超越肉類 (BYND) 2024 Q3 法說會逐字稿

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

下午好，歡迎參加 Beyond Meat 2024 年第三季電話會議。 （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 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. Hello, everyone, and thank you for your participation on today's call. Joining me are Ethan Brown, Founder, President and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer. By now, everyone should have access to our third 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.

謝謝。大家好，感謝您參加今天的電話會議。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。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 年第三季收益新聞稿。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. 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.

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。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發布，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 September 28, 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. 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.

請參閱今天的新聞稿、我們將向 SEC 提交的截至 2024 年 9 月 28 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，以及向美國證券交易委員會提交的其他文件，詳細討論了可能導致實際結果與今天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。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. Please refer to today's press release for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

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. The third quarter marked another period of meaningful progress at Beyond Meat. We returned to growth, continued our gross margin expansion and reduced operating expenses to their lowest level in four years as we drive the business towards cash flow and profitability objectives.

謝謝保羅，大家下午好。第三季標誌著 Beyond Meat 又一個有意義的進展時期。隨著我們推動業務實現現金流和獲利目標，我們恢復了成長，繼續擴大毛利率，並將營運費用降低至四年來的最低水準。

I'll briefly highlight these results before diving deeper into them as I review performance against our five priorities in 2024. Net revenues were $81 million for the third quarter of 2024, reflecting a 7.6% increase year over year.

在根據 2024 年的五個優先事項審查業績時，我將簡要強調這些結果，然後再深入探討這些結果。

Notably, compared to the year ago period, net revenue per pound rose 15.8%, including a 22.6% increase in our US retail channel net revenue per pound and a 10.5% increase in our international retail channel net revenue per pound. Increases were driven by a full quarter benefit of price increases on certain products in the US, combined with substantially reduced trade discounts in both US and international retail. These factors generated our highest net revenue per pound since the fourth quarter of 2022.

值得注意的是，與去年同期相比，每磅淨收入成長了15.8%，其中美國零售通路每磅淨收入成長了22.6%，國際零售通路每磅淨收入成長了10.5%。成長的推動因素是美國某些產品價格上漲的整個季度效益，以及美國和國際零售業的貿易折扣大幅減少。這些因素為我們帶來了自 2022 年第四季以來最高的每磅淨收入。

And importantly, we saw simultaneous improvements in our year-over-year volume trends in three of our four sales channels. an encouraging sign regarding price elasticity for our brand. These pricing and reduced promotional spending measures were joined by continued COGS improvement to strengthen gross margin, which rose to 17.7% compared to negative gross margin of 9.6% in the third quarter last year.

重要的是，我們看到四個銷售管道中三個的同比銷售趨勢同步改善。關於我們品牌的價格彈性，這是一個令人鼓舞的跡象。這些定價和減少促銷支出的措施加上銷貨成本的持續改善，毛利率上升至 17.7%，而去年第三季的毛利率為 9.6%。

Notably, this gross margin also represented a sequential improvement of 300 basis points vis-a-vis the second quarter of 2024. Operating expenses fell to $45.2 million as we realized greater efficiencies throughout the organization.

值得注意的是，與 2024 年第二季相比，毛利率也連續提高了 300 個基點。

This marked a $17.2 million reduction year over year. Operating expenses were also sequentially down $2.4 million versus second quarter of 2024. Even as we continue to take measures to further tighten operating expenses, as we've articulated previously, a key goal for 2024 has been to bolster the balance sheet. We are not backing off this objective and expect to take measures yet this year to increase the company cash levels. I'd like to now turn to our five priorities for 2024.

這標誌著同比減少了 1720 萬美元。與 2024 年第二季相比，營運費用也連續下降了 240 萬美元。我們不會放棄這一目標，並預計今年將採取措施增加公司現金水準。我現在想談談 2024 年的五個優先事項。

Our first priority is getting leaner and more efficient. Over the past two years, we continue to implement lean management practices and principles. This effort has enabled us to look at our business in new ways, establishing value streams with the intent of working across business functions to deliver higher value more quickly to our customers and consumers.

我們的首要任務是變得更精簡、更有效率。過去兩年，我們持續推行精實管理實務和原則。這項努力使我們能夠以新的方式看待我們的業務，建立價值流，旨在跨業務職能開展工作，更快地為我們的客戶和消費者提供更高的價值。

Though we have miles to travel, we are seeing proof points. We generated higher gross profit, incurred lower operating expenses and posted a narrower adjusted EBITDA loss on both a year over year and sequential basis.

儘管我們還有很長的路要走，但我們已經看到了證據。我們產生了更高的毛利，產生了更低的營運費用，並且調整後的 EBITDA 虧損同比和環比均收窄。

Part of our lean implementation is a narrowing of focus around products, markets, specific consumers and messages. Nowhere is this focus more evident than in our emphasis on helping consumers lead healthier lives through great-tasting Beyond Meat products. This brings us to our second priority, this year's launch of Beyond IV, our fourth-generation Beyond Burger, Beyond Beef, and Beyond Dinner Sausage.

我們精實實施的一部分是縮小對產品、市場、特定消費者和資訊的關注範圍。我們致力於透過美味的 Beyond Meat 產品幫助消費者過上更健康的生活，這一點最為明顯。這就引出了我們的第二個優先事項，即今年推出的 Beyond IV，我們的第四代 Beyond Burger、Beyond Beef 和 Beyond Dining Sausage。

As you will recall, these core platforms reflect years of research and development that successfully advanced both taste and nutrition, resulting in recognition by leading health organizations with the products being included in the American Diabetes Association's evidence-based nutritional guidelines for its Better Choices for Life program and the American Heart Association's Heart-Check Recipe Certification program. Beyond our burger and beef products blend protein from yellow peas, brown rice, red lentils, and fava beans with avocado oil to deliver 21 grams of clean protein with just 2 grams of saturated fat.

您可能還記得，這些核心平台反映了多年的研究和開發成果，成功地提高了口味和營養水平，並獲得了領先健康組織的認可，這些產品被納入美國糖尿病協會的循證營養指南，以表彰其“更好的生活選擇”計劃和美國心臟協會的心臟檢查食譜認證計劃。我們的漢堡和牛肉產品將來自黃豌豆、糙米、紅扁豆和蠶豆的蛋白質與酪梨油混合在一起，提供 21 克清潔蛋白質，僅含 2 克飽和脂肪。

By comparison, that's 75% less saturated fat than equivalently sized 80/20 beef burger. Similarly, Beyond our dinner sausage blends proteins from yellow peas and brown rice together with avocado oil, also delivering 75% less saturated fat than an 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。同樣，Beyond 我們的晚餐香腸將黃豌豆和糙米中的蛋白質與酪梨油混合在一起，所含的飽和脂肪也比同等大小的豬肉香腸少 75%。

We believe that Beyond IV's clear health messaging and premium ingredients are contributing to our return to growth, where, for example, we are seeing year-over-year increases in base velocity in certain large retailers of our flagship two-pack burger product. Further, we are expanding consumer choice by diversifying our portfolio in new ways. Shortly after our Beyond IV launch, we introduced Beyond Sun sausage in three delicious and bold flavors.

我們相信，Beyond IV 明確的健康資訊和優質成分有助於我們恢復成長，例如，我們看到我們的旗艦兩件漢堡產品的某些大型零售商的基本速度逐年增長。此外，我們正在透過新的方式使我們的產品組合多樣化，從而擴大消費者的選擇。 Beyond IV 推出後不久，我們推出了三種美味且大膽口味的 Beyond Sun 香腸。

This is the first product that is not intended to replicate beef, pork or poultry and delivers 12 grams of protein from yellow peas, brown rice, faba beans and red lentils with only 1 gram of saturated fat from avocado oil. Beyond Sun Sausage also earned the emblem of the American Heart Association's Heart Check program and the American Diabetes Association Better Choices for Life program.

這是第一個並非旨在複製牛肉、豬肉或家禽的產品，它提供了來自黃豌豆、糙米、蠶豆和紅扁豆的 12 克蛋白質，以及來自酪梨油的 1 克飽和脂肪。 Beyond Sun Sausage 也獲得了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。

Recently, we were pleased to showcase for media a product that has been in the works for many years in the Beyond Meat Rapid and Relentless Innovation program, our whole muscle steak line, Beyond Steak Fillet.

最近，我們很高興向媒體展示我們在 Beyond Meat 快速和不懈創新計劃中研發多年的產品，即我們的全肌牛排系列 Beyond Steak Fillet。

Beyond Steak Fillet is made with mycelium, a root-like structure found in mushrooms, legume protein, and a limited number of natural ingredients. I personally love this product not only for its texture and savory taste, but it's concise and clean ingredient list, coupled with very high levels of protein contrasted with very low levels of saturated fat.

Beyond Steak Fillet 由菌絲體、蘑菇中的根狀結構、豆類蛋白質和有限數量的天然成分製成。我個人喜歡這款產品，不僅因為它的質地和鹹味，而且因為它的成分列表簡潔明了，加上非常高水平的蛋白質和非常低水平的飽和脂肪。

More generally, you will increasingly hear Beyond Meat proudly share the process we use to make our delicious plant-based meats.

更廣泛地說，您會越來越多地聽到 Beyond Meat 自豪地分享我們用來製作美味植物肉的過程。

The weaponization of the word process, a tactic emphasized in the incumbent industry playbook on how to undermine plant-based meat and preserve the status quo has grown long in the tooth. It is past time we put it to bed. We plan to do that by applying generous amounts of sunlight to our own process, educating consumers on how we build meat directly from plants. It's a clean process. It's a process that is elegant in its simplicity and it's a process that produces better outcomes for the human body and earth.

「加工」這個詞的武器化是現有產業手冊中強調的一種關於如何破壞植物性肉類並維持現狀的策略，這種策略已經長期存在。我們已經到了睡覺的時間了。我們計劃透過在我們自己的加工過程中使用大量的陽光來實現這一目標，教育消費者如何直接從植物中製造肉類。這是一個乾淨的過程。這是一個簡單而優雅的過程，也是一個為人體和地球帶來更好結果的過程。

I'll take a moment here to explain how we make our currently available steak product, Beyond Steak tips, a delicious and award-winning product that grace the cover of Time magazine upon launch and is available at retailers nationwide. Farmers, including those in the states of North Dakota and Montana, grow follow beans.

我將在這裡花點時間解釋一下我們如何製作目前可用的牛排產品Beyond Steak Tips，這是一款美味且屢獲殊榮的產品，一經推出就登上了《時代》雜誌的封面，並在全國零售商處有售。包括北達科他州和蒙大拿州在內的農民種植豆類。

The follow beans are harvested and milled and the resulting flower is placed in an air chamber where reflecting different densities and sizes, protein and starch separate. Together with vital week gluten and water, the protein is then run through heating, cooling and pressure. These simple steps of heating, cooling and pressure shape the proteins into the familiar form of muscle or meat.

隨後的豆子被收穫並研磨，所得的花被放置在氣室中，在氣室中反映不同的密度和大小，蛋白質和澱粉分離。然後，蛋白質與重要的周麩質和水一起加熱、冷卻和加壓。這些簡單的加熱、冷卻和加壓步驟將蛋白質塑造成熟悉的肌肉或肉類形式。

We then mix in natural flavors, colors from vegetable juice and oil. The result is a high-protein, low saturated fat product that is clean in process and label and that has earned recognition from the American Heart Association, the American Diabetes Association, the Clean Label Project, and has been given good Housekeeping Seal of Nutrition.

然後我們將天然香料、蔬菜汁和油中的色素混合在一起。結果是一種高蛋白、低飽和脂肪的產品，在工藝和標籤上都是清潔的，並贏得了美國心臟協會、美國糖尿病協會、清潔標籤項目的認可，並獲得了良好的營養營養印章。

This process is one that should indeed be marketed, it should be celebrated in fact. Simply put, it is a better and simpler process than that of industrial factory farmed meat, and we expect consumers to agree once they know the facts. One final update on products.

這個過程確實應該被推廣，事實上應該要被慶祝。簡而言之，這是一個比工廠化養殖肉更好、更簡單的過程，我們希望消費者在了解事實後會同意。產品的最後更新。

Leading up to this relaunch, Panda Express initially reintroduced beyond the original -- on chicken at 300 stores and recently expanded distribution to nearly 600 locations. It's a delicious product and one I hope you'll go try if you haven't already. Our third priority is to support improved gross margin through our US trade and pricing programs. We are making good progress and the results speak for themselves.

在此次重新推出之前，Panda Express 最初在 300 家商店重新推出了最初的雞肉產品，最近將分銷範圍擴大到近 600 個地點。這是一種美味的產品，如果你還沒有嘗試過，我希望你能去嘗試。我們的第三個優先事項是透過我們的美國貿易和定價計劃來支持提高毛利率。我們正在取得良好進展，結果不言而喻。

As I said earlier, between our pricing actions and significant moderation in trade, net revenue per pound in the US retail channel rose 22.6% as compared to the year ago period. Moreover, we were pleased to see that in aggregate, unit volume stayed well within our expected elasticity range.

正如我之前所說，在我們的定價行動和貿易大幅放緩的影響下，美國零售通路的每磅淨收入比去年同期增加了 22.6%。此外，我們很高興地看到，總體而言，單位銷售量保持在我們預期的彈性範圍內。

We are encouraged that the consumer sees value in our products, including in our use of premium ingredients and that our messaging on taste, health and clean label is resonating. Turning now to our fourth priority, the consolidation of our production network, which has substantially been completed on the manufacturing side.

我們感到鼓舞的是，消費者看到了我們產品的價值，包括我們使用優質原料，並且我們關於口味、健康和清潔標籤的訊息引起了共鳴。現在轉向我們的第四個優先事項，即鞏固我們的生產網絡，這在製造方面基本上已經完成。

And in recent months, we've been rationalizing the warehouse footprint that supported these facilities, exiting 5 warehouses in the first half of this year. We are now seeing the benefits in the form of reduced tolling fees, better asset utilization and inventory management, the freeing up of working capital, increased overhead absorption, production and logistic efficiencies and enhanced quality control.

近幾個月來，我們一直在合理化支援這些設施的倉庫佔地面積，今年上半年退出了 5 個倉庫。我們現在看到的好處包括降低通行費、更好的資產利用率和庫存管理、釋放營運資金、增加間接費用吸收、生產和物流效率以及加強品質控制。

These initiatives to reduce COGS, which in Q3 of 2024 reached their lowest levels in just over three years, represent meaningful steps up the ladder toward restored and sustained higher gross margin. Fifth, we are maintaining our investment focus in Europe. And as discussed previously, we're recently able to meet certain shelf life requirements necessary to expand our retail reach in the EU.

這些降低銷貨成本的措施在 2024 年第三季達到了三年多來的最低水平，代表著朝著恢復和持續更高毛利率邁出了有意義的一步。第五，我們繼續保持對歐洲的投資重點。正如前面所討論的，我們最近能夠滿足擴大我們在歐盟零售範圍所需的某些保質期要求。

As a reminder, heretofore, we have been substantially unable to access the retail category in certain attractive EU markets, particularly Germany, where plant-based meats are largely refrigerated at a temperature that precluded our participation.

提醒一下，到目前為止，我們基本上無法進入某些有吸引力的歐盟市場的零售類別，特別是德國，那裡的植物性肉類大部分冷藏在我們無法參與的溫度下。

Having worked several years to meet shelf life requirements, we are thrilled to now be in German retailers, Germany being one of the strongest, in my view, plant-based markets in the world. With a clear caution that it is very early days, we are seeing encouraging initial sell-through in this important market.

經過多年努力以滿足保質期要求，我們很高興現在能成為德國零售商，在我看來，德國是世界上最強大的植物性市場之一。明確警告現在還為時過早，我們看到這個重要市場的初始銷售令人鼓舞。

Turning now to our food service business in the EU. In France, McDonald's launched a new menu option, Veggie McPlant Nuggets in more than 1,500 restaurants, bringing our nuggets to one of McDonald's top European markets. The nuggets are currently planned to be a permanent menu addition with France joining Austria, Germany, Malta, the Netherlands, Slovenia, the UK, and Ireland and going beyond at McDonald's.

現在談談我們在歐盟的食品服務業務。在法國，麥當勞在 1,500 多家餐廳推出了新菜單選項 Veggie McPlant Nuggets，將我們的雞塊帶到了麥當勞歐洲頂級市場之一。目前，這些雞塊計劃成為法國、奧地利、德國、馬耳他、荷蘭、斯洛維尼亞、英國和愛爾蘭的永久菜單，甚至麥當勞的菜單。

Lastly, on behalf of all Beyond Meat employees, we are thankful to be included in Fortune's 2024 Change the World list, a prestigious recognition of the top 52 global companies shaping the future by making a positive social impact.

最後，我們代表所有 Beyond Meat 員工，很高興被列入《財富》2024 年「改變世界」榜單，這是對透過產生積極社會影響塑造未來的全球 52 強公司的享有聲望的認可。

As I look back, the third quarter of 2024 serves as a pivotal quarter in our company's history. When we went public in 2019, for a short period, it appeared that a disruption of protein markets would proceed unimpeded and we would cross the chasm from nice to mainstream without a hitch.

回顧過去，2024 年第三季是我們公司歷史上的關鍵季度。當我們在 2019 年上市時，在短時間內，蛋白質市場的顛覆似乎將暢通無阻，我們將順利跨越從優質到主流的鴻溝。

Turbulence, much of it generated by a concerted campaign supported by incumbent animal protein and pharmaceutical industries, destabilized the slip stream within which we traveled and we fell from considerable heights. From this challenging vantage point, we faced a fundamental choice on how to respond. as I've said before, we responded by letting iron sharpen iron.

湍流（其中大部分是由現有動物蛋白和製藥行業支持的協調一致的運動產生的）破壞了我們旅行的滑流的穩定性，我們從相當高的高度跌落。從這個具有挑戰性的角度來看，我們面臨著如何應對的根本選擇。正如我之前所說，我們的回應是讓鐵磨鐵。

We chose to get stronger, including moving our products along the continuum from relative to absolute health benefits, most notably in our Beyond IV platform and its broad endorsements from leading health institutions, and we got leaner and more focused.

我們選擇變得更強大，包括將我們的產品從相對健康益處轉向絕對健康益處，最引人注目的是我們的Beyond IV 平台及其來自領先健康機構的廣泛認可，我們變得更精簡、更專注。

Today, we are pleased to report a quarter of solid growth, our highest gross margin and lowest cost of goods sold in three years and our lowest operating expenses in four years. I am more than proud of the team that is delivering these results.

今天，我們很高興地報告一個季度的穩健成長、三年來最高的毛利率和最低的銷售成本以及四年來最低的營運費用。我為取得這些成果的團隊感到非常自豪。

Each of you is writing history. I've done my fair share of looking to history to help me understand the arc and outcome of disruptions from the growth of mechanized ICE to the sputtering and then commanding rise of alternative energy technology in electric vehicles.

你們每個人都在書寫歷史。我盡我所能地回顧歷史，以幫助我理解從機械化內燃機的發展到電動車替代能源技術的快速發展和指揮崛起的顛覆的弧線和結果。

And to my team, I tell you that history will not only include you, but will reward you for pioneering that which the consumer and the world alike needs. Our journey has not been for the faint of heart, yet our time is ahead of us, and we face it wiser, stronger and ready to compete and win as we drive Beyond Meat forward.

對於我的團隊，我告訴你們，歷史不僅會包括你們，還會獎勵你們開拓消費者和世界所需的東西。我們的旅程並不適合膽小的人，但我們的時代就在我們前面，我們會更明智、更強大地面對它，並在推動 Beyond Meat 前進的過程中做好競爭和獲勝的準備。

With that, I look forward to taking your questions later. I will now turn the call over to Lubi.

就這樣，我期待著稍後回答你們的問題。我現在將把電話轉給 Lubi。

Thank you, Ethan, and good afternoon, everyone. Before reviewing our quarterly financial results and updating our full year outlook, I would just like to note that Ethan was recently recognized on the inaugural the Independent Climate 100 list 2024.

謝謝伊森，大家下午好。在回顧我們的季度財務業績和更新全年展望之前，我想指出的是，Ethan 最近在首屆 2024 年獨立氣候 100 強榜單中獲得認可。

This accolade celebrates 100 global leaders making transformative contributions to the environment. Ethan's inclusion reflects his passion, innovation and visionary leadership in reducing the environmental footprint of global food systems and championing sustainable diets worldwide. On behalf of everyone here at Beyond Meat, we applaud his unwavering commitment to tackling climate change.

該獎項旨在表彰 100 位為環境做出變革性貢獻的全球領導人。伊森的加入反映了他在減少全球糧食系統的環境足跡和倡導全球永續飲食方面的熱情、創新和富有遠見的領導力。我們代表 Beyond Meat 的每個人，對他對應對氣候變遷的堅定承諾表示讚賞。

Now let's get to our Q3 results. Net revenues increased 7.6% to $81 million in the third quarter of 2024 compared to $75.3 million in the year ago period, representing our first quarter of year-over-year growth since the first quarter of 2022. The increase in net revenues was primarily driven by a 15.8% increase in net revenue per pound, partially offset by a 7.1% decrease in volume of products sold.

現在讓我們看看第三季的結果。 2024 年第三季淨收入成長 7.6%，達到 8,100 萬美元，而去年同期為 7,530 萬美元，這是自 2022 年第一季以來我們第一季的同比增長。淨收入成長15.8%，但部分被產品銷售量下降7.1% 所抵銷。

The increase in net revenue per pound was primarily driven by lower trade discounts, price increases of certain of our products and changes in product sales mix, partially offset by unfavorable changes in foreign currency exchange rates. We are pleased to see a sequential improvement in our year-over-year volume trends despite a tougher year ago comp and a significant increase in net price realization.

每磅淨收入的成長主要是由於貿易折扣降低、某些產品價格上漲以及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。我們很高興看到我們的同比銷售趨勢連續改善，儘管去年的比較更加艱難並且淨價格實現顯著增加。

Breaking this down by channel, US retail channel net revenues increased 14.6% to $35 million in the third quarter of 2024 compared to $30.5 million in the year ago period. The increase in net revenue was primarily due to a 22.6% increase in net revenue per pound, partially offset by a 6.6% decrease in volume of products sold, reflecting soft category demand and price elasticity effects.

按通路細分，2024 年第三季美國零售通路淨收入成長 14.6%，達到 3,500 萬美元，去年同期為 3,050 萬美元。淨收入的成長主要是由於每磅淨收入成長了 22.6%，但部分被產品銷售下降 6.6% 所抵消，反映了軟品類需求和價格彈性效應。

The increase in net revenue per pound was primarily driven by lower trade discounts and pricing actions, partially offset by changes in product sales mix. US food service channel net revenues increased 15.5% year over year to $14.5 million in the third quarter of 2024, primarily due to a 7.9% increase in volume of products sold and a 7% increase in net revenue per pound.

每磅淨收入的成長主要是由較低的貿易折扣和定價行為所推動的，但部分被產品銷售組合的變化所抵消。 2024 年第三季度，美國食品服務通路淨收入年增 15.5%，達到 1,450 萬美元，主要是由於銷售產品數量成長 7.9%，每磅淨收入成長 7%。

Volume sold benefited from sales of chicken products to a US QSR customer that did not occur in the year ago period, while the increase in net revenue per pound was primarily driven by pricing actions and changes in product sales mix, partially offset by higher trade discount.

銷售量得益於向美國快餐客戶銷售雞肉產品，而去年同期並未出現這種情況，而每磅淨收入的增長主要是由定價行為和產品銷售組合的變化推動的，但部分被較高的貿易折扣所抵消。

International retail channel net revenues increased 17% to $16.6 million in the third quarter of 2024, driven by a 10.5% increase in net revenue per pound and a 6% increase in volume of products sold. The increase in net revenue per pound primarily reflected lower trade discounts and changes in product sales mix, partially offset by price changes of certain products and unfavorable changes in foreign currency exchange rates. Volumes sold benefited from distribution gains and increased demand for our products in certain geographic regions.

2024 年第三季度，國際零售通路淨收入成長 17%，達到 1,660 萬美元，每磅淨收入成長 10.5%，產品銷售成長 6%。每磅淨收入的成長主要反映了貿易折扣的降低和產品銷售組合的變化，但部分被某些產品的價格變化和外匯匯率的不利變化所抵消。銷售量得益於分銷收益和某些地理區域對我們產品的需求增加。

Lastly, international food service channel net revenues decreased 17.2% to $15 million in the third quarter of 2024, primarily due to a 22.1% decrease in volume of products sold, largely reflecting decreased sales of burger and chicken products to a large QSR customer in the EU.

最後，2024 年第三季國際食品服務通路淨收入下降 17.2%，至 1500 萬美元，主要是由於產品銷量下降 22.1%，這主要是由於向大型 QSR 客戶銷售的漢堡和雞肉產品減少。

The decrease in volume was partially offset by a 6.2% increase in net revenue per pound, driven by lower trade discounts and pricing actions, partially offset by changes in product sales mix and unfavorable changes in foreign currency exchange rates.

銷售量的下降被每磅淨收入增長 6.2% 所部分抵消，這是由於貿易折扣和定價行為降低所致，部分被產品銷售組合的變化和外幣匯率的不利變化所抵消。

Gross profit in the third quarter of 2024 was $14.3 million or gross margin of 17.7% compared to a loss of $7.3 million or gross margin of negative 9.6% in the year ago period. As Ethan noted, this was our highest quarterly gross margin since the third quarter of 2021 and our lowest COGS per pound since the second quarter of that year.

2024 年第三季的毛利為 1,430 萬美元，毛利率為 17.7%，而去年同期虧損 730 萬美元，毛利率為負 9.6%。正如 Ethan 指出的那樣，這是我們自 2021 年第三季以來最高的季度毛利率，也是自該年第二季以來我們每磅的最低銷貨成本。

In addition to the benefit from net price realization, gross margin in the third quarter of 2024 was also positively impacted by decreased COGS per pound resulting from lower inventory provision, reduced logistics costs and lower materials cost per pound.

除了淨價實現的收益外，2024 年第三季的毛利率還受到庫存準備金減少、物流成本降低和每磅材料成本降低導致的每磅銷貨成本下降的正面影響。

Overall, our cost of production continues to benefit from our network consolidation measures and more efficient inventory management. We are commissioning additional finished goods production capabilities at our facility in Pennsylvania, which we expect will drive further COGS savings in 2025 and beyond.

總體而言，我們的生產成本持續受益於我們的網路整合措施和更有效率的庫存管理。我們正在賓州的工廠調試額外的成品生產能力，我們預計這將在 2025 年及以後進一步節省銷貨成本。

Turning to operating expenses. Total operating expenses were $45.2 million in the third quarter of 2024 compared to $62.4 million in the year ago period. The decrease in operating expenses was primarily due to reduced general and administrative expenses, including a $2 million insurance recovery benefit, reduced nonproduction salaries and related costs and reduced selling expenses.

轉向營運費用。 2024 年第三季的總營運費用為 4,520 萬美元，而去年同期為 6,240 萬美元。營運費用的減少主要是由於一般和管理費用的減少，包括 200 萬美元的保險賠償金、非生產工資和相關成本的減少以及銷售費用的減少。

As a result and combined with the year-over-year improvement in gross profit, loss from operations decreased to $30.9 million in the third quarter of 2024 compared to $69.6 million in the year ago period, an improvement of nearly $40 million year over year.

因此，加上毛利較去年同期改善，2024 年第三季營運虧損從去年同期的 6,960 萬美元降至 3,090 萬美元，年減近 4,000 萬美元。

Below the line, total other income net increased $5.1 million year over year, primarily reflecting unrealized foreign currency transaction gains, leading to a net loss of $26.6 million in the third quarter of 2024 compared to $70.5 million in the year ago period.

線下其他收入淨額總額年增 510 萬美元，主要反映未實現的外幣交易收益，導致 2024 年第三季淨虧損 2,660 萬美元，去年同期為 7,050 萬美元。

Net loss per common share was $0.41 in the third quarter of 2024 compared to $1.09 in the year ago period. Adjusted EBITDA was a loss of $19.8 million or negative 24.4% of net revenues in the third quarter of 2024 compared to an adjusted EBITDA loss of $57.5 million or negative 76.3% of net revenues in the year ago period. Turning to our balance sheet and cash flow highlights.

2024 年第三季每股普通股淨虧損為 0.41 美元，去年同期為 1.09 美元。 2024 年第三季調整後 EBITDA 虧損 1,980 萬美元，佔淨收入負 24.4%，而上年同期調整後 EBITDA 虧損 5,750 萬美元，佔淨收入負 76.3%。轉向我們的資產負債表和現金流亮點。

Our cash and cash equivalents balance, including restricted cash, was $134.9 million, and total outstanding debt was $1.1 billion as of quarter end on September 28, 2024. Inventory increased by approximately $5.6 million quarter over quarter to $125.2 million, primarily driven by an intentional decision to increase stocking levels of certain finished good items.

截至2024 年9 月28 日季末，我們的現金及現金等價物餘額（包括限制性現金）為1.349 億美元，未償債務總額為11 億美元。 ，這主要是由於有意決定增加某些成品的庫存水準。

However, our overall inventory levels remain substantially below year ago amounts. Looking at cash usage for the quarter, although total cash consumption increased versus the second quarter of this year, our cash conversion cycle and working capital efficiency reflects substantial improvements from prior years.

然而，我們的整體庫存水準仍大大低於去年同期水準。從本季的現金使用情況來看，儘管現金消耗總量較今年第二季有所增加，但我們的現金週轉週期和營運資金效率反映出較往年的大幅改善。

The sequential increase in cash consumption in the third quarter partly reflected large orders from some customers in Q2 ahead of anticipated price increases and promotional periods, which resulted in smaller replenishment orders and cash collections in Q3.

第三季現金消耗的環比成長部分反映了第二季部分客戶在預期漲價和促銷期間之前的大量訂單，導致第三季補貨訂單和現金回籠減少。

Overall, net cash used in operating activities was $69.9 million in the nine months ended September 28, 2024, compared to $79.3 million in the year ago period. Capital expenditures totaled $4.5 million in the nine months ended September 28, 2024, compared to $8.6 million in the year ago period. In the nine months ended September 28, 2024, net cash used by investing activities included $4.1 million in proceeds from sales of fixed assets compared to $2.5 million in the year ago period.

整體而言，截至 2024 年 9 月 28 日的九個月中，經營活動使用的現金淨額為 6,990 萬美元，而去年同期為 7,930 萬美元。截至 2024 年 9 月 28 日的九個月，資本支出總額為 450 萬美元，而去年同期為 860 萬美元。截至 2024 年 9 月 28 日的九個月中，投資活動所使用的淨現金包括 410 萬美元的固定資產銷售收益，而去年同期為 250 萬美元。

Finally, I'll conclude my remarks by commenting on our full year outlook, which we are updating as follows: Net revenues for the full year 2024 are expected to be in the range of $320 million to $330 million. Gross margin is expected to be in the mid-teens range.

最後，我將透過評論我們的全年展望來結束我的發言，我們正在更新如下： 2024 年全年的淨收入預計將在 3.2 億美元至 3.3 億美元之間。毛利率預計將在十幾歲左右。

Operating expenses, excluding the $7.5 million expense relating to the consumer class action settlement accrued 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 $10 million to $15 million.

不包括2024 年第一季產生的與消費者集體訴訟和解相關的750 萬美元費用，營運費用預計將在1.8 億美元至1.9 億美元之間，資本支出預計將在1,000 萬美元至1,000 萬美元之間。

Lastly, with regard to our balance sheet, we expect to add additional liquidity through our ATM program by the end of the year, and we'll continue to evaluate other alternatives to bolster our balance sheet even further in the new year.

最後，關於我們的資產負債表，我們預計在年底前透過 ATM 計劃增加額外的流動性，並且我們將繼續評估其他替代方案，以在新的一年進一步增強我們的資產負債表。

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

然後，我會將電話轉給接線員，以解答您的問題。

(Operator Instructions) Peter Saleh, BTIG.

（操作員說明）Peter Saleh，BTIG。

Great. Thanks for taking the question. I did want to ask maybe on the gross margin. Today, the 17.7% rate, it was nice to see a pretty nice improvement there on the gross margin. Can you just give us a sense of if sales stay where they are and given your projections, do you anticipate you think you can hold this type of gross margin as we head into 2025? Any thoughts on gross margin next year would be really helpful.

偉大的。感謝您提出問題。我確實想問毛利率。今天，毛利率達到 17.7%，很高興看到毛利率有了相當大的改善。您能否讓我們了解一下，如果銷售額保持不變，並考慮到您的預測，您是否認為在我們進入 2025 年時您可以保持這種毛利率？關於明年毛利率的任何想法都會非常有幫助。

Sure. No, this is Ethan, and I'll take that. I appreciate you asking. So I think it is a function of all the work we've been doing around network consolidation, around reducing logistics costs, taking out material costs and better overhead absorption and things like that. And so I don't think that we would expect to move backwards at all.

當然。不，這是伊森，我會接受的。我很感激你的詢問。所以我認為這是我們圍繞網路整合、降低物流成本、消除材料成本和更好地吸收管理費用等所做的所有工作的結果。因此，我認為我們根本不會期望出現倒退。

I think we continue to show progress in the margin, particularly in '25 as we have an opportunity to make some smaller investments to increase efficiency in our plants. What you've seen us do, right, is take a very large network of co-packers and be able to absorb that into our own footprint with the exception of two additional co-packers.

我認為我們在利潤方面繼續取得進展，特別是在 25 年，因為我們有機會進行一些較小的投資來提高工廠的效率。您所看到的，我們所做的就是建立一個非常龐大的代加工廠網絡，並且能夠將其吸收到我們自己的足跡中，除了另外兩個代加工廠之外。

And in doing so, that's really what's driven that reduction in COGS. And then, of course, you have on top of that, the higher pricing and then significantly reduced trade. So all of those things I expect to hold and only improve in '25.

這樣做，才是真正推動銷貨成本下降的原因。當然，最重要的是，定價更高，然後貿易量顯著減少。所以我希望所有這些事情都能保持下去，並且只會在 25 年得到改善。

Great. And then just as a quick follow-up on the capital raise, Lubi, I don't know if there's any more color you can provide in terms of -- I know you said before year-end, so I know here we are a couple of months out. But any more color in terms of how you may go about this or how much you think you may need? And are you thinking you'll raise enough capital just to get you through '25 and '26 or further? Just any other additional color would be helpful. Thanks.

偉大的。然後，作為融資的快速後續行動，Lubi，我不知道你是否可以提供更多的顏色——我知道你在年底之前說過，所以我知道我們已經幾個月了。但是，就您如何解決這個問題或您認為您可能需要多少而言，還有更多的顏色嗎？您是否認為您能籌集足夠的資金來度過 25 年和 26 年或更長時間？只要任何其他附加顏色都會有幫助。謝謝。

Yeah, sure. Yeah. Look, what we said, right, is that we do intend to add additional cash to the balance sheet before the end of the year. And obviously, the ATM is a vehicle that we have in place that will allow us to do that. But we also did talk about, and we've been discussing this now for the last couple of calls about how we're looking to bolster and restructure the balance sheet, right?

是的，當然。是的。看，我們所說的是，我們確實打算在年底前向資產負債表中添加額外的現金。顯然，ATM 機是我們擁有的一種工具，可以讓我們做到這一點。但我們也確實討論過，並且在最近幾次電話會議中我們一直在討論我們如何支持和重組資產負債表，對嗎？

And so that's probably more of a holistic restructuring of the balance sheet. We've been working towards that throughout the year. Frankly, the discussions have taken a little bit longer than we initially anticipated. And so we now expect that to carry over into 2025. But that's something we're certainly focused on.

因此，這可能更多的是資產負債表的整體重組。我們一整年都在為此努力。坦白說，討論的時間比我們最初預期的要長一些。因此，我們現在預計這種情況會延續到 2025 年。

We're not going to, at this point, get into how much we may be looking to raise before the end of the year, et cetera. But I'll just reiterate that, yes, we do intend to put additional liquidity on the balance sheet before the end of the year, and then we're still looking at a more holistic balance sheet restructuring at some point in next year.

目前，我們不會討論我們希望在年底之前籌集多少資金等。但我只想重申，是的，我們確實打算在年底前在資產負債表上註入額外的流動性，然後我們仍在考慮在明年的某個時候進行更全面的資產負債表重組。

Thank you very much.

非常感謝。

Ben Theurer, Barclays.

本‧瑟雷爾，巴克萊銀行。

Hey, good afternoon. Thanks for taking my question, Ethan, Lubi, how are you doing?

嘿，下午好。感謝你們提出我的問題，Ethan、Lubi，你們好嗎？

So first question was -- I'd like to follow up a little bit on what we're seeing in like Nielsen IRI and so on data because it felt like the performance, particularly volume was a little worse in US retail than what you reported. So help us maybe reconcile what some of the data showing and end up being so much off from what you just reported in the quarter that just like helping understand what's the sell-in, sellout, what might be doing that, maybe the turnover of product from into Beyond IV and so on. So just to help us understand that one. That would be my first piece of question.

所以第一個問題是 - 我想跟進一下我們在尼爾森 IRI 等數據中看到的情況，因為感覺美國零售業的表現，特別是銷量比您報告的要差一些。因此，請幫助我們協調一些數據顯示的內容，最終與您剛剛在本季度報告的數據相差如此之大，就像幫助了解什麼是銷售、銷售，可能是什麼造成的，也許是產品的營業額從到Beyond IV等等。只是為了幫助我們理解這一點。這是我的第一個問題。

Sure, sure. So I mean, I think, first of all, if you look at the composition of the year-over-year growth, I think roughly 16% of that in retail is due to an increase in the net revenue per pound, and that was offset by about a 7% decrease in volumes sold. And so overall, you have that 15% increase in retail. And I think then you go to food service, you see a 15.5% increase and then international is up 17%. We had on international food service side, some turbulence that we can walk you through.

當然，當然。所以我的意思是，我認為，首先，如果你看看同比增長的組成，我認為零售業大約 16% 是由於每磅淨收入的增長，那就是銷量下降約 7%，抵消了這一影響。總體而言，零售額成長了 15%。我認為餐飲服務成長了 15.5%，國際成長了 17%。我們在國際食品服務方面遇到了一些動盪，我們可以引導您度過難關。

But overall, three of the four segments showing really good growth year-over-year. What's happening in US retail is exactly what you, I think, alluded to, which is there's a mismatch between consumption data and sell-in data.

但總體而言，四個細分市場中的三個同比表現出良好的成長。我認為，美國零售業正在發生的事情正是您所提到的，即消費數據和銷售數據之間存在不匹配。

And so we are seeing the benefit of some changes out in retail distribution that allows us to add in revenue that is not necessarily appearing right now in consumption data. Also, some of the recording with the spins, et cetera, isn't picking up all of the volume that we pick up in our retail numbers.

因此，我們看到了零售分銷方面的一些變化的好處，這些變化使我們能夠增加目前不一定出現在消費數據中的收入。此外，一些帶有旋轉的錄音等並沒有達到我們在零售數字中獲得的所有音量。

And so that accounts for some of the difference. But the main one is what you just articulated in asking your question. There's a difference between sell-in and the consumption data. And so I think you should see more of a true-up in the fourth quarter. But overall, I mean, I do want to just pause and give a a general view on how well the business did this quarter.

這也是造成一些差異的原因。但主要的一點是你剛才在提出問題時所闡述的內容。銷售數據和消費數據之間存在差異。所以我認為你應該在第四季看到更多的調整。但總的來說，我確實想暫停一下，對本季的業務表現給出一個總體看法。

If you look at those growth rates, the 15% in retail, the nearly 16% in US food service, international is up 17%. You look at the margin, again, rising to nearly 18% now. The COGS number that we produced was the lowest since 2021. Our operating expenses are the lowest in four years.

如果你看一下這些成長率，零售業成長了 15%，美國食品服務業成長了近 16%，國際成長了 17%。你再看看利潤率，現在已經上升到近 18%。我們生產的銷貨成本 (COGS) 數字是自 2021 年以來最低的。

And how that's showing in the income statement, I think, is important to look at. We were able to take out a substantial amount of operating expense to bring it down to $45.2 million, which basically cut operating losses more than half once you take into consideration the impact of that gross profit and the reduction in operating expense.

我認為，這一點在損益表中的體現是值得關注的。我們能夠扣除大量營運費用，將其降至 4,520 萬美元，如果考慮到毛利和營運費用減少的影響，這基本上將營運虧損減少了一半以上。

And we're able to reduce net loss by two-thirds as well as adjusted EBITDA loss also by two-thirds. And so both the trajectory of that EBITDA loss as well as the pace, I think, is important to recognize. We're now down an EBITDA loss of $19.8 million.

我們能夠將淨損失減少三分之二，調整後的 EBITDA 損失也減少三分之二。因此，我認為，認識到 EBITDA 損失的軌跡和速度都很重要。我們現在的 EBITDA 損失為 1980 萬美元。

On a year ago basis, we were at $57.5 million. So you can see a very steep curve moving in the right direction. And so that's why we feel so confident about our plan to bring the business into profitability. I can't say when. I don't want to imply it's going to be anytime soon.

一年前，我們的收入為 5750 萬美元。所以你可以看到一條非常陡峭的曲線朝著正確的方向移動。這就是為什麼我們對讓業務獲利的計劃如此充滿信心。我不能說是什麼時候。我不想暗示它很快就會發生。

But that is where we're headed. And all of these trends you're seeing the growth, the increase in margin, the reduction in operating expense and the substantial reductions in net loss and EBITDA loss, all move the business toward where we want it to be. And so I think I'll just take pause for a minute and congratulate the team on that as I did in my remarks.

但這就是我們的前進方向。您看到的所有這些趨勢包括成長、利潤率增加、營運費用減少以及淨虧損和 EBITDA 損失的大幅減少，所有這些都將推動業務朝著我們希望的方向發展。因此，我想我會暫停一分鐘，並像我在發言中所做的那樣向團隊表示祝賀。

Okay. Perfect. That was very clear and complete. And then just a real quick following up on the -- that food service volume impact that you had in the quarter with that large customer, whomever that might have been on the chicken product. Is that something that carries into the fourth quarter and beyond?

好的。完美的。這是非常清楚和完整的。然後快速跟進本季度食品服務量對大客戶的影響，無論是誰購買了雞肉產品。這種情況會持續到第四季及以後嗎？

Is that more of a structural problem? Or was there something onetime in the quarter we should just take as a fact and then move on?

這更多的是一個結構性問題嗎？或者本季是否有某些事情我們應該視為事實然後繼續前進？

Sure. So two things going on with chicken and food service, or chicken and QSRs. One is the nearly doubling of store count of Panda Express here in the US. And then the other is the entry into France, 1,500 new stores with McDonald's with McPlant nugget, which is our chicken nugget. And so those things we obviously be very favorably.

當然。因此，雞肉和食品服務，或雞肉和快餐，發生了兩件事。其中之一是熊貓快遞在美國的門市數量幾乎翻了一番。然後另一個是進入法國，麥當勞新開了1500家店，推出了McPlant nugget，也就是我們的雞塊。所以這些事情我們顯然是非常有利的。

There is noise in the Q3 data for international food service, and it is driven, as you've identified by large QSR. And a couple of things are going on there. One is we're seeing in a particular economy that's undergoing its own challenges, we are substantially down in that restaurant in that economy. And so that's one thing that's driving it.

國際餐飲服務的第三季數據中存在噪音，正如您透過大型 QSR 所確定的那樣，噪音是被驅動的。那裡正在發生一些事情。一是我們看到，在一個正在經歷自身挑戰的特定經濟體中，我們的餐廳在該經濟體的表現大幅下滑。這就是推動它的因素之一。

The second is more of an inventory loading timing issue where due to some promotions that were being run by the customer in the second quarter, they took on a lot of inventory. And so we're still seeing sell-through of that inventory. And so that created more of a downturn. Those would be the major drivers for that particular customer.

第二個更多的是庫存加載時間問題，由於客戶在第二季度進行了一些促銷活動，他們承擔了大量庫存。因此，我們仍然看到該庫存的銷售情況。因此，這造成了更多的經濟衰退。這些將是該特定客戶的主要驅動力。

Okay, understood. Thanks for that.

好的，明白了。謝謝你。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good evening. Just was wondering if you could touch on pricing dynamics a little bit better. You had tried lowering price a couple of years ago and still had sales down and didn't really get the volume response. Here, you've raised it and still have some volume pressure, but sales are up. I guess two parts. One, it certainly seems like this is the better approach.

謝謝。晚安.只是想知道您是否可以更好地探討定價動態。幾年前你曾嘗試降低價格，但銷量仍然下降，並且沒有真正得到銷售反應。在這裡，你已經提高了價格，但仍然有一些銷售壓力，但銷量有所上升。我猜是兩個部分。第一，這看起來確實是更好的方法。

Can you just maybe unpack any of what you've learned. But then also as far as maybe what the TAM in one sense looks like, lowering the price didn't seem to broaden the audience very well. Is it really a case of having a smaller target that you can take pricing against, but that limits maybe how far your volume opportunity goes. It appears that way. Is that a fair enough read? Or are you seeing something else?

您能否解開您所學到的任何內容？但就某種意義上的 TAM 而言，降低價格似乎並不能很好地擴大受眾範圍。確實是這樣的情況：你可以設定一個較小的目標來定價，但這可能會限制你的銷售機會能走多遠。看起來是這樣。這是一篇夠公平的讀物嗎？或者你還看到別的東西嗎？

So I obviously thought a lot about this because we have gone through some interesting pricing moves and reactions. If I look back on what we call toward price parity, I'm not sure it would have mattered what we were pricing the product at the moment that we did that, given what the macroeconomic as well as sector issues were.

因此，我顯然對此進行了很多思考，因為我們經歷了一些有趣的定價變化和反應。如果我回顧我們所謂的價格平價，考慮到宏觀經濟和產業問題，我不確定我們當時對產品的定價是否重要。

And so I don't think it really got a good read. There was so much other noise in terms of the campaigns that were being run against the category, incredible competition with all these different partners players coming in that didn't have great products. It just -- there was a very difficult period for the category.

所以我認為它並沒有真正得到很好的閱讀。在針對該類別進行的活動方面，還有很多其他噪音，與所有這些沒有出色產品的不同合作夥伴玩家的令人難以置信的競爭。只是──這個類別經歷了一段非常困難的時期。

So you couldn't really get great data on pricing that didn't have a lot of other variables in it that were hard to parse out. I will say this, though, that when we went to a more premium set of ingredients, avocado oil, the red lentils, the brown rice, the fava beans, along with the LLPs, stripped out certain things and offered the consumer Beyond IV, the elasticity we saw was really encouraging.

因此，如果沒有大量其他難以解析的變量，您就無法真正獲得大量有關定價的數據。不過，我要說的是，當我們採用更優質的原料時，酪梨油、紅扁豆、糙米、蠶豆以及有限責任合夥企業，剔除了某些東西並向消費者提供Beyond IV，我們看到的彈性確實令人鼓舞。

Like if you look at -- we did a 22% increase in US retail in pricing, which precipitated only a 6.6% decline in volume, right? And so that's a pretty good trade-off.

就像你看一下——我們將美國零售價格提高了 22%，但銷量僅下降了 6.6%，對吧？所以這是一個很好的權衡。

And I think it's important, too, to realize that this is somewhat nuanced. It's not like we dropped prices on everything and then raised price on everything. That price parity commitment that I made when we went public, we actually fulfilled it in certain markets with certain customers.

我認為認識到這一點有些微妙也很重要。這並不是說我們降低了所有產品的價格，然後又提高了所有產品的價格。我在上市時做出的價格平價承諾實際上在某些市場上與某些客戶兌現了。

We are selling to certain customers at a price that is at least I'd say, in range with the animal protein equivalent. And so we'll continue to do that where it makes sense for us and where we can still earn a decent margin.

我們向某些客戶出售的價格至少在我看來與動物性蛋白質等價物的範圍內。因此，我們將繼續在對我們有意義且仍然可以獲得可觀利潤的地方這樣做。

And so if you think about that, it's really in the food service sector. It's with some of our largest customers. We can afford to -- because of the volume, because of the broader relationships, et cetera, we can afford to be more aggressive and go toward price parity.

所以如果你仔細想想，它實際上是在食品服務業。這是我們一些最大的客戶。我們有能力——因為數量、因為更廣泛的關係等等，我們有能力採取更積極的態度，走向價格平價。

So I think the answer that I give to the last part of your question about does this present a niche market where it's only highly affluent people are buying product. Our portfolio is distributed in a certain way, right?

因此，我認為我對您問題的最後部分給出的答案是否代表了一個只有非常富裕的人才購買產品的利基市場。我們的投資組合是以某種方式分配的，對吧？

And so we have these much lower cost of goods sold products that we can get into these very large accounts, right? And so we'll continue to pursue that angle. But when we introduce a premium product with premium ingredients where the supply chain is still nascent for us, we're going to offer that at a premium price.

因此，我們銷售的產品成本要低得多，我們可以將其存入這些非常大的帳戶，對嗎？所以我們將繼續追求這個角度。但是，當我們推出採用優質原料的優質產品時，而供應鏈對我們來說仍處於新生階段，我們將以溢價提供。

Over time, you'll see us retire that version, be able to offer more competitive pricing on it and introduce the next version. So I don't think this is a case of like, yes, Beyond Meat has just decided to become a niche brand going after affluent customers. It's much more diverse than that, much more nuanced than that in our pricing.

隨著時間的推移，您將看到我們淘汰該版本，能夠提供更具競爭力的價格並推出下一個版本。所以我不認為這是一個類似的情況，是的，Beyond Meat 只是決定成為一個追逐富裕客戶的小眾品牌。它比我們的定價更加多樣化、更加細緻。

That's really helpful. And just a follow-up on some of the SKU rationalizations you announced, which if I remember right, we were really getting underway about a year ago. Is that all pretty well done other than ordinary cleanup and tidying up? Or should we keep some of that in mind still going forward?

這真的很有幫助。這只是您宣布的一些 SKU 合理化的後續行動，如果我沒記錯的話，我們大約一年前就開始實施了。除了普通的清理和整理之外，這一切都做得很好嗎？或者我們應該繼續牢記其中的一些內容嗎？

I think it's exactly the way to think about it. There's going to be trimming here and there and things of that nature. We obviously want to be maximizing revenue on the smallest number of products that we can. But there's no immediate plans to do any major discontinuation. In fact, you're seeing us do some, I think, interesting product extensions.

我認為這正是思考這個問題的方式。到處都會有一些修剪和類似的事情。顯然，我們希望透過盡可能少的產品數量來實現收入最大化。但目前還沒有立即進行任何重大停產的計畫。事實上，我認為您看到我們做了一些有趣的產品擴充。

And if you look at what we launched at Sprouts, what we call the sun sausage, very high end, very clean ingredient list. I think it's 1 gram of saturated fat is from avocado oil, good serving a protein, four different proteins, red lentils, brown rice, yellow peas and father beans. That's doing really well at Sprouts. We were really pleased to see the reaction to that.

如果你看看我們在 Sprouts 推出的產品，我們稱之為太陽香腸，非常高端，非常乾淨的成分清單。我認為它的 1 克飽和脂肪來自酪梨油，很好的蛋白質，四種不同的蛋白質，紅扁豆，糙米，黃豌豆和老豆。 Sprouts 的表現非常好。我們很高興看到對此的反應。

And then we're going to be expanding distribution in that soon and make an announcement there. So where it makes sense for us, we are continuing to expand the portfolio and particularly toward this health narrative that we've really emphasized and has become a defining differentiation for our brand across the category.

然後我們將很快擴大該領域的發行範圍並在那裡發佈公告。因此，在對我們有意義的地方，我們將繼續擴大產品組合，特別是針對我們真正強調的健康敘事，它已成為我們品牌在整個類別中的決定性差異化。

We will make the tough choices on ingredients and on the overall guardrails that we use to make sure that the customer feels really great about the products they're having and you see more and more of our products are having the American Heart Association Ripe Certification program, having more of the American Diabetes Association, clean label project certifications, things of that nature. So when it makes sense for us to expand that direction, we'll keep doing it.

我們將在成分和整體護欄上做出艱難的選擇，以確保客戶對他們所擁有的產品感覺非常好，並且您會看到我們越來越多的產品擁有美國心臟協會成熟認證計劃，擁有更多美國糖尿病協會、清潔標籤項目認證等類似性質的東西。因此，當我們認為擴大這個方向有意義時，我們就會繼續這樣做。

Okay. Great. Thanks so much.

好的。偉大的。非常感謝。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi. Thanks and good afternoon. Just a follow-up on Ben's question about the gap between US retail shipments and Nielsen this quarter. And Ethan, I realize you're saying that some of the outlets we use aren't picking up all of the volume. But is it reasonable for us to model a fairly steep reversal in this part of your business in 4Q? And is that -- if so, is that the main reason why you're guiding to what looks like roughly flattish sales year on year.

你好。謝謝，下午好。只是本季度美國零售出貨量與尼爾森之間差距的問題的後續。伊森，我知道你是說我們使用的某些管道並沒有吸收所有的流量。但是，我們對您的這部分業務在第四季度出現相當陡峭的逆轉進行建模是否合理？如果是的話，這就是您導致銷售額比去年同期大致持平的主要原因。

Again, I understand the timing of shipments happens and so forth. So it's -- I'm really just trying to get a sense for how deep of a cut we should give to our volume number in the US retail business for the fourth quarter.

再說一次，我了解發貨時間等等。所以，我真的只是想了解我們應該對第四季度美國零售業務的銷售進行多大程度的削減。

I was actually thinking it the other way, Ken, in the sense that my expectation is that the consumption numbers will start to catch up a little bit with our shipment numbers because we're adding back in some distribution and things of that nature.

肯，我實際上是在以另一種方式思考，從某種意義上說，我的預期是消費數字將開始趕上我們的發貨數量，因為我們正在添加一些分銷和類似性質的東西。

But there's all this movement going on in the category from like the fresh section to the frozen section and some products are staying in frozen section, some are staying in the fresh section and some are going to frozen. Some are coming out temporarily as they make that transition. So there's just all this movement. So I'd be cautious about giving you guidance on the fourth in terms of what that -- how that will all shake out.

但該品類正在發生從新鮮部分到冷凍部分的所有變化，有些產品留在冷凍部分，有些產品留在新鮮部分，有些產品將進入冷凍部分。有些人在進行這種轉變時會暫時出櫃。所以就有了所有這些運動。因此，我會謹慎地為您提供第四個方面的指導，即這一切將如何發生。

But the general idea is that there were some gaps in distribution that occurred and then we were able to secure either new distribution or bring that distribution back on, and that seems to be creating the most of the delta in the number. And I don't know, Lubi, you want to add to that or --

但總的想法是，分配中出現了一些差距，然後我們能夠確保新的分配或恢復該分配，這似乎創造了數量上的大部分增量。我不知道，Lubi，你想補充一下還是——

No, I think you covered it.

不，我想你已經涵蓋了。

Okay. So just to be clear, the messaging is consumption should improve. But shipments, I thought you were suggesting were higher than they otherwise might have been in the third quarter. So is there a little bit of a lag in the fourth quarter on shipments? Sorry to keep hammering this.

好的。所以要先明確的是，訊息傳遞是消費應該要改善。但我認為您所說的第三季的出貨量可能高於其他情況。那麼第四季的出貨量是否有一點滯後？抱歉一直在錘這個。

I just want to really get a sense for how much the gap because it was a pretty big gap, as Ben pointed out in his question.

我只是想真正了解差距有多大，因為正如本在他的問題中指出的那樣，這是一個相當大的差距。

Yeah, I think it's that -- the way to think about this is the consumption number should be more should be a better reflection of our shipment numbers. The gap should just be smaller. I'm not saying that there'll be any -- I don't think you'll see a massive falloff on our shipments. I think what you'll see is you'll see a moderation -- or sorry, an improvement in the consumption numbers. But this is all speculation.

是的，我認為是這樣的——思考這個問題的方式是消費數量應該更多，應該更好地反映我們的發貨數量。差距應該更小。我並不是說會有任何——我認為你不會看到我們的出貨量大幅下降。我認為你會看到消費數量有所放緩，或者抱歉，有所改善。但這都是猜測。

Ken, just the other thing to keep in mind is that the non-measured channel for us can be pretty meaningful as well. And so that will drive some of the delta that you see there between consumption and shipments.

肯，另一件事要記住的是，非測量管道對我們來說也非常有意義。因此，這將推動消費和發貨之間的一些增量。

Got it. Thank you. And then I wanted to ask also -- it's a little early. And Ethan, I know you did hint at, I think, for a continued improvement in the gross margin next year. Just given some of your pricing actions that you've taken, the mix benefits, perhaps some of the limited elasticity, is it reasonable for us to model total sales growth positive in 2025? Would there be any reason that you can see right now why that wouldn't be the case?

知道了。謝謝。然後我也想問——現在有點早了。伊森，我知道你確實暗示過，我認為明年的毛利率將持續改善。考慮到你們採取的一些定價行動、組合效益，或許還有一些有限的彈性，我們對 2025 年總銷售成長進行正向成長建模是否合理？現在您能明白為什麼情況並非如此嗎？

There's a lot of smiling going on in the room looking at each other. I mean, you know who I am and how I am. I mean, I'm fully expecting it, but what we're actually going to be saying is something different that we'll have to get a lot of signoffs on.

房間裡充滿了微笑，互相看著對方。我的意思是，你知道我是誰以及我是怎樣的人。我的意思是，我完全期待它，但我們實際上要說的是一些不同的東西，我們必須得到很多簽收。

So -- but I like the direction of the business, but it's just way too early for us to model publicly what we think next year is going to look like. All I hear is I'm fully expecting it. Nothing else. All the rest was just based on no data.

所以，但我喜歡業務的方向，但現在公開模型我們認為明年會是什麼樣子還為時過早。我所聽到的只是我完全期待它。沒有別的了。其餘的一切都只是基於沒有數據。

Al right. Thank you.

好吧。謝謝。

John Baumgartner, Mizuho.

約翰·鮑姆加特納，瑞穗。

Good afternoon. Thanks for the question. Maybe first off, Ethan, just to follow up on your comments to Michael on the elasticity. Are the consumers buying these products at higher prices? Are they mostly existing consumers?

午安.謝謝你的提問。也許首先，伊森，只是為了跟進你對邁克爾關於彈性的評論。消費者是否以更高的價格購買這些產品？他們大多是現有消費者嗎？

I'm just trying to understand the risk that these higher prices and wider gaps in the short term just end up dissuading new consumers and create more work and more delays for you in driving trial and adoption for that four platform.

我只是想了解短期內更高的價格和更大的差距最終會勸阻新消費者的風險，並為您推動這四個平台的試用和採用帶來更多的工作和更多的延誤。

We have seen the buyer rate go up. We don't actually have the data as to whether how many are of the Beyond IV consumers are repeat versus new. But I tell you, I emphasized this in my comments. The biggest thing that is dissuading the consumer from our products and plant-based meat is a misperception around the health benefits and around the ingredients, full stop. That is the number one issue.

我們看到買家率上升。我們實際上並沒有關於 Beyond IV 消費者中有多少是回頭客還是新消費者的數據。但我告訴你，我在評論中強調了這一點。阻止消費者購買我們的產品和植物性肉類的最大原因是對健康益處和成分的誤解，句點。這是第一個問題。

And that's the issue that you see us hammering away at again and again and again. And I think as time goes on, you'll see more people understand that. You'll see more people, particularly as documentation comes out about how well orchestrated this was, identify that, in fact, this was something that the incumbent industry, the meat industry, the pharmaceutical industry that's associated with selling antibiotics livestock paid people to market about, right? And that is the biggest thing, whether -- I said it about when we lowered pricing. I'm saying about when we raise pricing.

這就是我們一次又一次反覆討論的問題。我認為隨著時間的推移，你會看到更多的人理解這一點。你會看到更多的人，特別是當文件顯示這是精心策劃的，事實上，這是現有行業、肉類行業、與銷售抗生素牲畜相關的製藥行業向市場支付人員的事情大約，對嗎？這是最重要的事情，我在我們降低價格時說過這一點。我說的是我們何時提高定價。

That's what it is. And once we get through that hurdle because the products, obviously, look, they taste good. People like the way they taste. We do a ton of tests. We know that data.

就是這樣。一旦我們克服了這個障礙，因為產品顯然看起來、味道都很好。人們喜歡他們的味道。我們做了大量的測試。我們知道這些數據。

We know that they're really good for the human body. We've done the test. I won't bore you guys again. We're talking about the Stanford study, et cetera. We have another very exciting ongoing study going right now, which I expect to have really good results on.

我們知道它們對人體確實有好處。我們已經做了測試。我不會再讓你們厭煩了。我們正在談論史丹佛大學的研究等等。我們現在正在進行另一項非常令人興奮的研究，我希望能夠取得非常好的結果。

So that's the issue. We have not seen anyone tap out based on pricing. People do complain about the prices of our products in general, but that's always been the case. And so I think this particular model of taking premium products offering them at the right price so we can create a sustainable business. While we do have other products, right, that are selling at a lower cost and a somewhat lower margin for us.

這就是問題所在。我們還沒有看到有人根據定價而出局。一般來說，人們確實會抱怨我們產品的價格，但情況一直如此。因此，我認為這種以合適的價格提供優質產品的特殊模式，這樣我們就可以創造可持續的業務。雖然我們確實有其他產品，但它們的銷售成本較低，利潤率也較低。

That's the right approach. And as we gain more and more success, you can see us differentiate our products more, go into other QSRs and that nature at a lower price, but still maintain that premium pricing where it matters.

這是正確的做法。隨著我們取得越來越多的成功，您可以看到我們的產品更加差異化，以較低的價格進入其他 QSR 和這種性質，但在重要的地方仍然保持溢價。

Okay. Thanks for that. And then in terms of the operating expenses, that middle of the P&L, that's been a focus area. You've made a lot of progress there. And you've had this range-bound expense for the last 9 months or so. As you consolidate that, how do you think about flexibility for additional efficiencies in OpEx going forward?

好的。謝謝你。然後就營運費用而言，損益表的中間部分一直是重點領域。你在那裡取得了很大的進步。在過去 9 個月左右的時間裡，您的開支一直在一定範圍內。當您整合這一點時，您如何看待未來營運支出額外效率的靈活性？

Are you at the floor now? Are there more efficiencies coming? And then also, should we expect maybe some increase there in 2025 with an uptick in marketing or brand reinvestment?

你現在在地板上嗎？是否會帶來更高的效率？此外，隨著行銷或品牌再投資的增加，我們是否應該預期 2025 年該數字可能會增加？

So I don't think you should expect an increase. You always I'm always looking at the P&L. We're always looking at the P&L and saying, okay, how can we drive this more quickly to profitability? How can we drive it more quickly to cash flow positive. And so I can't give you a definitive answer, but we're certainly looking for ways to do that in '25.

所以我認為你不應該期望增加。你總是我總是在看損益表。我們總是關注損益表並思考，好吧，我們怎麼能更快地獲利？我們如何更快地實現正現金流。所以我無法給你一個明確的答案，但我們肯定會在 25 年尋找實現這一目標的方法。

And there are some things that are burning off that will help us do that. But it's -- again, I think just like to Ken's question, it's too early. But the expectation is there that, that can be done and will be done.

有些正在燃燒的東西將幫助我們做到這一點。但我想，就像肯的問題一樣，現在還太早。但人們的期望是，這是可以做到的，而且將會做到。

Thank you.

謝謝。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good evening. Connor Cerniglia, stepping in for Alexia. How are you?

晚安.康納·切爾尼利亞（Connor Cerniglia）接替亞歷克西婭（Alexia）。你好嗎？

You don't sound like Alexia.

你聽起來不像亞歷克西婭。

Earlier in the year, you launched the Beyond IV innovation, which is more flavorful. Can you talk a little bit about the innovation, how it's been received by consumers and how it's impacted overall sales? It seems like you report positive second half sales. And I was wondering if today's results are more a reflection of a strength in this new innovation or strength in more of the legacy products you all have? And then I'll pass it on. Thanks.

今年早些時候，你們推出了Beyond IV創新，更有味道。您能談談這項創新、消費者如何接受它以及它對整體銷售的影響嗎？看起來您報告的下半年銷售情況良好。我想知道今天的結果是否更反映了這項新創新的優勢，還是你們擁有的更多傳統產品的優勢？然後我會把它傳遞下去。謝謝。

Yeah. Thank you for the question. I absolutely think that it is due to a couple of things. One, so yes, the Beyond IV platform, if you look, for example, at the two-pack burger and certain grocers, you do see a pretty sizable expansion of velocity. And we think that's attributable to the entire Beyond IV narrative and ingredients and positioning and certifications and endorsements from nutritionists, registdaticians, doctors, national health institutions, things like that.

是的。謝謝你的提問。我絕對認為這是由於以下幾件事造成的。第一，是的，Beyond IV 平台，例如，如果你看看兩件漢堡和某些雜貨店，你確實會看到速度的相當大的擴張。我們認為這要歸功於整個 Beyond IV 的敘述、成分、定位、認證以及營養師、註冊醫生、醫生、國家衛生機構等的認可。

So I do think that's working. I think it's also one of the reasons that you're seeing that favorable elasticity in retail. And I think it's also helping the category, right? It's -- this is something that needed to be done. We were faced with a pretty big crisis, which is the products that we were developing and producing for reasons of human health and climate, et cetera, were denigrated heavily by a competing campaign against the category.

所以我認為這確實有效。我認為這也是零售業出現良好彈性的原因之一。我認為這也對該類別有所幫助，對嗎？這是——這是需要做的事情。我們面臨著一場相當大的危機，我們出於人類健康和氣候等原因開發和生產的產品受到針對該類別的競爭活動的嚴重誹謗。

And we faced a choice, as I've talked about before, do we reclaim our innocence -- or do we just say we're going to make our health proposition even stronger. And we really moved the product from the relative health positioning vis-a-vis meat 35% less saturated fat, stuff like that to much more of an absolute offering from a health perspective, where it's now 75% less saturated fat, but that saturated fat coming from avocado oil, which is widely recognized as being a heart-healthy oil in the right amounts. And so it's where we're headed as a brand. It's the right thing to do. Consumers like it.

正如我之前談到的，我們面臨一個選擇，我們是要恢復清白，還是只是說我們要讓我們的健康主張更強大。我們確實將該產品的相對健康定位從相對於肉類減少 35% 的飽和脂肪之類的東西轉變為從健康角度來看更多的絕對產品，現在它的飽和脂肪減少了 75%，但飽和脂肪來自酪梨油的脂肪，被廣泛認為適量的酪梨油是有益心臟健康的油。這就是我們作為一個品牌的發展方向。這是正確的做法。消費者喜歡它。

And I think the big thing is people say, oh, well, you're going to -- you can't expect to grow just by making the products even healthier. They've got to taste great. And to us, we just -- I hear that it's like yes and then what, of course, we're a food company. Our products have to taste great. And so we always test them.

我認為最重要的是人們會說，哦，好吧，你會——你不能指望僅僅透過讓產品變得更健康來實現成長。它們的味道一定很棒。對我們來說，我們只是 - 我聽說這就像是，然後，當然，我們是一家食品公司。我們的產品必須味道好。所以我們總是測試它們。

Are we improving the taste? And if the taste is in any way taking a step backwards as we make the products even healthier, we don't release it. And so that's why we have this amazing research and development center. That's why we have so many folks that are so talented at taking molecules and ingredients from plants and creating the sensory experience of muscle or animal protein.

我們是否在改善口味？如果我們使產品變得更健康，但味道有任何退步，我們就不會發布它。這就是我們擁有這個令人驚嘆的研發中心的原因。這就是為什麼我們有這麼多人在從植物中獲取分子和成分並創造肌肉或動物蛋白質的感官體驗方面如此有才華。

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。

I don't think I have any other than just let's get back together after the next quarter. And I think you'll see -- we'll continue to take this extremely seriously, driving the business toward profitability and hope to be able to report good results next time. Thanks.

我想我沒有別的辦法，只能讓我們在下個季度後重聚。我想你會看到——我們將繼續極其認真地對待這一問題，推動業務實現盈利，並希望下次能夠報告良好的業績。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。