超越肉類 (BYND) 2021 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Beyond Meat, Inc. 2021 Third Quarter Conference Call. (Operator Instructions) Please note this conference is being recorded.

下午好，女士們，先生們，謝謝你們的支持。歡迎來到 Beyond Meat, Inc. 2021 年第三季度電話會議。 （操作員說明）請注意此會議正在錄製中。

I will now turn the conference over to your host, Lubi Kutua, Vice President, FP&A, Investor Relations for Beyond Meat. Thank you. You may begin.

我現在將把會議轉交給您的主持人 Lubi Kutua，他是 Beyond Meat 投資者關係 FP&A 副總裁。謝謝你。你可以開始了。

Thank you. Good afternoon, and welcome. Joining me on today's call are Ethan Brown, Founder, President and Chief Executive Officer; and Phil Hardin, Chief Financial Officer and Treasurer.

謝謝你。下午好，歡迎。和我一起參加今天電話會議的還有創始人、總裁兼首席執行官 Ethan Brown；以及首席財務官兼財務主管菲爾·哈丁（Phil Hardin）。

By now, everyone should have access to the company's third quarter earnings press release and investor presentation filed today after market close. These documents are available on the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

到目前為止，每個人都應該可以在今天收盤後獲得該公司第三季度收益新聞稿和投資者報告。這些文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分獲取。

Before we begin, please note that all the information presented on today's call is unaudited. And 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.

在我們開始之前，請注意今天電話會議中提供的所有信息都未經審計。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。這些陳述基於管理層當前的預期和信念，涉及可能導致實際結果與這些前瞻性陳述中描述的結果大不相同的風險和不確定性。

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release, the company's annual report on Form 10-K for the fiscal year ended December 31, 2020, the company's quarterly report on Form 10-Q for the quarter ended October 2, 2021, to be filed with the SEC and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

我們今天發布的收益報告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展而更新。請參閱今天的新聞稿，該公司截至 2020 年 12 月 31 日止財政年度的 10-K 表格年度報告，該公司截至 2021 年 10 月 2 日止季度的 10-Q 表格季度報告，將提交給美國證券交易委員會以及向 SEC 提交的其他文件，詳細討論可能導致實際結果與今天做出的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險。

Please also note that on today's call, management will refer to adjusted EBITDA, adjusted gross profit and adjusted net loss, which are non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, the presentation of 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 or the investor presentation for a reconciliation of adjusted EBITDA, adjusted gross profit and adjusted net loss to their most comparable GAAP measures.

另請注意，在今天的電話會議上，管理層將參考調整後的 EBITDA、調整後的毛利和調整後的淨虧損，這些都是非公認會計準則財務指標。雖然我們認為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，但這些信息的呈現並不旨在孤立地考慮或替代根據公認會計原則呈現的財務信息。請參閱今天的新聞稿或投資者介紹，了解調整後的 EBITDA、調整後的毛利潤和調整後的淨虧損與其最具可比性的 GAAP 指標的對賬。

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

有了這個，我現在想把電話轉給 Ethan Brown。

Thank you, Lubi, and good afternoon, everyone. Before discussing our Q3 2021 results in detail, I want to provide context for my commentary and clearly differentiate between short-term variability on the one hand, and ongoing strong progress toward our long-term vision of becoming tomorrow's global protein company on the other. The broader context of my remarks can be summarized in 2 main points.

謝謝你，Lubi，大家下午好。在詳細討論我們 2021 年第三季度的結果之前，我想為我的評論提供背景信息，並清楚地區分一方面的短期可變性，另一方面，我們朝著成為未來全球蛋白質公司的長期願景不斷取得強勁進展。我的言論的更廣泛背景可以概括為兩個要點。

First, my comments are our best understanding of an environment that is characterized by rapidly changing and we believe, largely transitory dynamics. We are reminded, for example, that a quarter ago, Q2 2021, we posted record net revenues of $149 million. We believe our long-term thesis is strengthening and undeterred by current instability, we've been making bold investments in our innovation, manufacturing, operations, and sales and marketing capabilities across the U.S., EU and China. We make these investments not as hopeful thinking but rather prudent planning against forthcoming launches and strategic growth activities.

首先，我的評論是我們對一個以快速變化為特徵的環境的最佳理解，我們相信，這在很大程度上是暫時的動態。例如，我們被提醒，一個季度前，即 2021 年第二季度，我們公佈了創紀錄的 1.49 億美元的淨收入。我們相信，我們的長期論點正在加強，並且不受當前不穩定因素的影響，我們一直在對我們在美國、歐盟和中國的創新、製造、運營以及銷售和營銷能力進行大膽投資。我們進行這些投資不是出於充滿希望的想法，而是對即將推出的產品和戰略增長活動進行審慎的規劃。

Second, my comments today are focused on the entirety of the quarter, how the business performed relative to our expectations as we began 2021 and our promising path forward. The headline for the third quarter relative to our expectations at the onset of 2021 is that it was a difficult operating environment, highly variable demand, reflecting the Q2 retreat and then Q3 reemergence of COVID in the form of the Delta variant, sustained labor shortages impacting certain customers as well as our own facilities and other high-impact supply chain disruptions are among the challenges characterized in the quarter.

其次，我今天的評論集中在整個季度、2021 年開始時業務相對於我們的預期的表現以及我們充滿希望的前進道路。相對於我們在 2021 年初的預期，第三季度的標題是，這是一個艱難的經營環境，需求變化很大，反映了第二季度的撤退以及第三季度 COVID 以 Delta 變體的形式重新出現，持續的勞動力短缺影響某些客戶以及我們自己的設施和其他具有高影響的供應鏈中斷是本季度面臨的挑戰之一。

As we headed into Memorial Day, we, like many in the country, felt that the long shadow of COVID was finally receding. We saw growth in Foodservice as restaurants and venues reopened to strong consumer demand and posted our aforementioned record quarter in Q2 2021. We began looking eagerly to the resumption of activities with our strategic quick-serve restaurant partners both in the U.S. and abroad, a key building block in our originally anticipated growth plan for 2021.

當我們進入陣亡將士紀念日時，我們和這個國家的許多人一樣，覺得 COVID 的長長的陰影終於消退了。隨著餐廳和場所重新開放以滿足強勁的消費者需求，我們看到餐飲服務的增長，並在 2021 年第二季度發布了上述創紀錄的季度。我們開始熱切期待與我們在美國和國外的戰略快速服務餐廳合作夥伴恢復活動，這是一個關鍵我們最初預期的 2021 年增長計劃的基石。

Yet as a summer we're on and the Delta variant took hold, we did not see a sustained recovery. And as you will recall, in Foodservice, COVID-19 disruptions and consumer behavior are particularly challenging for the segment of customers that we serve. Though in our largest active chain in the U.S. that does offer drive-thru, we saw a meaningful uptick in velocity in the quarter. The majority of our customers today rely on in-store and in-venue consumption for sales.

然而，作為一個夏天，我們正在使用 Delta 變體，我們並沒有看到持續的複蘇。您還記得，在餐飲服務中，COVID-19 的中斷和消費者行為對我們服務的客戶群尤其具有挑戰性。儘管在我們在美國最大的提供得來速服務的活躍連鎖店中，我們看到本季度的速度顯著上升。今天，我們的大多數客戶都依賴店內和店內消費進行銷售。

Accordingly, we were disproportionately impacted throughout the quarter as the Delta variant dampened consumer activity within the core of our Foodservice customer base. Further, within Foodservice, we believe the downward pressure exerted by the Delta variant was further exasperated by labor shortage that drove reduced operating hours and menu rationalization.

因此，我們在整個季度受到了不成比例的影響，因為 Delta 變體抑制了我們餐飲服務客戶群核心內的消費者活動。此外，在 Foodservice 內部，我們認為 Delta 變體施加的下行壓力因勞動力短缺而進一步加劇，導致營業時間縮短和菜單合理化。

For our business, the extent that moving from test to fuller launches with our strategic QSR partners is an important contributor to our revenue build, the combined contribution of COVID's long tail and related labor shortages has had a particularly disruptive though we expect transitory impact on our growth trajectory.

對於我們的業務而言，與我們的戰略 QSR 合作夥伴一起從測試轉向更全面的發布是我們收入增長的重要貢獻者，儘管我們預計 COVID 的長尾和相關勞動力短缺的綜合貢獻特別具有破壞性，但我們預計對我們的影響是暫時的成長軌跡。

In short, as we plan 2021, we held cautious expectations by the second half of the year, we'd have our footing back in Foodservice and specifically be more active with many of our QSRs, we saw further delays. Unlike 2020, when Foodservice challenges led to a marked increase in retail activity, as Foodservice demand reduced, we did not see a corresponding increase in activity in retail, at either the brand or category level during the third quarter.

簡而言之，當我們計劃 2021 年時，我們對下半年保持謹慎的預期，我們將重新立足於餐飲服務，特別是對我們的許多 QSR 更加積極，我們看到了進一步的延誤。與 2020 年不同，當餐飲服務挑戰導致零售活動顯著增加時，隨著餐飲服務需求的減少，我們沒有看到第三季度品牌或類別層面的零售活動相應增加。

We believe that the following broader behaviors and trends may be at play. This expectation is not intended to be exhaustive, and with time, we expect we will gain a fuller understanding of the drivers behind third quarter demand levels. One, consumers reported fewer and less frequent trips to the store; two, consumers reported being less open to trialing new products; three, consumers reported less interest in healthy options; four, the cancellation or reduced scope of our sampling programs as a Delta variant spread, limited new consumer exposure to our brands and category; five, to a much lesser extent than in Foodservice, their still relevant, labor issues created complexity and possibly impacted demand retailers due to delay in shelf resets and less frequent restocking; six, with increased competition over the past 2 years, we're seeing, as expected, some impact on our market share. However, in looking at the Q2 to Q3 SPINS market share data on a product mix neutral basis, it does not reveal competition to be a significant contributor to the aforementioned deceleration.

我們認為，以下更廣泛的行為和趨勢可能正在發揮作用。這一預期並非詳盡無遺，隨著時間的推移，我們預計我們將更全面地了解第三季度需求水平背後的驅動因素。一，消費者反映去商店的次數越來越少；第二，消費者報告說對試用新產品不太開放；三、消費者對健康選擇的興趣減少；四、取消或縮小我們作為 Delta 變體傳播的抽樣計劃的範圍，限制了新消費者對我們品牌和類別的曝光；第五，與餐飲服務相比，它們仍然相關的勞動力問題造成了複雜性，並可能由於貨架重置延遲和補貨頻率降低而影響需求零售商；六，隨著過去兩年競爭的加劇，正如預期的那樣，我們看到了對我們的市場份額的一些影響。然而，在產品組合中性的基礎上查看 Q2 至 Q3 SPINS 市場份額數據時，並沒有發現競爭是上述減速的重要貢獻者。

Finally, when considering demand, it is worth noting the possible impact of our Q2 2021 revenues. We experienced a significant increase in shipping toward the end of the second quarter, driven in part by retailers stocking up for July 4 and the balance of summer grilling season, and Foodservice operators anticipating a broader reopening of the economy. We believe these heavier levels of shipping during the last month of Q2 likely negatively impacted Q3 reorders.

最後，在考慮需求時，值得注意的是我們 2021 年第二季度收入的可能影響。到第二季度末，我們的出貨量顯著增加，部分原因是零售商為 7 月 4 日備貨和夏季燒烤季節的剩餘時間，以及餐飲服務運營商預計經濟將更廣泛地重新開放。我們認為，第二季度最後一個月的這些較重的出貨量可能會對第三季度的重新訂購產生負面影響。

Turning to supply chain. We experienced a series of disruptions throughout the quarter. These included labor shortages in our facilities at a transportation partner, at co-packers and at third-party logistics providers. Collectively, these labor issues added complexity across operations and impacted our ability to fill certain orders.

轉向供應鏈。我們在整個季度經歷了一系列中斷。其中包括我們在運輸合作夥伴、聯合包裝商和第三方物流供應商的設施中的勞動力短缺。總的來說，這些勞動力問題增加了運營的複雜性，並影響了我們履行某些訂單的能力。

Additionally and significantly, severe weather interrupted water supplies for 2 weeks at our Pennsylvania production facility as well as destroyed sizable amounts of packaging inventory at a related storage center. Though we were able to reallocate certain materials from other locations, the loss of packaging materials at our storage facility had a sustained impact on our ability to fill orders as we awaited replenishment of damaged inventory.

此外，重要的是，惡劣的天氣使我們賓夕法尼亞生產設施的供水中斷了 2 週，並摧毀了相關存儲中心的大量包裝庫存。儘管我們能夠從其他地點重新分配某些材料，但在我們等待補充受損庫存時，我們存儲設施中包裝材料的損失對我們履行訂單的能力產生了持續影響。

I do want to take a moment to discuss the general balance of exogenous and internal factors that contributed to our results this quarter.

我確實想花點時間討論促成我們本季度業績的外部因素和內部因素的總體平衡。

As you know, at Beyond Meat, we are highly focused on driving with urgency, continuous improvement in our products. This cultural event is captured in multiple ways, including the language we use to describe our processes such as the long-standing Beyond Meat Rapid & Relentless Innovation Program, our internal innovation initiative. We apply the same lens of continuous improvement to our own organization in this difficult operating environment, highlighted areas of opportunity in a maturing company.

如您所知，在 Beyond Meat，我們高度專注於以緊迫感和持續改進我們的產品。這一文化活動以多種方式被捕捉到，包括我們用來描述我們的流程的語言，例如我們的內部創新計劃長期存在的 Beyond Meat Rapid & Relentless Innovation Program。在這個艱難的運營環境中，我們將同樣的持續改進鏡頭應用於我們自己的組織，突出了成熟公司的機會領域。

As labor challenges, severe weather and an explosion at one of our key suppliers each interfered with our operations in Q3, we worked to materialize planned redundancy more rapidly across our supply chain. Further, we encountered delays in some of our commercialization efforts, certain of which highlighted the need to expedite the consolidation of our scaling activities within a dedicated commercialization facility here in Los Angeles, and that is now underway.

由於勞動力挑戰、惡劣天氣和我們主要供應商之一的爆炸都乾擾了我們在第三季度的運營，我們努力在整個供應鏈中更快地實現計劃中的冗餘。此外，我們在一些商業化工作中遇到了延誤，其中一些突出表明需要在洛杉磯的一個專門的商業化設施內加快整合我們的擴展活動，而這目前正在進行中。

Having weathered both literal and figurative storms throughout the quarter that brought into sharper focus areas for more rapid development, we are emerging as an even stronger organization. These disruptions notwithstanding through Q3 2021, we remained highly focused on the execution of our long-term strategy.

在整個季度經受住了文字和比喻的風暴，這些風暴帶來了更清晰的重點領域以實現更快的發展，我們正在成為一個更強大的組織。儘管到 2021 年第三季度出現了這些中斷，我們仍然高度關注我們長期戰略的執行。

And accordingly, we are pleased to report that we continue to gain ground across key enablers of our long-term growth. Broadly, we've invested heavily and readying an impressive range of products for our QSR partners, put significant resources against expanded capacity for planned launches. Our efforts are, of course, not limited to the U.S. market.

因此，我們很高興地報告，我們繼續在我們長期增長的關鍵推動力方面取得進展。從廣義上講，我們已經投入巨資，為我們的 QSR 合作夥伴準備了一系列令人印象深刻的產品，將大量資源用於擴大計劃推出的產能。當然，我們的努力不僅限於美國市場。

As in the U.S., in the EU and China like, we continue to strengthen and grow our capabilities, including sales, marketing, manufacturing, operations and innovation, among others, as we expand our presence in these important global markets.

與美國、歐盟和中國一樣，隨著我們在這些重要的全球市場擴大業務，我們將繼續加強和發展我們的能力，包括銷售、營銷、製造、運營和創新等。

Finally, we expect next month to announce an exciting addition to our leadership team in operations, one that will bring valuable and directly relevant experience in serving our QSR partners and scaling global food manufacturing operations. With this context as background, I will now provide greater detail into our Q3 results.

最後，我們預計下個月將宣布我們的運營領導團隊中令人興奮的新成員，這將為我們的 QSR 合作夥伴和擴展全球食品製造業務帶來寶貴且直接相關的經驗。以這種背景為背景，我現在將提供更多關於我們第三季度業績的細節。

We generated net revenues of $106 million, representing a 13% increase over the third quarter of 2020. Total retail net revenues were up 5% year-over-year with continued strength in international retail, which increased 168% year-over-year, partially offset by weaker results in U.S. retail, which declined 16% year-over-year.

我們創造了 1.06 億美元的淨收入，比 2020 年第三季度增長 13%。零售淨收入總額同比增長 5%，國際零售業持續強勁，同比增長 168%，部分被美國零售業疲弱的業績所抵消，該業績同比下降 16%。

Representative of the unusual patterns we are seeing, our third quarter U.S. retail net revenues were lower on a sequential basis, which runs counter to the general seasonality we were accustomed to seeing in our pre-COVID numbers. Our leadership position in U.S. retail continues to be borne out in product sales rankings, where we maintained our #1 top-selling SKU position across all of plant-based meat and continue to own 4 of the top 6 best-selling SKUs in the category.

作為我們看到的不尋常模式的代表，我們第三季度的美國零售淨收入環比下降，這與我們習慣於在 COVID 之前的數據中看到的一般季節性背道而馳。我們在美國零售業的領先地位繼續在產品銷售排名中得到證實，我們在所有植物性肉類中保持了我們在最暢銷 SKU 中排名第一的位置，並繼續擁有該類別中前 6 大最暢銷 SKU 中的 4 個.

Further, we gained distribution with a 23% increase in TDPs versus a year ago, according to SPINS data for U.S. MULO for the 12 weeks ended October 3. As you know, increasing TDPs is a positive outcome for our brand over the long run, but tends to exert downward pressure on velocity.

此外，根據美國 MULO 的 SPINS 數據，截至 10 月 3 日的 12 週，我們的 TDP 比一年前增加了 23%。如您所知，從長遠來看，增加 TDP 對我們的品牌來說是一個積極的結果，但往往會對速度施加向下的壓力。

Specifically, we saw a 21% year-over-year decline in velocity for the brand in U.S. MULO for the same period. These dynamics notwithstanding, our brand velocity remains nearly 3x higher than the category average on an absolute basis, which we believe strengthens our case for further distribution expansion with retailers.

具體來說，我們看到該品牌同期在美國 MULO 的流通速度同比下降了 21%。儘管存在這些動態，但我們的品牌傳播速度絕對值仍然比類別平均水平高出近 3 倍，我們認為這加強了我們與零售商進一步擴大分銷的理由。

We continue to see consistent progress in important metrics such as household penetration and repeat rates. While household penetration for the category was down slightly on a sequential basis, we know continued advancement in our own penetration, which increased 20 basis points sequentially and 90 basis points year-over-year to 6.4% according to SPINS-IRI consumer panel data for the 52 weeks ended October 3, 2021.

我們繼續看到家庭滲透率和重複率等重要指標的持續進展。雖然該類別的家庭滲透率環比略有下降，但我們知道我們自己的滲透率繼續提高，根據 SPINS-IRI 消費者面板數據，該滲透率環比增長 20 個基點，同比增長 90 個基點，達到 6.4%截至 2021 年 10 月 3 日的 52 週。

With more households buying our products, we are pleased to see that our repeat rates also increased 60 basis points sequentially to 52.6%. Our buyer rate decreased 4% sequentially, likely impacted by higher promotional activity in Q3, while our purchase frequency was modestly lower quarter-over-quarter to the tune of negative 0.3%.

隨著越來越多的家庭購買我們的產品，我們很高興看到我們的重複率也環比增加了 60 個基點，達到 52.6%。我們的買家率環比下降 4%，可能受到第三季度促銷活動增加的影響，而我們的購買頻率環比略有下降，為負 0.3%。

We continue to innovate in the retail space and just recently began the early stages of a national rollout of Beyond Chicken Tenders. This product derived from faba beans is a clear winner on taste, texture and nutrition as it delivers 50% less saturated fat than traditional chicken tenders, while containing no GMOs, antibiotics, hormones or cholesterol. We are pleased to report that right out of the gate, Beyond Chicken Tenders won the prestigious 2021 Food and Beverage or FABI Award from the National Restaurant Association. You should expect to see more from us under this platform in the near future as we seek to offer a broad assortment of product offerings that grow our chicken portfolio.

我們繼續在零售領域進行創新，最近才開始在全國范圍內推出 Beyond Chicken Tenders。這種源自蠶豆的產品在味道、質地和營養方面是明顯的贏家，因為它提供的飽和脂肪比傳統的雞肉嫩肉少 50%，同時不含轉基因生物、抗生素、激素或膽固醇。我們很高興地向大家報告，Beyond Chicken Tenders 一開始就獲得了美國國家飯店協會頒發的享有盛譽的 2021 年食品和飲料獎或 FABI 獎。您應該期望在不久的將來在這個平台下看到我們的更多信息，因為我們尋求提供各種各樣的產品來增加我們的雞肉產品組合。

Turning to U.S. Foodservice. We maintained our #1 brand position in terms of dollar share according to NPD data for the 3 months ended September 2021, despite the intense variability from Q2 to Q3. Net revenues decreased 7% year-over-year and were as noted, well below our Q2 total. As I shared, a good portion of our U.S. Foodservice business, about 2/3 historically, but even higher now is composed of outlets that were disproportionately impacted by COVID-19 and the emergence of the Delta variant. These include small independent restaurants, bars and pubs, corporate catering services, hotels, movie theaters, shopping arenas and amusement parks, among others.

轉向美國餐飲服務。根據截至 2021 年 9 月的 3 個月 NPD 數據，我們保持了我們在美元份額方面的第一品牌地位，儘管從第二季度到第三季度的變化很大。如前所述，淨收入同比下降 7%，遠低於我們第二季度的總額。正如我所分享的，我們美國餐飲服務業務的很大一部分，歷史上約為 2/3，但現在更高的是由受 COVID-19 和 Delta 變體出現的影響不成比例的網點組成。其中包括小型獨立餐廳、酒吧和酒館、企業餐飲服務、酒店、電影院、購物場所和遊樂園等。

Internationally, our business again generated strong results, with retail sales up 168% year-over-year and Foodservice sales up 117% year-over-year, collectively reflecting gains in both distribution and average sales per outlet.

在國際上，我們的業務再次取得強勁業績，零售額同比增長 168%，餐飲服務銷售額同比增長 117%，共同反映了分銷和每個門店平均銷售額的增長。

I'll now provide a brief update on some recent product highlights and key strategic initiatives. McDonald's initiated limited time offerings of the McPlant Burger made with Beyond Meat patties in 3 European markets, including Austria, the Netherlands and the U.K.

我現在將簡要介紹一些最近的產品亮點和關鍵戰略舉措。麥當勞在包括奧地利、荷蘭和英國在內的 3 個歐洲市場推出了由 Beyond Meat 肉餅製成的 McPlant Burger 限時產品。

In addition, as you've likely noted, last week, McDonald's initiated a small limited time operations test at 8 restaurants here in the U.S. We are excited to work with such an iconic global brand as McDonald's, and we're equally excited to see the overwhelmingly positive media response generated by the early test in Europe.

此外，您可能已經註意到，上週，麥當勞在美國的 8 家餐廳啟動了一項小型限時運營測試。我們很高興與麥當勞這樣的標誌性全球品牌合作，我們同樣很高興看到歐洲早期測試所產生的壓倒性積極媒體反應。

At the end of October, I was visiting our facilities in the Netherlands and have the opportunity to buy the McPlant Burger. It was as expected, outstanding. On returning to the U.S., the following week, I was able to do the same in Los Angeles. In both instances, I watched and interacted with other consumers as they enjoy the McPlant. Encouragingly, these consumers fit the mold of the flexitarian and while not vegan or vegetarian were enjoying the McPlant Burger.

十月底，我參觀了我們在荷蘭的工廠，並有機會購買了 McPlant Burger。正如預期的那樣，非常出色。下週回到美國後，我能夠在洛杉磯做同樣的事情。在這兩種情況下，當其他消費者喜歡 McPlant 時，我都會觀察他們並與之互動。令人鼓舞的是，這些消費者符合彈性素食者的模式，雖然不是素食主義者或素食主義者，但他們正在享用 McPlant Burger。

In Canada, we introduced Beyond Meat Nuggets nationwide at A&W on a limited time basis, marking another great milestone within our earliest QSR partners. This exciting product offers 18 grams of plant-based protein per 6 piece serving, and as always, is made from simple plant-based ingredients with no GMOs, antibiotics, hormones or cholesterol.

在加拿大，我們在 A&W 限時推出了 Beyond Meat Nuggets，這是我們最早的 QSR 合作夥伴中的又一個重要里程碑。這款令人興奮的產品每 6 份提供 18 克植物蛋白，並且一如既往地由簡單的植物成分製成，不含轉基因生物、抗生素、激素或膽固醇。

Also in Foodservice, Pizza Hut launched a limited rollout of our latest product innovation Beyond Pepperoni at roughly 70 locations across 5 U.S. markets. This new product co-developed with Pizza Hut's culinary teams truly showcases the strength of our innovation capabilities as we overcame numerous technical challenges to ensure that Beyond Pepperoni is nearly indistinguishable from Pizza Hut's iconic original pepperoni, even down to its crispiness properties. This limited offering at Pizza Hut in the U.S. comes on the heel of the permanent menu launch of Beyond Meat products at Pizza Hut U.K. in July.

同樣在餐飲服務領域，必勝客在美國 5 個市場的大約 70 個地點有限推出了我們最新的產品創新 Beyond Pepperoni。這款與必勝客烹飪團隊共同開發的新產品真正展示了我們創新能力的實力，因為我們克服了眾多技術挑戰，以確保 Beyond Pepperoni 與必勝客標誌性的原始意大利辣香腸幾乎沒有區別，甚至在其脆度方面也是如此。 7 月，英國必勝客在英國必勝客永久推出 Beyond Meat 產品菜單。

Given pepperoni's consistent ranking as the #1 selling pizza topping in the U.S. and elsewhere, we are excited about the potential of this product line and are eager to expand its availability over the coming quarters.

鑑於意大利辣香腸在美國和其他地方一直是銷售披薩配料的第一名，我們對該產品線的潛力感到興奮，並渴望在未來幾個季度擴大其供應。

Last, but certainly not least, in the Foodservice space, we recently announced the expansion of our test with Panda Express to 10 major markets across the U.S. at 70 locations. This follows the initial success of Beyond The Original Orange Chicken at select Panda Express locations in Southern California and New York City, which garnered to raise consumer and media reviews and sold out in less than 2 weeks at all SoCal stores, making it one of Panda's most successful regional launches to date. We are proud to be Panda's partner of choice to recreate their iconic and most popular menu item.

最後但同樣重要的是，在餐飲服務領域，我們最近宣布將我們與 Panda Express 的測試擴展到美國 70 個地點的 10 個主要市場。此前，Beyond The Original Orange Chicken 在南加州和紐約市的特定 Panda Express 門店取得了初步成功，贏得了消費者和媒體的好評，並在不到 2 週的時間內在所有 SoCal 門店售罄，成為 Panda 旗下品牌之一迄今為止最成功的區域發射。我們很自豪能成為 Panda 的首選合作夥伴，以重現其標誌性和最受歡迎的菜單項。

Let me now provide a brief update on our progress in growing our operations in the EU and China. We are now capable of performing each aspect for production process in country in the Netherlands and China from production of our dry blends to extrusion to finished goods assembly. Moreover, in the Netherlands and China, we are operating our highest throughput extruders yet. For some time now, we've been building toward full end-to-end production in both geographies and reaching this milestone is a major accomplishment for our team. I'm extremely proud of them and their work. As you can imagine, scaling complex processes in different economies around the world can be challenging. Doing so, during the last 18 months under COVID-19 conditions complicated the work of our employees considerably.

現在讓我簡要介紹一下我們在歐盟和中國發展業務方面取得的進展。我們現在能夠在荷蘭和中國的國家/地區執行生產過程的各個方面，從生產我們的干混料到擠出再到成品組裝。此外，在荷蘭和中國，我們正在使用我們目前產量最高的擠出機。一段時間以來，我們一直在兩個地區建立完整的端到端生產，達到這一里程碑是我們團隊的一項重大成就。我為他們和他們的工作感到非常自豪。您可以想像，在全球不同經濟體中擴展複雜流程可能具有挑戰性。這樣做，在過去的 18 個月中，在 COVID-19 的情況下，我們員工的工作大大復雜化了。

And just one example, due to travel restrictions to our Jiaxing China facility, we're required to conduct a significant amount of scaling activities with new staff over video conferencing equipment. We continue to pursue our global cost-down program with the end goal of price parity with animal protein in at least one category, beef, pork or poultry within the next 2.5 years. Today, we are working through a robust pipeline of cost reduction opportunities, including in the areas of raw ingredient procurement savings, waste reduction, throughput improvement, network optimization, including potential in-sourcing opportunities, warehousing and transportation efficiencies, aforementioned local production in our global markets and packaging optimization. With these efforts already underway and those still to come, I feel very confident about reaching our cost parity goal within the committed time line.

僅舉一個例子，由於我們嘉興中國工廠的旅行限制，我們需要通過視頻會議設備與新員工進行大量的擴展活動。我們將繼續推行我們的全球成本降低計劃，最終目標是在未來 2.5 年內至少在一個類別（牛肉、豬肉或家禽）中與動物蛋白價格持平。今天，我們正在努力通過一系列強大的成本降低機會，包括在原材料採購節約、減少浪費、吞吐量提高、網絡優化等領域，包括潛在的內包機會、倉儲和運輸效率，以及我們前面提到的本地生產。全球市場和包裝優化。由於這些努力已經在進行中，而且還在繼續進行中，我對在承諾的時間內實現我們的成本平價目標充滿信心。

In closing, it remains our objective and focus to insulate our long-term strategy from short-term conditions. Just as we did not adjust our focus and strategy as a result of record revenues in Q2 of this year, we continue to execute against our plan despite a difficult third quarter. As such, this remains a period of intense investment in our future.

最後，將我們的長期戰略與短期條件隔離開來仍然是我們的目標和重點。正如我們沒有因今年第二季度創紀錄的收入而調整我們的重點和戰略一樣，儘管第三季度困難重重，我們仍繼續執行我們的計劃。因此，這仍然是對我們未來進行大量投資的時期。

Here and abroad, we are continuing to make the innovation, commercialization, marketing and global production investments necessary for long-term growth. These investments are not founded on hopeful thinking, but rather are the result of planning against key partnerships, market development initiatives and other opportunities, many of which have been delayed due to COVID-19 and the Delta variant, labor shortages and supply chain challenges, including our own and those of customers.

在國內外，我們將繼續進行長期增長所必需的創新、商業化、營銷和全球生產投資。這些投資並非建立在充滿希望的想法之上，而是針對關鍵合作夥伴關係、市場開發計劃和其他機會進行規劃的結果，其中許多已因 COVID-19 和 Delta 變體、勞動力短缺和供應鏈挑戰而被推遲，包括我們自己的和客戶的。

One of the benefits of being a relatively new public company, whose early experience in the public markets has been forged for the last 18 months is enduring multiple stress tests that reveal both strengths and weaknesses and generate accelerated learning. We are emerging from the pandemic and is attendant challenges, far stronger as a result, and are continually making progress on our long-term growth pillars of taste, nutrition and cost as we prepare for 2022 and beyond.

作為一家相對較新的上市公司，其在過去 18 個月中積累了早期在公共市場的經驗，其好處之一是經受了多次壓力測試，這些測試揭示了優勢和劣勢並促進了加速學習。我們正在擺脫大流行，並面臨隨之而來的挑戰，因此變得更加強大，並且在我們為 2022 年及以後做準備的過程中，我們在口味、營養和成本等長期增長支柱上不斷取得進展。

With that, I will now turn it over to Phil to walk us through our third quarter financial results and outlook for the balance of the year.

有了這個，我現在將把它交給菲爾，讓我們了解我們第三季度的財務業績和今年餘下的展望。

Thank you, Ethan, and good afternoon, everyone. Let me provide a broad overview of our third quarter financial results before commenting on our outlook for Q4. We achieved net revenues of $106 million in the third quarter of 2021, representing an increase of 13% compared to the third quarter of 2020. Q3 2021 net revenue fell short of our initial guidance and we provided a press release on October 22, outlining the factors we believe led to our revised revenue guidance of approximately $106 million. So I will not repeat those factors here.

謝謝你，Ethan，大家下午好。在評論我們對第四季度的展望之前，讓我對我們第三季度的財務業績進行廣泛的概述。我們在 2021 年第三季度實現了 1.06 億美元的淨收入，與 2020 年第三季度相比增長了 13%。2021 年第三季度的淨收入低於我們的初步指導，我們在 10 月 22 日發布了一份新聞稿，概述了我們認為導致我們修訂收入指引約為 1.06 億美元的因素。所以我不會在這裡重複這些因素。

Growth in net revenues was primarily driven by a 143% year-over-year increase in sales to international customers, partially offsetting the increase in international, U.S. net revenues declined 14% in the third quarter of 2021 compared to the third quarter of 2020, with U.S. retail down 16% year-over-year and U.S. Foodservice down 7% year-over-year.

淨收入的增長主要是由於對國際客戶的銷售額同比增長 143%，部分抵消了國際銷售額的增長，美國 2021 年第三季度的淨收入與 2020 年第三季度相比下降了 14%，美國零售業同比下降 16%，美國餐飲服務業同比下降 7%。

Taking a closer look at our distribution channels, in retail across the U.S. and international, our volume of products sold increased 8% year-over-year with international up 123% and the U.S. down 9%. Net revenue per pound for total retail was lower by approximately 2% on a year-over-year basis, primarily reflecting increased trade discounts in the U.S.

仔細觀察我們的分銷渠道，在美國和國際的零售中，我們的產品銷量同比增長 8%，其中國際增長 123%，美國下降 9%。零售總額的每磅淨收入同比下降約 2%，主要反映了美國貿易折扣的增加。

In Foodservice, total volume of products sold increased 24% year-over-year, with international up 55% and the U.S. down 3%. Net revenue per pound for total Foodservice was up 8% year-over-year, driven by reduced trade discounts in international compared to the year ago period.

在餐飲服務領域，產品總銷量同比增長 24%，其中國際增長 55%，美國下降 3%。受國際貿易折扣與去年同期相比減少的推動，整個餐飲服務的每磅淨收入同比增長 8%。

Moving down the P&L to gross profit. Gross profit in the third quarter of 2021 was $23 million or 21.6% of net revenues as compared to $25.5 million or 27% of net revenues in Q3 of 2020.

將損益表向下移動到毛利潤。 2021 年第三季度的毛利潤為 2300 萬美元，占淨收入的 21.6%，而 2020 年第三季度的毛利潤為 2550 萬美元，占淨收入的 27%。

In Q3 2020, adjusted gross profit, which excludes $1.8 million of expenses related to inventory write-offs and reserves and product repacking costs attributable to COVID-19 was $27.3 million or 28.9% of net revenues. We incurred no such costs in Q3 2021, so our gross margin and adjusted gross margin for Q3 2021 are the same at 21.6%. The year-over-year decrease in adjusted gross margin was primarily driven by increased transportation costs, inventory write-offs, warehousing fees, depreciation and amortization partially offset by improved co-manufacturer fees. On a sequential basis, the decrease in gross profit was driven by increased sales discounts, increased inventory write-offs, increased warehousing, transportation costs and depreciation and amortization.

在 2020 年第三季度，調整後的毛利潤（不包括與庫存沖銷和儲備相關的 180 萬美元費用以及與 COVID-19 相關的產品重新包裝成本）為 2730 萬美元，占淨收入的 28.9%。我們在 2021 年第三季度沒有產生此類成本，因此我們在 2021 年第三季度的毛利率和調整後的毛利率相同，均為 21.6%。調整後毛利率同比下降的主要原因是運輸成本、庫存沖銷、倉儲費、折舊和攤銷增加，部分被聯合製造商費用的提高所抵消。在環比基礎上，毛利下降的原因是銷售折扣增加、庫存沖銷增加、倉儲、運輸成本以及折舊和攤銷增加。

Turning to OpEx. Total operating expenses were approximately $77 million in the third quarter of 2021 as compared to $44 million in the year ago period. The year-over-year increase in operating expenses primarily reflects growth in overall head count levels mainly to support the company's operations, innovation and marketing capabilities, increased spending and marketing activities, higher professional services fees related to recently established consulting agreements, higher restructuring expenses, primarily reflecting increased legal expenses, increased production trial activities, and higher outbound freight costs included in the company's selling expenses.

轉向運營支出。 2021 年第三季度的總運營費用約為 7700 萬美元，而去年同期為 4400 萬美元。運營費用的同比增長主要反映了總體員工人數的增長，主要是為了支持公司的運營、創新和營銷能力、支出和營銷活動的增加、與最近簽訂的諮詢協議相關的專業服務費用增加、重組費用增加，主要反映了法律費用增加、試產活動增加、公司銷售費用中計入的出境運費增加等。

On a sequential basis, the increase in operating expenses primarily reflects higher professional services fees, increased marketing activities, higher restructuring fees and increased outbound freight costs.

在環比基礎上，運營費用的增加主要反映了專業服務費用的增加、營銷活動的增加、重組費用的增加和出境運費的增加。

Net loss in the third quarter of 2021 was $54.8 million or $0.87 per common share as compared to a net loss of $19.3 million or $0.31 per common share and adjusted net loss of $17.5 million or $0.28 per common share in the third quarter of 2020. Adjusted EBITDA was a loss of $36.8 million or minus 34.5% of net revenues in the third quarter of 2021 compared to adjusted EBITDA of $4.3 million or minus 4.5% of net revenues in Q3 2020.

2021 年第三季度的淨虧損為 5480 萬美元或每股普通股 0.87 美元，而 2020 年第三季度的淨虧損為 1930 萬美元或每股普通股 0.31 美元，調整後的淨虧損為 1750 萬美元或每股普通股 0.28 美元。與 2020 年第三季度調整後的 EBITDA 為 430 萬美元或淨收入的負 4.5% 相比，2021 年第三季度 EBITDA 虧損 3680 萬美元或淨收入的負 34.5%。

Turning to our balance sheet and cash flow highlights. Our cash and cash equivalents balance was approximately $886 million and total debt outstanding was approximately $1.1 billion as of October 2, 2021.

轉向我們的資產負債表和現金流亮點。截至 2021 年 10 月 2 日，我們的現金和現金等價物餘額約為 8.86 億美元，未償債務總額約為 11 億美元。

For the 9 months ended October 2, 2021, net cash used in operating activities was $191 million compared to $42.7 million in the year ago period.

截至 2021 年 10 月 2 日的 9 個月，用於經營活動的現金淨額為 1.91 億美元，而去年同期為 4270 萬美元。

Capital expenditures totaled $104.3 million for the 9 months ended October 2, 2021, compared to $38 million for the year-ago period. The increase in capital expenditures was primarily driven by continued investments in production equipment and facilities related to capacity expansion and initiatives.

截至 2021 年 10 月 2 日的 9 個月，資本支出總額為 1.043 億美元，而去年同期為 3800 萬美元。資本支出增加的主要原因是對與產能擴張和計劃相關的生產設備和設施的持續投資。

Let me now provide some commentary about our near-term outlook. Overall, we continue to operate in a challenging and variable macro environment affected in part by ongoing uncertainty related to COVID-19, labor issues at both retail and Foodservice customers, significantly increased transportation costs, raw ingredients and packaging inflation and global supply chain challenges, which have had a minimal impact on our business thus far, but could represent potential headwinds nonetheless.

現在讓我對我們的近期前景發表一些評論。總體而言，我們繼續在充滿挑戰且多變的宏觀環境中運營，部分原因是與 COVID-19 相關的持續不確定性、零售和餐飲服務客戶的勞工問題、運輸成本顯著增加、原材料和包裝通脹以及全球供應鏈挑戰，到目前為止，這對我們的業務影響微乎其微，但仍可能代表潛在的不利因素。

Combined with the dynamic nature of our category, which remains nascent, this backdrop adds significant variability to our realized end customer demand, thereby increasing forecast and complexity. As such, although our outlook does not assume a significant deterioration in the operating environment as it stands today, it does reflect some conservatism, which we believe is appropriate given the challenges I just highlighted.

再加上我們類別的動態性質（仍處於初期階段），這種背景為我們已實現的最終客戶需求增加了顯著的可變性，從而增加了預測和復雜性。因此，儘管我們的展望並未假設目前的經營環境會出現顯著惡化，但它確實反映了一些保守主義，鑑於我剛才強調的挑戰，我們認為這是適當的。

For the fourth quarter of 2021, we expect net revenues to be in the range of $85 million to $110 million. The following factors worth highlighting are embedded in this guidance.

對於 2021 年第四季度，我們預計淨收入將在 8500 萬美元至 1.1 億美元之間。本指南中包含以下值得強調的因素。

First, we anticipate a moderation in year-over-year growth across all channels due to the fact that this year, our fourth quarter contains 5 fewer shipping days compared to the fourth quarter of 2020. Second, we expect our fourth quarter results to be impacted by knock-on effects from the operational challenges in Q3. Although, we expect to be fully recovered by the end of this month, these issues presented some headwinds early in the quarter. Third, in both U.S. and international Foodservice channels, ongoing labor challenges as well as general caution based on code-related uncertainty are also expected to have a dampening effect on the net levels. Finally, we expect the moderation of sequential growth due to accelerated orders in the third quarter of 2021 that would otherwise have been expected to materialize in the fourth quarter.

首先，我們預計所有渠道的同比增長都會放緩，因為今年第四季度的運輸天數比 2020 年第四季度減少了 5 個。其次，我們預計第四季度的業績將是受到第三季度運營挑戰的連鎖反應的影響。儘管我們預計到本月底將完全恢復，但這些問題在本季度初出現了一些不利因素。第三，在美國和國際餐飲服務渠道中，持續的勞動力挑戰以及基於與代碼相關的不確定性的普遍謹慎預計也將對淨水平產生抑製作用。最後，我們預計由於 2021 年第三季度訂單加速，連續增長將放緩，否則預計將在第四季度實現。

In terms of profitability, as Ethan described, we continue to invest in support of our long-term growth strategy, which includes investment in people and infrastructure. Moreover, with our expectation of accelerating Foodservice activity next year, including in the QSR space, we are maintaining a robust schedule of production trial activities to prepare for the commercial launch of new product innovations. We're investing in marketing activities to drive awareness in trials. We expect to see a steady increase in the pace of cost down initiative implementations, some of which require upfront investments. These activities will continue to exert pressure on our profitability in the near term. However, given the long runway we continue to see ahead of us in the global plant-based meat category and in order to maintain and expand our leadership position within the sector, we believe these early levels of investment are necessary and will ultimately maximize value for our shareholders over the long term.

正如 Ethan 所描述的，在盈利能力方面，我們繼續投資以支持我們的長期增長戰略，其中包括對人員和基礎設施的投資。此外，我們預計明年將加快餐飲服務活動，包括在 QSR 領域，我們正在維持穩健的生產試驗活動時間表，為新產品創新的商業推出做準備。我們正在投資營銷活動，以提高試驗中的意識。我們預計成本降低計劃實施的步伐將穩步加快，其中一些需要前期投資。這些活動將在短期內繼續對我們的盈利能力施加壓力。然而，鑑於我們繼續在全球植物性肉類類別中看到漫長的發展道路，並且為了保持和擴大我們在該行業的領先地位，我們相信這些早期投資水平是必要的，並將最終實現價值最大化從長遠來看，我們的股東。

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

有了這個，我會將電話轉回給接線員，以便為您解答問題。謝謝你。

(Operator Instructions) Our first question is from Bryan Spillane with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

I just had 2 -- I guess, 2 related questions just on how we should be thinking about expenditures going forward. I think there's still about $800 million of cash on the balance sheet related to the convert you did earlier this year. And so just trying to get a kind of a sense of how quickly that money is going to be deployed. And again, assuming some of that is infrastructure, some of that is going to be hiring people. Just trying to get a sense of the cadence of that, I guess, as we begin to look over maybe the next year or 2.

我剛剛有 2 個——我猜是 2 個相關的問題，只是關於我們應該如何考慮未來的支出。我認為資產負債表上仍有大約 8 億美元的現金與你今年早些時候所做的轉換有關。所以只是想了解一下這筆錢將被多快投入使用。再一次，假設其中一些是基礎設施，其中一些將僱用人員。我想，只是想了解一下它的節奏，因為我們可能會開始回顧明年或 2 年。

And then maybe just a second related on expenses. And I think, Ethan, we might have talked about this on the last earnings call, but some of the commentary you made about just what you were observing with consumers, especially in U.S. retail, seem to suggest that maybe consumers are not getting the message for lack of a better way to describe it. So do you see a need maybe to not just increase marketing spend, but to really maybe sharpen the message a bit, so consumers understand the health proposition, the taste proposition of the products?

然後可能只是與費用有關的一秒鐘。我認為，Ethan，我們可能在上次財報電話會議上討論過這個問題，但你對消費者觀察到的一些評論，尤其是在美國零售業，似乎暗示消費者可能沒有得到信息因為沒有更好的方式來描述它。那麼，您是否認為不僅需要增加營銷支出，還可能需要進一步強化信息，讓消費者了解產品的健康主張和口味主張？

Great. Both good questions. And so let me begin with a more general view on the first around the kind of pace of spend. And I want to even take a step further back than I did in the comments to give my perspective on kind of what this quarter was about. Yes. There are a lot of different disruptions that occurred throughout the quarter. But if you look at where we've been in the second and third quarter of this year, I think we had $149 million in last quarter and $106 million this quarter. If you take the average of those 2, $127.5 million that were our results this quarter, right, you'd be -- we'd be up (inaudible) year-over-year. So I'm not excited kind of either way on these results other than to say that there's a lot of lumpiness and timing issues in them.

偉大的。兩個好問題。因此，讓我先從關於支出速度的第一個更一般的觀點開始。而且我什至想比我在評論中所做的更進一步，以就本季度的情況發表我的看法。是的。整個季度發生了許多不同的中斷。但如果你看看我們今年第二季度和第三季度的情況，我認為上個季度我們有 1.49 億美元，本季度有 1.06 億美元。如果你取我們本季度業績的 2、1.275 億美元的平均值，對，你會 - 我們會同比增長（聽不清）。因此，我對這些結果並不感到興奮，只是說其中存在很多塊狀和時間問題。

And so the spend that you see is not spend against the current activities, right? It's really about the future that is, I think, around the corner for us, and that relates to all these deals that you've heard about over the last 12 months, whether it's the joint venture with Pepsi, McPlant partnership, and I think they were public about putting a product into the market next year in 2022 with that. You look at the McPlant test here in the U.S. and then the larger activities in the Netherlands and Austria and the U.K., for example, which, from everything I've seen in the media, what you guys are seeing, so not speaking for McDonald's, but just characterizing what you see in the press, those have been successful.

因此，您看到的支出並不是針對當前活動的支出，對嗎？我認為，這真的是關於我們的未來，這與你在過去 12 個月中聽到的所有這些交易有關，無論是與百事可樂的合資企業、McPlant 合作夥伴關係，我認為他們公開表示將於 2022 年將產品推向市場。你看看美國的 McPlant 測試，然後看看荷蘭、奧地利和英國的大型活動，例如，從我在媒體上看到的一切來看，你們所看到的，所以不代表麥當勞，但只是描述您在媒體上看到的內容，這些都是成功的。

And then you look at the activities across our Yum! partnership, whether it's KFC in China or Pizza Hut in the U.S. with the pepperoni test or Pizza Hut with the ongoing distribution in the U.K. of, I think 3 different Beyond toppings. And then, of course, we got Taco Bell this year, to talk about plans with us. So all of these things are accumulating within our system and requiring us to, in a good way, to make investments to be able to serve these future opportunities.

然後你看看我們百勝的活動！合作夥伴關係，無論是中國的肯德基還是美國的必勝客的意大利辣香腸測試或必勝客在英國的持續分銷，我認為 3 種不同的超越澆頭。然後，當然，今年我們得到了 Taco Bell，與我們討論計劃。因此，所有這些事情都在我們的系統中積累，並要求我們以一種好的方式進行投資，以便能夠為這些未來的機會服務。

And you go into -- whether it's Canada and A&W or the Panda Express here in the U.S., you look at continued rollout of new products in retail. And of course, internationally, we're making significant investments. And as I mentioned in my comments, just got back from the EU, both in the EU and China. And so all of those are not about this year and these results during this period of what we would characterize a stability but rather for 2022 and beyond. And so I think it's an opportunity for us to continue to lay the core foundation of our future growth. And so if you were to look in the years ahead and start thinking about what type of revenue would come in from those opportunities, I think this level of spend in OpEx is entirely appropriate for those. So I don't know if you guys want to add any further details to that.

然後你進入 - 無論是加拿大和 A&W 還是美國的 Panda Express，你都會看到零售新產品的持續推出。當然，在國際上，我們正在進行大量投資。正如我在評論中提到的，剛剛從歐盟回來，無論是在歐盟還是在中國。因此，所有這些都不是關於今年的，這些結果在我們將描述為穩定的這一時期，而是關於 2022 年及以後的結果。因此，我認為這是我們繼續為未來增長奠定核心基礎的機會。因此，如果您展望未來幾年並開始考慮這些機會會帶來哪些類型的收入，我認為運營支出的這種支出水平完全適合這些機會。所以我不知道你們是否想為此添加任何進一步的細節。

Well, I guess the only thing I would add. This is Phil. One thing that we talk about is make sure we maintain flexibility and use a mix of co-manufacturers and our own manufacturing. And so as we look forward, we'll continue to look for what best allows us to serve our customers, we will realize the best economics and give us sort of flexibility there. So that will be a factor in this as well.

好吧，我想我唯一要補充的。這是菲爾。我們談論的一件事是確保我們保持靈活性並使用聯合製造商和我們自己的製造商的組合。因此，展望未來，我們將繼續尋找最能讓我們為客戶服務的方法，我們將實現最佳經濟效益並在這方面給予我們某種靈活性。所以這也將是其中的一個因素。

And we know potentially with doing some of our own manufacturing versus co-mans, there's potential cost implications that are favorable. And so we're going to weigh all those things in addition to supporting our customers and looking at new products.

而且我們知道，在做一些我們自己的製造與合作時，潛在的成本影響是有利的。因此，除了支持我們的客戶和尋找新產品之外，我們還將權衡所有這些事情。

Just to circle back on my comment, I mean if you, I wouldn't expect kind of a continued acceleration of OpEx spending sort of for year upon year, right? What we're doing is building to a particular launch point that we see in the pretty near future versus this setting the trend for percentage of revenue OpEx for many years forward.

回到我的評論，我的意思是，如果你，我不會期望運營支出支出會逐年持續加速，對吧？我們正在做的是建立一個我們在不久的將來看到的特定啟動點，而不是設定未來許多年收入佔運營支出百分比的趨勢。

Okay. So fair to say the environment hasn't discouraged you like you're spending what you need to spend to get where you want to get from a revenue perspective over the next year or 2?

好的。這麼公平地說，環境並沒有讓你氣餒，就像你花費了你需要花費的錢，從未來一兩年的收入角度來看，你想要達到的目標是什麼？

Yes, absolutely. No, it has not discouraged at all. I mean I think the work we're doing, the foundation we're laying I think, is quite strong.

是的，一點沒錯。不，它根本沒有氣餒。我的意思是我認為我們正在做的工作，我們正在奠定的基礎，我認為是非常強大的。

And then Ethan, just on the marketing message, anything that needs to be, be there?

然後是 Ethan，就營銷信息而言，任何需要的東西，都在那裡嗎？

Yes. No, I think it's a great question. I think we need to continue to -- the reason we did the Stanford work, and we had great results from that clinical trial was to create more data around the point of the health benefits of our products, and we have a 5-year program that we're doing with Stanford to continue to do studies in that regard. .

是的。不，我認為這是一個很好的問題。我認為我們需要繼續——我們在斯坦福開展工作的原因，我們從該臨床試驗中獲得了很好的結果，是圍繞我們產品的健康益處創建更多數據，我們有一個為期 5 年的計劃我們正在與斯坦福大學合作，繼續在這方面進行研究。 .

And so coming out stronger in 2022 with our health message, I think, is important. And then of course, I think more and more consumers now are really focused on climate, right?

因此，我認為，我們的健康信息在 2022 年變得更加強大，這一點很重要。當然，我認為現在越來越多的消費者真正關注氣候，對吧？

And so you've heard me say in the past that, that's something that we market best directly around. But to the extent we can empower consumers who are feeling pretty helpless about what to do in their own individual lives about this. We're going to talk about that as well in 2022. So I think you'll see our most aggressive marketing to date in terms of focus and spend on those broader attendant benefits of our products.

因此，您過去曾聽我說過，這是我們直接營銷的最佳產品。但在某種程度上，我們可以讓那些對自己的個人生活中對此感到束手無策的消費者感到無助。我們也將在 2022 年討論這個問題。所以我認為你會看到我們迄今為止最激進的營銷方式，重點是關注我們產品帶來的更廣泛的附帶利益。

Our next question is from Alexia Howard with Bernstein.

我們的下一個問題來自 Alexia Howard 和 Bernstein。

Can you hear me, okay?

你能聽到我的聲音，好嗎？

Yes.

是的。

Okay. So 2 questions. The first one is around pea prices. We've obviously seen those surge on the yellow pea price by over 100% over the last year and in recent months its really jumped up. How much do you already have contracted out in contracts that are already captured for fiscal '22 given your demand expectations? And what could that do to margins? The first question.

好的。所以2個問題。第一個是豌豆價格。我們顯然已經看到黃豌豆價格在去年上漲了 100% 以上，最近幾個月它確實上漲了。鑑於您的需求預期，您已經在 '22 財年捕獲的合同中外包了多少？這對利潤有什麼影響？第一個問題。

And then the second one is more around the demand side here in North America, particularly in the retail channel. I think you showed in the presentation that the repeat rates were improving sequentially. Do you have numbers around that? I think household penetration, you also mentioned was up sequentially. And yet, the retail sales were down sequentially quite a bit, even as velocity trends and total distribution points seem to be up sequentially on a year-over-year basis, if that makes any sense.

然後第二個更多是在北美的需求方面，特別是在零售渠道。我認為您在演示文稿中表明重複率正在逐步提高。你周圍有數字嗎？我認為你提到的家庭滲透率是連續上升的。然而，零售額環比下降了很多，即使速度趨勢和總分銷點似乎逐年上升，如果這有任何意義的話。

I'm just trying to wrap all that up together and trying to figure out what's going on with the demand and whether it has stalled somehow in the U.S. or at a category level, or whether it's really more somehow supply-related and all the other challenges you've been facing?

我只是想把所有這些總結起來，並試圖弄清楚需求發生了什麼，以及它是否在美國或某個類別水平上以某種方式停滯不前，或者它是否真的更多地與供應相關等等你一直面臨的挑戰？

Yes, very good questions. Thank you. So I'll take the second one first and then turn it over to Phil for the question on pea protein, which I think we've a nice answer for it. On -- it is an interesting thing, right? So you're seeing household penetration increase. I think we're up at 6.4%. That's about 20 basis points sequentially and about 90 basis points year-over-year. .

是的，非常好的問題。謝謝你。所以我會先拿第二個，然後把它交給菲爾詢問豌豆蛋白的問題，我認為我們有一個很好的答案。開——這是一件有趣的事情，對吧？所以你看到家庭滲透率在增加。我認為我們上漲了 6.4%。環比增長約 20 個基點，同比增長約 90 個基點。 .

And then repeat rates, so more households buying it. And then of course, people enjoying the product and buying it again, I think, are up around 2.6%. So feel good about those. Then you look at kind of broader brand awareness, and we have the #1 spot now in total brand awareness displacing Morningstar for the first time.

然後重複率，所以更多的家庭購買它。當然，我認為享受該產品並再次購買的人增加了約 2.6%。所以對這些感覺很好。然後你看看更廣泛的品牌知名度，我們現在在總品牌知名度方面排名第一，首次取代晨星。

And then in terms of that number of 61% brand awareness, which is compared to an average of less than 30% for other leading plant-based brands. So we're really still doing what we set out to do, which is to lead this movement. And we're still the #1 product in retail, as I mentioned, for the top 6, #1 in Foodservice, according to NPD data. So all these things would suggest that a quarter like this wouldn't happen. And I think that's what's so unusual about this quarter is, I think in the absence of complete information, people try as hard as they can to come up with various theories, and I'm resisting doing that other than to say that there's just unusual consumer behavior, the things I outlined in my comments, whether it's people because of the Delta variant spending less time in the retail markets, being less open to trial in the absence of sampling programs that have been so important to us in the past.

然後就 61% 的品牌知名度而言，與其他領先的植物性品牌的平均水平不到 30% 相比。所以我們真的還在做我們打算做的事情，那就是領導這場運動。根據 NPD 的數據，正如我所提到的，我們仍然是零售業排名第一的產品，在餐飲服務行業排名前 6 位。所以所有這些事情都表明這樣的四分之一不會發生。我認為本季度的不同尋常之處在於，我認為在沒有完整信息的情況下，人們會盡可能地想出各種理論，而我拒絕這樣做，只是說這很不尋常消費者行為，我在評論中概述的事情，無論是人們因為 Delta 變體在零售市場上花費的時間更少，在沒有過去對我們如此重要的抽樣計劃的情況下不太願意接受試驗。

I think all of these factors are coming together, some of the trends around what type of food choice people are making to create an unusual quarter for us. But there's no indication in my view that coming off of a record quarter of revenue in the second quarter to this quarter, that there's some fundamental change in the consumer mindset toward our products. And I think that the -- all the activities that I just mentioned going forward with our partnership suggests, in fact, the opposite that things are strengthening. So my view on the year is to get through the year with these unusual conditions and get to -- back to a strong resumption of growth, which I feel very confident about for 2022.

我認為所有這些因素都聚集在一起，一些趨勢是圍繞人們做出什麼樣的食物選擇來為我們創造一個不同尋常的季度。但在我看來，沒有跡象表明從第二季度到本季度創紀錄的季度收入，消費者對我們產品的心態發生了根本性的變化。而且我認為，我剛才提到的與我們的伙伴關係向前發展的所有活動實際上表明，事情正在加強。因此，我對這一年的看法是，在這些不尋常的情況下度過這一年，並恢復到強勁的增長恢復，我對 2022 年充滿信心。

I think on the supply side, yes, there were considerable issues on the supply side. I mean we had sort of this ongoing issue throughout the year around labor tightness, which everybody felt and then we had this severe weather in Pennsylvania, which took out production in our facilities for up to 2 weeks and then ruin packaging. So we had a long tail on that one. So these -- all these different factors came into play. And the reason that we brought the fourth quarter into the type of range that we did was just didn't want to go through this fire drill again. The only, now the most immediate predictor of the future is kind of what just happened.

我認為在供應方面，是的，供應方面存在相當大的問題。我的意思是，我們全年都存在圍繞勞動力緊張的問題，每個人都感覺到，然後我們在賓夕法尼亞州遇到了這種惡劣的天氣，這導致我們的設施停產長達 2 週，然後破壞了包裝。所以我們對那個有一條長尾巴。所以這些——所有這些不同的因素都發揮了作用。我們將第四季度帶入我們所做的範圍類型的原因只是不想再次進行這次消防演習。唯一的，現在對未來最直接的預測是剛剛發生的事情。

And so we want to guard against having to run through another set of challenges. So I feel really good about 2022, I feel cautiously optimistic about the balance of the year relative to what we gave you guides, and I think it's good to have this quarter behind us.

因此，我們希望避免不得不經歷另一組挑戰。所以我對 2022 年感覺非常好，相對於我們給你的指南，我對今年的平衡持謹慎樂觀的態度，我認為本季度落後於我們是件好事。

I'll take the pea protein question. So we have fixed price agreements in place on most of our peak protein supply. So we don't expect to see impacts from PPI in the near term, with pea protein isolate.

我會回答豌豆蛋白的問題。因此，我們對大部分峰值蛋白質供應制定了固定價格協議。因此，我們預計短期內不會看到 PPI 對豌豆分離蛋白的影響。

Our next question is from Adam Samuelson with Goldman Sachs.

我們的下一個問題來自高盛的亞當薩繆爾森。

So Ethan, I was hoping to maybe think a bit longer term because, obviously, a lot of noise in the short term. And as we think about kind of a potential pathway to return to growth, clearly, international expansion and some of your bigger QSR kind of food service launches or some of the big increments that could be coming over the course of the next 12 to 18 months. And, I guess, as we think about the revenue mix, pre-COVID 2019, your business was basically 50-50 retail and Foodservice. You're much more U.S.-centric because you just started international. But now you've got manufacturing in Europe, you have manufacturing in China, some local production in Canada. How do we think about maybe '23, '24? What you would think is a good revenue mix between retail and Foodservice in domestic and international?

所以Ethan，我希望可能會考慮更長遠一些，因為很明顯，短期內會有很多噪音。當我們考慮一種恢復增長的潛在途徑時，很明顯，國際擴張和一些更大的 QSR 類型的食品服務推出或可能在未來 12 到 18 個月內出現的一些大增量.而且，我想，當我們考慮收入組合時，在 COVID 2019 之前，您的業務基本上是 50-50 零售和餐飲服務。你更以美國為中心，因為你剛剛開始國際化。但現在你在歐洲有製造，在中國有製造，在加拿大有一些本地生產。我們如何看待可能的'23，'24？您認為國內和國際零售和餐飲服務之間的良好收入組合是什麼？

Yes. That's a good question. So I think currently, we're about in the U.S. 78% retail, about 22% Foodservice, which is a pretty big departure from where we were pre-pandemic. And I'm certainly running the business in a way that is investing very heavily in Foodservice and particularly in strategics, right? And so, I wouldn't be doing that if I thought 22% was going to hold. I do think you're going to see an increase in the Foodservice business within Beyond, a significant increase as we get into more and more of the strategic accounts that we've been working with over the years.

是的。這是個好問題。所以我認為目前，我們在美國大約有 78% 的零售，大約 22% 的餐飲服務，這與大流行前的情況有很大的不同。而且我肯定會以一種在餐飲服務，特別是在戰略方面進行大量投資的方式來經營業務，對吧？因此，如果我認為 22% 會持有，我就不會這樣做。我確實認為您會看到 Beyond 內部的餐飲服務業務有所增長，隨著我們進入越來越多我們多年來一直在合作的戰略客戶，這一增長將顯著增加。

And if you look at just our performance, even in this last quarter, something interesting is in that information, which is at our largest -- one of our largest QSRs that has a drive-thru that were currently in as a permanent item. Our sales went up quite a bit in this past quarter year-over-year.

如果你只看我們的表現，即使在最後一個季度，有趣的是那些信息，這是我們最大的——我們最大的 QSR 之一，它有一個驅動器，目前作為永久性項目。在過去的這個季度，我們的銷售額同比增長了很多。

And so I think that phenomenon that we talked about, where consumers may be pulled back in retail due to some of the issues I mentioned. And then as you would expect a bump in Foodservice to occur because of the challenges that the kind of mom-and-pop operations and venues like sporting goods and concert halls, universities and that were having. We didn't get the same pickup that you would have seen otherwise. And I think that has to do with the distribution mix in Foodservice that we've talked about a lot, where we're, I think, now about 81% in independent operators and venues and things of that nature versus about 19% in these larger strategic accounts.

因此，我認為我們談到的這種現象，由於我提到的一些問題，消費者可能會被拉回零售業。然後，正如您所期望的那樣，由於夫妻店經營和體育用品、音樂廳、大學等場所所面臨的挑戰，餐飲服務業會出現大幅增長。我們沒有得到與您在其他情況下看到的相同的皮卡。我認為這與我們經常討論的餐飲服務中的分銷組合有關，我認為我們現在在獨立運營商和場所以及類似性質的事物中的比例約為 81%，而在這些領域中的比例約為 19%更大的戰略賬戶。

And so we're just not getting that. If you look at the trends with consumers today in Foodservice, they're using fast food restaurants, primarily with drive-thrus and things of that nature, eating more fast food during the course of the pandemic, and we weren't picking up on that because of the nature of our distribution.

所以我們只是沒有得到那個。如果您查看當今餐飲服務業消費者的趨勢，他們正在使用快餐店，主要是通過得來速和類似性質的東西，在大流行期間吃更多的快餐，而我們沒有接受這是因為我們分佈的性質。

So as we get into more and more Foodservice accounts there are some of these large strategics, I think you'll see that grow. I don't know that it'll get to 50-50 and stay there. But I think you can expect it to approximate that kind of range 60-40, 50-50, depending on the quarter.

因此，隨著我們進入越來越多的餐飲服務帳戶，其中一些大型戰略會出現，我認為您會看到這種增長。我不知道它會達到 50-50 並留在那裡。但我認為您可以期望它接近 60-40、50-50 的範圍，具體取決於季度。

And then U.S. versus international?

然後美國與國際？

Yes. U.S. international. Yes. U.S. and international, I think the mix now, we're about 63% U.S., 37% international. And I was really happy with the international growth. And I'll tell you something. When I was in Europe, so I'm the most critical of our products by far in terms of someone who's informed about all the different products in the market. There's a lot of activity going on in the EU. I did a nice store tour with our sales team and we went back to one of our production facilities and cooked up all the different samples from all the different competitors and compare that against our products.

是的。美國國際。是的。美國和國際，我認為現在的組合，我們大約 63% 是美國的，37% 是國際的。我對國際增長感到非常高興。我會告訴你一些事情。當我在歐洲時，就了解市場上所有不同產品的人而言，我是迄今為止對我們產品最挑剔的人。歐盟正在進行很多活動。我和我們的銷售團隊進行了一次愉快的商店參觀，然後我們回到了我們的一個生產設施，並製作了來自所有不同競爭對手的所有不同樣品，並將其與我們的產品進行比較。

And I had found one that I thought was really good, the innovation team here would heard about it. Now the products are good, but ours are better. And that gives me great hope for Europe. And you're seeing some really early results coming out of our international work in terms of the growth rates, I think we're up about 168% internationally.

我發現了一個我認為非常好的，這裡的創新團隊會聽說的。現在產品很好，但我們的更好。這讓我對歐洲充滿希望。你會看到我們的國際工作在增長率方面取得了一些非常早期的成果，我認為我們在國際上增長了約 168%。

And so we feel really, really bullish on the EU. We're thinking a lot of investment there. We've got 2 facilities there now, also bullish on China, both Foodservice and retail. I think we're up 100% in Foodservice internationally.

所以我們對歐盟感到非常非常看好。我們正在考慮在那裡進行大量投資。我們現在在那裡有 2 個設施，也看好中國，包括餐飲服務和零售。我認為我們在國際上的餐飲服務業增長了 100%。

So I would expect international going forward to be a very meaningful part of our business, particularly as we bring along these QSRs not just in the U.S. And so one other way to look at it is the activities we've had with McDonald's.

因此，我希望國際化的發展將成為我們業務中非常有意義的一部分，特別是當我們不僅在美國帶來這些 QSR 時。所以另一種看待它的方式是我們與麥當勞的活動。

So as I mentioned in my comments, the Netherlands had a terrific McPlant there. But if you look at whether it's the test in the U.K., in Austria or in the Netherlands, all reports are those from external sources and they've been positive and well received. Pizza Hut and -- the Pizza Hut in the U.K. continues to be to do quite well as well. So as those type of tests pick up and launches pick up, you'll see more and more international mix.

因此，正如我在評論中提到的那樣，荷蘭的 McPlant 非常棒。但如果你看看是在英國、奧地利還是荷蘭進行的測試，所有報告都是來自外部來源的報告，而且都是積極的並且受到好評。必勝客和——英國的必勝客繼續做得很好。因此，隨著這類測試的興起和推出的興起，您會看到越來越多的國際組合。

Also since you're looking at international growth. We mentioned an accelerated order, which would be an order that would be a little unusual versus what we typically see. We estimate that at approximately $3.6 million in international this quarter.

另外，因為您正在關注國際增長。我們提到了加速訂單，與我們通常看到的訂單相比，這將是一個有點不尋常的訂單。我們估計本季度國際市場約為 360 萬美元。

Our next question is from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自奧本海默的 Rupesh Parikh。

So I just wanted to touch on the gross margin line. So first, a housekeeping on Q3. Is there any way to quantify the inventory write-off in your adjusted gross margins for Q3? And then I have a follow-up.

所以我只想談談毛利率。所以首先，在第三季度進行一次內務管理。有什麼方法可以量化第三季度調整後毛利率中的庫存沖銷？然後我有一個跟進。

So in Q3 2021, the unusual item, we mentioned it a couple of times, was water damage in one of our warehouses that was predominantly packaging. That was about $1.9 million.

因此，在 2021 年第三季度，我們多次提到它的不尋常項目是我們的一個主要用於包裝的倉庫中的水損壞。那大約是190萬美元。

Okay. And that was -- that's still in your adjusted gross margin number. Okay.

好的。那是 - 這仍然在您調整後的毛利率中。好的。

Yes. We didn't adjust for it. It's still in the GAAP gross margin number as well.

是的。我們沒有對此進行調整。它仍然在 GAAP 毛利率中。

Okay. Great. And then for Q4, is there any granularity you can give us in terms of how to think about gross margins is what we saw in Q3 may be a good reflection of how to think about Q4?

好的。偉大的。然後對於第四季度，您能否就如何考慮毛利率給我們提供任何粒度，我們在第三季度看到的可能很好地反映瞭如何考慮第四季度？

Well, I think there were some things that were probably a little unusual in Q4. First, we mentioned trade discount. We don't anticipate trade discounts quite as dramatically as we did this quarter. The inventory write-off, we already sort of sized, that was unusual. .

好吧，我認為第四季度有些事情可能有點不尋常。首先，我們提到了貿易折扣。我們預計貿易折扣不會像本季度那樣劇烈。庫存註銷，我們已經確定了規模，這很不尋常。 .

And then the only other thing to say so we would expect improvements from both of those lines barring some other issue. We did capitalize some of the costs this quarter when we were running sort of less than optimum as we struggle through some of this stuff. So there is some cost on the balance sheet that will play out. So that would offset some of these other factors I just mentioned.

然後唯一要說的另一件事是，我們希望這兩條線都有改進，除非有其他問題。我們確實在本季度將一些成本資本化了，因為我們正在努力解決其中的一些問題，而我們的運行並不理想。因此，資產負債表上會產生一些成本。因此，這將抵消我剛才提到的其他一些因素。

Okay. Great. And then just my last question. So Ethan, we've heard from other players just challenges -- growth challenges within the plant-based protein category. Just curious your take on what's really happening out there. Is there incremental pressures you can see overall within the categories? I just love your thoughts on what's happening out there.

好的。偉大的。然後就是我的最後一個問題。所以 Ethan，我們從其他參與者那裡聽到了挑戰——植物蛋白類別中的增長挑戰。只是好奇你對那裡真正發生的事情的看法。您是否可以在類別中看到總體上的增量壓力？我只是喜歡你對外面發生的事情的看法。

Thank you. I think the thing that we're trying to kind of make sense of, and the reason that some and then split the 2 quarters, we just had a record quarter, right? So we just posted $149 million. And we had just tremendous amount of excitement as Foodservice came back on and then stopped.

謝謝你。我認為我們試圖弄明白的事情，以及一些然後拆分兩個季度的原因，我們剛剛創下了一個創紀錄的季度，對吧？所以我們剛剛發布了 1.49 億美元。當 Foodservice 重新啟動然後停止時，我們感到非常興奮。

And so there's so much unusual behavior going on with whether it's labor or stimulus checks, supply chain issues we've had, some of this, I think, slowing introduction of innovation into the category, just with all the different distractions going on. The fact that we've invested a lot of our innovation monies into these large QSRs that are forthcoming. And we typically lead the category in retail in that type of way.

因此，無論是勞動力檢查還是刺激檢查，我們遇到的供應鏈問題，其中一些，我認為，都會出現很多不尋常的行為，減緩了將創新引入該類別，只是所有不同的干擾都在發生。事實上，我們已經將大量創新資金投入到這些即將到來的大型 QSR 中。我們通常以這種方式引領零售類別。

All of that, I think, is combined to just have a more dominant Q3 than I think people wanted. So I don't think there's any sector issue or any segment issue. We continue to see strong year-over-year growth in terms of overall annual revenue. And if you look at 2022 and the work we're doing there, I think there's tremendous excitement in our company about what's coming. And so this is a bit of a kind of the pause, and have the pandemic and labor issues and supply chain stuff, not interfere. I think this quarter we've been quite different.

我認為，所有這一切結合在一起，只是擁有一個比我認為人們想要的更占主導地位的第三季度。所以我不認為有任何行業問題或任何細分市場問題。就整體年收入而言，我們繼續看到強勁的同比增長。如果你看看 2022 年和我們在那裡所做的工作，我認為我們公司對即將發生的事情感到非常興奮。所以這有點像暫停，有大流行和勞工問題以及供應鏈的東西，不要干涉。我認為這個季度我們已經完全不同了。

Our next question is from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

I want to ask about the McPlant and the tests you guys are doing with McDonald's. I know it's now available in the U.K. and a couple of other markets recently. Is there anything you can share on the initial performance that you're seeing there?

我想問一下 McPlant 和你們在麥當勞做的測試。我知道它現在可以在英國和其他幾個市場上買到。關於您在那裡看到的初始表現，您有什麼可以分享的嗎？

And then secondly, as it's being marketed there, can you give us a sense on, how much of the marketing expense, McDonald's is picking up and how much maybe you guys may be contributing?

其次，當它在那裡銷售時，你能告訴我們，麥當勞正在增加多少營銷費用，你們可能會貢獻多少？

Yes. So I can't share anything and I really want McDonald's to obviously take the lead on us not to take long, with good reason. So all I can give you is the media reports that are out there, which have all been very positive as well as my own experience as a consumer, which anybody could do asking people at the register and drive-thru how it's going. And the results in Los Angeles, as you'd expect, have been amazing from the anecdotal information I'm getting just from talking to people at the register. But -- and then, of course, the media coverage has been very positive.

是的。所以我不能分享任何東西，我真的希望麥當勞明顯帶頭我們不要花太長時間，這是有充分理由的。所以我所能給你的就是那裡的媒體報導，這些報導都是非常積極的，以及我自己作為消費者的經歷，任何人都可以在收銀台和得來速餐廳詢問情況如何。正如你所期望的那樣，洛杉磯的結果令人驚訝，我從與登記處的人交談中獲得的軼事信息中得到了驚人的結果。但是——當然，媒體的報導非常積極。

So in terms of marketing, we wouldn't be able to disclose that, but the other consideration is these are operations tests. So there's not a lot of -- and I'm not sure all of the European ones can be characterized this way. But generally, the distinction between operations test and an advertise test. And so in the U.S., for example, there's really no advertising, right? They want to see just how the back of the house operates with these products. And so I think one of the opportunities to get back to your earlier question for 2022 for us and a real mandate to our marketing team is, it will be the biggest marketing year we ever had and part of it will be in supporting not only McDonald's but other QSRs as we make the case to the American consumer and consumers globally, that they can eat what they love by going into the stores they love and enjoying products that are from Beyond Meat, benefits to them above and beyond what they could otherwise.

因此，在營銷方面，我們無法透露這一點，但另一個考慮因素是這些是運營測試。所以沒有很多——而且我不確定所有的歐洲人都可以這樣描述。但一般來說，操作測試和廣告測試之間的區別。例如，在美國，真的沒有廣告，對吧？他們想看看房子後面是如何使用這些產品的。因此，我認為有一個機會可以讓我們回到您之前對 2022 年的問題以及對我們營銷團隊的真正授權，這將是我們有史以來最大的營銷年，其中一部分將不僅支持麥當勞但是，當我們向美國消費者和全球消費者證明時，其他 QSR 表明，他們可以通過進入他們喜歡的商店並享受 Beyond Meat 的產品來吃他們喜歡的東西，這對他們來說超出了他們原本可以得到的好處。

Very helpful. So just one last question on McPlant. Is there any reason to believe that McPlant with Beyond Meat would have any operational challenges? Is the product any different at all than a traditional beef patty in terms of cook times or the ability to get it made in the amount of time? Just wondering where the operational challenges may land?

很有幫助。所以只是關於 McPlant 的最後一個問題。有沒有理由相信 McPlant with Beyond Meat 會遇到任何運營挑戰？該產品在烹飪時間或在一定時間內製作的能力方面與傳統牛肉餅有什麼不同嗎？只是想知道運營挑戰可能落在哪裡？

Yes. I haven't heard that, that there's any operational challenges within the back of the house. And certainly, what I've seen from the stores that I have toured, they seem to be doing really well. It's a great product. I don't know if anyone in phone has had an opportunity to have it, but it just -- if you want some reassurance about where we're headed, go get a McPlant. Absolutely delicious. And yes, we're excited about it.

是的。我還沒有聽說過，房子後面有任何運營挑戰。當然，我從我參觀過的商店看到的，他們似乎做得很好。這是一個很棒的產品。我不知道電話中的任何人是否有機會擁有它，但它只是 - 如果你想對我們的前進方向有所保證，那就去買一個 McPlant。絕對好吃。是的，我們對此感到興奮。

Our next question is from Ben Theurer with Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Theurer。

Actually, along the lines on the rollout, et cetera, Ethan, can you share a little bit the cadence, how you expect this to further rollout? And if with the guidance for the fourth quarter, the rollout as it's happening in the U.K., is that contemplated like a step-up change? I think there was an addition to it just a few weeks ago for more stores in the U.K., it obviously started with low level, but it's adding up. Is that part of your guidance? That would be my first question.

實際上，沿著推出的路線，等等，Ethan，你能分享一點節奏嗎，你希望這會進一步推出嗎？如果按照第四季度的指導，在英國進行部署，這是否被認為是一個升級的變化？我認為幾週前在英國增加了更多商店，這顯然是從低水平開始的，但它正在增加。那是你指導的一部分嗎？那將是我的第一個問題。

Yes. So I appreciate it. First of all, I appreciate the fact you guys are asking questions on McDonald's because we've been talking about for years and now I can actually reference stuff going into stores. And all I can say, again, it's been -- really need to see this, all the media reports have been very positive. The anecdotal information I have from going to different stores has been very positive. But they have to control everything about sharing the results to the cadence of the expense.

是的。所以我很感激。首先，我很欣賞你們問關於麥當勞的問題，因為我們已經討論了多年，現在我實際上可以參考進入商店的東西。我能說的，再說一遍，真的需要看到這一點，所有的媒體報導都非常積極。我從去不同的商店獲得的軼事信息非常積極。但是他們必須控制所有關於分享結果的費用的節奏。

What I will say is that the investment levels you're seeing this year, not just specific to McDonald's, but specific to our entire Foodservice platform have been significant because of what we expect in 2022. And in fact, some of the addition that I mentioned to our management team is also going to be revealing in terms of what we're looking for in 2022.

我要說的是，由於我們對 2022 年的預期，您今年看到的投資水平，不僅針對麥當勞，而且針對我們整個餐飲服務平台，都非常重要。事實上，我所增加的一些向我們的管理團隊提到的內容也將揭示我們在 2022 年尋找的目標。

Okay. Perfect. And then just to kind of wrap my head around it. If we take a look at the performance in the most recent quarter, it really feels like a story of 2 worlds with the U.S. being very much impacted in both sides, retail and Foodservice. But then on the other side, having the international business that actually performed very well, back on track. I mean you've recovered some good stuff here. So what were -- I mean what is it in your hands, what you can do?

好的。完美的。然後只是想把我的頭繞在它周圍。如果我們看一下最近一個季度的表現，它真的感覺像是一個兩個世界的故事，美國在零售和餐飲服務兩方面都受到了很大的影響。但另一方面，實際上表現非常好的國際業務又回到了正軌。我的意思是你在這裡找到了一些好東西。那麼是什麼——我的意思是你手中有什麼，你能做什麼？

I mean putting a lot of like the commentary and explanation outside, but what is it -- what is in your hands, what you can do to get the U.S. somewhat back on track and get this out of this declining growth rates because it was weaker on a sequential basis, it was weaker on a year-over-year basis in the U.S., just to -- what is it, what you can do? What are you focusing on? What do you need to do in order to make that work again on the U.S. piece because with international piece, I'm not worried.

我的意思是把很多評論和解釋放在外面，但它是什麼——你手中有什麼，你可以做些什麼來讓美國在某種程度上回到正軌，並擺脫這種下降的增長率，因為它更弱了在連續的基礎上，它在美國同比疲軟，只是 - 它是什麼，你能做什麼？你在關注什麼？你需要做什麼才能在美國作品上再次發揮作用，因為對於國際作品，我並不擔心。

Yes. No, thanks. I love the international. Again, adding, I think we added like 7,000 customers across the quarter internationally. So I think one is just time, right? Is all of this noise, again, like having a facility knocked out, having labor issues, all these Delta variant coming back, and kind of as I mentioned in my comments, Memorial Day, things were swinging, and we were really excited about where we're headed for the summer. And then this news starts to creep out about the Delta returning and all these other issues. So some much is time. Let's get some distance from that. That's the first thing.

是的。不用了，謝謝。我愛國際。再說一次，我認為我們在本季度在國際上增加了大約 7,000 名客戶。所以我認為一個只是時間，對吧？所有這些噪音，再次，就像一個設施被淘汰，有勞工問題，所有這些三角洲變種回來，就像我在我的評論中提到的那樣，陣亡將士紀念日，事情正在搖擺不定，我們真的很興奮在哪裡我們要去夏天了。然後，關於三角洲返回和所有其他問題的消息開始蔓延。所以很多是時間。讓我們遠離它。這是第一件事。

Second is our core items. I mean they're terrific items, and we're continuing to cost down those platforms. We're continuing to look at everything from packaging to how we market those in 2022. So I think you'll see a rekindling of energy around our core items. Now we're also laying in new innovation, right? So whether it's a chicken that's rolling out, we'll get fuller distribution there. All these things that you've heard about in the last year that have been in the making that we expect to come into fruition in the U.S., whether it's again The PLANeT Partnership, expansion across these QSRs that I've mentioned, and then -- and that has an effect of giving us the opportunity to really spend the most we ever spent on marketing to educate the consumer about all these different places they can get it and the benefits, whether health or environment, et cetera, that come from it.

其次是我們的核心項目。我的意思是它們是非常棒的產品，我們將繼續降低這些平台的成本。我們將繼續關注從包裝到 2022 年如何營銷這些產品的方方面面。所以我認為你會看到圍繞我們的核心產品重新燃起的能量。現在我們也在進行新的創新，對吧？因此，無論是推出的雞，我們都會在那裡獲得更充分的分佈。您在去年聽說的所有這些事情都在醞釀之中，我們預計將在美國取得成果，無論是再次 The PLANeT Partnership，在我提到的這些 QSR 上進行擴展，然後 - - 這使我們有機會真正花費我們在營銷上花費的最多，以教育消費者了解他們可以獲得的所有這些不同的地方以及從中獲得的好處，無論是健康還是環境等等.

So I think let's get some distance from the kind of operational challenges of this environment. Let's continue to invest in our core because those are terrific products, and we have great production there. Let's get the innovation out into the market, and let's go tell our story, right? And let the fog clear of the events of the last year, go out there and tell our story. So I feel enormously confident about where we're headed. The only reason we gave more tepid guidance on fourth quarter is just because we didn't want to go through this again. And when you have the floods and this pandemic and the labor issues, you want to be a little more cautious, and that's how we think we do.

所以我認為讓我們遠離這種環境的運營挑戰。讓我們繼續投資於我們的核心產品，因為這些產品非常棒，而且我們在那裡的產量很高。讓我們將創新推向市場，然後講述我們的故事，對吧？讓過去一年的迷霧散去，走出去講述我們的故事。所以我對我們的發展方向充滿信心。我們在第四季度給出更不溫不火的指導的唯一原因只是因為我們不想再經歷一次。當你遇到洪水、這種流行病和勞工問題時，你想更加謹慎一點，這就是我們認為的做法。

Okay. And as you always say, you're the biggest critics of your own product and the Beyond 3.0, it was -- you talked a lot about it last call, the rollout going into summer season, and obviously, it seems like there was weakness in there. Have you -- can you share any direct feedback, customer feedback, the perception of the Beyond 3.0 and what it might need for you to do on innovation as you've just talked about innovation going forward?

好的。正如你常說的，你是你自己的產品和 Beyond 3.0 的最大批評者，那是——你在上次電話會議上談了很多，推出進入夏季，顯然，似乎有弱點在那裡。您是否——您能否分享任何直接反饋、客戶反饋、對超越 3.0 的看法以及您在創新方面可能需要做的事情，就像您剛才談到的創新一樣？

Yes. So I think there's so much noise in retail behavior this past quarter, it would be hard to draw conclusions from that. But if you look at, for example, the awards we've been winning. I think we referenced this last time, People Magazine and just got another award yesterday on the burger, I call it [nourished] group. Anyway, so a lot of, I think, recognition around the continual march we have toward product improvements and around product improvement. So I wouldn't say there's any one thing that we're looking to change on the burger. It gets back to that acronym I was talking about FAAT so flavor, aroma, appearance and texture. We're making improvements across all 4 of those and expect to release even better burger in 2022. So -- but no particular element that we're focused on more than others.

是的。所以我認為上個季度的零售行為有很多噪音，很難從中得出結論。但是，例如，如果您查看我們一直贏得的獎項。我想我們上次提到了這個，人物雜誌，昨天剛剛在漢堡上獲得了另一個獎項，我稱之為[營養]組。無論如何，我認為，圍繞我們對產品改進和產品改進的持續進軍，有很多認可。所以我不會說我們希望在漢堡上改變任何一件事。它回到了我所說的 FAAT 的首字母縮略詞，因此味道、香氣、外觀和質地。我們正在對所有這 4 個方面進行改進，並希望在 2022 年發布更好的漢堡。所以——但我們沒有比其他元素更關注的特定元素。

Our next question is from Jon Andersen with William Blair.

我們的下一個問題來自 Jon Andersen 和 William Blair。

Just a couple of quick ones. I was wondering if you -- with the Foodservice difficulties, largely COVID induced and the push out of some of the rollouts in Foodservice, is it possible that, that is having kind of a second derivative effect on retail demand for your products? I've always thought of Foodservice as maybe a great trial vehicle in addition, obviously, to a source of sales itself and then a way to kind of generate retail sales for at-home consumption. So is that something you thought about or think could be having an impact on retail demand as well?

只是幾個快速的。我想知道您是否 - 由於餐飲服務的困難，主要是 COVID 引起的，以及餐飲服務的一些推出的推出，這是否可能對您的產品的零售需求產生某種二階導數影響？我一直認為餐飲服務可能是一種很好的試驗工具，顯然，它本身就是一種銷售來源，然後是一種為家庭消費創造零售額的方式。那麼，您考慮或認為的事情是否也會對零售需求產生影響？

Yes. I mean absolutely in the sense that -- I mean in a lot of different ways, actually, but the one in particular is, as we brought on some, I think, significant talent in our marketing department in the last quarter, both on the shopper marketing side and in general marketing. And then we have a terrific head of brand here has been with us for a long time.

是的。我的意思絕對是——實際上，我的意思是在很多不同的方面，但特別是，我認為，我們在上個季度在我們的營銷部門引進了一些重要人才，無論是在購物者營銷方面和一般營銷。然後我們有一個了不起的品牌負責人在這裡已經陪伴了我們很長時間。

And this year would not have been the year to launch our national marketing campaign, right? Just because we're going to get so much more out of it as we're in these large QSRs. And so waiting until that moment to do it is the prudent use of resources, and so we've held off from that.

今年不會是啟動我們全國營銷活動的一年，對吧？僅僅因為我們將在這些大型 QSR 中獲得更多收益。所以等到那一刻才這樣做是對資源的謹慎使用，所以我們推遲了這一點。

But as you get into 2022, when you start to see some of these further tests and such come to fruition and longer-term deals, you'll see us make that investment to make sure the consumer knows that they can grab it at this fast food place, in this convenience store and in this grocery. And so yes, there is a kind of synergy that we're looking to take advantage of as we're in both outlets -- both channels more -- in a more dominant way.

但是當你進入 2022 年時，當你開始看到其中一些進一步的測試以及這些測試取得成果和長期交易時，你會看到我們進行這項投資以確保消費者知道他們可以以這麼快的速度抓住它食品的地方，在這家便利店和這家雜貨店。所以是的，我們正在尋求利用一種協同效應，因為我們在兩個渠道 - 兩個渠道更多 - 以更占主導地位的方式。

And then I also think this trend around consumers kind of us being fatigue, right? But they're just going to their usual, they're going to -- they're getting a lot more fast food than they were in the past because we're not in those locations right now, that has hurt our trial. And then, of course, you go into the retail environment, where we're not allowed to sample, where samples are very awkward and limited and everything else. It's -- again, it's a dismal operating environment and the more time we can get between where we kind of were in the third quarter with all the challenges going on and where we expect to be in the near future the better.

然後我也認為這種圍繞消費者的趨勢讓我們感到疲勞，對吧？但他們只是照常去，他們會去——他們得到的快餐比過去多得多，因為我們現在不在那些地方，這損害了我們的試驗。然後，當然，你進入零售環境，我們不允許樣品，樣品非常尷尬和有限以及其他一切。這是 - 再次，這是一個令人沮喪的運營環境，我們可以在第三季度的所有挑戰與我們預計在不久的將來達到的位置之間獲得更多的時間。

Okay. And then you talked about the objective of getting to price parity again within 2.5 years in one of your categories. I'm just wondering what's the most -- I mean what has to happen for you to do that? And I mean are you committed to that at kind of all costs? Or are there kind of margin objectives or cost-out objectives that you're going to have to achieve in order to kind of reach that level of price relative to where you sit today?

好的。然後你談到了在你的一個類別中在 2.5 年內再次實現價格平價的目標。我只是想知道最重要的是什麼——我的意思是你必鬚髮生什麼才能做到這一點？我的意思是你是否會不惜一切代價做到這一點？或者，為了達到相對於您今天所處的價格水平，您是否必須實現某種利潤目標或成本目標？

Yes. I think the margin is not the area that we're expecting to pull this from. And I think seeing us kind of manipulate margin in various ways to be more geared toward may we want to make sure that this particular launch is successful as it can be. And if we have line of sight to an operating model and the production model where we can restore that 30% plus margin down the road, then you'll see us play around margin. .

是的。我認為利潤不是我們期望從中拉出的區域。而且我認為看到我們以各種方式操縱保證金以更適合我們，我們可能希望確保這次特定的發布盡可能成功。如果我們對運營模式和生產模式有一定的了解，我們可以在未來恢復 30% 以上的利潤，那麼你會看到我們在利潤方面發揮作用。 .

But over the long run, it's the things that we've talked about. It's continuing to drive down cost of our materials, which there's an inflationary pressure across the board. But because we're a new industry, we're also getting the benefit of new entrants and people scaling and be able to offer cost reductions over time.

但從長遠來看，這是我們討論過的事情。它繼續壓低我們的材料成本，這帶來了全面的通脹壓力。但是因為我們是一個新行業，我們也從新進入者和人員擴展中受益，並且能夠隨著時間的推移降低成本。

So we have a very big program here. Phil, is leading it with an outside consulting group, and we're making really good progress. So I'm not backing away from that. I got -- about 2.5 years to meet it. I think it will be in beef, and we're getting a lot of help too because the commodity pricing on beef is going up.

所以我們在這裡有一個非常大的計劃。 Phil 正在與一個外部諮詢小組一起領導它，我們正在取得非常好的進展。所以我不會放棄這一點。我得到了 - 大約 2.5 年的時間來滿足它。我認為這將是牛肉，我們也得到了很多幫助，因為牛肉的商品價格正在上漲。

I think the 20-year average is like $2.07, but of course, right now and in the future, we expect it to be considerably higher. So I think we're well on our way. And I think it's going to be exciting moment when you can -- in fact, some of the products we are launching next year, you'll see us into that price parity. So it's going to be -- I think it would interesting.

我認為 20 年的平均值約為 2.07 美元，但當然，現在和將來，我們預計它會高得多。所以我認為我們進展順利。我認為這將是一個激動人心的時刻——事實上，我們明年推出的一些產品，你會看到我們進入這個價格平價。所以它會是——我認為它會很有趣。

Our next question is from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Goldman。

I know this is a tough question to answer. But do you have any best guess as to maybe what your annual sales number might have been excluding the supply issues? Just trying to get a sense for sort of what it would have been if shipments have matched demand, so to speak. And again, I know we're asking in a general sense because I know it's so hard to be precise there.

我知道這是一個很難回答的問題。但是，您對排除供應問題的年銷售額可能有什麼最好的猜測嗎？可以這麼說，只是想了解一下如果出貨量與需求相匹配會是什麼樣子。再說一次，我知道我們是在籠統地問，因為我知道那裡很難準確。

This is Phil. I can give you what color is available. So when we launched -- when we sent out the release on the 22nd of October, there were really kind of 3 buckets in there. The first was demand. That was the biggest when you're looking at what happened versus forecasted. And then the second was the kind of operational stuff with weather is kind of the key driver.

這是菲爾。我可以給你什麼顏色可用。所以當我們發佈時——當我們在 10 月 22 日發布版本時，裡面真的有 3 個桶。首先是需求。當您查看發生的情況與預測的情況時，這是最大的。然後第二個是天氣是關鍵驅動因素的那種操作性的東西。

And so, well, it's definitely been a lot of headaches. I think that part is smaller than that initial bucket of demand. But that's about as much as we share at this point. And then into this quarter, we're largely working through the last of the -- what we feel are the last of the sort of knock-on effects. And so things definitely are getting kind of back on track at this point. So not an enormous impact but certainly disruptive.

所以，好吧，這絕對是一件令人頭疼的事情。我認為這部分比最初的需求量要小。但這與我們目前分享的差不多。然後到本季度，我們主要是在處理最後一個——我們認為這是最後一個連鎖效應。因此，在這一點上，事情肯定會回到正軌。所以不是一個巨大的影響，但肯定是破壞性的。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Ethan Brown for closing remarks.

女士們，先生們，問答環節到此結束。我想把電話轉回給 Ethan Brown 做結束語。

Thank you. So as I said, we really are looking to 2022 with a lot of optimism. And the investments we're making today continue to be focused on that future and not on a sort of more difficult operating period that we're all experiencing. So I'm every bit as confident as I have been and then really look forward to getting back on the line with you guys in a few months here and sharing, I think, what will be good results and some good commentary on where we're headed. So appreciate it. Everyone, stay safe and be in touch soon.

謝謝你。正如我所說，我們真的非常樂觀地展望 2022 年。我們今天所做的投資繼續關注未來，而不是我們都在經歷的更困難的運營時期。所以我和以前一樣自信，然後真的很期待在幾個月後與你們再次上線並分享，我認為會有什麼好的結果和一些關於我們在哪裡的好評論'重新領導。所以欣賞它。大家注意安全，盡快聯繫。

Thank you. This concludes today's conference. Beyond Meat thanks you for your participation. You may disconnect your lines at this time.

謝謝你。今天的會議到此結束。 Beyond Meat 感謝您的參與。此時您可以斷開線路。