本方面取得的重大進展來自幾個不同的領域。也許首先也是最重要的是我們網路的內部化。

That decision was taken for a variety of reasons, but one of the main benefits is that it's cut down on tolling fees and underutilization fees that have been some of the drag on the business. It's also allowing for significant savings in logistics as we move forward, as well as much better overhead utilization and absorption -- overhead absorption.

做出這項決定的原因有很多，但主要好處之一是減少了通行費和未充分利用費用，這些費用一直是業務的拖累。隨著我們的前進，它還可以顯著節省物流成本，以及更好的間接費用利用率和吸收——間接費用吸收。

So we continue to think that those will drive a lower cost basis across the products for the balance of the year. Some other things that are kind of knickknacks, the inventory reserves coming down, and then reduced depreciation on a smaller asset base given the write-off we did at the end of last year.

因此，我們仍然認為，這些將推動今年剩餘時間產品的成本基礎降低。其他一些事情是小擺設，庫存儲備下降，然後考慮到我們去年年底所做的沖銷，在較小的資產基礎上減少了折舊。

So those things all combine to have, I think, a favorable view on the top line and then some significant progress as we begin to wring costs out of the system. And I think the last piece is more -- almost philosophical. We are bought into, as I've mentioned many times over the last sort of 18 months, the lean management practice and principles.

因此，我認為，所有這些因素結合在一起，對營收產生了有利的看法，然後當我們開始從系統中擠出成本時，就會取得一些重大進展。我認為最後一篇文章更多的是——幾乎是哲學性的。正如我在過去 18 個月中多次提到的那樣，我們已經接受了精實管理實務和原則。

And so the established value streams, looking at our business that way and the horizontal flow of value across it has allowed us to continue to get more efficient. And so I think we're realizing cost reduction and savings and focus even on things like materials through that transition to a lean management structure.

因此，既定的價值流、以這種方式看待我們的業務以及跨業務的價值橫向流動使我們能夠繼續提高效率。因此，我認為我們正在實現成本降低和節省，甚至透過向精實管理結構的過渡，我們甚至可以專注於材料等問題。

But, Lubi, anything you want to add to that?

但是，Lubi，你還有什麼要補充的嗎？

No, I think you've covered it pretty well, Ethan.

不，我認為你已經講得很好了，Ethan。

I think what I would just say is that if you look at the results for the second quarter, yes, we did begin to see some of the benefits from the recent price increases. But as Ethan mentioned, we should get as that price increase starts to impact a greater portion of the overall business, we should have more of a benefit from that.

我想我想說的是，如果你看看第二季的結果，是的，我們確實開始看到最近價格上漲的一些好處。但正如伊森所提到的，隨著價格上漲開始影響整體業務的更大一部分，我們應該會從中獲得更多的好處。

If you look at our net revenue per pound this quarter in Q2 in our US retail business, that was up 20.5%. I think, one thing that's notable there is that most of that was not driven actually by simple -- by pricing, strict list price increases. It was driven by a reduction in the promotional spending relative to a year ago, and there was also some benefits from mix.

如果您查看本季美國零售業務第二季的每磅淨收入，您會發現成長了 20.5%。我認為，值得注意的一件事是，其中大部分實際上並不是由簡單的定價所驅動的，即嚴格的標價上漲。這是由於促銷支出相對於一年前有所減少，而且混合也帶來了一些好處。

And so the impact of pricing was not yet impacting that in a major way. And so we'll benefit from more of that as we go through the year. And then as Ethan mentioned, there's other things within cost of goods sold as well, where we should -- other areas where we should see some efficiencies.

因此，定價的影響尚未對其產生重大影響。因此，隨著這一年的發展，我們將從中受益更多。然後，正如伊森所提到的，銷售成本中還有其他我們應該看到的領域——我們應該看到一些效率。

As Ethan mentioned, there were some temporarily high labor costs and things like that as we were bringing production volume in-house. And so the back half improvement that we expect in gross margins being driven both by the top line, better pricing as well as improvement in COGS.

正如伊森（Ethan）所提到的，當我們在內部進行生產時，存在著一些暫時較高的勞動成本和類似的情況。因此，我們預計下半年毛利率的改善將受到營收、更好的定價以及銷貨成本改善的推動。

Okay that's helpful. And maybe quick follow-up with the second half. I think take the revenue, the gross profit, the OpEx and the CapEx guidance, and I wrote it all together, it would still imply kind of negative free cash flow, maybe slightly smaller cash usage than you saw in the first half of the year, depending on exactly which direction working capital trends, I guess, but that includes kind of some of the pricing and the gross margin actions that you're kind of alluding to.

好的，這很有幫助。也許下半場會快速跟進。我認為把收入、毛利、營運支出和資本支出指導，我把它們都寫在一起，它仍然意味著負自由現金流，可能比你在今年上半年看到的現金使用量略少，我猜這取決於營運資本趨勢的具體方向，但這包括您提到的一些定價和毛利率行為。

So from where we are in the second half of the year, what is the -- how do we think about the pathway to actually getting to a free cash flow, a positive outcome, and kind of when do you think it's possible that that could be achieved?

因此，從我們下半年的情況來看，我們如何思考真正實現自由現金流、積極成果的途徑，以及您認為什麼時候有可能實現這一目標？

I can take that. I mean, we have not -- so I think it's absolutely true that our top priority as an organization, as a management team is, we are trying to drive this business to cash flow positive operations as quickly as possible. We have not said that that will occur this year.

我可以接受。我的意思是，我們還沒有——所以我認為，作為一個組織、作為一個管理團隊，我們的首要任務是，我們正在努力盡快推動這項業務實現現金流正運營，這是絕對正確的。我們還沒有說過今年會發生這種情況。

And as you know, we typically we don't provide guidance in terms of expected cash consumption during the year. But look, as we've said on previous calls, right, that we are working, we continue to work on bolstering our balance sheet. That's a top priority for us.

如您所知，我們通常不會提供有關年內預期現金消耗的指導。但是，正如我們在之前的電話會議中所說的那樣，我們正在努力，我們將繼續努力加強我們的資產負債表。這是我們的首要任務。

But we're going to continue to do the things that you're starting to see the results of in this quarter, which is continue to reduce operating expenses, continue to drive gross margin higher. I think the team has done a really good job in terms of our working capital efficiency.

但我們將繼續做你在本季開始看到結果的事情，即繼續減少營運費用，繼續提高毛利率。我認為團隊在營運資金效率方面做得非常好。

You can see our CapEx spending has been pretty low as well. So all of those things will benefit us, but we're certainly not calling for getting to cash flow positive in the back half of this year.

您可以看到我們的資本支出也相當低。因此，所有這些事情都會使我們受益，但我們當然不會要求在今年下半年實現正現金流。

I appreciate that color. I'll pass it on. Thanks.

我很欣賞那種顏色。我會把它傳遞下去。謝謝。

Robert Moskow, TD. Cowen.

羅伯特·莫斯科，TD。考恩.

Hi, thanks. I had a question about how retailers in the US are viewing the plant-based category. I mean, you said yourself that the category it still remains weak. But I was wondering like how are retailers responding to that?

你好，謝謝。我有一個關於美國零售商如何看待植物性類別的問題。我的意思是，你自己說過，這個類別仍然很弱。但我想知道零售商對此有何反應？

Are they reducing shelf space for the category in reaction? Or is it leading to a shakeout of the smaller players? And could you actually benefit from that as a result? Thanks.

他們是否會減少該類別的貨架空間？或者這會導致規模較小的企業面臨洗牌？你真的能從中受益嗎？謝謝。

Yeah, thanks, Rob. Appreciate it. So I think the answer is a little bit of both.

是的，謝謝，羅布。欣賞它。所以我認為答案是兩者兼具。

Just to broaden our context, as I've said many times, we view this, although we thought initially we would escape it, we view this as just part of the process of disruption. There's going to be pushback, there's going to be a lull, there's going to be a shakeout, and that is obviously happening.

只是為了拓寬我們的背景，正如我多次所說的，我們認為這一點，儘管我們最初認為我們會逃避它，但我們認為這只是破壞過程的一部分。將會出現阻力，將會出現平靜，將會出現震盪，而這顯然正在發生。

My job is to strengthen our business throughout that and emerge stronger as a result and I think we're doing that. The retailers are responding to this in a number of different ways. Some are just staying the course, some are shifting products, placements between fresh and frozen, and others are executing pressure on some of the lower performing players.

我的工作是在整個過程中加強我們的業務並因此變得更加強大，我認為我們正在這樣做。零售商正在以多種不同的方式來應對這個問題。有些人只是堅持到底，有些人正在改變產品，在新鮮和冷凍之間進行佈局，有些人正在向一些表現較差的企業施加壓力。

So in that sense, I think we do benefit as beyond and impossible emerge as the two main players. So I think it's all of the above. But I also just want to caution, I continue to view this over a much longer lens. I think what you're seeing with the Beyond IV portfolio is the main thing that destabilized this category has been the misperception around health.

因此，從這個意義上說，我認為我們確實受益於作為兩個主要參與者的超越和不可能的出現。所以我認為以上都是。但我也想提醒大家，我會繼續從更長遠的角度來看這個問題。我認為你在 Beyond IV 產品組合中看到的破壞這一類別穩定的主要因素是對健康的誤解。

Obviously, there have been some pricing issues and things of that nature, which in a recessionary or difficult economic environment are always more challenging. But we are hammering away at the single most important issue in our view that is required to get the entire category growing again.

顯然，存在一些定價問題和類似性質的問題，在經濟衰退或困難的經濟環境中，這些問題總是更具挑戰性。但我們正在努力解決我們認為使整個類別再次成長所需的一個最重要的問題。

The early results we're seeing from Beyond IV suggest that we're on to the right strategy. And I have no doubt that as more and more consumers become educated, not only from us, but from nutritionists who are backing in, [inaudible], dieticians, doctors, national health organizations, et cetera, that it'll become, I wouldn't say it's a stubborn few, but it'll become fewer and fewer people that are misled around the tremendous benefits they can bring to themselves and to their families by changing out the protein that's kind of in the plate and using the odd to improve their health.

Beyond IV 的早期結果顯示我們採取了正確的策略。我毫不懷疑，隨著越來越多的消費者接受教育，不僅來自我們，還來自支持[聽不清楚]的營養師、營養師、醫生、國家衛生組織等，這將成為，我不會並不是說這是少數頑固的人，但越來越少的人被誤導，認為通過改變盤子裡的蛋白質並利用奇怪的蛋白質來改善他們可以給自己和家人帶來的巨大好處他們的健康。

So the ability of our team to create products that not only deliver on taste but really deliver on this health message, I think, can't be overstated. Over time, we'll continue to address price and in some regards if you look at certain products with certain customers in certain regions, we have already achieved an element of price parity.

因此，我認為，我們團隊創造的產品不僅能提供口味，還能真正傳達健康訊息，這一點怎麼強調都不為過。隨著時間的推移，我們將繼續解決價格問題，在某些方面，如果你看看某些地區的某些客戶的某些產品，我們已經實現了價格平價的要素。

But that right now is not the most important factor to consider. It really is around cleaning the well a bit and making sure that the consumers understand the power of these products to impact the health of their lives and their loved ones.

但這並不是現在需要考慮的最重要因素。這實際上是圍繞著清潔井並確保消費者了解這些產品影響他們的生活和親人健康的力量。

Okay, just a quick follow-up. Maybe I missed it, but how much was the price increase that you took, that you mentioned in April, not including the trade spend variations, and how did it influence 2Q?

好的，只是快速跟進。也許我錯過了，但是您在四月份提到的價格上漲是多少，不包括貿易支出變化，它對第二季度有何影響？

So I don't think we don't have the exact blended amount. But if you want to add kind of what some of the results have been very healthy over share, the full leather now?

所以我認為我們沒有確切的混合量。但如果你想添加一些已經非常健康的結果，現在全皮革？

Yeah, no, that's right, Rob. You didn't miss it. We didn't say how much the price increase was. But I think you can probably get a sense if you look at consumer takeaway data. But again, if you look at the change in that revenue per pound in our US retail channel, like I said, pricing was actually not the most significant driver of that. It was the vast majority of that was related to the reduction in trade spend and then there was some benefit from mix which was also a bigger driver than just pricing alone.

是的，不，沒錯，羅布。你沒有錯過。我們沒有說漲價多少。但我想，如果你看一下消費者外送數據，或許就能有所體會。但同樣，如果你看看我們美國零售通路每磅收入的變化，就像我說的那樣，定價實際上並不是最重要的驅動因素。其中絕大多數與貿易支出的減少有關，然後混合帶來了一些好處，這也是比單獨定價更大的驅動因素。

But there was a price increase. So is it showing up more in third quarter because you're in more retailers with the price increase in third? I'm just a little unclear like, how to dimensionalize it?

但價格有所上漲。那麼，第三季出現更多的情況是否是因為第三季價格上漲，您進入了更多零售商？我只是有點不清楚，如何將其維度化？

Yeah, that would be our expectation, Rob, is that it would show up more in the third and fourth quarter because as Ethan mentioned, right, there was -- the price increase was implemented in waves. The first wave really began to happen in early April and the second wave in May. And so when you look at the third and fourth quarter, we should benefit from a full quarter of more widely distributed price increases.

是的，這就是我們的預期，羅布，它會在第三和第四季度出現更多，因為正如伊森所提到的，對，價格上漲是一波又一波地實施的。第一波真正開始發生在四月初，第二波則在五月開始發生。因此，當你看看第三季和第四季時，我們應該會受益於整個季度更廣泛的價格上漲。

Okay. Thank you very much.

好的。非常感謝。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

God morning, everyone. So can I ask about your market share trends in Europe? We obviously don't have visibility into that. As I think about the US market versus the European market, it seems as though the US has been troubled as a category because of the misinformation campaign, but the category strength is actually quite reasonably robust in Europe.

上帝早安，大家。那我可以問一下你們在歐洲的市佔率趨勢嗎？我們顯然對此並沒有了解。當我考慮美國市場與歐洲市場時，似乎美國作為一個類別由於錯誤訊息宣傳而受到困擾，但歐洲的類別實力實際上相當強勁。

However, in terms of the competitive dynamics, it seems as though the European market is more fragmented, perhaps more competitive. So I'm just wondering if you could speak a little bit to what you're seeing in terms of market share trends in the retail channel and potentially in foodservice and how you see things trending from here.

然而，就競爭動態而言，歐洲市場似乎更加分散，或許競爭更加激烈。所以我想知道您是否可以談談您在零售通路和潛在的餐飲服務市場份額趨勢方面所看到的情況，以及您如何看待這裡的趨勢。

Yeah, so I can take that initially and then hand it over to Lubi.

是的，所以我可以先接受它，然後將其交給 Lubi。

It’s not only Europe, but I think if you look at Canada, we do like what we're seeing, for example, in Canada with respect to the trends for Beyond Meat in retail, where we're seeing growth and seeing some encouraging signs of broader consumer acceptance for our brand there.

不僅是歐洲，我認為如果你看看加拿大，我們確實喜歡我們所看到的情況，例如，在加拿大，Beyond Meat 零售業的趨勢，我們看到了增長並看到了一些令人鼓舞的跡象表明那裡的消費者更廣泛地接受我們的品牌。

If you go over to Europe, it is, as you've said, it's highly fragmented, so it's hard to draw definitive conclusions about the entire geography. But I will say that if you look, for example, at one of our largest strategics, we continue to do a really nice book of business with them.

如果你去歐洲，正如你所說，它是高度分散的，因此很難對整個地理區域得出明確的結論。但我想說，例如，如果你看看我們最大的策略之一，我們將繼續與他們合作寫一本非常好的業務手冊。

And I think they're pleased with some of the launches we've had. And I think you'll see some continued activity there. And so on the strategic side, we like what we're seeing. Retail, there's so many different economies, there's just different factors considered in terms of getting into the refrigerated section and things of that nature.

我認為他們對我們推出的一些產品感到滿意。我想你會看到那裡有一些持續的活動。因此，在戰略方面，我們喜歡我們所看到的。零售業有很多不同的經濟體，在進入冷藏部門和類似性質的事情方面只是考慮了不同的因素。

I'm very bullish on Germany. I think it's a terrific plant-based market. It's, as I've mentioned before, one of the top in the world. And so I think you'll see us be aggressive there. But drawing a conclusion around overall market share for the entire geography of Europe, which is difficult given the fragmentation. Lubi, I don't know if you have any further details.

我非常看好德國。我認為這是一個很棒的植物市場。正如我之前提到的，它是世界頂級之一。所以我想你會看到我們在那裡表現得咄咄逼人。但要圍繞整個歐洲地區的整體市場份額得出結論，考慮到碎片化，這是很困難的。 Lubi，我不知道你是否有更詳細的資訊。

Yeah, I would just say, as it relates to the retail channel in the EU, the way we think about growth in that particular channel and region is much less about market share gains and much more about distribution expansion. So, we're starting from a very small base in the EU.

是的，我只想說，因為它與歐盟的零售通路有關，所以我們考慮該特定通路和地區成長的方式遠不是市場份額的成長，而是分銷擴張。因此，我們是從歐盟的一個非常小的基礎開始的。

I mean, generally speaking, if you look at our market shares across our key European markets there, and call it in the low single-digit percentages, because we just don't have that large of a presence out in Europe at the moment.

我的意思是，一般來說，如果你看看我們在歐洲主要市場的市場份額，並稱之為低個位數百分比，因為我們目前在歐洲沒有那麼大的業務。

So it's really about expanding our distribution and which is why we were so focused on this initiative to make sure that our shelf life for our fresh products was where it needed to be. And so we are -- we expect we'll start to see some of the benefits from this in the back half of this year to start seeing more distribution expansion within the EU and in particular, as Ethan mentioned, the German market is one that we are very excited about.

因此，這實際上是為了擴大我們的分銷範圍，這就是為什麼我們如此專注於這一舉措，以確保我們的新鮮產品的保質期處於需要的狀態。因此，我們預計今年下半年我們將開始看到由此帶來的一些好處，開始看到歐盟內部更多的分銷擴張，特別是，正如伊森所提到的，德國市場是一個我們非常興奮。

The vast majority of that entire market, I think it's over 95% of the category, is in the refrigerated portion of the overall category. And up until just recently, we essentially had no access to the refrigerated aisle.

整個市場的絕大多數，我認為超過該類別的 95%，都屬於整個類別的冷藏部分。直到最近，我們基本上還無法進入冷藏通道。

And so it's much more about that. I would say just sort of generally speaking, when we look at the European market, our core products, the burger and mince products over there continue to perform well. I think we've struggled a little bit more in the chicken portfolio in the EU. That's where we do see the very highly fragmented market over there.

所以這還不止於此。我想說的是，一般來說，當我們看歐洲市場時，我們的核心產品、漢堡和肉末產品繼續表現良好。我認為我們在歐盟的雞肉投資組合中遇到了更多的困難。這就是我們確實看到那裡高度分散的市場的地方。

There's a large private label presence in the EU as you know. And so I think the trends certainly in the chicken portion of our portfolio in the EU have been softer than we would have anticipated, but we’re still -- we remain pleased with what we're seeing on the core side. And like I said, it really comes down to expanding distribution.

如您所知，歐盟有大量自有品牌。因此，我認為我們在歐盟投資組合中雞肉部分的趨勢肯定比我們預期的要軟，但我們仍然對我們在核心方面看到的情況感到滿意。正如我所說，這實際上取決於擴大分銷。

Great. Thank you very much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

(Operator Instructions) Peter Saleh, BTIG.

（操作員說明）Peter Saleh，BTIG。

Great. Thanks. Thanks for taking the question.

偉大的。謝謝。感謝您提出問題。

Ethan, I was hoping you could talk a little bit about the competition, particularly in the US. How do you see the health of the competitors right now? And what exactly do you see them doing as you guys are reducing discounts and raising price?

伊森，我希望你能談談競爭，特別是在美國。您如何看待競爭對手目前的健康狀況？當你們減少折扣並提高價格時，你們到底看到他們在做什麼？

Are they doing the same? Are they doing something different? Just trying to understand the dynamics right now that you're seeing with your competitors.

他們也在做同樣的事情嗎？他們在做一些不同的事情嗎？只是想了解您現在與競爭對手的動態。

Thanks for the question. Yeah, I don't see a counter move yet on the competitive side. I think we're all trying to do the same thing, which is move from one phase of this disruption to another which is sustainable and profitable operations. So I don't anticipate any significant progressive moves and reaction to us or prices as well.

謝謝你的提問。是的，我在競爭方面還沒有看到相反的舉動。我認為我們都在努力做同一件事，即從這種破壞的一個階段轉向另一個可持續且有利可圖的營運階段。因此，我預計不會出現任何重大的進步舉措以及對我們或價格的反應。

Understood. And then just curious, what else can you guys do in this environment to really encourage trial or drive trial? Because that seems like to be another big obstacle at this point in time.

明白了。然後只是好奇，在這種環境下你們還能做些什麼來真正鼓勵試用或推動試用？因為此時此刻這似乎是另一個大障礙。

So the good news is, I think, when there's a debate in the public sphere about pros and cons or something, right? And at some point, one side of the debate goes way too far. You tend to get people to come in and work on your behalf just because it's the right thing to do.

所以我認為，好消息是，當公共領域出現關於利弊之類的辯論時，對嗎？在某些時候，爭論的某一方走得太遠了。您傾向於讓人們進來並代表您工作，只是因為這是正確的做法。

And we're seeing that now where registered dieticians, nutritionists, doctors are saying, cut this stuff out. Like, these products can really help you achieve some of your goals from a, whether it's cardiovascular perspective, whatever the goal that may fit the portfolio that we have, we're starting to see people come out of woodwork and talk with their patients about it, talk with their followers about it, and that I think that could have earned media and engagement with consumers while it's potentially less splashy than some of the earlier stuff we did.

我們現在看到註冊營養師、營養師、醫生都在說，不要再用這些東西了。就像，這些產品確實可以幫助您實現一些目標，無論是心血管的角度，無論什麼目標可能適合我們現有的產品組合，我們開始看到人們從木製品中脫穎而出，與他們的患者談論與他們的追隨者談論它，我認為這可以贏得媒體和消費者的參與，同時它可能比我們之前所做的一些東西不那麼引人注目。

Very meaningful because it is so consistent with that slope of enlightenment that they talk about in the Gartner Hype Cycle. It's where people are now finally beginning to understand, okay, wait a minute. I mean, the folks on the call, this can make a practical and real difference in your health. You can ignore it, you can get involved in the politics of it, or you can just try it.

非常有意義，因為它與他們在 Gartner 技術成熟度曲線中談論的啟蒙斜率非常一致。現在人們終於開始明白了，好吧，等一下。我的意思是，各位來電的人，這可以對您的健康產生實際且真正的影響。你可以忽略它，你可以參與它的政治，或者你可以嘗試。

And we're hearing more and more people say, you know what, Beyond IV, I really like it, some sausage, what a neat concept, really healthy, I understand it. I'm benefiting from your products in X, Y, and Z, and that type of word of mouth is really important.

我們聽到越來越多的人說，你知道嗎，Beyond IV，我真的很喜歡它，一些香腸，多麼簡潔的概念，非常健康，我理解它。我從 X、Y 和 Z 的產品中受益，這種口碑非常重要。

And it's not all spontaneous, right? We are working within the health community to help get this message out. And you can see that with the various accreditations we have, you can see it with our broad and deep engagements in the nutrition and registered dietitian community. But it's not necessarily splashy. It's just effective.

而且這並不全是自發性的，對吧？我們正在衛生界努力幫助傳播這項訊息。您可以看到，透過我們擁有的各種認證，您可以透過我們在營養和註冊營養師社群的廣泛而深入的參與來看到這一點。但它並不一定是引人注目的。這只是有效的。

Thank you very much, sir.

非常感謝您，先生。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi, thank you. Ethan, there's a lot of helpful conversation on this call about nutrition and the continued battle against misinformation, and I do appreciate that. I wanted to ask a little bit about how confident you are that the products taste and texture, whichever product you want to talk about, the burger, the sausage, whatever, is where you want it to be, because when I talk to investors and I talk to friends and family about the product and obviously it's a small sample size, I don't want to extrapolate too much, it's still about the taste, where people say, look, I know a hamburger isn't good for me, but I like eating it more than a Beyond Burger, more than your competitor's burgers.

你好，謝謝。伊森，這次電話會議上有很多關於營養和持續打擊錯誤訊息的有益對話，我對此表示讚賞。我想問一下您對產品的味道和質地有多大信心，無論您想談論哪種產品，漢堡，香腸，無論什麼，都是您想要的，因為當我與投資者交談時我與朋友和家人談論該產品，顯然它的樣本量很小，我不想推斷太多，它仍然與味道有關，人們說，看，我知道漢堡對我不好，但我比Beyond Burger、比你競爭對手的漢堡更喜歡吃它。

The taste isn't quite there, and the texture isn't quite there where they say, I really want to eat this. And food is still about what people want to eat more than what they have. I've asked this question before on the call, I know. So, I just wanted to get a sense of an update of kind of where you are in that, in the stage of the product? Thank you.

味道不太好，質地也不太像他們說的那樣，我真的很想吃這個。食物仍然是人們想吃什麼而不是他們擁有什麼。我知道，我之前在電話中問過這個問題。所以，我只是想了解您在產品階段的最新情況？謝謝。

Yeah, no, thanks Ken, good question.

是的，不，謝謝肯，好問題。

So we wouldn't launch something that we felt did not represent an increase in the organoleptic or sensory experience of the product. That's not something we'd want to do. And so in particular, the shift to this protein blend dealt with some of the off flavors.

因此，我們不會推出我們認為不能提高產品感官或感官體驗的產品。這不是我們想要做的事情。特別是，轉向這種蛋白質混合物可以解決一些異味。

The use of avocado really helped with some of the flavor notes, as well as the health and a bunch of other changes were made. And so we are seeing that simultaneous consumer reaction that this, there's obviously going to be some when you change a formula and somebody would like the old formula, so you're going to get some criticism from that.

酪梨的使用確實有助於改善一些風味，以及健康和其他一些變化。因此，我們看到消費者同時做出的反應是，當你改變配方時，顯然會有一些反應，而有人會喜歡舊的配方，所以你會從中得到一些批評。

But overall, the reaction has been strong and the tests we ran prior to launching indicated that this was an improvement on taste. And so we don't need everybody to like the product. We need enough people to like it. And there are -- there's a very large addressable market, as I've talked about before, and not everyone does what they should do,

但總體而言，反應強烈，我們在推出前進行的測試表明，這是對口味的改進。所以我們不需要每個人都喜歡這個產品。我們需要足夠多的人喜歡它。正如我之前談到的，有一個非常大的潛在市場，但並不是每個人都做他們應該做的事情，

I get that. But enough have a concern that, or at least a desire to be healthy, that they enjoy the taste of this and they enjoy the health benefits and so they're going for it. And I think it's really -- if you had to say, even your the X amount of dollars and all you can spend it on is either taste or health, I'd absolutely go after health because that's the misperception.

我明白了。但有足夠多的人擔心，或至少渴望健康，他們喜歡這種味道，享受它對健康的好處，所以他們會去追求它。我認為，如果你不得不說，即使你花了 X 美元，而你能花的只是品味或健康，我絕對會追求健康，因為這是一種誤解。

There's enough people who really like the taste of the Beyond Burger and have been doing this for about 15 years. I know when they don't, I know when they do. And enough people that really like the taste, particularly this latest portfolio, that getting clear with folks about the really transformative impacts can have on their health.

有足夠多的人真正喜歡 Beyond Burger 的味道，並且已經這樣做了大約 15 年。我知道他們什麼時候不這樣做，我也知道他們什麼時候會這樣做。有足夠多的人真正喜歡這種味道，特別是這個最新的產品組合，讓人們清楚地了解它對他們的健康可能產生的真正變革性的影響。

Look, I mean, we know this, that the standard American diet, it'll give you potentially a statin, give you stints, give you some other things. And there's a way through that, which is diet. And putting Beyond at the center of the plate is a major enabler of a healthier diet. So that's the message that I get across.

聽著，我的意思是，我們知道這一點，標準的美國飲食，它會給你潛在的他汀類藥物，給你一段時間，給你一些其他的東西。有一個方法可以解決這個問題，那就是飲食。將 Beyond 放在餐盤的中心是健康飲食的主要推動者。這就是我得到的訊息。

Thank you for that, it's helpful. And then I wanted to ask a follow-up about pricing. And the reason that you're not taking price internationally, and I believe that's the case, please correct me if I'm wrong, that you don't have that scale, that you don't necessarily -- you're not in a place necessarily where you have the distribution yet.

謝謝你，這很有幫助。然後我想詢問有關定價的後續問題。你之所以沒有在國際上定價，我相信情況就是如此，如果我錯了，請糾正我，因為你沒有那個規模，你不一定 - 你不在一個你已經有發行版的地方。

And to get distribution, you kind of want to maintain a price level that is maybe a little more appealing than it would be in a larger steady state environment or are there other factors to consider? -- Yeah. Okay.

為了獲得分銷，您希望維持一個比在更大的穩態環境中更具吸引力的價格水平，或者是否還有其他因素需要考慮？ - 是的。好的。

That's right. I mean, if you look at some of the stuff we're doing in Europe, for example, with large strategic partners, that does have much more of a pricing element to it, right? And so that's where you see us continuing to be aggressive in some of those things, but yeah, primarily the folks in the US.

這是正確的。我的意思是，如果你看看我們在歐洲所做的一些事情，例如與大型策略夥伴的合作，你會發現其中確實有更多的定價因素，對嗎？因此，你會看到我們在某些​​事情上繼續積極進取，但是，主要是美國人民。

Hey, Ken, maybe What I would add to that as well is, I believe it was two years ago at this point, we did take a very close look at our pricing relative to the competitive set, particularly in the EU. And we felt that the price gap, our products were at a premium, they remain at a premium today, but we felt that the price gap was a little bit too large.

嘿，肯，也許我還要補充的是，我相信在兩年前的這個時候，我們確實非常仔細地審視了我們相對於競爭對手的定價，特別是在歐盟。我們覺得價格差距，我們的產品溢價，今天仍然溢價，但我們覺得價格差距有點太大了。

So we did kind of reset our pricing level relative to the competitive set out there. And so I certainly think what you mentioned is certainly one element, right. But I think we did a pretty deep dive a couple of years ago to make sure that we're sort of priced in a place that we believe makes sense for that market.

因此，我們確實相對於現有的競爭環境重新調整了我們的定價水準。所以我當然認為你提到的肯定是一個要素，對吧。但我認為幾年前我們進行了相當深入的研究，以確保我們的定價在我們認為對該市場有意義的地方。

Great. Thank you so much, sir.

偉大的。非常感謝您，先生。

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

我們的問答環節到此結束。我想將會議轉回伊森·布朗（Ethan Brown）發表閉幕詞。

Thanks, guys. I'll be very brief. I think, just wanted to emphasize net revenue came in quite a bit higher than we were expecting. Margin is the best it's been since 2021. Cash is way down. Operating expenses are also down. Consolidation networking needs to go really well, continue to implement lean and drive cost out of the business.

謝謝，夥計們。我的發言會非常簡短。我想，只是想強調淨收入比我們預期的高很多。利潤率是自 2021 年以來的最高水準。營運費用也下降了。整合網路需要進展順利，繼續實施精實並降低業務成本。

We're doing this while we're addressing what I think is the main issue around the category is restoring the health halo. Doing that not only on our own marketing, but also in association with a lot of very influential organizations and leaders in the health and wellness community.

我們正在這樣做，同時我們正在解決我認為該類別的主要問題是恢復健康光環。不僅透過我們自己的行銷，而且還與健康和保健社區中許多非常有影響力的組織和領導者合作。

So a lot of really positive stuff going on and a pivotal year for us. I look forward to reporting the balance of the year and sharing with you guys how this strategy continues to unfold. But I appreciate the interest and look back soon.

因此，發生了很多非常積極的事情，這對我們來說是關鍵的一年。我期待著報告今年的餘額，並與大家分享這項策略如何繼續展開。但我很感激大家的興趣，很快就會回頭看。

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

會議現已結束。感謝您參加今天的示範。您現在可以斷開連線。