Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”),
a leader in plant-based meat, today reported financial results for
its fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial
Highlights1
- Net revenues were $73.7 million, a decrease of 7.8%
year-over-year.
- Gross profit was a loss of $83.9 million, or gross margin of
-113.8%, compared to a loss of $2.9 million, or gross margin of
-3.7%, in the year-ago period.
- Gross profit and gross margin were negatively impacted by
certain non-cash charges totaling $78.0 million, consisting of
$67.5 million associated with the Company’s global operations
review announced in November 2023 (the “Global Operations Review”),
and $10.5 million from other specific non-cash charges.
- Gross profit and gross margin included the impact from a change
in the Company’s accounting estimate associated with the estimated
useful lives of its large manufacturing equipment made in the first
quarter of 2023, which reduced COGS depreciation expense by
approximately $4.3 million, or 5.2 percentage points of gross
margin, relative to depreciation expense utilizing the Company’s
previous estimated useful lives.
- Net loss was $155.1 million, or $2.40 per common share,
compared to net loss of $66.9 million, or $1.05 per common share,
in the year-ago period.
- Net loss was negatively impacted by certain non-cash charges
totaling $95.6 million, consisting of $85.1 million associated with
the Global Operations Review, and $10.5 million from other specific
non-cash charges.
- Adjusted EBITDA was a loss of $125.1 million, or -169.9% of net
revenues, compared to an Adjusted EBITDA loss of $56.5 million, or
-70.7% of net revenues, in the year-ago period.
Full Year 2023 Financial
Highlights1
- Net revenues were $343.4 million, a decrease of 18.0%
year-over-year.
- Gross profit was a loss of $82.7 million, or gross margin of
-24.1%, compared to a loss of $23.7 million, or gross margin of
-5.7%, in the year-ago period.
- Gross profit and gross margin were negatively impacted by
certain non-cash charges totaling $78.0 million, consisting of
$67.5 million associated with the Global Operations Review, and
$10.5 million from other specific non-cash charges.
- Gross profit and gross margin included the impact from a change
in the Company’s accounting estimate associated with the estimated
useful lives of its large manufacturing equipment made in the first
quarter of 2023, which reduced COGS depreciation expense by
approximately $19.0 million, or 23.0 percentage points of gross
margin, relative to depreciation expense utilizing the Company’s
previous estimated useful lives.
- Net loss was $338.1 million, or $5.26 per common share,
compared to net loss of $366.1 million, or $5.75 per common share,
in the year-ago period.
- Net loss was negatively impacted by certain non-cash charges
totaling $95.6 million, consisting of $85.1 million associated with
the Global Operations Review, and $10.5 million from other specific
non-cash charges.
- Adjusted EBITDA was a loss of $269.2 million, or -78.4% of net
revenues, compared to an Adjusted EBITDA loss of $278.0 million, or
-66.4% of net revenues, in the year-ago period.
_______________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.
Beyond Meat President and CEO Ethan Brown commented, “In 2023,
Beyond Meat undertook extensive initiatives to reset the business
toward sustainable operations and, ultimately, profitable growth.
Much of this reset is now coming into view.”
Brown continued, "Our 2024 plan includes taking steps to steeply
reduce operating expense and cash use; pricing actions and the
right-sizing of our production footprint, both in support of margin
expansion; a years-in-the-making core platform renovation in Beyond
IV that delivers superior health benefits and taste; and, following
the announcement and initiation of our Global Operations Review,
taking certain non-cash charges pertaining to inventory and assets
that are no longer consistent with our path to profitability. We
believe these sweeping changes, together with measures we plan to
pursue this year to bolster our balance sheet, will strengthen our
near-term operations as we pursue our vision of being the global
protein company of the future.”
Fourth Quarter 2023
Net revenues decreased 7.8% to $73.7 million in the fourth
quarter of 2023, compared to $79.9 million in the year-ago period.
The decrease in net revenues was driven by a 14.6% decrease in net
revenue per pound, partially offset by an 8.0% increase in volume
of products sold. The decrease in net revenue per pound was
primarily driven by changes in product sales mix and increased
trade discounts, partially offset by favorable changes in foreign
currency exchange rates. The increase in volume of products sold
was primarily driven by sales to international retail and
foodservice channels, partially offset by a decrease in volume of
products sold in U.S. retail and foodservice channels, primarily
due to weak category demand.
U.S. retail channel net revenues decreased 22.6% to $32.1
million in the fourth quarter of 2023, compared to $41.4 million in
the year-ago period, primarily due to a 16.9% decrease in net
revenue per pound and a 6.8% decrease in volume of products sold,
primarily reflecting weak category demand. The decrease in net
revenue per pound was primarily driven by changes in product sales
mix and higher trade discounts.
U.S. foodservice channel net revenues decreased 25.9% to $10.7
million in the fourth quarter of 2023, compared to $14.4 million in
the year-ago period, primarily due to a 23.6% decrease in volume of
products sold, primarily reflecting the cycling of sales to a large
Quick Service Restaurant (“QSR”) customer for a limited time
offering in the year-ago period which did not repeat in the fourth
quarter of 2023, and a 3.1% decrease in net revenue per pound. The
decrease in net revenue per pound primarily reflected higher trade
discounts, partially offset by changes in product sales mix.
International retail channel net revenues increased 22.1% to
$13.3 million in the fourth quarter of 2023, compared to $10.9
million in the year-ago period, primarily due to a 22.6% increase
in volume of products sold, mainly reflecting sales from new
product introductions, partially offset by a 0.4% decrease in net
revenue per pound. The decrease in net revenue per pound primarily
reflected higher trade discounts, and changes in pricing and
product sales mix, partially offset by favorable changes in foreign
currency exchange rates.
International foodservice channel net revenues increased 33.7%
to $17.6 million in the fourth quarter of 2023, compared to $13.2
million in the year-ago period, primarily due to a 52.6% increase
in volume of products sold, mainly reflecting strong sales to a
large QSR customer in the EU, partially offset by a 12.4% decrease
in net revenue per pound. The decrease in net revenue per pound
primarily reflected higher trade discounts and changes in product
sales mix, partially offset by favorable changes in foreign
currency exchange rates.
Net revenues by channel (unaudited):
The following tables present the Company’s net revenues by
channel for the periods presented:
|
|
Three Months Ended December 31, |
|
Change |
(in
thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
Retail |
|
$ |
32,073 |
|
|
$ |
41,446 |
|
|
$ |
(9,373 |
) |
|
|
(22.6 |
)% |
Foodservice |
|
|
10,673 |
|
|
|
14,413 |
|
|
|
(3,740 |
) |
|
|
(25.9 |
)% |
U.S. net revenues |
|
|
42,746 |
|
|
|
55,859 |
|
|
|
(13,113 |
) |
|
|
(23.5 |
)% |
International: |
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
13,286 |
|
|
$ |
10,883 |
|
|
$ |
2,403 |
|
|
|
22.1 |
% |
Foodservice |
|
|
17,647 |
|
|
|
13,196 |
|
|
|
4,451 |
|
|
|
33.7 |
% |
International net
revenues |
|
|
30,933 |
|
|
|
24,079 |
|
|
|
6,854 |
|
|
|
28.5 |
% |
Net revenues |
|
$ |
73,679 |
|
|
$ |
79,938 |
|
|
$ |
(6,259 |
) |
|
|
(7.8 |
)% |
|
|
Year Ended December 31, |
|
Change |
(in
thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
Retail |
|
$ |
155,240 |
|
|
$ |
234,744 |
|
|
$ |
(79,504 |
) |
|
|
(33.9 |
)% |
Foodservice |
|
|
50,647 |
|
|
|
69,289 |
|
|
|
(18,642 |
) |
|
|
(26.9 |
)% |
U.S. net revenues |
|
|
205,887 |
|
|
|
304,033 |
|
|
|
(98,146 |
) |
|
|
(32.3 |
)% |
International: |
|
|
|
|
|
|
|
|
|
|
Retail |
|
$ |
61,723 |
|
|
$ |
60,907 |
|
|
$ |
816 |
|
|
|
1.3 |
% |
Foodservice |
|
|
75,766 |
|
|
|
53,993 |
|
|
|
21,773 |
|
|
|
40.3 |
% |
International net
revenues |
|
|
137,489 |
|
|
|
114,900 |
|
|
|
22,589 |
|
|
|
19.7 |
% |
Net revenues |
|
$ |
343,376 |
|
|
$ |
418,933 |
|
|
$ |
(75,557 |
) |
|
|
(18.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, |
|
Change |
|
Year Ended December 31, |
|
Change |
(in
thousands) |
|
2023 |
|
2022 |
|
Amount |
|
% |
|
2023 |
|
2022 |
|
Amount |
|
% |
U.S.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
6,907 |
|
7,413 |
|
(506 |
) |
|
(6.8 |
)% |
|
32,971 |
|
44,784 |
|
(11,813 |
) |
|
(26.4 |
)% |
Foodservice |
|
2,057 |
|
2,691 |
|
(634 |
) |
|
(23.6 |
)% |
|
8,923 |
|
12,786 |
|
(3,863 |
) |
|
(30.2 |
)% |
International: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
3,041 |
|
2,480 |
|
561 |
|
|
22.6 |
% |
|
13,909 |
|
13,435 |
|
474 |
|
|
3.5 |
% |
Foodservice |
|
5,408 |
|
3,543 |
|
1,865 |
|
|
52.6 |
% |
|
22,272 |
|
13,951 |
|
8,321 |
|
|
59.6 |
% |
Volume of products sold |
|
17,413 |
|
16,127 |
|
1,286 |
|
|
8.0 |
% |
|
78,075 |
|
84,956 |
|
(6,881 |
) |
|
(8.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit in the fourth quarter of 2023 was a loss of $83.9
million, or gross margin of -113.8%, compared to a loss of $2.9
million, or gross margin of -3.7%, in the year-ago period. Gross
profit and gross margin were negatively impacted by certain
non-cash charges totaling $78.0 million, consisting of $67.5
million associated with the Global Operations Review, summarized in
the table below, and $10.5 million from other specific non-cash
charges, driven mainly by additional provision for excess and
obsolete inventory associated with a large QSR customer, and the
write-off of a prepaid fee resulting from the termination of a
co-manufacturing agreement. Gross profit and gross margin also
decreased due to lower net revenue per pound, partially offset by
lower logistics costs per pound and increase in volume of products
sold.
Operating expenses were $76.9 million in the fourth quarter of
2023 compared to $62.8 million in the year-ago period. The increase
in operating expenses was primarily due to certain non-cash charges
totaling $17.6 million associated with the Global Operations
Review, summarized in the table below, and higher consulting fees,
partially offset by reduced non-production headcount expenses,
reduced restructuring expenses, reduced scale-up expenses and
reduced selling expenses.
Loss from operations in the fourth quarter of 2023 was $160.8
million compared to $65.7 million in the year-ago period. The
increase in loss from operations was primarily driven by the
reduction in gross profit and higher selling, general and
administrative (“SG&A”) expenses, partially offset by lower
research and development expenses.
The following table summarizes the non-cash charges recorded in
the Company’s consolidated statement of operations for the three
months and year ended December 31, 2023 as a result of the Global
Operations Review (unaudited):
(in
thousands) |
|
|
Non-cash charges
recorded in cost of goods sold: |
|
|
Incremental provision for excess and obsolete inventory(1) |
|
$ |
38,645 |
Accelerated depreciation on planned write-offs or disposals of
fixed assets(2) |
|
|
23,860 |
Write-off of prepaid raw materials cost |
|
|
5,000 |
Total non-cash charges recorded in cost of goods sold |
|
$ |
67,505 |
Non-cash charges
recorded in operating expenses: |
|
|
Accelerated depreciation on planned write-offs or disposals of
fixed assets recorded in research and development expenses |
|
$ |
962 |
Loss on sale and write-down of fixed assets recorded in SG&A
expenses to fair value |
|
|
16,639 |
Total non-cash charges recorded in operating expenses |
|
$ |
17,601 |
Total |
|
$ |
85,106 |
___________(1) Includes $16.3 million associated with Beyond
Meat Jerky. As part of its Global Operations Review, the Company
made the decision to discontinue the Beyond Meat Jerky product
line.(2) Includes $3.6 million associated with Beyond Meat Jerky
fixed assets.
Net loss was $155.1 million in the fourth quarter of 2023
compared to net loss of $66.9 million in the year-ago period. Net
loss per common share was $2.40 in the fourth quarter of 2023
compared to $1.05 in the year-ago period. The increase in net loss
was primarily driven by the increase in loss from operations and a
reduction in total other income, net, partially offset by a
reduction in losses related to the Company’s joint venture with
PepsiCo, Inc., The Planet Partnership, LLC (“TPP”).
Adjusted EBITDA was a loss of $125.1 million, or -169.9% of net
revenues, in the fourth quarter of 2023, compared to an Adjusted
EBITDA loss of $56.5 million, or -70.7% 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 $205.9 million and total outstanding debt was
$1.1 billion as of December 31, 2023. Net cash used in operating
activities was $107.8 million in the year ended December 31, 2023,
compared to $320.2 million in the year-ago period. Capital
expenditures totaled $10.6 million in the year ended December 31,
2023, compared to $70.5 million in the year-ago period. Net cash
used in investing activities was $9.5 million in the year ended
December 31, 2023, compared to $87.5 million in the year-ago
period. Net cash used in investing activities in the year ended
December 31, 2023 included $3.3 million in investment in TPP,
partially offset by $4.3 million in proceeds from sales of certain
fixed assets.
2024 Outlook
The Company's operating environment continues to be affected by
uncertainty related to macroeconomic issues including: ongoing,
further weakened demand in the plant-based meat category, inflation
and higher interest rates and concerns about the likelihood of a
recession, among other things, all of which could have unforeseen
impacts on the Company’s actual realized results. Based on
management's best assessment of the environment today, the Company
is providing the following outlook for the full year 2024:
- Net revenues are expected to be in the range of $315 million to
$345 million. Net revenues for the first quarter of 2024 are
expected to be in the range of $70 million to $75 million.
- Gross margin is expected to be in the mid to high teens range
for the full year 2024, and is expected to be higher in the second
half of the year relative to the first half.
- Operating expenses are expected to be in the range of $170
million to $190 million, weighted slightly more towards the first
half of the year.
- Capital expenditures are expected to be in the range of $15
million to $25 million.
Total distribution points by channel
(unaudited):
The following table presents the approximate number of
distribution outlets by channel for the periods presented:
|
|
Q3 2022 |
|
Q4 2022 |
|
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
U.S.: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail(1) |
|
34,000 |
|
34,000 |
|
33,000 |
|
33,000 |
|
33,000 |
|
32,000 |
Foodservice |
|
42,000 |
|
43,000 |
|
42,000 |
|
41,000 |
|
42,000 |
|
41,000 |
International: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
35,000 |
|
35,000 |
|
36,000 |
|
36,000 |
|
36,000 |
|
36,000 |
Foodservice |
|
33,000 |
|
34,000 |
|
35,000 |
|
34,000 |
|
26,000 |
|
24,000 |
Total distribution
points(2) |
|
144,000 |
|
146,000 |
|
146,000 |
|
144,000 |
|
137,000 |
|
133,000 |
___________(1) Excludes U.S. Retail outlets unique to Beyond
Meat Jerky. As of December 2023, total U.S. Retail outlets unique
to Beyond Meat Jerky were approximately 44,000 on a rolling 52-week
basis, or approximately 2,300 on a rolling 12-week basis. As part
of its Global Operations Review, the Company made the decision to
discontinue the Beyond Meat Jerky product line. All prior periods
have been revised to conform to the current period presentation.
(2) The number of retail and foodservice outlets where Beyond Meat
branded products are available was derived from rolling 52-week
data as of December 2023 and excludes outlets unique to Beyond Meat
Jerky. All prior periods have been revised to conform to the
current period presentation.
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 which will be answered by an operator or by clicking
the Call me™ weblink and entering the Call me™ Passcode = 7573328.
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 0 mg 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,
#BeyondBurger and #GoBeyond on Facebook, Instagram, Threads, X
(formerly Twitter) and TikTok.
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 2024 full year outlook, global
operations review and initiatives focused on narrowing our
commercial focus to certain growth opportunities and accelerating
activities that prioritize profit improvement, gross margin
expansion and cash-accretive measures to further reduce our
operating expenses and reset our business trajectory, including the
launch of Beyond IV, pricing actions and substantial increases in
our production efficiencies, strategy to drive steep reductions in
operating expenses and cash use and critical measures to support
cash-accretive inventory reduction. The Company may be unable to
realize the contemplated benefits in connection with the global
operations review and initiatives focused on narrowing our
commercial focus to certain growth opportunities and accelerating
activities that prioritize profit improvement, gross margin
expansion and cash-accretive measures to further reduce our
operating expenses and reset our business trajectory, including the
launch of Beyond IV, pricing actions and substantial increases in
our production efficiencies, strategy to drive steep reductions in
operating expenses and cash use and critical measures to support
cash-accretive inventory reduction, which may have an adverse
impact on the Company’s performance.
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 inflation and higher interest
rates, prolonged, weakening demand in the plant-based meat
category, ongoing concerns about the likelihood of a recession,
increased competition, supply chain disruptions and challenges
related to labor availability, 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 Global Operations Review;
changes to our pricing architecture within certain channels; and
accelerated, cash-accretive inventory reduction initiatives; our
ability to successfully execute our Global Operations Review,
including the exit of select product lines; the impact of non-cash
charges such as inventory provisions, 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 rising or high
inflation; 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 reserves;
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 and/or declines in our market
capitalization; 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 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, 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; the impact of
uncertainty as a result of doing business in China and Europe,
including as a result of our review of our operations in China; the
volatility of or inability to access the capital markets, including
due to macroeconomic factors, our loss of well-known seasoned
issuer status, 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, and our ability to
maintain and increase sales velocity of our products; 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 in
increasing revenues and market share; the timing and success of
strategic QSR partnership launches and limited time offerings
resulting in permanent menu items; foreign 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 could 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, 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, 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; 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,
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; the requirements of being a public
company and effects of increased administrative costs related to
compliance and reporting obligations; 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; our ability to meet our obligations under
our El Segundo Campus and Innovation Center (“Campus Headquarters”)
lease, the timing of occupancy and completion of the build-out of
our space, cost overruns, delays, the impact of workforce
reductions or other cost-reduction initiatives on our space
demands, and the timing and success of subleasing excess space at
our Campus Headquarters; 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 customer orders in full and on
time; seasonality, including increased 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 year ended
December 31, 2022 filed with the SEC on March 1, 2023, the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2023 filed with the SEC on November 9, 2023,
and the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023 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 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,
#BeyondBurger and #GoBeyond on Facebook, Instagram, Threads and X
(formerly Twitter), and @BeyondMeatOfficial on TikTok). 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
SUBSIDIARIESConsolidated Statements of
Operations(In thousands, except share and per
share data)(Unaudited) |
|
|
|
Three Months EndedDecember 31, |
|
Year Ended December 31, |
|
|
December 31,2023 |
|
December 31,2022 |
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
|
$ |
73,679 |
|
|
$ |
79,938 |
|
|
$ |
343,376 |
|
|
$ |
418,933 |
|
Cost of goods sold |
|
|
157,538 |
|
|
|
82,869 |
|
|
|
426,031 |
|
|
|
442,676 |
|
Gross (loss) profit |
|
|
(83,859 |
) |
|
|
(2,931 |
) |
|
|
(82,655 |
) |
|
|
(23,743 |
) |
Research and development
expenses |
|
|
9,207 |
|
|
|
12,971 |
|
|
|
39,530 |
|
|
|
62,264 |
|
Selling, general and
administrative expenses |
|
|
67,737 |
|
|
|
46,881 |
|
|
|
220,344 |
|
|
|
239,505 |
|
Restructuring expenses
(income) |
|
|
— |
|
|
|
2,938 |
|
|
|
(631 |
) |
|
|
17,259 |
|
Total operating expenses |
|
|
76,944 |
|
|
|
62,790 |
|
|
|
259,243 |
|
|
|
319,028 |
|
Loss from operations |
|
|
(160,803 |
) |
|
|
(65,721 |
) |
|
|
(341,898 |
) |
|
|
(342,771 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(988 |
) |
|
|
(793 |
) |
|
|
(3,955 |
) |
|
|
(3,966 |
) |
Other, net |
|
|
6,719 |
|
|
|
7,757 |
|
|
|
11,616 |
|
|
|
(420 |
) |
Total other income (expense),
net |
|
|
5,731 |
|
|
|
6,964 |
|
|
|
7,661 |
|
|
|
(4,386 |
) |
Loss before taxes |
|
|
(155,072 |
) |
|
|
(58,757 |
) |
|
|
(334,237 |
) |
|
|
(347,157 |
) |
Income tax expense |
|
|
— |
|
|
|
11 |
|
|
|
5 |
|
|
|
32 |
|
Equity in losses of
unconsolidated joint venture |
|
|
38 |
|
|
|
8,099 |
|
|
|
3,902 |
|
|
|
18,948 |
|
Net loss |
|
$ |
(155,110 |
) |
|
$ |
(66,867 |
) |
|
$ |
(338,144 |
) |
|
$ |
(366,137 |
) |
Net loss per share available
to common stockholders—basic and diluted |
|
$ |
(2.40 |
) |
|
$ |
(1.05 |
) |
|
$ |
(5.26 |
) |
|
$ |
(5.75 |
) |
Weighted average common shares
outstanding—basic and diluted |
|
|
64,556,557 |
|
|
|
63,751,119 |
|
|
|
64,300,099 |
|
|
|
63,622,432 |
|
Net loss per share available
to common stockholders—diluted |
|
$ |
(2.40 |
) |
|
$ |
(1.05 |
) |
|
$ |
(5.26 |
) |
|
$ |
(5.75 |
) |
Weighted average common shares
outstanding—diluted |
|
|
64,556,557 |
|
|
|
63,751,119 |
|
|
|
64,300,099 |
|
|
|
63,622,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEYOND MEAT, INC. AND
SUBSIDIARIESConsolidated Balance
Sheets(In thousands, except share and per share
data)(unaudited) |
|
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
190,505 |
|
|
$ |
309,922 |
|
Restricted cash, current |
|
2,830 |
|
|
|
— |
|
Accounts receivable, net |
|
31,730 |
|
|
|
34,198 |
|
Inventory |
|
130,336 |
|
|
|
235,696 |
|
Prepaid expenses and other current assets |
|
12,904 |
|
|
|
20,700 |
|
Assets held for sale |
|
4,539 |
|
|
|
5,943 |
|
Total current assets |
|
372,844 |
|
|
|
606,459 |
|
Restricted cash,
non-current |
|
12,600 |
|
|
|
12,627 |
|
Property, plant, and
equipment, net |
|
194,046 |
|
|
|
257,002 |
|
Operating lease right-of-use
assets |
|
130,460 |
|
|
|
87,595 |
|
Prepaid lease costs,
non-current |
|
61,635 |
|
|
|
85,472 |
|
Other non-current assets,
net |
|
1,192 |
|
|
|
10,744 |
|
Investment in unconsolidated
joint venture |
|
1,673 |
|
|
|
2,325 |
|
Total assets |
$ |
774,450 |
|
|
$ |
1,062,224 |
|
Liabilities and stockholders’
(deficit) equity: |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
56,032 |
|
|
$ |
55,300 |
|
Current portion of operating lease liabilities |
|
3,677 |
|
|
|
3,812 |
|
Accrued expenses and other current liabilities |
|
14,645 |
|
|
|
16,729 |
|
Total current liabilities |
$ |
74,354 |
|
|
$ |
75,841 |
|
Long-term liabilities: |
|
|
|
Convertible senior notes, net |
$ |
1,137,542 |
|
|
$ |
1,133,608 |
|
Operating lease liabilities, net of current portion |
|
75,648 |
|
|
|
55,854 |
|
Finance lease obligations and other long term liabilities |
|
274 |
|
|
|
469 |
|
Total long-term liabilities |
$ |
1,213,464 |
|
|
$ |
1,189,931 |
|
Commitments and
contingencies |
|
|
|
Convertible preferred stock: |
|
|
|
Stockholders’ deficit: |
|
|
|
Common stock, par value
$0.0001 per share—500,000,000 shares authorized at December 31,
2023 and 2022; 64,624,140 and 63,773,982 shares issued and
outstanding at December 31, 2023 and 2022, respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in
capital |
|
573,128 |
|
|
|
544,357 |
|
Accumulated deficit |
|
(1,081,253 |
) |
|
|
(743,109 |
) |
Accumulated other
comprehensive loss |
|
(5,249 |
) |
|
|
(4,802 |
) |
Total stockholders’ deficit |
$ |
(513,368 |
) |
|
$ |
(203,548 |
) |
Total liabilities and stockholders’ deficit |
$ |
774,450 |
|
|
$ |
1,062,224 |
|
|
|
|
|
BEYOND MEAT, INC. AND SUBSIDIARIES |
Consolidated Statements of Cash Flows |
(In thousands) |
(unaudited) |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
Net loss |
|
$ |
(338,144 |
) |
|
$ |
(366,137 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
48,094 |
|
|
|
32,582 |
|
Non-cash lease expense |
|
|
8,140 |
|
|
|
5,167 |
|
Share-based compensation expense |
|
|
29,098 |
|
|
|
33,857 |
|
Loss on sale and write-down of fixed assets |
|
|
20,515 |
|
|
|
486 |
|
Amortization of debt issuance costs |
|
|
3,934 |
|
|
|
3,934 |
|
Equity in losses of unconsolidated joint venture |
|
|
3,902 |
|
|
|
18,948 |
|
Write-down of note receivable |
|
|
3,795 |
|
|
|
— |
|
Unrealized (gain) loss on foreign currency transactions |
|
|
(1,822 |
) |
|
|
5,106 |
|
|
|
|
|
|
Net change in operating assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
|
2,717 |
|
|
|
9,063 |
|
Inventories |
|
|
106,087 |
|
|
|
2,572 |
|
Prepaid expenses and other assets |
|
|
12,873 |
|
|
|
11,595 |
|
Accounts payable |
|
|
3,004 |
|
|
|
(10,826 |
) |
Accrued expenses and other current liabilities |
|
|
(2,493 |
) |
|
|
(7,148 |
) |
Prepaid lease costs, non-current |
|
|
(4,245 |
) |
|
|
(55,110 |
) |
Operating lease liabilities |
|
|
(3,281 |
) |
|
|
(4,333 |
) |
Net cash used in operating activities |
|
$ |
(107,826 |
) |
|
$ |
(320,244 |
) |
Cash flows from investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
|
$ |
(10,564 |
) |
|
$ |
(70,475 |
) |
Proceeds from sale of fixed assets |
|
|
4,323 |
|
|
|
— |
|
Purchases of property, plant and equipment held for sale |
|
|
— |
|
|
|
(2,821 |
) |
Payments for investment in joint venture |
|
|
(3,250 |
) |
|
|
(13,250 |
) |
Payment of security deposits |
|
|
— |
|
|
|
(981 |
) |
Net cash used in investing activities |
|
$ |
(9,491 |
) |
|
$ |
(87,527 |
) |
(continued on the next page) |
Cash flows from financing activities: |
|
|
|
|
Principal payments under finance lease obligations |
|
|
(223 |
) |
|
|
(210 |
) |
Proceeds from exercise of stock options |
|
|
171 |
|
|
|
1,626 |
|
Payments of minimum withholding taxes on net share settlement of
equity awards |
|
|
(497 |
) |
|
|
(1,140 |
) |
Net cash (used in) provided by financing activities |
|
$ |
(549 |
) |
|
$ |
276 |
|
Net decrease in cash, cash
equivalents and restricted cash |
|
$ |
(117,866 |
) |
|
$ |
(407,495 |
) |
Cash, cash equivalents and
restricted cash at the beginning of the period |
|
|
322,549 |
|
|
|
733,294 |
|
Effect of exchange rate
changes on cash |
|
|
1,252 |
|
|
|
(3,250 |
) |
Cash, cash equivalents and
restricted cash at the end of the period |
|
$ |
205,935 |
|
|
$ |
322,549 |
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
Cash (received) paid during the period for: |
|
|
|
|
Interest |
|
$ |
— |
|
|
$ |
10 |
|
Taxes |
|
$ |
(1 |
) |
|
$ |
38 |
|
Non-cash investing and financing activities: |
|
|
|
|
Non-cash additions to property, plant and equipment |
|
$ |
909 |
|
|
$ |
3,507 |
|
Operating lease right-of-use assets obtained in exchange for lease
liabilities |
|
$ |
36,400 |
|
|
$ |
37,245 |
|
Reclassification of pre-paid lease costs to operating lease
right-of-use assets |
|
$ |
28,082 |
|
|
$ |
29,000 |
|
Non-cash addition to financing leases |
|
$ |
— |
|
|
$ |
280 |
|
|
|
|
|
|
|
|
|
|
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.
“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, 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
EBITDA and Adjusted EBITDA as a % of net revenues rather than their
most directly comparable GAAP measures. 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
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 EBITDA differently, which reduces its usefulness
as a comparative measure.
The following table presents the reconciliation of Adjusted
EBITDA to its most comparable GAAP measure, net loss, as reported
(unaudited):
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss, as reported |
|
$ |
(155,110 |
) |
|
$ |
(66,867 |
) |
|
$ |
(338,144 |
) |
|
$ |
(366,137 |
) |
Income tax expense |
|
|
— |
|
|
|
11 |
|
|
|
5 |
|
|
|
32 |
|
Interest expense |
|
|
988 |
|
|
|
793 |
|
|
|
3,955 |
|
|
|
3,966 |
|
Depreciation and amortization
expense |
|
|
30,387 |
|
|
|
9,327 |
|
|
|
48,094 |
|
|
|
32,582 |
|
Restructuring expenses(1) |
|
|
— |
|
|
|
2,938 |
|
|
|
(631 |
) |
|
|
17,259 |
|
Share-based compensation
expense |
|
|
5,307 |
|
|
|
5,009 |
|
|
|
29,098 |
|
|
|
33,857 |
|
Other, net(2)(3) |
|
|
(6,719 |
) |
|
|
(7,757 |
) |
|
|
(11,616 |
) |
|
|
420 |
|
Adjusted EBITDA |
|
$ |
(125,147 |
) |
|
$ |
(56,546 |
) |
|
$ |
(269,239 |
) |
|
$ |
(278,021 |
) |
Net loss as a % of net
revenues |
|
|
(210.5 |
)% |
|
|
(83.6 |
)% |
|
|
(98.5 |
)% |
|
|
(87.4 |
)% |
Adjusted EBITDA as a % of net
revenues |
|
|
(169.9 |
)% |
|
|
(70.7 |
)% |
|
|
(78.4 |
)% |
|
|
(66.4 |
)% |
____________
(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 year ended December 31, 2023, we recorded a credit of
$(0.6) million, in restructuring expenses, primarily driven by
a reversal of certain accruals. |
(2) |
|
Includes $4.4 and $5.6 million in net foreign currency transactions
gains in the three months ended December 31, 2023 and 2022,
respectively. Includes $1.1 million and $(4.9) million in net
foreign currency transaction gains (losses) in the years ended
December 31, 2023 and 2022, respectively. |
(3) |
|
Includes $2.4 million and $2.3 million in interest income in the
three months ended December 31, 2023 and 2022, respectively.
Includes $10.8 million and $4.5 million in interest income in the
years ended December 31, 2023 and 2022, respectively. |
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