Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”),
a leader in plant-based meat, today reported financial results for
its second quarter ended June 29, 2024.
Second Quarter 2024 Financial
Highlights1
- Net revenues were $93.2 million, a decrease of 8.8%
year-over-year.
- Gross profit was $13.7 million, or gross margin of 14.7%,
compared to gross profit of $2.3 million, or gross margin of 2.2%,
in the year-ago period.
- Loss from operations was $33.9 million, or operating margin of
-36.4%, compared to loss from operations of $53.8 million, or
operating margin of -52.7%, in the year-ago period.
- Net loss was $34.5 million, or $0.53 per common share, compared
to net loss of $53.5 million, or $0.83 per common share, in the
year-ago period.
- Adjusted EBITDA was a loss of $23.0
million, or -24.7% of net revenues, compared to an Adjusted EBITDA
loss of $40.8 million, or -40.0% of net revenues, in the year-ago
period.
Beyond Meat President and CEO Ethan Brown commented, “We are
pleased to report a strong quarter of progress against our 2024
plan, a pivotal year on our path to sustainable operations and
profitability. Key proof points include exceeding our Q2 revenue
guidance; continued reduction in operating expenses and cash
consumption; and our best quarterly gross margin since Q3 2021.
"Further, we firmly reiterated our center-of-the-plate position
in the global health and wellness trend with the launch of our
Beyond IV platform. Developed in collaboration with leading medical
and nutrition experts, and recognized by the nation’s leading
health organizations, including the American Diabetes Association’s
evidence-based nutritional guidelines for its Better Choices for
Life program and included in a collection of heart-healthy recipes
certified by the American Heart Association’s Heart-Check program,
we are thrilled to see consumer, media, and nutritionist enthusiasm
for this latest, important, renovation.”
Brown continued, “Finally, alongside the strengthening of our
operations and product portfolio, we are working on bolstering our
balance sheet.”
Second Quarter 2024
Net revenues decreased 8.8% to $93.2 million in the second
quarter of 2024, compared to $102.1 million in the year-ago period.
The decrease in net revenues was primarily driven by a 14.0%
decrease in volume of products sold, partially offset by a 6.1%
increase in net revenue per pound. The increase in net revenue per
pound was primarily driven by lower trade discounts, price
increases of certain of our products in our U.S. retail and
foodservice channels and, to a lesser extent, changes in product
sales mix, partially offset by unfavorable changes in foreign
currency exchange rates.
U.S. retail channel net revenues decreased 7.5% to $44.9 million
in the second quarter of 2024, compared to $48.5 million in the
year-ago period, primarily due to a 23.2% decrease in volume of
products sold, primarily reflecting weak category demand and the
lapping of substantial promotional sales to a club channel customer
in the year-ago period, partially offset by a 20.5% increase in net
revenue per pound, primarily driven by lower trade discounts,
changes in product sales mix and price increases of certain of our
products. U.S. retail channel net revenues included $0.8 million
from ingredient sales in the quarter.
U.S. foodservice channel net revenues decreased 18.9% to $10.4
million in the second quarter of 2024, compared to $12.8 million in
the year-ago period, primarily due to a 20.0% decrease in volume of
products sold, primarily reflecting weak category demand and, to a
lesser extent, distribution losses, partially offset by a 1.4%
increase in net revenue per pound, primarily driven by price
increases of certain of our products and changes in product sales
mix, partially offset by higher trade discounts.
International retail channel net revenues decreased 12.1% to
$17.6 million in the second quarter of 2024, compared to $20.0
million in the year-ago period, primarily due to a 6.9% decrease in
net revenue per pound and a 5.5% decrease in volume of products
sold, mainly reflecting reduced sales of chicken products in the EU
and, to a lesser extent, demand softness in certain geographic
regions. The decrease in net revenue per pound was primarily due to
unfavorable changes in foreign currency exchange rates, increased
trade discounts and pricing changes, partially offset by changes in
product sales mix.
International foodservice channel net revenues decreased 2.5% to
$20.4 million in the second quarter of 2024, compared to $20.9
million in the year-ago period, primarily due to a 1.4% decrease in
volume of products sold, and a 0.9% decrease in net revenue per
pound, primarily resulting from unfavorable changes in foreign
currency exchange rates and changes in product sales mix, partially
offset by lower trade discounts and pricing changes.
Net revenues by channel (unaudited):
The following table presents the Company’s net revenues by
channel for the periods presented:
|
|
Three Months Ended |
|
Change |
(in
thousands) |
|
June 29,2024 |
|
July 1,2023 |
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
Retail |
|
$ |
44,869 |
|
$ |
48,490 |
|
$ |
(3,621 |
) |
|
(7.5)% |
Foodservice |
|
|
10,350 |
|
|
12,764 |
|
|
(2,414 |
) |
|
(18.9)% |
U.S. net revenues |
|
|
55,219 |
|
|
61,254 |
|
|
(6,035 |
) |
|
(9.9)% |
International: |
|
|
|
|
|
|
|
|
Retail |
|
|
17,585 |
|
|
19,995 |
|
|
(2,410 |
) |
|
(12.1)% |
Foodservice |
|
|
20,381 |
|
|
20,900 |
|
|
(519 |
) |
|
(2.5)% |
International net
revenues |
|
|
37,966 |
|
|
40,895 |
|
|
(2,929 |
) |
|
(7.2)% |
Net revenues |
|
$ |
93,185 |
|
$ |
102,149 |
|
$ |
(8,964 |
) |
|
(8.8)% |
|
|
Six Months Ended |
|
Change |
(in
thousands) |
|
June 29,2024 |
|
July 1,2023 |
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
Retail |
|
$ |
81,957 |
|
$ |
92,649 |
|
$ |
(10,692 |
) |
|
(11.5)% |
Foodservice |
|
|
22,654 |
|
|
27,439 |
|
|
(4,785 |
) |
|
(17.4)% |
U.S. net revenues |
|
|
104,611 |
|
|
120,088 |
|
|
(15,477 |
) |
|
(12.9)% |
International: |
|
|
|
|
|
|
|
|
Retail |
|
|
30,163 |
|
|
34,284 |
|
|
(4,121 |
) |
|
(12.0)% |
Foodservice |
|
|
34,014 |
|
|
40,013 |
|
|
(5,999 |
) |
|
(15.0)% |
International net
revenues |
|
|
64,177 |
|
|
74,297 |
|
|
(10,120 |
) |
|
(13.6)% |
Net revenues |
|
$ |
168,788 |
|
$ |
194,385 |
|
$ |
(25,597 |
) |
|
(13.2)% |
|
Volume of products sold by channel
(unaudited):
The following table presents consolidated volume of the
Company’s products sold in pounds for the periods presented:
|
|
Three Months Ended |
|
Change |
|
Six Months Ended |
|
Change |
(in
thousands) |
|
June 29,2024 |
|
July 1,2023 |
|
Amount |
|
% |
|
June 29,2024 |
|
July 1,2023 |
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
8,099 |
|
10,550 |
|
(2,451 |
) |
|
(23.2)% |
|
15,569 |
|
18,865 |
|
(3,296 |
) |
|
(17.5)% |
Foodservice |
|
1,768 |
|
2,211 |
|
(443 |
) |
|
(20.0)% |
|
3,790 |
|
4,762 |
|
(972 |
) |
|
(20.4)% |
International: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
3,926 |
|
4,156 |
|
(230 |
) |
|
(5.5)% |
|
6,840 |
|
7,493 |
|
(653 |
) |
|
(8.7)% |
Foodservice |
|
5,912 |
|
5,998 |
|
(86 |
) |
|
(1.4)% |
|
10,075 |
|
11,547 |
|
(1,472 |
) |
|
(12.7)% |
Volume of products sold |
|
19,705 |
|
22,915 |
|
(3,210 |
) |
|
(14.0)% |
|
36,274 |
|
42,667 |
|
(6,393 |
) |
|
(15.0)% |
|
Gross profit in the second quarter of 2024 was $13.7 million, or
gross margin of 14.7%, compared to gross profit of $2.3 million, or
gross margin of 2.2%, in the year-ago period. Gross profit and
gross margin in the second quarter of 2024 were positively impacted
by decreased cost of goods sold and increased net revenue per
pound, partially offset by decreased volume of products sold. The
decrease in cost of goods sold per pound primarily reflected lower
inventory provision, lower manufacturing costs, including
depreciation, and lower logistics costs, partially offset by higher
materials costs.
Operating expenses were $47.6 million in the second quarter of
2024, compared to $56.0 million in the year-ago period. The
decrease in operating expenses was primarily due to reduced
marketing expenses and reduced non-production salaries and related
costs, partially offset by increased general and administrative
expenses. General and administrative expenses in the second quarter
of 2024 included a $0.3 million increase in loss on sale of fixed
assets compared to the year-ago period.
Loss from operations was $33.9 million in the second quarter of
2024, compared to $53.8 million in the year-ago period. The
decrease in loss from operations was driven by increased gross
profit and reduced operating expenses.
Net loss was $34.5 million in the second quarter of 2024,
compared to $53.5 million in the year-ago period. Net loss per
common share was $0.53 in the second quarter of 2024, compared to
$0.83 in the year-ago period. The decrease in net loss was
primarily driven by the reduction in loss from operations and a
reduction in losses related to the Company’s joint venture with
PepsiCo, Inc., The Planet Partnership, LLC (“TPP”), partially
offset by a reduction in Other income, net.
Adjusted EBITDA was a loss of $23.0 million, or -24.7% of net
revenues, in the second quarter of 2024, compared to an Adjusted
EBITDA loss of $40.8 million, or -40.0% of net revenues, in the
year-ago period.
Balance Sheet and Cash Flow Highlights
The Company’s cash and cash equivalents balance, including
restricted cash, was $158.0 million and total outstanding debt was
$1.1 billion as of June 29, 2024. Net cash used in operating
activities was $47.8 million in the six months ended June 29, 2024,
compared to $88.3 million in the year-ago period. Capital
expenditures totaled $2.5 million in the six months ended June 29,
2024, compared to $7.1 million in the year-ago period. Net cash
provided by investing activities was $1.2 million in the six months
ended June 29, 2024, compared to net cash used in investing
activities of $8.1 million in the year-ago period. Net cash
provided by investing activities in the six months ended June 29,
2024 included $3.2 million in proceeds from sales of fixed
assets.
2024 Outlook
Based on management’s best assessment of the environment today,
the Company is updating its outlook for the full year 2024:
- Net revenues are expected to be in the range of $320 million to
$340 million.
- Gross margin is expected to be in the mid-teens range.
- Operating expenses, excluding the $7.5 million expense related
to the consumer class action settlement accrued in the first
quarter of 2024, are expected to be in the range of $180 million to
$190 million.
- Capital expenditures are expected to
be in the range of $15 million to $20 million.
Total distribution outlets by channel
(unaudited):
The following table presents the approximate number of
distribution outlets by channel for the periods presented:
|
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
Q1 2024 |
|
Q2 2024 |
U.S.: |
|
|
|
|
|
|
|
|
|
|
|
Retail(1) |
33,000 |
|
33,000 |
|
33,000 |
|
32,000 |
|
29,000 |
|
29,000 |
Foodservice |
42,000 |
|
41,000 |
|
42,000 |
|
41,000 |
|
40,000 |
|
39,000 |
International: |
|
|
|
|
|
|
|
|
|
|
|
Retail |
36,000 |
|
36,000 |
|
36,000 |
|
36,000 |
|
36,000 |
|
37,000 |
Foodservice |
35,000 |
|
34,000 |
|
26,000 |
|
24,000 |
|
25,000 |
|
25,000 |
Total distribution
outlets(1)(2) |
146,000 |
|
144,000 |
|
137,000 |
|
133,000 |
|
130,000 |
|
130,000 |
__________
(1) Excludes U.S. retail outlets unique to Beyond Meat Jerky,
which has been discontinued.(2) The number of retail and
foodservice outlets where Beyond Meat branded products are
available was derived from rolling 52-week data as of June
2024.
Conference Call and Webcast
The Company will host a conference call to discuss these results
at 5:00 p.m. Eastern, 2:00 p.m. Pacific. Investors interested in
participating in the live call can dial 412-902-4255. There will
also be a simultaneous, live webcast available on the Investors
section of the Company’s website at www.beyondmeat.com. The webcast
will also be archived.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is a leading
plant-based meat company offering a portfolio of revolutionary
plant-based meats made from simple ingredients without GMOs, no
added hormones or antibiotics, and 0mg of cholesterol per serving.
Founded in 2009, Beyond Meat products are designed to have the same
taste and texture as animal-based meat while being better for
people and the planet. Beyond Meat’s brand promise, Eat What You
Love®, represents a strong belief that there is a better way to
feed our future and that the positive choices we all make, no
matter how small, can have a great impact on our personal health
and the health of our planet. By shifting from animal-based meat to
plant-based protein, we can positively impact four growing global
issues: human health, climate change, constraints on natural
resources and animal welfare. Visit www.BeyondMeat.com and follow
@BeyondMeat on Facebook, Instagram, Threads and LinkedIn.
Forward-Looking Statements
Certain statements in this release constitute “forward-looking
statements" within the meaning of the federal securities laws,
including statements related to the Company’s expectations with
respect to its full year 2024 outlook.
Forward-looking statements are based on management's current
opinions, expectations, beliefs, plans, objectives, assumptions and
projections regarding financial performance, prospects, future
events and future results, including ongoing uncertainty related to
macroeconomic issues, including high inflation and interest rates,
prolonged, weakening demand in the plant-based meat category,
ongoing concerns about the likelihood of a recession and increased
competition, among other matters, and involve known and unknown
risks that are difficult to predict. In some cases, you can
identify forward-looking statements by the use of words such as
“may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
“believe,” “estimate,” “project,” “predict,” “outlook,”
“potential,” “continue,” “likely,” “will,” “would” and variations
of these terms and similar expressions, or the negative of these
terms or similar expressions. These forward-looking statements are
only predictions, not historical fact, and involve certain risks
and uncertainties, as well as assumptions. Forward-looking
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by which or whether, such performance or results will
be achieved. Actual results, levels of activity, performance,
achievements and events could differ materially from those stated,
anticipated or implied by such forward-looking statements. While
Beyond Meat believes that its assumptions are reasonable, it is
very difficult to predict the impact of known factors and, of
course, it is impossible to anticipate all factors that could
affect actual results. There are many risks and uncertainties that
could cause actual results to differ materially from
forward-looking statements made herein including, but not limited
to, the impact of inflation and higher interest rates across the
economy, including higher food, grocery, raw materials,
transportation, energy, labor and fuel costs; a continued decrease
in demand, and the underlying factors negatively impacting demand,
in the plant-based meat category; risks and uncertainties related
to certain cost-reduction initiatives, cost structure improvements,
workforce reductions and executive leadership changes, and the
timing and success of reducing operating expenses and achieving
certain financial goals and cash flow positive objectives; the
timing and success of narrowing our commercial focus to certain
growth opportunities; accelerating activities that prioritize gross
margin expansion and cash generation, including as part of our
review of our global operations initiated in November 2023 (“Global
Operations Review”); changes to our pricing architecture within
certain channels including the recent price increases of certain of
our products in our U.S. retail and foodservice channels; and
accelerated, cash-accretive inventory reduction initiatives; our
ability to successfully execute our Global Operations Review,
including the exit or discontinuation of select product lines such
as Beyond Meat Jerky; the impact of non-cash charges such as
provision for excess and obsolete inventory, accelerated
depreciation on write-offs and disposals of fixed assets, and
losses on sale and write-down of fixed assets; further optimization
of our manufacturing capacity and real estate footprint; and the
continued review of our operations in China; the impact of adverse
and uncertain economic and political conditions in the U.S. and
international markets, including concerns about the likelihood of
an economic recession, downturn or periods of high inflation, and
the 2024 presidential election; reduced consumer confidence and
changes in consumer spending, including spending to purchase our
products, and negative trends in consumer purchasing patterns due
to levels of consumers’ disposable income, credit availability and
debt levels, and economic conditions, including due to recessionary
and inflationary pressures; our inability to properly manage and
ultimately sell our inventory in a timely manner, which could
require us to sell our products through liquidation channels at
lower prices, write-down or write-off obsolete inventory, or
increase inventory provision; any future impairment charges,
including due to any future changes in estimates, judgments or
assumptions, failure to achieve forecasted operating results,
weakness in the economic environment, changes in market conditions,
declines in our market capitalization and/or failure to sublease,
assign or otherwise transfer any excess space that may exist at our
El Segundo Campus and Innovation Center (“Campus Headquarters”) on
terms advantageous to us; the sufficiency of our cash and cash
equivalents to meet our liquidity needs, including estimates of our
expenses, future revenues, capital expenditures, capital
requirements and our needs for and ability to restructure our
balance sheet and obtain, additional financing, if at all; our
ability to accurately predict consumer taste preferences, trends
and demand and successfully innovate, introduce and commercialize
new products and improve existing products such as our new Beyond
IV platform and our recently launched Beyond Sun Sausage line,
including in new geographic markets; the effects of competitive
activity from our market competitors and new market entrants;
disruption to, and the impact of uncertainty in, our domestic and
international supply chain, including labor shortages and
disruption, shipping delays and disruption, and the impact of cyber
incidents at suppliers and vendors; our ability to streamline
operations and improve cost efficiencies, which could result in the
contraction of our business and the implementation of significant
cost cutting measures such as further downsizing and exiting
certain operations, including product lines, domestically and/or
abroad; risks related to our debt, including our ability to repay
our indebtedness, limitations on our cash flow from operations and
our ability to satisfy our obligations under the convertible senior
notes; our ability to raise the funds necessary to repurchase the
convertible senior notes for cash, under certain circumstances, or
to pay any cash amounts due upon conversion; provisions in the
indenture governing the convertible senior notes delaying or
preventing an otherwise beneficial takeover of us; and any adverse
impact on our reported financial condition and results from the
accounting methods for the convertible senior notes; the impact of
uncertainty as a result of doing business in China and Europe,
including as a result of our continued review of our operations in
China; the volatility of or inability to access the capital
markets, including due to macroeconomic factors, geopolitical
tensions or the outbreak of hostilities or war - for example, the
war in Ukraine and the conflict in Israel, Gaza and surrounding
areas; changes in the retail landscape, including our ability to
maintain and expand our distribution footprint, the timing, success
and level of trade and promotion discounts, our ability to maintain
and grow market share and increase household penetration, repeat
purchases, buying rates (amount spent per buyer) and purchase
frequency, our ability to maintain and increase sales velocity of
our products, and the timing and success of the Beyond IV and
Beyond Sun Sausage product launches; changes in the foodservice
landscape, including the timing, success and level of marketing and
other financial incentives to assist in the promotion of our
products, our ability to maintain and grow market share and attract
and retain new foodservice customers or retain existing foodservice
customers, and our ability to introduce and sustain offering of our
products on menus; the timing and success of distribution expansion
and new product introductions, including the timing and success of
the Beyond IV and Beyond Sun Sausage product launches, in
increasing revenues and market share; the timing and success of
strategic Quick Service Restaurant partnership launches and limited
time offerings resulting in permanent menu items; foreign currency
exchange rate fluctuations; our ability to identify and execute
cost-down initiatives intended to improve our profitability; the
effectiveness of our business systems and processes; our estimates
of the size of our market opportunities and ability to accurately
forecast market growth; our ability to effectively optimize our
manufacturing and production capacity, and real estate footprint,
including consolidating manufacturing facilities and production
lines, exiting co-manufacturing arrangements and effectively
managing capacity for specific products with shifts in demand;
risks associated with underutilization of capacity which have in
the past and could in the future give rise to increased costs per
unit, underutilization fees, termination fees and other costs to
exit certain supply chain arrangements and product lines and/or the
write-down or write-off of certain equipment and other fixed
assets; our ability to accurately forecast our future results of
operations and financial goals or targets, including as a result of
fluctuations in demand for our products and in the plant-based meat
category generally and increased competition; our ability to
accurately forecast demand for our products and manage our
inventory, including the impact of customer orders ahead of
holidays and shelf reset activities, customer and distributor
changes and buying patterns, such as reductions in targeted
inventory levels, and supply chain and labor disruptions, including
due to the impact of cyber incidents at suppliers and vendors; our
operational effectiveness and ability to fulfill orders in full and
on time; variations in product selling prices and costs, the timing
and success of changes to our pricing architecture within certain
channels including the recent price increases of certain of our
products in our U.S. retail and foodservice channels, and the mix
of products sold; our ability to successfully enter new geographic
markets, manage our international business and comply with any
applicable laws and regulations, including risks associated with
doing business in foreign countries, substantial investments in our
manufacturing operations in China and the Netherlands, and our
ability to comply with the U.S. Foreign Corrupt Practices Act or
other anti-corruption laws; our ability to protect our brand
against misinformation about our products and the plant-based meat
category, real or perceived quality or health issues with our
products, marketing campaigns aimed at generating negative
publicity regarding our products and the plant-based meat category,
including regarding the nutritional value of our products, and
other issues that could adversely affect our brand and reputation;
the effects of global outbreaks of pandemics (such as the COVID-19
pandemic), epidemics or other public health crises, or fear of such
crises; the success of our marketing initiatives and the ability to
maintain and grow our brand awareness, maintain, protect and
enhance our brand, attract and retain new customers and maintain
and grow our market share, particularly while we are seeking to
reduce our operating expenses; our ability to attract, maintain and
effectively expand our relationships with key strategic foodservice
partners; our ability to attract and retain our suppliers,
distributors, co-manufacturers and customers; our ability to
procure sufficient high-quality raw materials at competitive prices
to manufacture our products; the availability of pea and other
proteins and avocado oil that meet our standards; our ability to
diversify the protein sources used for our products; our ability to
differentiate and continuously create innovative products, respond
to competitive innovation and achieve speed-to-market, including
the timing and success of the Beyond IV and Beyond Sun Sausage
product launches; our ability to successfully execute our strategic
initiatives; the volatility associated with ingredient, packaging,
transportation and other input costs; our ability to keep pace with
technological changes impacting the development of our products and
implementation of our business needs; significant disruption in, or
breach in security of our or our suppliers’ or vendors’ information
technology systems, including any inability to detect or timely
report any cybersecurity incidents, and resultant interruptions in
service and any related impact on our reputation, including data
privacy, and any potential impact on our supply chain, including on
customer demand, order fulfillment and lost sales, and the
resulting timing and/or amount of net revenues recognized; the
ability of our transportation providers to ship and deliver our
products in a timely and cost effective manner; senior management
and key personnel changes, the attraction, training and retention
of qualified employees and key personnel and our ability to
maintain our company culture; the effects of organizational changes
including reductions-in-force and realignment of reporting
structures; the success of operations conducted by joint ventures
where we share ownership and management of a company with one or
more parties who may not have the same goals, strategies or
priorities as we do and where we do not receive all of the
financial benefit; the impact of the discontinuation of the Beyond
Meat Jerky product line; risks related to use of a professional
employer organization to administer human resources, payroll and
employee benefits functions for certain of our international
employees, and use of certain third party service providers for the
performance of several business operations including payroll and
human capital management services; the impact of potential
workplace hazards; the effects of natural or man-made catastrophic
or severe weather events, including events brought on by climate
change, particularly involving our or any of our co-manufacturers’
manufacturing facilities, our suppliers’ facilities or any other
vital aspects of our supply chain; the effectiveness of our
internal controls; accounting estimates based on judgment and
assumptions that may differ from actual results; matters relating
to our Campus Headquarters including, without limitation, the
ability to meet our obligations under our Campus Headquarters Lease
(“Campus Lease”), the timing of occupancy and completion of the
build-out of our remaining space, any cost overruns or delays, the
availability of the tenant improvement allowance to pay for the
build-out of our remaining space, the impact of workforce
reductions or other cost-reduction initiatives on our space
demands, and the timing and success of subleasing, assigning or
otherwise transferring any excess space that may exist at our
Campus Headquarters, including any potential impairment charges
that may result; our ability to meet our obligations under leases
for our corporate offices, manufacturing facilities and warehouses,
or risks related to excess space capacity under our leases due to
workforce reductions or other cost-reduction initiatives; changes
in laws and government regulation affecting our business, including
the U.S. Food and Drug Administration and the U.S. Federal Trade
Commission governmental regulation, and state, local and foreign
regulation; new or pending legislation, or changes in laws,
regulations or policies of governmental agencies or regulators,
both in the U.S. and abroad, affecting plant-based meat, the
labeling or naming of our products, or our brand name or logo; the
failure of acquisitions and other investments to be efficiently
integrated and produce the results we anticipate; risks inherent in
investment in real estate; adverse developments affecting the
financial services industry; the financial condition of, and our
relationships with our suppliers, co-manufacturers, distributors,
retailers, and foodservice customers, and their future decisions
regarding their relationships with us; our ability and the ability
of our suppliers and co-manufacturers to comply with food safety,
environmental or other laws or regulations and the impact of any
non-compliance on our operations, brand reputation and ability to
fulfill orders in full and on time; seasonality, including
increased levels of grilling activity and higher levels of
purchasing by customers ahead of holidays, customer shelf reset
activity and the timing of product restocking by our retail
customers; the impact of increased scrutiny from a variety of
stakeholders, institutional investors and governmental bodies on
environmental, social and governance (“ESG”) practices, including
expanding mandatory and voluntary reporting, diligence and
disclosure on ESG matters; the outcomes of legal or administrative
proceedings, or new legal or administrative proceedings filed
against us; our, our suppliers’ and our co-manufacturers’ ability
to protect our proprietary technology, intellectual property and
trade secrets adequately; the impact of tariffs and trade wars; the
impact of changes in tax laws; and the risks discussed under the
heading “Risk Factors” in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 filed with the
Securities and Exchange Commission (the “SEC”) on March 1, 2024,
the Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended March 30, 2024 filed with the SEC on May 9, 2024, and the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended June 29, 2024 to be filed with the SEC, as well as other
factors described from time to time in the Company's filings with
the SEC. All forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements set forth above. Such
forward-looking statements are made only as of the date of this
release. Beyond Meat undertakes no obligation to publicly update or
revise any forward-looking statement because of new information,
future events, changes in assumptions or otherwise, except to the
extent required by applicable laws. If we do update one or more
forward-looking statements, no inference should be made that we
will make additional updates with respect to those or other
forward-looking statements.
Non-GAAP Financial Measures
The Company refers to certain financial measures that are not
recognized under U.S. generally accepted accounting principles
(GAAP) in this press release, including: Adjusted loss from
operations, Adjusted operating margin, Adjusted net loss, Adjusted
net loss per diluted common share, Adjusted EBITDA and Adjusted
EBITDA as a % of net revenues. See “Non-GAAP Financial Measures”
below for additional information and reconciliations of such
non-GAAP financial measures.
Availability of Information on Beyond Meat’s Website and
Social Media Channels
Investors and others should note that Beyond Meat routinely
announces material information to investors and the marketplace
using SEC filings, press releases, public conference calls,
webcasts and the Beyond Meat Investor Relations website. We also
intend to use certain social media channels as a means of
disclosing information about us and our products to consumers, our
customers, investors and the public (e.g., @BeyondMeat on Facebook,
Instagram, Threads and LinkedIn). The information posted on social
media channels is not incorporated by reference in this press
release or in any other report or document we file with the SEC.
While not all of the information that the Company posts to the
Beyond Meat Investor Relations website or to social media accounts
is of a material nature, some information could be deemed to be
material. Accordingly, the Company encourages investors, the media
and others interested in Beyond Meat to review the information that
it shares at the “Investors” link located at the bottom of the
Company’s webpage at
https://investors.beyondmeat.com/investor-relations and to sign up
for and regularly follow the Company’s social media accounts. Users
may automatically receive email alerts and other information about
the Company when enrolling an email address by visiting “Request
Email Alerts” in the “Investors” section of Beyond Meat’s website
at https://investors.beyondmeat.com/investor-relations.
ContactsMedia:Shira
Zackaishira.zackai@beyondmeat.com
Investors:Raphael
Grossbeyondmeat@icrinc.com
BEYOND MEAT, INC. AND
SUBSIDIARIESCondensed Consolidated Statements of
Operations(In thousands, except share and per
share data)(unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 29,2024 |
|
July 1,2023 |
|
June 29,2024 |
|
July 1,2023 |
Net revenues |
|
$ |
93,185 |
|
|
$ |
102,149 |
|
|
$ |
168,788 |
|
|
$ |
194,385 |
|
Cost of goods sold |
|
|
79,468 |
|
|
|
99,876 |
|
|
|
151,403 |
|
|
|
185,927 |
|
Gross profit |
|
|
13,717 |
|
|
|
2,273 |
|
|
|
17,385 |
|
|
|
8,458 |
|
Research and development
expenses |
|
|
5,485 |
|
|
|
8,773 |
|
|
|
15,345 |
|
|
|
21,205 |
|
Selling, general and
administrative expenses |
|
|
42,163 |
|
|
|
47,455 |
|
|
|
89,445 |
|
|
|
99,355 |
|
Restructuring expenses |
|
|
— |
|
|
|
(201 |
) |
|
|
— |
|
|
|
(627 |
) |
Total operating expenses |
|
|
47,648 |
|
|
|
56,027 |
|
|
|
104,790 |
|
|
|
119,933 |
|
Loss from operations |
|
|
(33,931 |
) |
|
|
(53,754 |
) |
|
|
(87,405 |
) |
|
|
(111,475 |
) |
Other (expense) income,
net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,029 |
) |
|
|
(989 |
) |
|
|
(2,044 |
) |
|
|
(1,978 |
) |
Other, net |
|
|
477 |
|
|
|
1,746 |
|
|
|
600 |
|
|
|
4,654 |
|
Total other (expense) income,
net |
|
|
(552 |
) |
|
|
757 |
|
|
|
(1,444 |
) |
|
|
2,676 |
|
Loss before taxes |
|
|
(34,483 |
) |
|
|
(52,997 |
) |
|
|
(88,849 |
) |
|
|
(108,799 |
) |
Income tax (benefit)
expense |
|
|
(34 |
) |
|
|
5 |
|
|
|
(32 |
) |
|
|
5 |
|
Equity in losses of
unconsolidated joint venture |
|
|
30 |
|
|
|
503 |
|
|
|
23 |
|
|
|
3,738 |
|
Net loss |
|
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(88,840 |
) |
|
$ |
(112,542 |
) |
Net loss per share available
to common stockholders—basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.37 |
) |
|
$ |
(1.76 |
) |
Weighted average common shares
outstanding—basic and diluted |
|
|
64,901,584 |
|
|
|
64,246,048 |
|
|
|
64,797,245 |
|
|
|
64,119,258 |
|
BEYOND MEAT, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands, except share and per share
data) |
(unaudited) |
|
June 29,2024 |
|
December 31,2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
144,873 |
|
|
$ |
190,505 |
|
Restricted cash, current |
|
536 |
|
|
|
2,830 |
|
Accounts receivable, net |
|
34,463 |
|
|
|
31,730 |
|
Inventory |
|
119,532 |
|
|
|
130,336 |
|
Prepaid expenses and other current assets |
|
15,538 |
|
|
|
12,904 |
|
Assets held for sale |
|
2,323 |
|
|
|
4,539 |
|
Total current assets |
$ |
317,265 |
|
|
$ |
372,844 |
|
Restricted cash,
non-current |
|
12,600 |
|
|
|
12,600 |
|
Property, plant, and
equipment, net |
|
186,584 |
|
|
|
194,046 |
|
Operating lease right-of-use
assets |
|
127,679 |
|
|
|
130,460 |
|
Prepaid lease costs,
non-current |
|
64,822 |
|
|
|
61,635 |
|
Other non-current assets,
net |
|
634 |
|
|
|
1,192 |
|
Investment in unconsolidated
joint venture |
|
1,650 |
|
|
|
1,673 |
|
Total assets |
$ |
711,234 |
|
|
$ |
774,450 |
|
Liabilities and stockholders’
deficit: |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
59,449 |
|
|
$ |
56,032 |
|
Accrued bonus |
|
393 |
|
|
|
4,790 |
|
Current portion of operating lease liabilities |
|
4,125 |
|
|
|
3,677 |
|
Accrued litigation settlement costs |
|
7,500 |
|
|
|
— |
|
Accrued expenses and other current liabilities |
|
12,051 |
|
|
|
9,855 |
|
Total current liabilities |
$ |
83,518 |
|
|
$ |
74,354 |
|
Long-term liabilities: |
|
|
|
Convertible senior notes, net |
$ |
1,139,509 |
|
|
$ |
1,137,542 |
|
Operating lease liabilities, net of current portion |
|
74,884 |
|
|
|
75,648 |
|
Finance lease obligations and other long-term liabilities |
|
3,348 |
|
|
|
274 |
|
Total long-term liabilities |
$ |
1,217,741 |
|
|
$ |
1,213,464 |
|
Commitments and
Contingencies |
|
|
|
Stockholders’ deficit: |
|
|
|
Preferred stock, par value
$0.0001 per share—500,000 shares authorized, none issued and
outstanding |
$ |
— |
|
|
$ |
— |
|
Common stock, par value
$0.0001 per share—500,000,000 shares authorized; 64,993,318 and
64,624,140 shares issued and outstanding at June 29, 2024 and
December 31, 2023, respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in
capital |
|
584,441 |
|
|
|
573,128 |
|
Accumulated deficit |
|
(1,170,093 |
) |
|
|
(1,081,253 |
) |
Accumulated other
comprehensive loss |
|
(4,379 |
) |
|
|
(5,249 |
) |
Total stockholders’ deficit |
$ |
(590,025 |
) |
|
$ |
(513,368 |
) |
Total liabilities and stockholders’ deficit |
$ |
711,234 |
|
|
$ |
774,450 |
|
|
|
|
|
BEYOND MEAT, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(unaudited) |
|
|
Six Months Ended |
|
|
June 29,2024 |
|
July 1,2023 |
Cash flows from
operating activities: |
|
|
|
|
Net loss |
|
$ |
(88,840 |
) |
|
$ |
(112,542 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
12,182 |
|
|
|
11,928 |
|
Non-cash lease expense |
|
|
4,130 |
|
|
|
3,613 |
|
Share-based compensation expense |
|
|
11,848 |
|
|
|
17,313 |
|
Provision for doubtful accounts |
|
|
232 |
|
|
|
— |
|
Loss on sale of fixed assets |
|
|
363 |
|
|
|
3,804 |
|
Amortization of debt issuance costs |
|
|
1,967 |
|
|
|
1,967 |
|
Equity in losses of unconsolidated joint venture |
|
|
23 |
|
|
|
3,738 |
|
Unrealized loss on foreign currency transactions |
|
|
2,671 |
|
|
|
213 |
|
Net change in operating assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
|
(3,273 |
) |
|
|
(16,462 |
) |
Inventories |
|
|
10,005 |
|
|
|
28,975 |
|
Prepaid expenses and other current assets |
|
|
(2,450 |
) |
|
|
(4,705 |
) |
Accounts payable |
|
|
3,633 |
|
|
|
(14,177 |
) |
Accrued expenses and other current liabilities |
|
|
4,557 |
|
|
|
(4,852 |
) |
Prepaid lease costs, non-current |
|
|
(3,236 |
) |
|
|
(4,593 |
) |
Operating lease liabilities |
|
|
(1,626 |
) |
|
|
(2,556 |
) |
Net cash used in operating activities |
|
$ |
(47,814 |
) |
|
$ |
(88,336 |
) |
Cash flows from
investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
|
$ |
(2,520 |
) |
|
$ |
(7,139 |
) |
Proceeds from sale of fixed assets |
|
|
3,157 |
|
|
|
2,316 |
|
Payments for investment in joint venture |
|
|
— |
|
|
|
(3,250 |
) |
Return of security deposits |
|
|
532 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
$ |
1,169 |
|
|
$ |
(8,073 |
) |
Cash flows from
financing activities: |
|
|
|
|
Principal payments under finance lease obligations |
|
$ |
(514 |
) |
|
$ |
(115 |
) |
Proceeds from exercise of stock options |
|
|
5 |
|
|
|
152 |
|
Payments of minimum withholding taxes on net share settlement of
equity awards |
|
|
(539 |
) |
|
|
(337 |
) |
Net cash used in financing activities |
|
$ |
(1,048 |
) |
|
$ |
(300 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
|
$ |
(47,693 |
) |
|
$ |
(96,709 |
) |
Effect of exchange rate
changes on cash |
|
|
(233 |
) |
|
|
94 |
|
Cash, cash equivalents and
restricted cash at the beginning of the period |
|
|
205,935 |
|
|
|
322,548 |
|
Cash, cash equivalents and
restricted cash at the end of the period |
|
$ |
158,009 |
|
|
$ |
225,933 |
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
Cash paid during the period for: |
|
|
|
|
Taxes |
|
$ |
16 |
|
|
$ |
9 |
|
Non-cash investing and financing activities: |
|
|
|
|
Non-cash additions to property, plant and equipment |
|
$ |
1,118 |
|
|
$ |
1,769 |
|
Operating lease right-of-use assets obtained in exchange for lease
liabilities |
|
$ |
1,389 |
|
|
$ |
36,400 |
|
Reclassification of pre-paid lease costs to operating lease
right-of-use assets |
|
$ |
48 |
|
|
$ |
29,270 |
|
Non-cash additions to financing leases |
|
$ |
4,393 |
|
|
$ |
109 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Beyond Meat uses the non-GAAP financial measures set forth below
in assessing its operating performance and in its financial
communications. Management believes these non-GAAP financial
measures provide useful additional information to investors about
current trends in the Company's operations and are useful for
period-over-period comparisons of operations. In addition,
management uses these non-GAAP financial measures to assess
operating performance and for business planning purposes.
Management also believes these measures are widely used by
investors, securities analysts, rating agencies and other parties
in evaluating companies in our industry as a measure of our
operational performance. These non-GAAP financial measures should
not be considered in isolation or as a substitute for the
comparable GAAP measures. In addition, these non-GAAP financial
measures may not be computed in the same manner as similarly titled
measures used by other companies.
“Adjusted loss from operations” is defined as loss from
operations adjusted to exclude, when applicable, costs attributable
to special items, which are those items deemed not to be reflective
of the Company’s ongoing normal business activities.
“Adjusted operating margin” is defined as Adjusted loss from
operations divided by net revenues.
“Adjusted net loss” is defined as net loss adjusted to exclude,
when applicable, costs attributable to special items, which are
those items deemed not to be reflective of the Company’s normal
business activities.
“Adjusted net loss per diluted common share” is defined as
Adjusted net loss divided by the number of diluted common shares
outstanding.
We consider Adjusted loss from operations, Adjusted operating
margin, Adjusted net loss and Adjusted net loss per diluted common
share to be useful indicators of operating performance because
excluding special items allows for period-over-period comparisons
of our ongoing operations. Adjusted net loss per diluted common
share is a performance measure and should not be used as a measure
of liquidity.
“Adjusted EBITDA” is defined as net loss adjusted to exclude,
when applicable, income tax expense, interest expense, depreciation
and amortization expense, restructuring (income) expenses,
share-based compensation expense, accrued litigation settlement
costs and Other, net, including interest income, and foreign
currency transaction gains and losses.
“Adjusted EBITDA as a % of net revenues” is defined as Adjusted
EBITDA divided by net revenues.
There are a number of limitations related to the use of Adjusted
loss from operations, Adjusted operating margin, Adjusted net loss,
Adjusted net loss per diluted common share, Adjusted EBITDA and
Adjusted EBITDA as a % of net revenues rather than their most
directly comparable GAAP measures. Some of these limitations
are:
- Adjusted loss from operations, Adjusted operating margin,
Adjusted net loss and Adjusted net loss per diluted common share
exclude costs associated with activities deemed to be non-recurring
or not part of the Company’s normal business activities, which are
subjective determinations made by management and may not actualize
as expected;
- Adjusted loss from operations, Adjusted operating margin,
Adjusted net loss, Adjusted net loss per diluted common share,
Adjusted EBITDA and Adjusted EBITDA as a % of net revenues do not
reflect accrued litigation settlement costs which reduce cash
available to us;
- Adjusted EBITDA excludes depreciation and amortization expense
and, although these are non-cash expenses, the assets being
depreciated may have to be replaced in the future increasing our
cash requirements;
- Adjusted EBITDA does not reflect interest expense, or the cash
required to service our debt, which reduces cash available to
us;
- Adjusted EBITDA does not reflect income tax payments that
reduce cash available to us;
- Adjusted EBITDA does not reflect restructuring expenses that
reduce cash available to us;
- Adjusted EBITDA does not reflect share-based compensation
expense and therefore does not include all of our compensation
costs;
- Adjusted EBITDA does not reflect Other, net, including interest
income and foreign currency transaction gains and losses, that may
increase or decrease cash available to us; and
- other companies, including companies in our industry, may
calculate Adjusted loss from operations, Adjusted operating margin,
Adjusted net loss, Adjusted net loss per diluted common share,
Adjusted EBITDA and Adjusted EBITDA as a % of net revenues
differently, which reduces their usefulness as comparative
measures.
The following tables present the reconciliation of Adjusted loss
from operations, Adjusted operating margin, Adjusted net loss and
Adjusted net loss per diluted common share to their most comparable
GAAP measures, loss from operations, operating margin, net loss and
net loss per share available to common stockholders—basic and
diluted, respectively, each as reported (unaudited):
|
Three Months Ended |
|
Six Months Ended |
(in
thousands) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
Loss from operations, as reported |
$ |
(33,931 |
) |
|
$ |
(53,754 |
) |
^ |
$ |
(87,405 |
) |
|
$ |
(111,475 |
) |
Accrued litigation settlement
costs |
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
Adjusted loss from
operations |
$ |
(33,931 |
) |
|
$ |
(53,754 |
) |
|
$ |
(79,905 |
) |
|
$ |
(111,475 |
) |
Loss from operations as a % of
net revenues |
(36.4)% |
|
(52.7)% |
|
(51.8)% |
|
(57.3)% |
Adjusted operating margin |
(36.4)% |
|
(52.7)% |
|
(47.3)% |
|
(57.3)% |
|
Three Months Ended |
|
Six Months Ended |
(in
thousands) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
Net loss, as reported |
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(88,840 |
) |
|
$ |
(112,542 |
) |
Accrued litigation settlement
costs |
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
Adjusted net loss |
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(81,340 |
) |
|
$ |
(112,542 |
) |
|
Three Months Ended |
|
Six Months Ended |
(in thousands, except
share and per share amounts) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
Numerator: |
|
|
|
|
|
|
|
Net loss, as reported |
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(88,840 |
) |
|
$ |
(112,542 |
) |
Accrued litigation settlement
costs |
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
Adjusted net loss used in
computing Adjusted net loss per diluted common share |
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(81,340 |
) |
|
$ |
(112,542 |
) |
Denominator: |
|
|
|
|
|
|
|
Weighted average shares used
in computing Adjusted net loss per common share |
|
64,901,584 |
|
|
|
64,246,048 |
|
|
|
64,797,245 |
|
|
|
64,119,258 |
|
Adjusted net loss per diluted
common share |
$ |
(0.53 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.26 |
) |
|
$ |
(1.76 |
) |
|
Three Months Ended |
|
Six Months Ended |
|
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
Net loss per share available to common stockholders—basic and
diluted, as reported |
$ |
(0.53 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.37 |
) |
|
$ |
(1.76 |
) |
Accrued
litigation settlement costs |
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Adjusted net loss per diluted common share |
$ |
(0.53 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.26 |
) |
|
$ |
(1.76 |
) |
|
The following table presents the reconciliation of Adjusted
EBITDA to its most comparable GAAP measure, net loss, as reported
(unaudited):
|
|
Three Months Ended |
|
Six Months Ended |
(in
thousands) |
|
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
Net loss, as reported |
|
$ |
(34,479 |
) |
|
$ |
(53,505 |
) |
|
$ |
(88,840 |
) |
|
$ |
(112,542 |
) |
Income tax (benefit)
expense |
|
|
(34 |
) |
|
|
5 |
|
|
|
(32 |
) |
|
|
5 |
|
Interest expense |
|
|
1,029 |
|
|
|
989 |
|
|
|
2,044 |
|
|
|
1,978 |
|
Depreciation and amortization
expense |
|
|
5,213 |
|
|
|
5,879 |
|
|
|
12,182 |
|
|
|
11,928 |
|
Restructuring expenses(1) |
|
|
— |
|
|
|
(201 |
) |
|
|
— |
|
|
|
(627 |
) |
Share-based compensation
expense |
|
|
5,773 |
|
|
|
7,748 |
|
|
|
11,848 |
|
|
|
17,313 |
|
Accrued litigation settlement
costs |
|
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
Other, net(2)(3) |
|
|
(477 |
) |
|
|
(1,746 |
) |
|
|
(600 |
) |
|
|
(4,654 |
) |
Adjusted EBITDA |
|
$ |
(22,975 |
) |
|
$ |
(40,831 |
) |
|
$ |
(55,898 |
) |
|
$ |
(86,599 |
) |
Net loss as a % of net
revenues |
|
(37.0 |
)% |
|
(52.4 |
)% |
|
(52.6 |
)% |
|
(57.9 |
)% |
Adjusted EBITDA as a % of net
revenues |
|
(24.7 |
)% |
|
(40.0 |
)% |
|
(33.1 |
)% |
|
(44.6 |
)% |
____________
(1 |
) |
Primarily comprised of legal and
other expenses associated with the dispute with a co-manufacturer
with whom an exclusive supply agreement was terminated in May 2017.
On October 18, 2022, the parties to this dispute entered into a
confidential written settlement agreement and mutual release
related to this matter. In the three and six months ended July 1,
2023 we recorded a credit of $0.2 million and $0.6 million,
respectively, in restructuring expenses, primarily driven by
reversal of certain accruals. |
(2 |
) |
Includes $1.2 million and $1.0
million in net foreign currency transaction losses in the three
months ended June 29, 2024 and July 1, 2023, respectively. Includes
$3.5 million and $0.7 million in net foreign currency transaction
losses in the six months ended June 29, 2024 and July 1, 2023,
respectively. |
(3 |
) |
Includes $1.7 million and $2.9
million in interest income in the three months ended June 29, 2024
and July 1, 2023, respectively, and $3.7 million and $5.7 million
in interest income in the six months ended June 29, 2024 and July
1, 2023, respectively. |
1 This release includes references to non-GAAP financial
measures. Refer to “Non-GAAP Financial Measures” later in this
release for the definitions of the non-GAAP financial measures
presented and a reconciliation of these measures to their closest
comparable GAAP measures.
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