超越肉類 (BYND) 2025 Q4 法說會逐字稿

Thank you, everyone, and welcome to the Beyond Meat Inc 2025 fourth quarter conference call. (Operator Instructions) Please note this event is being recorded.

謝謝各位，歡迎參加 Beyond Meat Inc 2025 年第四季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

It is now my pleasure to turn today's conference over to [Raphael], partner of ICR Inc. Please go ahead.

現在我很榮幸將今天的會議交給 ICR Inc 的合夥人 [Raphael]。請開始。

Thank you. Hello, everyone, and thank you for participating in 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 fourth quarter and full year 2025 earnings press release filed today after market close. This document is available on the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

謝謝。各位好，感謝各位參與今天的電話會議。與我一同出席的有創辦人、總裁兼執行長 Ethan Brown，以及財務長兼財務主管（Treasurer）Lubi Kutua。截至目前，各位應已可取得我們於今日收盤後發布並提交的 2025 年第四季及全年財報新聞稿。該文件可於 Beyond Meat 官網 www.beyondmeat.com 的投資人關係（Investor Relations）專區取得。

Before we begin, please note that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在開始之前，請注意，在本次電話會議過程中，管理層可能會在聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述係基於管理層目前的預期與信念，並涉及風險與不確定性，可能導致實際結果與這些前瞻性陳述所描述者出現重大差異。

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 report on Form 10-Q for the quarter ended September 27, 2025, and our annual report on Form 10-K for the fiscal year ended December 31, 2025, to be filed with the SEC along with other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements today.

我們在財報新聞稿中的前瞻性陳述，以及本次電話會議中的相關評論，僅以今日為準，且不會隨實際事件發展而更新。我們建議各位參閱今日新聞稿、截至 2025 年 9 月 27 日季度的 Form 10-Q 季報，以及截至 2025 年 12 月 31 日會計年度的 Form 10-K 年報（將向 SEC 提交），並參閱我們向 SEC 提交的其他文件，以了解可能導致實際結果與今日任何前瞻性陳述所明示或暗示者出現重大差異之風險的詳細討論。

Please 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，在今天的電話會議中，管理層可能會提及調整後 EBITDA、調整後營運損失及調整後淨損失等非 GAAP 財務衡量指標。雖然我們相信這些非 GAAP 財務衡量指標能為投資人提供有用資訊，但任何對此資訊的引用，均不應被視為可單獨使用，或可替代依 GAAP 編製之財務資訊。請參閱今日新聞稿，以取得這些非 GAAP 財務衡量指標與其最可比 GAAP 指標之調節表。

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

接下來，我想把電話交給 Ethan Brown。

Thank you, Raph, and hello, everyone. We entered a challenging year for our brand with an equally challenging quarter. We used this period, however, to accomplish a series of foundational building blocks for the company. First, we retired the majority of our 2027 convertible debt notes, and second, we raised significant capital, two measures that fundamentally changed and strengthened our balance sheet. Third, we invested in an enterprise-wide transformation initiative with a focus on rightsizing our operations and expanding our margins.

謝謝你，Raph，各位好。我們的品牌在進入充滿挑戰的一年之際，也面臨同樣充滿挑戰的一個季度。不過，我們也利用這段期間完成了一系列公司的基礎性建設。第一，我們償還了大部分 2027 年到期的可轉換公司債；第二，我們募集了可觀資金，這兩項措施從根本上改變並強化了我們的資產負債表。第三，我們投入一項全企業轉型計畫，重點在於適度調整營運規模並擴大利潤率。

Fourth, and as you will see reflected in our Q4 2025 numbers, we took another hard look at the assets, products and inventories, we believe, are not needed going forward and took action to disposition them. Fifth, we continue to lead the category in bringing clean plant-based meats to the consumer while hammering away at persistent misinformation promulgated by the incumbent industry. Finally, we laid the groundwork for repositioning Beyond Meat to Beyond the Plant protein company so that we can bring the strength of our brand, technology and expertise to adjacent categories.

第四，正如各位將在我們 2025 年第四季數字中看到的，我們再次仔細檢視我們認為未來不再需要的資產、產品與庫存，並採取行動加以處置。第五，我們持續在將潔淨的植物肉帶給消費者方面引領品類，同時持續反擊由既有產業所散播的長期錯誤資訊。最後，我們為將 Beyond Meat 重新定位為「Beyond」的植物以外蛋白公司奠定基礎，使我們能將品牌、技術與專業的優勢延伸至相鄰品類。

Having touched on the significant actions we took to strengthen our balance sheet through the elimination of approximately $900 million in debt and the addition of approximately $149 million in cash on our previous earnings call, I will forgo further detail here. Instead, I will focus my comments on a quick financial review of Q4 2025 before turning to our transformation work, product narrative and our brand repositioning and entry into adjacent markets.

在上一次財報電話會議中，我已提及我們透過消除約 9 億美元債務並新增約 1.49 億美元現金來強化資產負債表的重大行動，因此此處不再贅述。相反地，我將把評論重點放在 2025 年第四季的簡要財務回顧，接著談我們的轉型工作、產品敘事，以及品牌重新定位與進入相鄰市場。

What I hope will be clear from these comments, especially for the investor who desires to drill down a level deeper than headline numbers, is that we are highly focused on reducing baseline operating expense and cash use, increasing conversion efficiency in our production facilities and addressing category headwinds straight on even as we take significant steps to diversify Beyond It.

我希望從這些評論中能清楚看出，特別是對於希望比標題數字再深入一層的投資人而言，我們正高度聚焦於降低基礎營運費用與現金使用、提升生產設施的轉換效率，並正面因應品類逆風，同時也採取重大步驟使 Beyond It 多元化。

Financial results for the fourth quarter 2025 reflect persistent weak demand in the plant-based meat category, resulting in lower volumes, the impact of which ripple throughout our P&L. This negative pressure was coupled with a number of significant nonroutine charges, many of which, though not all, stem from our transformation activities. Sales were $61.6 million, down 19.7% from the year ago period. Lower sales led to lower overhead absorption, which together with higher trade, negatively impacted gross margin. More significant, however, were large nonroutine or unusual items.

2025 年第四季的財務結果反映植物肉品類需求持續疲弱，導致銷量下降，其影響在我們的損益表中層層擴散。這股負面壓力同時伴隨多項重大且非例行性的費用，其中許多（但非全部）源自我們的轉型活動。銷售額為 6,160 萬美元，較去年同期下降 19.7%。較低的銷售導致較低的間接費用吸收（overhead absorption），再加上更高的通路促銷/折讓（trade），對毛利率造成負面影響。然而，更顯著的是若干大型的非例行或異常項目。

These include such items as increased provision for inventory obsolescence, partly reflecting the strategic discontinuation of certain lower-profit products and accelerated depreciation related to the cessation of our operational activities in China, the net result was a reported gross margin of 2.3%. Similarly, despite progress in reducing the baseline cost of operating our business, significant nonroutine items, including large noncash charges, increased our reported operating expenses to $134.2 million versus $47.8 million in the year ago period.

其中包括：存貨報廢/過時準備（inventory obsolescence）提列增加，部分反映我們策略性停產某些低獲利產品；以及與停止在中國的營運活動相關的加速折舊。其淨結果使得報導毛利率為 2.3%。同樣地，儘管我們在降低營運基礎成本方面有所進展，但重大非例行項目（包含大額非現金費用）使我們的報導營運費用增至 1.342 億美元，而去年同期為 4,780 萬美元。

These included $48.1 million in noncash charges related to the write-down to fair value of certain of the company's long-lived assets; a $38.9 million litigation-related accrual; and higher noncash stock compensation expense of approximately $13.3 million related to our convertible debt exchange transaction.

其中包括：與將公司部分長期資產減記至公允價值相關的 4,810 萬美元非現金費用；3,890 萬美元的訴訟相關應計費用；以及因可轉債交換交易而產生、約 1,330 萬美元較高的非現金股票酬勞費用。

Stripping out these nonroutine items and the impact of the transaction-related change in noncash stock compensation, one can see that the run rate operating expense of our business is down considerably year over year. Finally, also reflecting the aforementioned transaction, net income of $409.9 million in the fourth quarter of 2025 compared to a loss of $44.9 million in the year ago period, reflecting a $548.7 million gain on debt restructuring.

扣除這些非例行項目以及交易導致的非現金股票酬勞變動影響後，可以看出我們業務的營運費用常態化水準（run rate）較去年同期已大幅下降。最後，同樣反映前述交易，2025 年第四季淨利為 4.099 億美元，而去年同期為淨損 4,490 萬美元，主要反映債務重整帶來 5.487 億美元的收益。

To summarize, our fourth quarter 2025 results reflect both continuing challenges in the category as well as substantial noise in our reported numbers due to, among other factors, several of our transformation initiatives. I will now turn to this transformation activity, where we are encouraged by the progress of our transformation office led by our interim Chief Transformation Officer, John Boken.

總結而言，我們 2025 年第四季的結果既反映品類持續面臨的挑戰，也因包括多項轉型計畫在內的因素，使報導數字出現大量雜訊。接下來我將談轉型活動；我們對由臨時轉型長（Chief Transformation Officer）John Boken 領導的轉型辦公室所取得的進展感到鼓舞。

As I noted, we've seen further reduction in underlying operating expenses, excluding the nonroutine items and transaction-related stock compensation increase for both the fourth quarter and full year 2025 on a year over year basis, and we are pursuing other cost reduction measures going forward. Also setting aside certain nonroutine charges, we believe we are making progress against our goal to sustainably return to healthy gross margins. As previously shared, we've largely completed the consolidation of our production network and continue to improve asset utilization at our manufacturing facilities.

如我所述，若排除非例行項目以及交易相關的股票酬勞增加，我們在 2025 年第四季與全年相較去年同期，基礎營運費用進一步下降；未來我們也將推動其他降本措施。同時，若先不計某些非例行費用，我們相信在可持續地回到健康毛利率的目標上正取得進展。如先前分享，我們已大致完成生產網路的整併，並持續提升製造設施的資產使用率。

Further, we're now in the process of optimizing our new continuous production line at our facility in Columbia, Missouri and are investing in automation. These and other measures are already showing up in a year-over-year improvement in conversion costs across our network, a key component of our COGS reduction initiatives. Further, through our transformation office, we are seeking to reduce material costs through RFP actions, the cultivation of secondary sources and formulation improvements. We are further consolidating our warehouse network and reducing logistics expenses. We are exiting less profitable product lines, and we are making substantial progress on driving down inventory.

此外，我們目前正著手優化位於密蘇里州哥倫比亞（Columbia, Missouri）廠的新連續式生產線，並投資自動化。這些及其他措施已反映在我們整體網路的轉換成本（conversion costs）年對年改善上，而這是我們降低銷貨成本（COGS）計畫的關鍵組成。另外，透過轉型辦公室，我們正透過 RFP 行動、培育第二來源（secondary sources）以及配方改良來降低材料成本。我們也在進一步整併倉儲網路並降低物流費用。我們正退出獲利較低的產品線，並在降低庫存方面取得顯著進展。

Finally, we remain very focused on cash management and significantly reduced our baseline cash use in the fourth quarter compared to prior periods, excluding extraordinary items.

最後，我們仍然非常專注於現金管理，且在第四季（排除非經常性項目）相較於先前期間，顯著降低了我們的基準現金使用量。

I'll now turn briefly to our ongoing efforts to dispel the persistent cloud of misinformation regarding our products. As I have noted countless times in these calls, the incumbent industry did a masterful job of seeding doubt in the mind of the consumer. For the time being, we operate in an upside down world with proteins from peas, lentils, fava beans and brown rice, mixed with avocado oil and a limited number of other clean ingredients, is disingenuously, though broadly cast, as less than healthy. I believe this confusion will ultimately clear. In the interim, we remain focused on innovating around taste and health and helping to communicate the latter via various accreditations and certifications including our now 20-plus certifications from the Clean Label Project.

接下來我將簡要談談我們持續努力澄清圍繞我們產品的長期錯誤資訊陰霾。正如我在這些電話會議中無數次提到的，既有產業在消費者心中散播疑慮方面做得非常高明。就目前而言，我們彷彿身處一個顛倒的世界：由豌豆、扁豆、蠶豆與糙米等蛋白，搭配酪梨油及少量其他潔淨成分所製成的產品，竟被不誠實地（雖然是廣泛地）描繪為不夠健康。我相信這種混淆最終會消散。在此期間，我們仍專注於在口味與健康方面持續創新，並透過各項認證與證書（包括我們目前來自 Clean Label Project 的 20 多項認證）協助傳達後者。

For our latest center to plate innovations, such as Beyond Steak Fillet or Beyond Ground Fava, consumers can now order directly from Beyond Test Kitchen, our direct-to-consumer platform. These products, they're great taste, simple and clean ingredients and the impressive macro nutrient content are winning accolades from consumers even before they reach retail stores. Beyond Steak Fillet boasts 28 grams of protein, fava beans, wheat gluten and mycelia, and only 1 gram of saturated fat from avocado oil, while boosting 0 cholesterol and only 230 calories.

就我們最新的「主菜到餐盤」創新而言，例如 Beyond Steak Fillet 或 Beyond Ground Fava，消費者現在可透過我們的直面消費者平台 Beyond Test Kitchen 直接下單。這些產品以絕佳口感、簡單且潔淨的成分，以及令人印象深刻的宏量營養素含量，在尚未進入零售通路前就已獲得消費者好評。Beyond Steak Fillet 含有 28 克蛋白質，成分包括蠶豆、小麥麩質與菌絲體，且飽和脂肪僅 1 克（來自酪梨油），同時 0 膽固醇、僅 230 卡路里。

Beyond Ground Fava delivers 27 grams of protein from fava beans and potato, 4 grams of fiber from psyllium husk, has no saturated fat or cholesterol and is only 140 calories. Moreover, Beyond Ground Fava is made from only four ingredients: water, fava protein, potato protein and psyllium husk and performed extremely well in niches such as tacos, Bolognese and protein bowls.

Beyond Ground Fava 提供 27 克蛋白質（來自蠶豆與馬鈴薯），含有 4 克纖維（來自洋車前子殼），不含飽和脂肪或膽固醇，且僅 140 卡路里。此外，Beyond Ground Fava 僅由四種成分製成：水、蠶豆蛋白、馬鈴薯蛋白與洋車前子殼，並在墨西哥夾餅（tacos）、波隆那肉醬（Bolognese）與蛋白碗等利基應用中表現極佳。

Finally, I'll now turn to a key and central communication. Notwithstanding the many changes occurring through our transformation office that I've discussed above, what I noted late last year that going forward, you should not expect more of the same, I was most of all referring to the broadening of the aperture that you see as we move from Beyond Meat to Beyond The Plant Protein Company. I believe that no company has innovated with plants under more scrutiny than Beyond ever. We're now bringing the results in hard-fought expertise and capabilities, our commitment to health and clean ingredients and our brand to adjacent categories where we believe we can be disruptive and win.

最後，我將轉向一項關鍵且核心的溝通。儘管我在上文已談到我們轉型辦公室正在推動的諸多變革，但我在去年年底提到「未來你不應期待一成不變」時，最主要指的是：當我們從 Beyond Meat 走向 Beyond The Plant Protein Company 時，你所看到的視野正在擴大。我相信，沒有任何公司像 Beyond 一樣，在如此嚴格的審視下以植物進行創新。我們正把這些艱苦累積的專業與能力、對健康與潔淨成分的承諾，以及我們的品牌，帶入相鄰品類；我們相信在那裡我們能夠顛覆市場並取得勝利。

Our first foray in this broader delivery of the power of plants to consumers is our exciting new drink platform Beyond Immerse. The Beyond Immerse platform, a clear and slightly carbonated beverage, is designed to provide the consumer with protein, fiber, antioxidants and electrolytes, effectively immersing the body in the nutritional benefits of plants. We launched Beyond Immerse as we now plan to do with all new retail innovation on the Beyond Test Kitchen to early fanfare and excitement, generating over 3 billion media impressions and selling out of our first limited-run inventory quickly. Beyond Immerse is formulated to support muscle health and recovery, gut health, immune function and hydration. Each serving contains 10 or 20 grams of protein, 7 grams of fiber, and only 60 or 100 calories depending on the level of protein.

我們首次在更廣泛的範疇中把植物的力量帶給消費者，是令人振奮的全新飲品平台 Beyond Immerse。Beyond Immerse 平台是一款清澈、帶些微氣泡的飲品，旨在為消費者提供蛋白質、纖維、抗氧化物與電解質，讓身體有效「沉浸」於植物的營養益處之中。我們推出 Beyond Immerse 的方式，正如我們現在計畫對所有新的零售創新所採取的做法：先在 Beyond Test Kitchen 上市，並在早期就引發熱烈關注與興奮，累計超過 30 億次媒體曝光，且首批限量庫存迅速售罄。Beyond Immerse 的配方旨在支持肌肉健康與恢復、腸道健康、免疫功能與補水。每份含 10 或 20 克蛋白質、7 克纖維，並依蛋白質含量不同僅 60 或 100 卡路里。

Beyond Immerse is made without added sugar, sugar alcohols, artificial sweeteners or flavors, stabilizers, carrageenan and many other ingredients present in many popular protein drinks. Easier to drink than a thick protein shake and made without whey so it's dairy free, the product is designed for the casual to competitive athlete as well as the busy student or professional who wants protein, fiber, antioxidant and electrolytes at the gym, home, work or on the go. Moreover, we believe it is particularly well suited for GLP-1 users. I personally find it satisfying post workout at breakfast or late afternoon when I'd like a boost between meals. It's been fun to watch consumers enjoy it.

Beyond Immerse 不添加糖、糖醇、人工甜味劑或香料、穩定劑、卡拉膠，以及許多常見於熱門蛋白飲中的其他成分。它比濃稠的蛋白奶昔更容易入口，且不含乳清因此為無乳製品；本產品為休閒到競技型運動員，以及忙碌的學生或專業人士所設計，讓他們能在健身房、家中、工作場所或外出時補充蛋白質、纖維、抗氧化物與電解質。此外，我們相信它特別適合 GLP-1 使用者。我個人覺得它在運動後、早餐時，或下午較晚想在兩餐之間補充能量時都很有飽足感。看著消費者享用它也很有趣。

And like all things Beyond, we continue to innovate and iterate based on what we believe is a state-of-the-art science and consumer use and suggestions. Far from stepping away from our mission to change the source of protein at the center of the plate from animals to plants, we reaffirm it and take to these promising adjacencies to introduce our brand to a much larger number of consumers and currently participating in a plant-based meat category.

而且如同 Beyond 的所有產品一樣，我們會持續依據我們認為最先進的科學，以及消費者的使用情境與建議，不斷創新與迭代。我們並非遠離「將餐盤中央的蛋白來源從動物轉向植物」的使命；相反地，我們重申此使命，並進軍這些充滿前景的相鄰領域，將我們的品牌介紹給更多消費者——包括目前正在參與植物肉品類的消費者。

We do so not to dabble but with a firm and serious belief that our technology, our brand and our commitment to human health and the power of plants allows us to successfully deliver unique and compelling value within the certain segments we've identified. In the end, it is our aspiration that though indirect, this expansion will lead more consumers back to Beyond at the center of the plate as they enjoy our brand, clean ingredients and commitment to their health in a less controversial, more convenient products like Beyond Immerse. As such, I close today's comments as I have many others that we remain focused on building tomorrow's global protein company of size and significance.

我們這麼做不是為了淺嘗輒止，而是基於堅定且嚴肅的信念：我們的技術、品牌，以及對人類健康與植物力量的承諾，使我們能在已識別的特定細分市場中，成功提供獨特且具吸引力的價值。最終，我們的願景是：儘管是間接的，這樣的擴張將在消費者以較少爭議、更便利的產品（如 Beyond Immerse）享受我們的品牌、潔淨成分與對其健康的承諾之際，帶動更多消費者回到「餐盤中央」的 Beyond。因此，我以與過去多次相同的方式結束今天的發言：我們仍專注於打造明日具規模與重要性的全球蛋白公司。

With that, I'll now turn the call over to Lubi.

接下來，我把電話會議交給 Lubi。

Thank you, Ethan, and good afternoon, everyone. I'll begin with a review of our fourth quarter financial results before providing some brief comments on our outlook and additional matters regarding some of our recent disclosures.

謝謝你，Ethan，各位下午好。在就我們的展望以及與近期部分揭露事項相關的其他議題做一些簡短說明之前，我將先回顧我們第四季的財務結果。

Total company net revenues decreased 19.7% to $61.6 million in the fourth quarter of 2025 from $76.7 million in the year ago period. The decrease was primarily driven by a 22.4% decrease in volume of products sold, partially offset by a 3.5% increase in net revenue per pound. Ongoing softness in volume of products sold primarily reflects weak category demand in many of our key geographies and channels and lower sales of chicken and burger products to QSR customers, both in the US and abroad. Net revenue per pound increased primarily as a result of changes in product sales mix, favorable changes in foreign exchange rates and price increases of certain of our products, partially offset by higher trade discounts.

公司合併淨營收在 2025 年第四季較去年同期的 7,670 萬美元下降 19.7%，至 6,160 萬美元。下降主要由產品銷售量下滑 22.4% 所致，部分被每磅淨營收成長 3.5% 所抵銷。產品銷售量持續疲弱，主要反映我們多個關鍵地理市場與通路的品類需求低迷，以及在美國與海外對 QSR 客戶的雞肉與漢堡產品銷售下降。每磅淨營收上升主要源於產品銷售組合變化、外匯匯率的有利變動，以及部分產品的提價；但部分被更高的通路折讓所抵銷。

Breaking this down by channel, US retail channel net revenues decreased 6.5% to $31.7 million in the fourth quarter of 2025 compared to $33.9 million in the year ago period. The decrease was primarily volume driven, which again largely reflects weak category demand, while net revenue per pound was flat. Although volume headwinds persist, we are beginning to see some benefit from recently announced distribution gains in the mass channel, which is helping to mitigate the general softness.

按通路拆分，美國零售通路淨營收在 2025 年第四季較去年同期的 3,390 萬美元下降 6.5%，至 3,170 萬美元。下降主要由銷量驅動，這同樣在很大程度上反映品類需求疲弱，而每磅淨營收持平。儘管銷量逆風仍在，我們開始看到近期宣布在大眾通路（mass channel）取得的配銷增量帶來一些助益，有助於緩解整體疲弱。

In US foodservice, net revenues decreased 23.7% to $8 million in the fourth quarter of 2025 compared to $10.5 million in the year ago period. The decrease was primarily driven by a 25.1% decrease in volumes of products sold, partially offset by a slight year-over-year increase in net revenue per pound. Although category dynamics in the foodservice channel also remain weak, much of the decline in our business was due to the lapping of sales of chicken products to a US QSR customer in the year ago period.

在美國餐飲服務（foodservice）方面，2025 年第四季淨營收較去年同期的 1,050 萬美元下降 23.7%，至 800 萬美元。下降主要由產品銷售量下滑 25.1% 所致，部分被每磅淨營收較去年同期小幅上升所抵銷。儘管餐飲服務通路的品類動態仍然疲弱，我們業務下滑的很大一部分原因，是去年同期對一家美國 QSR 客戶的雞肉產品銷售形成的比較基期效應。

Turning to International. International retail channel net revenues decreased 32.5% to $8.8 million in the fourth quarter of 2025 compared to $13.1 million in the year ago period. The decrease in net revenues was primarily driven by a 33.5% decrease in volume of products sold, partially offset by a 1.5% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by reduced burger sales in the EU and certain retail channels in Canada. Although our Canadian business generally remains healthy, year-over-year comparisons were negatively impacted in part by stocking activity in the year ago period in anticipation of potential tariffs.

接著談國際業務。2025 年第四季國際零售通路淨營收較去年同期的 1,310 萬美元下降 32.5% 至 880 萬美元。淨營收下降主要由產品銷售量下降 33.5% 所致，部分被每磅淨營收增加 1.5% 所抵銷。產品銷售量下降主要因歐盟的漢堡銷售下滑，以及加拿大部分零售通路銷售減少。儘管我們在加拿大的業務整體仍維持健康，但與去年同期相比的年對年比較，部分受到去年同期因預期可能徵收關稅而進行備貨活動的負面影響。

Finally, in International Foodservice, net revenues decreased 31.8% to $13.1 million in the fourth quarter of 2025 from $19.3 million in the year ago period. The decrease in net revenues was driven by a 34.1% decrease in volume of products sold, partially offset by a 3.4% increase in net revenue per pound. The decrease in volume of products sold was primarily attributable to reduced sales of our chicken and burger products to certain QSR customers. The increase in net revenue per pound primarily reflected favorable changes in foreign currency exchange rates and changes in product sales mix, partially offset by higher trade discounts.

最後，在國際餐飲服務（Foodservice）方面，2025 年第四季淨營收由去年同期的 1,930 萬美元下降 31.8% 至 1,310 萬美元。淨營收下降係由產品銷售量下降 34.1% 所驅動，部分被每磅淨營收增加 3.4% 所抵銷。產品銷售量下降主要歸因於我們的雞肉與漢堡產品對部分 QSR 客戶的銷售減少。每磅淨營收增加主要反映外匯匯率的有利變動及產品銷售組合的變化，部分被較高的貿易折扣所抵銷。

Moving down the P&L. Gross profit in the fourth quarter of 2025 was $1.4 million or gross margin of 2.3% compared to gross profit of $10 million or gross margin of 13.1% in the year ago period. Gross profit and gross margin in the fourth quarter of 2025 included $2.4 million in noncash charges related to SKU rationalization initiatives and $1.5 million in expenses related to the shutdown of our China business. Additionally, gross profit and gross margin in the fourth quarter of 2025 were negatively impacted by increased cost of goods sold per pound, partially offset by increased net revenue per pound.

接著往下看損益表。2025 年第四季毛利為 140 萬美元，或毛利率 2.3%，相較去年同期毛利 1,000 萬美元或毛利率 13.1%。2025 年第四季的毛利與毛利率包含與 SKU 精簡（rationalization）計畫相關的 240 萬美元非現金費用，以及與關閉中國業務相關的 150 萬美元費用。此外，2025 年第四季毛利與毛利率亦受到每磅銷貨成本上升的負面影響，部分被每磅淨營收上升所抵銷。

Reduced production volumes in response to weak demand continue to represent a meaningful headwind in terms of fixed cost absorption even as we have been encouraged by improvements in our variable conversion costs. Overall, by cost bucket, the increase in cost of goods sold per pound primarily reflects higher materials costs and increased inventory provision, partially offset by lower manufacturing expenses, including depreciation and lower logistics costs.

因應需求疲弱而降低產量，持續在固定成本吸收方面形成顯著逆風，儘管我們也受到可變轉換成本改善的鼓舞。整體而言，按成本類別來看，每磅銷貨成本的上升主要反映材料成本較高及存貨提列增加，部分被較低的製造費用（包括折舊）以及較低的物流成本所抵銷。

Operating expenses were $134.2 million in the fourth quarter of 2025 compared to $47.8 million in the year ago period with a significant year over year increase on a reported basis, reflecting the inclusion of certain large noncash charges. Specifically, and of note, operating expenses in the fourth quarter of 2025 included $48.1 million in noncash charges related to the loss from write-down of assets held for sale, reflecting certain PP&E assets which were no longer deemed core to our strategic objectives going forward, a $38.9 million litigation-related accrual and $13.3 million in incremental share-based compensation expenses related to the convertible debt exchange.

2025 年第四季營業費用為 1.342 億美元，較去年同期的 4,780 萬美元大幅增加；以報表口徑年對年顯著上升，反映納入若干大額非現金費用。具體而言，值得注意的是，2025 年第四季營業費用包含 4,810 萬美元與待售資產減記損失相關的非現金費用（反映若干不動產、廠房及設備（PP&E）資產未來不再被視為符合我們策略目標的核心資產）、3,890 萬美元與訴訟相關的應計費用，以及 1,330 萬美元與可轉換債務交換相關的新增股份基礎給付費用。

Excluding these and other lesser items, the decrease in operating expenses compared to the year ago period was primarily driven by decreased marketing expenses. Below the line, total other income net was $542.6 million in the fourth quarter of 2025 compared to total other expense net of $7 million in the year ago period. The increase was primarily due to a gain on debt restructuring, resulting from our debt exchange and to a lesser extent, a gain from remeasurement of warrant liability, partially offset by a loss from remeasurement of derivative liability and an increase in interest expense.

排除上述及其他較小項目後，與去年同期相比營業費用下降主要由行銷費用減少所致。在損益表線下（below the line），2025 年第四季其他收益淨額合計為 5.426 億美元，相較去年同期其他費用淨額合計為 700 萬美元。該增加主要由債務重整收益所致，源自我們的債務交換；其次為認股權證負債重新衡量的收益；部分被衍生工具負債重新衡量的損失及利息費用增加所抵銷。

Net income was $409.9 million in the fourth quarter of 2025 or $0.84 per common share compared to a net loss of $44.9 million in the year ago period or a loss of $0.65 per common share. Adjusted EBITDA was a loss of $69 million in the fourth quarter of 2025 compared to a loss of $26 million in the year ago period, although I would note that adjusted EBITDA in the fourth quarter of 2025 includes the previously mentioned loss from write-down of assets held for sale.

2025 年第四季淨利為 4.099 億美元，或每股普通股盈餘 0.84 美元；相較去年同期淨損 4,490 萬美元，或每股普通股虧損 0.65 美元。2025 年第四季調整後 EBITDA 為虧損 6,900 萬美元，相較去年同期虧損 2,600 萬美元；但我也要指出，2025 年第四季的調整後 EBITDA 包含前述待售資產減記損失。

Turning to our balance sheet and cash flow highlights. Our cash and cash equivalents balance, including restricted cash, was $217.5 million as of December 31, 2025, and total outstanding carrying value of debt was $415.7 million, which includes the total undiscounted future cash flows of the new 2030 notes in accordance with TDR accounting guidelines. Net cash used in operating activities was $144.9 million in the year ended December 31, 2025, compared to $98.8 million in the year ago period.

接著談資產負債表與現金流重點。截至 2025 年 12 月 31 日，我們的現金及約當現金餘額（含受限制現金）為 2.175 億美元，債務未償還帳面價值總額為 4.157 億美元；其中依 TDR 會計指引包含新 2030 年期票據未折現未來現金流量總額。截至 2025 年 12 月 31 日止年度，營業活動使用之淨現金為 1.449 億美元，相較去年同期為 9,880 萬美元。

Capital expenditures totaled $12.3 million in the year ended December 31, 2025, compared to $11 million in the year ago period. Net cash provided by financing activities was $223.4 million in the year ended December 31, 2025, compared to net cash provided by financing activities of $45.8 million in the prior year. In 2025, net cash provided by financing activities included $100 million in draws from our delayed draw term loan facility, partially offset by related debt issuance costs and aggregate net proceeds of approximately $148.7 million from sales of common stock under our ATM program.

截至 2025 年 12 月 31 日止年度，資本支出合計 1,230 萬美元，相較去年同期為 1,100 萬美元。截至 2025 年 12 月 31 日止年度，籌資活動提供之淨現金為 2.234 億美元，相較前一年度籌資活動提供之淨現金為 4,580 萬美元。2025 年籌資活動提供之淨現金包含自我們的延遲提領定期貸款融資額度提領 1 億美元，部分被相關債務發行成本所抵銷，並包含透過我們的 ATM 計畫出售普通股取得約 1.487 億美元的淨收益。

As a reminder of the key highlights -- as a reminder of the key highlights of our Q4 debt exchange, we exchanged over 97% of the $1.15 billion aggregate principal amount of the 2027 convertible notes for approximately $209.7 million in aggregate principal amount of new second lien 2030 convertible notes and approximately 318 million new shares of common stock. This leaves approximately $29.5 million of the 2027 convertible notes outstanding today. In combination with the nearly $150 million in net proceeds we raised from our ATM program in Q4, we believe these actions have meaningfully strengthened our balance sheet and support our continued efforts to execute our business transformation plan.

再次提醒重點——作為我們第四季債務交換的關鍵重點回顧，我們將 2027 年可轉換票據 11.5 億美元本金總額中超過 97% 進行交換，換取約 2.097 億美元本金總額的新第二順位擔保（second lien）2030 年可轉換票據，以及約 3.18 億股新發行普通股。因此，目前仍未交換而在外流通的 2027 年可轉換票據約為 2,950 萬美元。再加上我們於第四季透過 ATM 計畫募集近 1.5 億美元淨收益，我們相信這些行動已實質強化資產負債表，並支持我們持續推動業務轉型計畫的執行。

Let me now touch briefly on our outlook. We continue to experience elevated levels of uncertainty and therefore, low visibility within our core category of plant-based meat. Accordingly, we believe it remains prudent to provide only limited and very near-term guidance until we begin to see more clear signs of stabilization within our operating environment. With that context, we are providing the following revenue guidance for the first quarter of 2026. We expect net revenues to be approximately $57 million to $59 million.

接著我簡要談談展望。我們仍面臨高度不確定性，因此在植物肉核心品類的能見度偏低。因此，在我們開始看到營運環境更明確的穩定跡象之前，我們認為僅提供有限且非常短期的指引仍屬審慎。在此背景下，我們提供 2026 年第一季以下營收指引。我們預期淨營收約為 5,700 萬至 5,900 萬美元。

Finally, I'll close by making a few remarks on some of our recent disclosures regarding the company's internal controls over financial reporting. As part of our fourth quarter and full year 2025 financial close procedures and in addition to a previously identified material weakness related to the account for nonroutine and complex transactions, we identified an additional material weakness related to controls associated with the accounting for inventory provision, including amounts recorded for the provision of excess and obsolete inventory.

最後，我將就公司近期關於財務報導內部控制的若干揭露作幾點說明作結。作為我們 2025 年第四季及全年財務結帳程序的一部分，除先前已辨識出與非例行及複雜交易之會計處理相關的重大缺失（material weakness）外，我們另辨識出一項與存貨提列之會計處理相關控制的重大缺失，包括就過量及呆滯存貨提列之金額。

We are clearly disappointed with these findings and are actively working on plans to remediate the identified deficiencies. In part, while assessing the impact of these material weaknesses in our financial statements, we identified certain errors related to our previously issued interim condensed consolidated financial statements for 2025, which we determined were immaterial to those interim financial statements. We intend to correct those prospectively when we file our quarterly reports in 2026, and we have also furnished as corrected amounts for certain key affected financial measures in today's press release.

我們對這些發現顯然感到失望，並正積極制定計畫以補救已辨識的缺失。部分而言，在評估這些重大缺失對我們財務報表的影響時，我們辨識出若干與先前發布之 2025 年期中簡明合併財務報表相關的錯誤；我們判定該等錯誤對該等期中財務報表並不重大。我們擬於 2026 年提交季度報告時以前瞻方式予以更正，且我們亦已在今日新聞稿中就若干受影響的關鍵財務衡量指標提供更正後金額。

We want to assure all our stakeholders that we are fully committed to our efforts for remediating the identified issues and strengthening our controls as applicable, and we have already taken measures to advance these objectives.

我們希望向所有利害關係人保證，我們完全致力於補救已識別的問題並在適用情況下強化我們的控制措施，而且我們已經採取措施以推進這些目標。

Lastly, as we noted in our earnings release, we are unable to file our annual report on Form 10-K for the fiscal year ended December 31, 2025, within the prescribed deadline as we require additional time to complete our fourth quarter and year-end financial close procedures. We are working diligently to address these matters. However, at this time, we are unable to estimate when the Form 10-K will be filed. As a result, the company will be considered an untimely filing and will no longer be eligible to use Form S-3 registration statements until it regains timely filer status by filing in a timely manner, all reports required to be filed under the Securities Exchange Act of 1934 as amended for a period of 12 calendar months.

最後，如同我們在財報新聞稿中所指出的，由於我們需要額外時間完成第四季及年終財務結帳程序，我們無法在規定期限內提交截至2025年12月31日止會計年度的Form 10-K年度報告。我們正努力處理這些事項。然而，目前我們無法估計Form 10-K將於何時提交。因此，公司將被視為逾期申報，並且在其透過於期內提交、連續12個曆月按時提交經修訂之《1934年證券交易法》所要求申報的所有報告以恢復按時申報人資格之前，將不再符合使用Form S-3註冊聲明的資格。

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

接下來，我會把電話會議交給接線員，開放大家提問。謝謝。

(Operator Instructions)

(接線員指示)

Ben Theurer, Barclays.

Ben Theurer，巴克萊。

A few ones -- so maybe to kick it off a little bit on like the outlook for new products and product lines which you've talked a little bit about the beverage opportunities here. And then obviously, you've talked about a pipeline of potential new products under the new branding umbrella. So I really want to understand, Ethan, from you, is that to be seen as like really pivoting away from kind of like the initial mission of Beyond was to really look to diversify the portfolio. And we would like to understand where you are in terms of researching and developing those products to get a better understanding in terms of the time line when we can expect those products to come to market? That would be my first question.

有幾個問題——先從你們談到的新產品與產品線展望開始，尤其是你們提到的飲料機會。另外，顯然你們也談到在新品牌架構下有一系列潛在新產品的管線。所以我很想了解，Ethan，從你的角度來看，這是否可被視為真正偏離Beyond最初的使命，還是說其實是為了讓產品組合更多元？我們也想了解你們在研究與開發這些產品方面目前進展到哪個階段，以便更好掌握我們何時可以期待這些產品上市的時間表？這是我的第一個問題。

Thank you, Ben. I appreciate it. So I think, first and foremost, no, it is not in any way abandoning the original mission and focus that we have had. It's simply broadening the aperture of our business and meeting consumer where they are today. And if I could just comment a little bit on why we're making this pivot and then get into kind of the timing and focus of the pivot.

謝謝你，Ben。我很感謝。我想首先也是最重要的是，不，這絕不是以任何方式放棄我們原本的使命與重點。這只是擴大我們業務的視野範圍，並在消費者當下所在之處與其相遇。如果可以的話，我先稍微評論一下我們為什麼要做這個轉向，然後再談轉向的時程與重點。

If I thought that Beyond, in our original value proposition, were struggling during a period when the role of science and public discourse and social media, media and government was pronounced and effective when our pricing and economic stability and buying power are all favorable and the American political landscape were characterized by a sense of common ground versus the vision, and Beyond were really suffering, I would be very concerned for our long-term prospects and for the plant-based meat category overall. But none of that is true, right?

如果我認為Beyond以我們原本的價值主張，在一個科學的角色、公共論述以及社群媒體、媒體與政府的影響力都很明顯且有效的時期；在我們的定價、經濟穩定性與購買力都相對有利的時期；在美國政治環境呈現某種共同基礎而非對立願景的時期——如果Beyond仍然真的很受挫，我會對我們的長期前景以及整個植物肉品類非常擔憂。但這些都不是真的，對吧？

This is a very difficult period for the world, it's a difficult period for our country, and I think one of the things that is most significant for our business in terms of what's impacting it is this kind of surround sound of pseudoscientific jargon and positioning and promotion that really overwhelms what is decades and decades and decades of science. And I think nothing in our lane is more obvious than -- is more obvious presentation of this troubling trend and the resurgence of red meat. And I've spent over 17 years now seeking and listening to the council some of the very best cardiologists in the country at some of our most prestigious institutions, and I can only look at these current trends with a mixture of sadness for the folks that are going to be impacted by it and increased in patients for those that are seeking to profit from it.

這對全世界而言都是非常艱難的時期，對我們國家也是艱難的時期。我認為對我們業務影響最顯著的因素之一，是這種環繞式的偽科學術語、定位與宣傳，幾乎淹沒了數十年、數十年、數十年的科學成果。我想在我們這個領域裡，沒有什麼比這個令人不安的趨勢以及紅肉的再度興起更明顯的了。我花了超過17年的時間，向國內一些最負盛名機構中最優秀的心臟科醫師請益並聆聽他們的建議；我只能帶著一種複雜的心情看待這些當前趨勢——一方面為將受其影響的人感到難過，另一方面也對那些試圖從中牟利的人感到更加不耐。

I was very glad to see the American Heart Association today take a stand, I think a major newspaper, I actually got a clipping of it, summarize it as that new nutrition guidance from the American Heart Association advises getting proteins from plants rather than meet, choosing low fat or fat-free dairy and using olive, soybean and canola oil instead of beef tallow and butter. So you have a kind of an independent institution backed by science that is saying the exact opposite of where our culture is going on diet. But the good news is that this is a pendulum, it's going to swing and it's going to swing back, and I'm very comfortable that Beyond will prosper when it does. But I'm not going to wait around for that. And because of the work we've done, particularly over the last 10 years, to really lead the category and developing extremely clean, healthy products, we're really well positioned to look outside the category and take that technology, take that science, take that brand.

我很高興看到美國心臟協會今天表態。我記得有一家主要報紙——我其實還剪下了那篇報導——將其總結為：美國心臟協會最新的營養指引建議蛋白質應更多來自植物而非肉類，選擇低脂或脫脂乳製品，並以橄欖油、大豆油與芥花油取代牛脂與奶油。所以你會看到一個以科學為後盾的獨立機構，所說的內容正好與我們文化在飲食上的走向完全相反。但好消息是，這是一個鐘擺，它會擺動，也會擺回來；我非常有信心當它擺回來時，Beyond會蓬勃發展。但我不會坐等那一天。而且因為我們所做的工作，特別是過去10年在引領品類、開發極其乾淨且健康的產品方面的努力，我們其實非常有條件把這項技術、這門科學、這個品牌，放到品類之外去。

into segments that are -- and categories that are many, many, many times the size of the plant-based meat category. So you have a great brand. We just for example, again, got the Time Magazine list best brands in the world. You take the science that continues to win awards and accolades for some of the development work we've done around the plant-based protein for the center of the plate and you take a massive trend within the consumer that is around protein and fiber and things like that, you say, okay, where can we apply all this? And the first, we did a lot of work over the last year understanding which adjacent markets we can get into.

進入那些——以及那些規模是植物肉品類許多、許多、許多倍的細分市場與品類。所以你擁有一個很棒的品牌。例如，我們最近再次入選《時代雜誌》全球最佳品牌名單。你把這門持續因我們在「餐盤主角」的植物性蛋白開發工作而獲得獎項與讚譽的科學，結合消費者端一個巨大的趨勢——圍繞蛋白質、纖維等需求——你就會問：好，我們可以把這些應用到哪裡？而第一步，我們在過去一年做了大量工作，去理解我們可以切入哪些相鄰市場。

And the first one that we've identified and been public about and others will follow is the beverage category. And we launched an initial version online earlier and sold out very quickly that initial inventory. And what we're doing is, as we did with Beyond Ground Fava, learning from the consumer what they like and don't like and making adjustments. And that process is going great. And so the product that we're going to be launching soon, I think, is going to be one of the best protein drink markets, protein drinks on the market.

我們首先識別出、也已對外公開的——而且之後還會有其他——就是飲料品類。我們先前已在網路上推出初版產品，初始庫存很快就售罄。我們正在做的事情是，如同我們對Beyond Ground Fava所做的一樣，從消費者那裡學習他們喜歡與不喜歡的地方並進行調整。這個流程進展得很順利。因此，我認為我們即將推出的產品，會是市場上最好的蛋白飲之一。

It satisfies so many different needs for the consumer, whether it's protein, fiber, antioxidants, electrolytes, does so in a really clean way. And fascinating for me as we get into these other categories and I start looking at some of the key competitors in those categories, the really big ready-to-drink protein companies, they're putting things in their products that we could never put in our products because of the scrutiny we're under, because of our guidelines around clean ingredients. When you're looking at, I think, one of the top ones is sucralose, there's carrageenan, there's (inaudible) and potassium, another one has artificial flavors and all of the above. Another one has hexametasulfates as well as all of the above, it just goes on and on, things that we put in, they'd be kind of front page news from our friends in the incumbent industry.

它以非常乾淨的方式滿足消費者許多不同需求，不論是蛋白質、纖維、抗氧化物或電解質。而對我來說很有意思的是，當我們進入這些其他品類、開始觀察那些品類中的主要競爭者——那些大型即飲蛋白飲公司——他們在產品裡添加的成分，是我們因為所承受的審視、以及我們對乾淨成分的指引，而絕不可能放進我們產品裡的。例如，我想其中一個最常見的是三氯蔗糖（sucralose），還有卡拉膠（carrageenan），還有（聽不清）以及鉀；另一家則含有人造香料以及上述所有成分。還有一家含有六偏磷酸鹽（hexametasulfates）以及上述所有成分；這樣的例子不勝枚舉——如果我們把這些放進產品裡，可能就會成為我們在既有產業中的那些朋友們的頭版新聞。

So we're going to take that relentless innovation. We're going to take that to clean ingredients. We're going into those categories. And so I think the drink category is the one that's most clearly on the horizon for us, the one that I'm willing to most speak most publicly about. And so I think this summer, you'll see us be pretty active there.

所以我們會把那種不懈的創新帶進去。我們會把對乾淨成分的堅持帶進去。我們將進入那些品類。因此，我認為飲料品類是我們最清楚可見、近在眼前的一個方向，也是我最願意公開談論的方向。所以我想今年夏天，你們會看到我們在那裡相當積極。

Okay. Got it. And then this is maybe more for Lubi. If we kind of like look at the balance sheet and like in connection with the cash flow statement, clearly, throughout the quarter, you got a little bit of a relief on where we are on the cash balance. But if we kind of look at just the underlying trends within cash from operations, it continues to be somewhat in that range, 40 million, 50 million-ish negative on a quarterly basis shaping out at about 140, 150 for the year.

好的。了解。接下來這可能比較是給 Lubi 的。如果我們把資產負債表和現金流量表一起看，很明顯整個季度下來，你們在現金餘額的位置上稍微鬆了一口氣。但如果我們只看營運活動產生的現金流的基本趨勢，它仍然大致落在那個區間：每季約負 4,000 萬到 5,000 萬左右，全年大概會落在 1.4 億到 1.5 億。

So what are the things that you can kind of like work on, just given where the intent (inaudible) for 1Q clearly points to not necessarily a top line-driven recovery in 2026. So all that operating leverage continues to be probably a headwind or the lack of operating leverage put it this way. So what are the levers you can pull to kind of like maybe further reduce with any incremental cash burn with durations that you're facing?

那麼在目前的情況下，你們可以著力改善的事情有哪些？考量到 1Q 的指引（聽不清）顯然指向 2026 年不一定會出現由營收端帶動的復甦。所以所有的營運槓桿可能仍然會是逆風，或者換句話說，是缺乏營運槓桿。那麼在你們面臨的時間跨度下，有哪些槓桿可以拉動，以進一步降低任何額外的現金消耗？

I can just give a quick answer and then turn it to Lubi. One, I think you'll see that we're doing some really interesting things with inventory. So that's going to give us some favorability. And then second, I think you just got to back out some of these onetime charges that have been so difficult for us. And once you do that, you see a dramatically slowing use of cash.

我先簡短回答一下，然後交給 Lubi。第一，我想你會看到我們在存貨方面做了一些非常有意思的事情。所以這會帶來一些有利因素。第二，我認為你必須把一些一直讓我們很困難的一次性費用扣除掉。一旦你這麼做，就會看到現金使用速度大幅放緩。

So you do it this quarter, for example, you are down significantly from where we were a year ago, if you back out those onetime charges or some of the extraordinary stuff related to convertible debt exchange. And I think you'll only see that as we go forward, it will continue to be favorable for us.

例如以本季來看，如果把那些一次性費用或與可轉換公司債交換相關的一些特殊項目扣除，你們相較於一年前已經顯著下降。我認為往後你只會看到這個趨勢持續對我們更有利。

Yeah, Ben, I appreciate the question. Yes, I would probably echo a lot of what Ethan just mentioned. We have been focused now for a while on our working capital management and in particular ensuring that our stocking levels of inventory are appropriately sized given where the business is. I think the team has done a really good job in managing the inventory down, but I think there's more to come in that regard. The other important thing to -- and again, Ethan mentioned this, is in the last couple of quarters, we have had some fairly large what we would consider sort of nonordinary course business expenses, right, in the fourth quarter?

Ben，謝謝你的問題。是的，我大概會呼應 Ethan 剛才提到的很多內容。我們一段時間以來一直專注於營運資金管理，特別是確保在目前業務狀況下，我們的存貨備貨水位是適當的。我認為團隊在降低存貨方面做得非常好，但我覺得這方面還會有更多進展。另外一個重要的點——同樣 Ethan 也提到了——是過去幾個季度，我們有一些相當大的、我們認為屬於非日常營運的費用，對吧，像是在第四季？

In particular, these were related to the debt exchange. The business -- we continue to execute our transformation plan, all right, for this business. And so from time to time, we will see some of these unusual items, all in sort of service of trying to reposition this business more appropriately towards our goals to profitability. But I would expect that in 2026, some of the larger items, certainly that we saw in recent quarters should not recur. Recall as well that last year in 2025, we unfortunately did have a couple of reductions in force and the associated severance payments that are related with that -- related to that.

特別是這些與債務交換有關。我們的業務——我們仍在執行這家公司的轉型計畫。因此不時會出現一些不尋常的項目，都是為了讓這項業務能更適切地重新定位，朝向我們的獲利目標前進。但我預期在 2026 年，我們近期幾個季度看到的一些較大的項目，應該不會再發生。也請回想一下，去年 2025 年，我們不幸進行了幾次裁員（reduction in force），以及相關的資遣費支付——與此相關的支出。

And then just lastly, I would say that we are focused on trying to expand our gross margin. Ethan, in his prepared remarks, mentioned that we're standing up our sort of first continuous production line or we do end-to-end production, and we're going to be -- that's going to give us an opportunity to internalize additional volume that's previously outsourced and increase our internal asset utilization. So I think all of those measures taken together should help to reduce that rate of cash consumption.

最後我想說，我們也專注於擴大毛利率。Ethan 在事先準備的談話中提到，我們正在建立第一條連續式生產線（continuous production line），也就是端到端的生產；這將讓我們有機會把先前外包的部分產量內部化，並提高內部資產利用率。所以我認為這些措施合在一起，應該能幫助降低現金消耗的速度。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

I guess first question -- congratulations on the financing and all of that. Maybe are there things that you can now do that maybe you're prohibited from doing before as you sort of execute the turnaround? And then also, I guess, in the context of the of the refinancing in the -- as it relates to the filing and some of the financial disclosure issues, does that change anything related to the transactions that you've done? Or is there anything that we just need to be aware of if for some reason the 10-K comes out even later than planned, just things that we should know about that could happen.

我想先問第一個問題——恭喜完成融資以及所有相關事項。也許現在你們在執行扭轉計畫時，有沒有一些事情是以前受限不能做、但現在可以做的？另外，我想在再融資的背景下——就申報文件以及一些財務揭露議題而言——這會不會改變任何與你們已完成交易相關的事情？或者如果 10-K 因某些原因比原計畫更晚才出來，有沒有我們需要注意、可能會發生的事情？

Thanks. I'll take the first one and then pass it on to Lubi. I don't think we're going to be making any outsized investments as a result of the cash we brought on. I think we're just continuing to focus on EBITDA positive target and minimize cash use. But there are some things that we now have the ability to do.

謝謝。我先回答第一個，然後交給 Lubi。我不認為因為我們新增的現金而會進行任何超大規模的投資。我想我們只是持續專注於達成 EBITDA 轉正的目標，並把現金使用降到最低。但確實有一些事情是我們現在有能力去做的。

So if you look at last year, we cut way back, and I think part of the issue with our fourth quarter results on the top line, we didn't market a lot. And we were just in cash conservation mode as we were doing our debt exchange, which was incredibly expensive. And so I pulled back considerably on marketing. So this year, we won't do that, particularly as we as we get into some of these exciting categories where marketing is important.

如果你看去年，我們大幅縮減，我認為第四季營收端表現的一部分原因是我們行銷做得不多。當時我們在進行債務交換，成本非常高，所以我們完全處於保留現金的模式。因此我在行銷上大幅收縮。今年我們不會這麼做，特別是當我們進入一些令人興奮的新類別時，行銷就很重要。

And then just on like the automation and on continuous lines and things like that, you will see us make CapEx investments that will allow us to drop down more cash out of just general sales and operations. But I do think if you take a step back and look at our P&L for the quarter, as we were talking about on operating expense, there's just a lot of noise in these numbers, and I tried to touch upon that. Like I think if you look at gross margin, for example, we did have lower volumes, which led to some of this lower fixed overhead absorption. But we did have these charges, right? We had some of the SKU rationalization charges.

另外在自動化、連續式產線等方面，你們會看到我們進行資本支出（CapEx）投資，讓我們能在一般銷售與營運中釋放更多現金。但我確實認為，如果你退一步看本季的損益表（P&L），就像我們在談營運費用（OpEx）時說的，這些數字裡有很多雜訊，我也試著提到這點。例如看毛利率，我們確實有較低的出貨量，導致固定製造費用吸收較低。但我們也有這些費用，對吧？我們有一些 SKU 精簡（rationalization）相關費用。

We had expenses related to shutting down our China business. Then we had much higher inventory provisions than normal, things like that, so that's masking these kind of lower conversion costs throughout our plants, lower logistics costs and things of that nature. And so if you take a step back to, okay, the company is converting materials at a lower rate than it has before, right, and then you go to OpEx and you say, okay, strip out all those onetime charges, the company is operating this business at a much lower rate than it was before. And so now it's just incumbent and cash is too, same thing. If you take out all of those onetime charges, cash consumption is lower.

我們有與關閉中國業務相關的費用。然後我們也有比正常更高的存貨提列（inventory provisions）等項目，所以這些掩蓋了我們工廠整體較低的轉換成本、較低的物流成本以及類似性質的改善。因此如果你退一步看：公司在材料轉換上的成本率比以前更低，對吧；再看 OpEx，你把所有一次性費用剔除後，公司在營運這項業務的成本水準比以前低很多。所以現在就取決於——現金也是同樣道理。如果把所有一次性費用拿掉，現金消耗就更低。

And so if you start to put that picture together, you say, what this company really needs to do this fix this top line. And I've tried for years to do that through the existing category. And I think the headwinds are going to be here for a little bit longer. And it's something we got to get outside the category to address, and that's why you see us in some of these adjacencies. So it's difficult for people to see if they just look at the top line numbers, but take a step back, what the missing piece really is becoming now is just getting a top line to be where we need to be, and we're very focused on that.

所以當你把整個圖像拼起來，你會說，這家公司真正需要做的是修復營收端（top line）。我多年來一直試著透過既有品類來做到這點。我認為逆風還會再持續一段時間。而這是我們必須走出原本品類去解決的問題，這也是為什麼你會看到我們進入一些相鄰領域（adjacencies）。所以如果人們只看營收數字，會很難看出來；但退一步看，現在真正缺的那一塊，就是讓營收端達到我們需要的水準，而我們對此非常專注。

Yeah. And Kaumil, maybe if I would just add a couple of things to that. So as far as what putting the sort of balance sheet restructuring behind us now enables us to do. I think Ethan sort of covered that well and the raising of the additional proceeds from the ATM allow us to, I think, spend a little bit more on the marketing front, which we do think will be important to stabilize the top line and as we start to expand into some of these adjacent categories. But I think the other thing as well is just the focus, right, that we are able to reallocate to the primary business.

是的。Kaumil，或許我再補充幾點。就把資產負債表重整這件事告一段落之後，現在讓我們能做什麼而言，我想 Ethan 已經講得很清楚了；而透過 ATM 額外募集到的資金，使我們能夠——我認為——在行銷端多投入一些，我們也認為這對於穩定營收（top line）以及我們開始擴展到一些相鄰品類時會很重要。但我想另外一點也在於專注度，對吧？我們能把資源重新分配回核心業務。

As you guys know, I mean, we had been talking about the debt restructuring for quite some time on these earnings calls. And so that did consume quite a bit of the management team's focus. And so it's a relief to put that behind us and really focus now on the very important steps and measures that we need to continue to make to turn the business around.

各位也知道，我們在這些財報電話會議上談債務重整已經談了相當一段時間。因此那確實耗費了管理團隊相當多的心力與專注。所以能把那件事放在身後、現在真正專注於我們必須持續採取的、非常重要的步驟與措施來扭轉業務，確實令人鬆一口氣。

Your question regarding the disclosures around the material weakness and the impacts that's had on our financial statements. I would say it doesn't necessarily change anything immediately. But obviously, we're very focused on ensuring that we can file our 10-K as quickly as possible, notwithstanding the fact that we were not able to do so within the prescribed time line.

你關於重大缺失（material weakness）相關揭露，以及它對我們財務報表造成的影響的問題。我會說它不一定會立刻改變任何事情。但很明顯地，我們非常專注於確保能盡快提交我們的 10-K，儘管我們未能在規定的時程內完成。

Got it. And then as it relates to the Benefit product, what does the supply chain look like for something like that? Can you leverage your current PP&E assets to produce it? Do you use third-party co-packers? It sounds like it just sounds different from the core of what you're doing that, yes, it's cool, likely to be promising, but how does that impact the actual practicality of production and such?

了解。那接著談到 Benefit 產品，像那樣的供應鏈會是什麼樣子？你們能利用現有的 PP&E 資產來生產嗎？還是會使用第三方代工包裝商（co-packers）？聽起來——它聽起來跟你們目前核心在做的事情不太一樣；是的，很酷、可能也很有前景，但這對實際生產的可行性等方面會有什麼影響？

Yeah. That's a very, very good question. Before I answer, I want to just note one thing on the core business that I moved over to too quickly. If you look at the results on a segment-by-segment basis, in US retail, we were down 6.5%.

是的。這是一個非常、非常好的問題。在我回答之前，我想先就核心業務補充一點，我剛剛帶過得太快了。如果你按部門逐一看結果，在美國零售端，我們下滑了 6.5%。

And to me, that's actually encouraging. Because if you look at the overall numbers, they were down more than that, right? But if you start to see stabilization in the US retail in our core business, which I think we're going to see, though I can't say exactly when, then everything we're doing on these adjacencies is kind of additive, right, if you can turn around that retail position in terms of the retail number. And so I was very encouraged by that, and it has to do with some of the new distribution we've been able to obtain in some of the larger mass stores. So as we layer in things like drinks, I think getting the reconnected to the US retail consumer seems like it's within reach.

而對我來說，這其實令人鼓舞。因為如果你看整體數字，下滑幅度比這更大，對吧？但如果你開始看到我們核心業務在美國零售端出現穩定，我想我們會看到——雖然我不能說確切時間——那麼我們在這些相鄰品類所做的一切就有點像是增量貢獻（additive），對吧？前提是你能在零售數字上把那個零售端的態勢扭轉過來。所以我對此非常受鼓舞，而這與我們在一些較大型的大眾通路（mass stores）取得的新配銷有關。因此當我們再疊加像飲品這類產品時，我認為重新與美國零售消費者建立連結似乎是可達成的。

On the supply chain side, I guess, the first thing I would say is that despite our past, we actually have a lot of beverage expertise. We have some of the -- I think, some of the best minds and beverage on our Board with Seth and Justice and Jim and Boston Beer, Kathy and Coke, so it's not like we're coming into this without a lot of experience. It's just something we haven't done before as the company. And so the supply chain is actually pretty similar from an ingredient perspective. We're dealing with protein. We're dealing with fiber. We're dealing with flavor, things like that. So that is not a stretch for us at all.

在供應鏈方面，我想我首先要說的是，儘管我們過去的經歷如此，我們其實有很多飲料方面的專業。我們董事會裡有一些——我認為——在飲料領域最頂尖的人才：Seth、Justice、Jim（以及 Boston Beer），Kathy（以及 Coke），所以我們並不是在毫無經驗的情況下進入這個領域。只是以公司層面來說，這是我們以前沒有做過的事。因此供應鏈其實在原料角度非常相似。我們處理蛋白質。我們處理纖維。我們處理風味等這些東西。所以這對我們來說完全不是什麼勉強的跨越。

And the production, if you think about turning plants into needs for the center of the plate and you think about blending together protein and fibers and flavor in a drink, the latter is much easier. And so this is not something that we're worried about from a logistics perspective. Co-packing is readily available throughout the United States. It has much less arduous terms from a scale-up perspective. Often, we have to go teach the co-packer how to make our products.

而在生產方面，如果你想像把工廠改造成能滿足「餐盤中心」（center of the plate）的需求，並且再想像在飲品中把蛋白質、纖維與風味混合在一起，後者要容易得多。因此從物流角度來看，這不是我們擔心的事情。在美國各地，代工包裝（co-packing）資源很容易取得。從擴產（scale-up）的角度來看，其條件也沒那麼嚴苛。很多時候，我們還得去教代工廠怎麼做我們的產品。

That's obviously not the case here. And I think what you're really going to see is our ability to understand all the characteristics of plant materials, the proteins, the fiber and how to optimize their taste for the consumer is going to shine in these drinks, and that's what I'm excited about.

但在這裡顯然不是這種情況。而我認為你真正會看到的是：我們理解各種植物性材料特性、蛋白質、纖維，以及如何為消費者優化其口感的能力，會在這些飲品上大放異彩，這也是我感到興奮的地方。

John Baumgartner, Mizuho.

John Baumgartner，Mizuho。

Maybe first off, Ethan, just to build on that last line of thinking. Just sticking with the expectations for the beverage expansion and the adjacencies more broadly. Can you walk us through how you plan to scale it, how you'll manage distribution, the specific channels that you'll enter? How you will allocate budget to enter these categories? Just how do think about milestones you ramp up and the impact on cash burn?

Ethan，或許先延續你剛才最後那句的思路。就飲料擴張以及更廣泛的相鄰品類而言，你能帶我們了解一下你們打算如何擴大規模、如何管理配銷、會進入哪些特定通路嗎？你們會如何分配預算來進入這些品類？也就是說，你如何看待你們加速推進的里程碑，以及對現金消耗（cash burn）的影響？

Sure. So we're taking a pretty careful approach. So you'll see the same pattern that we've just done with drinks now initially launching D2C getting feedback from the consumer making adjustments. And then you'll see us go into a particular regional distribution, likely emphasis on natural and then into mass. And so we'll take a step by step. That as we see success or failure, we'll adjust how much we're spending. But so far, and this is very early days, the indications we're getting from the drink are very positive.

當然。我們會採取相當審慎的方式。所以你會看到我們沿用目前對飲品所採取的同樣模式：先以 D2C 上市、取得消費者回饋、再做調整。接著你會看到我們進入特定區域性的配銷，可能會先著重在天然通路（natural），然後再進入大眾通路（mass）。因此我們會一步一步來。隨著我們看到成功或失敗，我們會調整投入的金額。但到目前為止——而且這還是非常早期——我們從飲品得到的訊號非常正面。

In terms of distributor interest and things like that, all of it is speculative at the moment. So I don't want to promise anything. But I think what you'll see is a kind of measured approach from us, and we'll spend a certain amount, make sure that we're still on track, then it's an additional amount. But one of the neat things is that we're not necessarily creating entirely new brands, right? Like so the drink is called Beyond Immerse, but we're relying on the fact that Beyond is a very well-known brand.

至於經銷商興趣之類的，目前一切都還是推測。所以我不想做任何承諾。但我想你會看到我們採取一種相對有節制的做法：先投入一定金額、確認仍在軌道上，然後再追加一筆。不過其中一個很棒的點是，我們不一定是在打造全新的品牌，對吧？例如這款飲品叫 Beyond Immerse，但我們仰賴的是 Beyond 這個非常知名的品牌。

So we don't have to kind of reinvent the wheel. And we have a strong consumer base that's particularly interested in what we're doing. And so that gives us an advantage relative to someone who's just starting out, right? We're able to sell additional product to a consumer that's already buying Beyond. I don't know, Lubi, if you have any comments.

所以我們不需要重新發明輪子。而且我們有一個強大的消費者基礎，特別對我們正在做的事情很感興趣。因此相較於剛起步的人，這給了我們優勢，對吧？我們能把額外的產品賣給已經在購買 Beyond 的消費者。Lubi，我不知道你是否有任何補充。

No. I think you covered it well, Ethan. What I would say is to your question around potential impact on cash burn, I think one of the things that's attractive about the beverage category -- can be attractive about the beverage category, particularly at scale, is the margin profile, right? So obviously, as we are in relatively limited distribution and producing at much smaller quantities, the economics won't look quite as favorable as if we are successful and begin to scale up. But certainly the margin profile for that category of products would be attractive. And so with the supply chain that we have in place and these co-packer agreements, et cetera, we actually think that the impact on the total cash use will not be overly burdensome.

沒有。我想你講得很完整了，Ethan。我想就你關於對現金消耗可能影響的問題補充的是：飲料品類的一個吸引人之處——在規模化之後尤其可能吸引人——是其毛利結構（margin profile），對吧？所以很明顯地，當我們仍在相對有限的配銷、且以小得多的產量生產時，經濟效益看起來不會像成功並開始擴大規模後那麼有利。但可以確定的是，該品類產品的毛利結構會是有吸引力的。因此，憑藉我們已建立的供應鏈以及這些代工包裝協議等，我們其實認為對整體現金使用的影響不會過於沉重。

Okay. And then I'm curious about your vision for the Beyond Meat portfolio going forward as you work through this SKU rationalization. I guess where have you chosen to retrench in terms of product or new products? And what have you identified as the foundation for the core going forward? Is it steak? Is it burgers? How should we think about that?

好的。接著我想了解，在你們進行這次 SKU 精簡的同時，你對 Beyond Meat 產品組合未來的願景是什麼。我想問的是，你們在產品或新產品方面選擇在哪些地方收縮？以及你們認定未來核心基礎是什麼？是牛排嗎？是漢堡排嗎？我們應該如何看待這件事？

Yeah. So as I mentioned in my comments, we have 20-plus products that are clean label project certified. And I really focus on those. And the Beyond portfolio, for example, and because just in my own taste and my own health. And areas where maybe there's less differentiation than I'd like to see.

是的。如同我在評論中提到的，我們有 20 多項產品通過 Clean Label Project 認證。而我確實把重心放在那些產品上。以 Beyond 的產品組合為例，這也和我個人的口味與健康考量有關。另外也有一些領域，可能差異化程度沒有我希望看到的那麼高。

You can make sure what that might be, some of the breaded items, things like that, less interested in that, more interested in where we can deliver really unique value to the consumer. And so Beyond Steak Fillet is a good example. That's 20 grams of protein. It's 1 gram of saturated fat from avocado oil. It's got mycelium, which is a terrific ingredient; it's got fava beans, et cetera.

你可以想像可能是哪些，例如一些裹粉的品項之類的；我對那類比較沒興趣，更感興趣的是我們能在哪些地方為消費者提供真正獨特的價值。因此 Beyond Steak Fillet 就是一個很好的例子。它有 20 克蛋白質。使用酪梨油，飽和脂肪只有 1 克。它含有菌絲體（mycelium），這是非常棒的成分；也有蠶豆等。

So focusing on things that really help tell the story around Beyond and tell the clean ingredient and healthy narrative are the ones that we're focusing on going forward.

所以，未來我們會聚焦在那些真正有助於講述 Beyond 品牌故事、以及傳達潔淨成分與健康敘事的產品。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Maybe Ethan, I guess the first question I had was on the beverage lineup. You mentioned initially getting some feedback and then making adjustments. So maybe can you talk a little bit about the initial -- what feedback you may have gotten and any adjustments you've made? And then if you could just help us out here, what is the target customer here for this beverage lineup. And then I have a follow-up as well.

很好。Ethan，我第一個問題是關於飲料產品線。你提到一開始收到一些回饋，然後做了調整。所以能否談談最初你們收到哪些回饋，以及你們做了哪些調整？另外也請你幫我們釐清一下，這條飲料產品線的目標客群是誰。我還有一個追問。

Sure. So I think one of the things we're learning about beverages is unlike where we have a really clear North Star, what does this taste like a beef burger or not, the reason there are so many definitions in markets that people have different tastes, right? And so what we're trying to do is find that sweet spot where we can appeal to a broad group of consumers, taste profiles. And so I think what we found is the 10-gram we put out kind of home run. The 20-gram, a lot of people are going to love it or didn't like it much.

當然。我想我們在飲料上學到的一件事是：不像我們在其他品類有非常清楚的北極星——例如「它吃起來像不像牛肉漢堡」——飲料市場有很多不同的定義，因為每個人的口味偏好都不同，對吧？所以我們試圖找到一個甜蜜點，能夠吸引廣泛的消費者與不同的味覺輪廓。我們發現 10 克蛋白那款推出後算是大成功。20 克蛋白那款，很多人會很喜歡，但也有人不太喜歡。

And enough people, thankfully, love it, that we're able to keep going. But that was more polarizing than the 10 gram. And so what we've done is tap back some of the intensity of the flavors in the 20-gram and some of the sweetness in the 20 gram. And the product that they've developed, and we're probably on our sixth or seventh iteration since we launched, is just phenomenal. Again, I put -- I stand behind us.

幸好有足夠多的人很喜歡它，讓我們能繼續推進。但它確實比 10 克那款更兩極。因此我們做的是把 20 克那款的風味強度稍微收斂一些，也把甜度稍微降低一些。他們所開發出的產品——自上市以來我們大概已經做到第六或第七次迭代——真的非常出色。再次強調，我——我對我們的產品很有信心。

I think it's going to be one of the best protein drinks on the market, to the holistic picture, the protein content, the fiber, antioxidants, the electrolytes, the environmental footprint, the ease of consumption. I'm probably drinking too many a day, and I've watched people in our office, in my home. It is all of a product. And so I'm looking forward to it. But that was the type of feedback we reacted to it.

我認為它會成為市面上最好的蛋白飲之一，從整體面向來看：蛋白質含量、纖維、抗氧化物、電解質、環境足跡、以及飲用的便利性。我可能一天喝太多了，我也看到我們辦公室、我家裡的人都在喝。它是一個完整度很高的產品。所以我很期待。但這就是我們所回應的那類回饋。

And there's nothing wrong with that, right? Like even with the Beyond Ground Fava, which we just got an award that's under (inaudible) right now for the innovation there, was that 4 ingredient, 27 grams protein product, we just like to iterate with our consumers. Like it's a new model, I think, in food that we're very, very fast in what we do and letting them weigh in and tell us what they like and don't like.

而這沒有什麼不對，對吧？就像 Beyond Ground Fava 一樣——我們剛因為那項創新拿到一個獎，現在在（聽不清）之下——那是一款只有 4 種成分、27 克蛋白質的產品；我們就是喜歡和消費者一起迭代。我認為這在食品業是一種新的模式：我們做事非常、非常快，讓消費者參與並告訴我們他們喜歡什麼、不喜歡什麼。

Great. And then just, Lubi, on the gross margin for 2026, is there anything you can provide or share with us at this point? And should it mirror '25, should be much better, lower? Anything on the cadence, that would be helpful.

很好。接著想請教 Lubi，關於 2026 年的毛利率，你現在有沒有任何可以提供或分享的資訊？它應該會和 2025 年相近、會好很多、還是更低？如果能談談節奏，也會很有幫助。

Yeah, Peter, unfortunately, like we're not providing guidance for gross margin for the year. And I think just to provide a little bit of context around that is one of the reasons why we continue to provide only near year-end guidance on revenue is the fact that our category right remains -- our core category, plant-based meat remains sort of very volatile and volumes remain soft. And obviously, with that being, obviously, at this stage, the vast majority of our business, right? The impact that softer volumes has on margins can be pretty significant, right? And so I mentioned in my prepared remarks that we -- that the lower fixed cost absorption continues to be a headwind on margin.

是的，Peter，很遺憾，我們目前不提供全年毛利率的指引。我想補充一些背景：我們之所以持續只在接近年底時提供營收的短期指引，其中一個原因是我們的品類——也就是我們的核心品類、植物肉——仍然相當波動，銷量也依然疲弱。而且很明顯，在這個階段它仍占我們業務的絕大部分，對吧？因此，較疲弱的銷量對毛利率的影響可能相當顯著。所以我在事先準備的發言中提到，固定成本吸收較低仍持續對毛利率造成逆風。

And so I think it's just extremely difficult for us to sort of forecast gross margin to any degree of certainty when there's so much variability on the top line. So we -- obviously, we have initiatives in place that are aimed at expanding margins, right, including like the continuous line that I mentioned. But ultimately, we need to see some stabilization on the top line in order for us to have sort of greater confidence in terms of where margins will shake out.

因此，當營收端有這麼大的變動性時，我們要以任何程度的確定性去預測毛利率都非常困難。所以——當然，我們有一些旨在擴大利潤率的措施正在推進，例如我提到的連續式產線。但最終，我們需要看到營收端有一定程度的穩定，才能對毛利率最終落點更有信心。

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

問答環節到此結束。我想把電話會議交回給 Ethan Brown，請他做結語。

Thanks, everyone, for the questions. Appreciate all the interest, and got to go look back over the last year, I do want to complement the team this transaction that Lubi and his group executed was just enormous undertaking. And so there's a lot of work that went into that. And I think he's particularly pleased to have that behind him. But as we look forward, we're excited to see what's going to happen as we pivot our brand into some areas that are maybe not as challenged in our core category.

謝謝大家的提問。感謝各位的關注；回顧過去一年，我也想稱讚團隊——Lubi 和他的團隊完成的這筆交易是一項非常龐大的工程。因此其中投入了大量工作。我想他特別高興能把這件事告一段落。但展望未來，當我們把品牌轉向一些可能不像核心品類那樣充滿挑戰的領域時，我們也很期待接下來會發生什麼。

We're going to be talking with you guys pretty soon, and I think we'll have more information then as to how things are going. Thanks very much.

我們很快會再和各位交流，我想屆時我們會有更多資訊，說明進展如何。非常感謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。