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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Beyond Meat® reports second quarter financial results for 2019

Beyond Meat® reports second quarter financial results for 2019



<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Net Income Increases 287% Year over the year to $ 67.3 million
The company raises its full-year forecast for 2019 "data-reactid =" 11 "> Net revenue increased 287% Year over year 67, $ 3 million
The company collects a full-year forecast for 2019

<p class = "canvas-atom canvas-text Mb (1

.0em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" EL SEGUNDO, CA, July 29, 2019 (GLOBE NEWSWIRE) – Beyond Meat, Inc. ( BYND ) ("Beyond Meat" or "Company") , a leader in meat growing In addition, today it reported financial results for its second quarter and six months ended June 29, 2019. "data-reactid =" 12 "> EL SEGUNDO, CA, July 29, 2019 (GLOBE NEWSWIRE) – Beyond Meat, Inc. (BYND) (Beyond Meat or Company), a leader in plant-based meat, today reported financial results for its second quarter and six months ended June 29, 2019.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) –sm "type =" text "content =" Second quarter of 2019 Financial highlights compared to the previous year "data-reactid =" 13 "> Second quarter of 2019 Financial highlights compared to the previous year

  • Net income is $ 67.3 million, an increase of 287%;
  • Gross profit is $ 22.7 million, or 33.8% as a percentage of net income, compared to gross profit of $ 2.6 million, or 15.0% as a percentage of last year's net income ;
  • The net loss is $ 9.4 million, or a loss of $ 0.24 per common share, compared to a net loss of $ 7.4 million, or a loss of $ 1.22 per common share during the prior year; and
  • Adjusted EBITDA, which is a non-GAAP financial measure, is $ 6.9 million, compared to an adjusted EBITDA loss of $ 5.6 million over the prior year period.

See "Non-GAAP Financial Measures" below for how Beyond Meat determines adjusted EBITDA and the financial table that accompanies this message to align this measure with the closest comparable GAAP measure.

"We are very pleased with our second quarter results, which reflect the continued strength of our business, as evidenced by new food partnerships, expanded distribution in local retail channels and accelerated expansion in our international markets. We believe that our positive momentum continues to demonstrate the growing consumer desire for plant-based meat products both domestically and abroad, "said Ethan Brown, president and CEO of Beyond Meat." In the future, we will continue to we prioritize efforts to grow our brand, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities to achieve the sustainable demand we see in our our business. "

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Second quarter 2019 "data-reactid =" 21 "> Second quarter of 2019

Net revenue increased 287% to $ 67.3 million in the second quarter of 2019 compared to $ 17.4 million in the second quarter of 2018. The growth of net revenue in the second quarter of 2019 was mainly due to the increase in sales volumes of products in our fresh platform, both to our retail channels and to restaurants and food services, led by the expansive not the number of points of retail distribution and food services, including new strategic customers and international customers greater demand from our existing clients.

Three months ended Change Six months ended Change
(in thousands) June 29,
2019
June 30,
2018
Amount % June 29,
2019
June 30,
2018
Amount %
Net income: [19659016]
Gross fresh platform $ [19659031] 67,722 $ 15,119 $ 52,603 ​​ ] 347.9 % $ 106528 $ 24,715 $ 81,813 331,0 %
Gross Frozen Platform] 5639 [19659062] 4506 1133 25.1 % 10151 [19659016] 9 254 897 9.7 %
Less: Discounts (6,110 [1965911]] (2258 ) [19659047] (3852 ) 170.6 % (9222 ) [19659116] (3 826 ) (5 396 ) 141.0 %
Net income $ 67,251 19659016] $ 17367 $ 49884 [19659016] 287.2 % $ 107457 $ 30143 $ 77314 [19659151] 256.5 %
Three months end Change Six Months Ends [1945г] Change
(in thousands) June 29,
2019
June 30,
2018
[19659016]
Amount % June 29,
2019
June 30,
2018
[19659026] Amount %
Net income: [19659062] [19659043]
retail [19659059] ] $ 34120 $ 11684 $ 22436 192.0 [19659073]% $ 53699 $ 20972 $ 32727 156.1 %
Restaurant and food services 33,131 5.683 27.448 483]% 53.758 9.171 [19659352] 44,587 486,2 % Net income] $ 67251 $ 17367 $ 49884 287.2 % $ 107457 [19659016] $ 30.143 $ 77,314 256,5 %

Gross profit is $ 22.7 million, or 33.8% as a percentage of net income in the second quarter of 2019 versus $ 2.6 million, or 15.0% as a percentage of net revenue, over the period from the previous year. The increase in gross profit and gross margin was mainly due to an increase in the quantity of products sold, which led to operational leverage and improved production efficiency. A larger share of gross revenues from the company's fresh platform also contributed to the improvement of the gross margin.

Revenue from operations in the second quarter of 2019 was $ 2.2 million compared to a loss from operations of $ 7.3 million in the second quarter of the previous year. This improvement is due entirely to the annual increase in net revenues and the resulting gross profit increase, partly offset by higher operating costs, mainly due to higher absolute costs to support extended operations of the production and supply chain, the higher administrative costs of being a public company and continuing to invest in innovation and marketing opportunities.

The net loss was $ 9.4 million in the second quarter of 2019, compared to a net loss of $ 7.4 million in the prior year. The expanded net loss was mainly due to $ 11.7 million in non-repayment costs related to the revaluation of warranty liability in connection with our initial public offering in May 2019.

Adjusted EBITDA is $ 6.9 million, or 10.2% as a percentage of net income, in the second quarter of 2019, compared to the adjusted EBITDA loss of $ 5.6 million in the second quarter of 2018. Adjusted EBITDA is a non-GAAP financial measure defined in Non-GAAP Financial Measures , and adjusted for net loss, [19659152] Chief Financial Officer and Treasurer Mark Nelson commented: "We are pleased with the positive level of adjusted EBITDA we achieved in the second quarter. The early benefits we see in terms of cost productivity in our supply chain and production network, in connection with solid demand through our partnerships with customers, have helped to achieve these strong gross margins and operating margin results. "

<p class =" canvas- atoms pay-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Balance and monetary highlights flow "data-reactid =" 33 "> Balance Sheet and Cash Flow Accents

The Company's cash and cash equivalents balance is $ 277.0 million at June 29, 2019 and total outstanding debt is $ 30.5 million. Net cash used in operating activities was $ 22.4 million for the six months ended June 29, 2019, compared to $ 12.7 million for the prior year period. Capital expenditures amount to $ 7.5 million for the six months ended June 29, 2019, compared to $ 10.0 million for the prior year period.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " 2019 Outlook "data-reactid =" 39 "> 2019 Outlook

Throughout 2019, the company has been raising its guidance and now expects the following:

  • Net revenues to exceed $ 240 million, an increase of over 170 % compared to 2018, updated from its previous expectation of net revenues to exceed $ 210 million; and
  • Adjusted EBITDA to be positive compared to previous expectations for Adjusted EBITDA.

The Company does not provide guidance on net loss, the most directly comparable GAAP measure and similarly cannot provide reconciliation between the forecast EBITDA and net loss without undue effort due to the lack of reliable estimates for certain items. These positions are not under the control of the Company and may vary significantly between periods and could significantly affect future financial results.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Conference Conference and Webcast "data-reactid =" 46 "> Conference Conference and Webcast

The company will host a conference call and broadcast webcasts with the executive manager's team to discuss these results with additional comments and details today at 4:30 PM Eastern, 1:30 PM Pacific. The conference call webcast will be available live via the Investors section of the company's website at www.beyondmeat.com. To participate in the live call, dial 866-221-1171 from the US and 270-215-9602 internationally. Phone playback will be available approximately two hours after the call ends by Monday, August 12, 2019, by dialing 855-859-2056 from the U.S. or 404-537-3406 from international locations and entering a verification code 6866428.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " About Beyond Meat " About Beyond Meat

Beyond Meat is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary meat plants. Founded in 2009, Beyond Meat has a mission to build meat directly from plants, an innovation that allows consumers to experience the taste, texture and other sensory attributes of popular animal meat products while enjoying the nutritional and environmental benefits of consuming its meat plant – meat based products. Beyond the commitment of the "Eat What You Love" brand is a firm belief that by eating their own portfolio of meat plants, consumers can enjoy more, no less, of their favorite foods and thus help cope human health, climate change, resource conservation and animal welfare issues. Beyond the meat, a portfolio of fresh and frozen vegetable proteins is currently being sold in approximately 53,000 food and beverage outlets around the world.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Forward-Looking Declarations "data-reactid =" 50 "> Forward-looking statements

Some of the statements in this message are" forward-looking statements ". These statements are based on the management's present opinions, expectations, beliefs, plans, goals, assumptions or projections for future events or future results. These forward-looking statements are only estimates, not historical facts, and involve some risks and uncertainties, as well as assumptions. Actual results, activity levels, performance, achievements and events may differ materially from those stated, expected or implied by such forward-looking statements. While beyond the meat he believes that his assumptions are reasonable, it is very difficult to predict the impact of known factors and, of course, it is impossible to anticipate all the factors that could affect the actual results. There are many risks and uncertainties that can significantly differentiate actual results from the statements made in this statement, including most importantly, the risks discussed under the heading "Risk Factors" in the Company's Quarterly Form 10 June 29, 2019 filed with the Securities and Exchange Commission ("SEC") on July 29, 2019, as well as other factors described from time to time in the Company's written documents with the SEC. Such forward-looking statements are only made as of the date of this release. Beyond Meat is under no obligation to publicly update or revise any forecast statement for new information, future events or otherwise, unless otherwise required by law. If we update one or more predictive statements, it must not be concluded that we will make additional updates with respect to those or other predictive statements.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Contacts " data -reactid = "52"> Contacts

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Media:
Allison Aronoff
858-735-7344
aaronoff@beyondmeat.com" data-reactid = "53"> Media:
Allison Aronoff
858-735-7344
aaronoff@beyondmeat.com

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Investors: & nbsp;
Katie Turner
646-277-1228
Katie.turner@icrinc.com "data-reactid =" 54 "> Investors:
Katie Turner
646-277-1228
Katie.turner@icrinc.com [19659316] MEAT PLACE, incl.
Abbreviated statement of operations
(In thousands, excluding stock and per share data)
(unaudited) Three months end Six months end June 29,
2019
June 30,
2018
June 29 ,
2019
June 30,
2018
Net income $ 67,251 $ 17,367 [19659343] $ 107,457 $ 30,143 Value of goods sold 44,510 44,510 44,510 ] 14755 73945 [19659058] 25474 Gross profit 22.741 2612 [19659359] 33.51 2 4.669 ] R&D expenditure ] 4.212 2.487 8.710 [19659352] 4,102 Sales, general and administrative expenses 15515 7043 26692 ] 12780 restructuring costs 847 [19659359] 348 1,241 642 Total operating expenses 20 574] 9.888 36.643 17.524 Operating income (loss) [1 9659445] 2167 (7276 ) (3131 ) (12855 ) [19659043] Other expenses , net: [19659043] Interest expense (741 ) ] (28 ) (1474 ) (75 ) Reassessment of the responsibility of the order (11,744 ) (130 ) (12,503 ) (259 ) Other revenue, net 898 [19659323] 38 1039 19659116] 97 Total other expenses, net (11 587 ) [19659016] (120 ]) (12938 ) (237 ) Loss before taxes (9,420 ) (7 396 ) (16,069 ) (13 092 [19659062]) Income tax expense 21 – 21 19659359] – Net loss $ (9,441 ) $ (7 396 [1965914] 19659016] $ (16,090 ) $ (13 092 ) Net loss in total stock – basic and diluted $ (0.24 ) $ (1.22 ) $ (0.69 [19659273]) $ (2,21 ) Weighted average common shares – basic and diluted 39,081,359 6,072,319 [1965916]] 23206203 5933806

BUT MEAT, INC.
Abbreviated balances
(in thousands, excluding stock and per share data)
(inadequate)
29 юни,
2019
] 31 декември,
2018
Активи
Текущи активи: [19659779]
Пари и парични еквиваленти $ 276,987 $ 54,271
Вземания по сметки 34,388 [19659352] 12 626 [19659642] Опис 42,695 30,257
Предплатени разходи и други текущи активи 7 726 5,672 [19659323][Общо665 [текущиактиви 361 796 102 826
Имоти, машини и оборудване, нетни 34 473 30 527
Други нетекущи активи, нетни 792 396
Общо активи $ 397 061 $ 133 749
Задължения, конвертируеми привилегировани акции и акционерен капитал (дефицит):
Текущи задължения:
дължими [19659016] $ 27,383 $ 17,247
Дължими заплати 1,208 [1 9659016] 1,255
Начислен бонус 2,157 [19659047]2,312
Начислени разходи и други текущи задължения 3 622 3 622 2,391
Краткосрочни заеми по револвираща кредитна линия 6 000
Краткосрочни задължения за капиталов лизинг 33 [19659092] 44
Пасивна гаранционна отговорност 1,918
Общо текущи пасиви $ 40,49 40,403 ] $ 25 167
Дългосрочни задължения:
Револвираща кредитна линия $ [19659016] $ 6 000
Дългосрочна част от банков сроче н заем, нетна 19,543 19,3 88
Заем за оборудване, нетен 4 924 5000
Задължения за капиталов лизинг и други дългосрочни задължения 406 404
Общо дългосрочни задължения $ 24 873 $ 30 792
Ангажименти и непредвидени задължения [1965925] 19659016]
Предпочитан конвертируем запас $ $ 199,540
Капиталов капитал (дефицит): [19659016]
Предпочитан състав, номинална стойност 0,0001 долара за акция – 500 000 акции, разрешени, нито една емитирана и неизплатена
Обща акция, номинална стойност $ 0,0001 на акция – 500 000 000 акции и 58 669 600 акции, разрешени съответно на 29 юни 2019 г. и 31 декември 2018 г .; 60,167,521 и 6 951 350 акции, емитирани и неизплатени към 29 юни 2019 г. и 31 декември 2018 г., съответно 6 1
Допълнителен внесен капитал 477 531 [19659092] 7,921
Натрупан дефицит (145,762 ) (129,672 )
Общ капитал (дефицит) $ 331,785 $ (121,750 )
Общо пасиви, конвертируеми предпочитани акции и акционерния капитал (дефицит) $ 397,061 [19659151 ] $ 133 749
BEYOND MEAT, INC.
Съкратени отчети за паричните потоци
(в хиляди)
(неодитиран)

Шест месеца приключи
29 юни,
2019
30 юни,
2018
Парични потоци от оперативни дейности:
Чиста загуба [19659016] $ (16,090 ) $ (13 092 )
Корекции за коригиране на нетната загуба с нетните парични средства, използвани в оперативни дейности:
Амортизация и амо ртизация 3,957 1,620
Разходи за компенсация на базата на акции 2,678 710
Амортизация на разходите за издаване на дълг 78 35
Промяна в предпочитания и обикновен състав пасивни задължения 12.503 259
Нетна промяна в оперативните активи и пасиви:
Вземания по сметки (21,762 ) (2,788 )
Инвентари 19659091] (12,438 ) (6,178 ) [19659456]Предплатени разходи и други активи (2,131 ) (154 [19659016)])
Дължими кредити 9 799 6 623
Начислени разходи и други текущи задължения 1028 19659091] 259
Дългосрочни задължения 12 39
Нетни парични средства, използвани в оперативни дейности $ [19659740] (22 366 ) $ (12 667 )
Парични потоци, използвани в инвестиционни дейности: [19659043]
които купуват имущество, маши ни и съоръжения $ (7,502 ) $ (9 973 )
Постъпления от продажба на дълготрайни активи ] 232
Покупки на имоти, машини и съоръжения, държани за продажба (3,121 )
Плащане на гаранционни депозити (487 ) (60 )
Нетни парични средства, използвани в инвестиционни дейности $ (10 878 ) $ (10 033 )
Парични потоци от дейности по финансиране: [19659043]
Постъ ления от издаване на обикновени акции съгласно първоначалното публично предлагане, без разходите за издаване $ 255,448 $
Постъпленията от серия G предпочитано предлагане на акции, без разходи за предлагане 1350
Постъпления от банкови кредитни заеми 10 000
Погасителни средства по револвираща кредитна линия (2,500 )
Погасяване по срочен заем (1000 )
Погасяване а бележка за Мисури (1450 ) [19659642] Плащания на задължения за лизингов капитал (21 ) (117 )
Постъпления от упражняване на опции за акции 533 [19659016] 871
Нетни парични средства, осигурени от дейности по финансиране $ 255,960 $ 7,154 [19659325] Нетно увеличение (намаление) в пари и парични еквиваленти $ 222 716 $ (15 566 )
Пари и парични еквиваленти в началото на периода 54,2 71 39,035
Пари и парични еквиваленти в края на периода $ 276,987 [19659151] $ 23,489
Допълнителни оповестявания на информация за паричните потоци:
периодът за:
Лихва $ 1,445 $ 63 [19659678] Данъци $ 21 $ 3
Безкасови дейности за инвестиране и финансиране: [19659016]
Задължения за капиталов лизинг за закупуване на имоти, ма ини и съоръжения $ $ 85 [19659678]Issuance of convertible preferred stock warrants in connection with debt   $     $ 248  
Non-cash additions to property, plant and equipment   $ 1,003     $ 1,656  
Deferred offering costs, accrued not yet paid   $[19659100]578     $ 64  
Non-cash additions to property, plant and equipment held for sale   $ 646  [19659016]  $  
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering  [19659016]$ 14,421     $ —[19659580] 
Conversion of convertible preferred stock to common stock upon initial public offering   $ 199,540     $  

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Non-GAAP Financial Measures" data-reactid="63">Non-GAAP Financial Measures

Beyond Meat uses the following non-GAAP financial measures in assessing its operating performance and in its financial communications:

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Adjusted EBITDA” is defined as net loss adjusted to exclude, when applicable, income tax expense, interest expense, depreciation and amortization expense, restructuring expenses, share-based compensation expense, inventory losses from termina tion of an exclusive supply agreement with a co-manufacturer, costs of terminati on of an exclusive supply agreement with the same co-manufacturer, and expenses primarily associated with the conversion of our convertible notes and remeasurement of our preferred stock warrant liability and common stock warrant liability." data-reactid="65">“Adjusted EBITDA” is defined as net loss adjusted to exclude, when applicable, income tax expense, interest expense, depreciation and amortization expense, restructuring expenses, share-based compensation expense, inventory losses from termination of an exclusive supply agreement with a co-manufacturer, costs of termination of an exclusive supply agreement with the same co-manufacturer, and expenses primarily associated with the conversion of our convertible notes and remeasurement of our preferred stock warrant liability and common stock warrant liability.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Adjusted EBITDA as a % of net revenues” is defined as Adjusted EBITDA divided by net revenues." data-reactid="66">“Adjusted EBITDA as a % of net revenues” is defined as Adjusted EBITDA divided by net revenues.

We use Adjusted EBITDA and Adjusted EBITDA as a % of net revenues because they are important measures upon which our management assesses our operating performance. We use Adjusted EBITDA and Adjusted EBITDA as a % of net revenues as key performance measures because we believe these measures facilitate operating performance comparison from period-to-period by excluding potential differences primarily caused by the impact of restructuring, asset depreciation and amortization, non-cash share-based compensation and non-operational charges including the impact to cost of goods sold and selling, general and administrative expenses related to the termination of an exclusive co-manufacturing agreement, early extinguishment of convertible notes and remeasurement of warrant liability. Because Adjusted EBITDA and Adjusted EBITDA as a % of net revenues facilitate internal comparisons of our historical operating performance on a more consistent basis, we also use these measures for our business planning purposes. In addition, we believe Adjusted EBITDA and Adjusted EBITDA as a % of net revenues are widely used by investors, securities analysts, ratings agencies and other parties in evaluating companies in our industry as a measure of our operational performance.

There are a number of limitations related to the use of Adjusted EBITDA rather than net loss, which is the most directly comparable GAAP measure. Some of these limitations are:

  • 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 expenses and therefore does not include all of our compensation costs;
  • Adjusted EBITDA does not reflect other income (expense) that may increase or decrease cash available to us; and
  • other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

These non-GAAP financial measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies.

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,
2019
  June 30,
2018
  June 29,
2019
  June 30,
2018
Net loss, as reported   $ (9,441 )   $ (7,396 )   (16,090 )   (13,092 )
Income tax expense   21         21      
I nterest expense   741     28     1,474     75  
Depreciation and amortization expense   2,052     887     3,957     1,620  
Restructuring expenses(1)   847     348     1,241     642  
Share-based compensation expense   1,823     450     2,678     710  
Remeasurement of warrant liability   11,744     130     12,503     259  
Other income, net (898 )   (38 )   (1,039 )   (97 )
Adjusted EBITDA   $ 6,889     $ (5,591 )   $ 4,745     $ (9,883 )
                 
Net loss as a % of net revenues   (14.0 )%   (42.6 )%   (15.0 )%   (43.4 )%
Adjusted EBITDA as a % of net revenues   10.2 %   (32.2 )%   4.4 %   (32.8 )%

_____________

(1 ) Primarily comprised of legal and other expenses associated with the d ispute with a co-manufacturer with whom an exclusive supply agreement was terminated in May 2017.


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