![]() The company is focused on the deployment of lean management structure and process to drive cost out of our operations. I will begin the body of my comments by summarizing our Q1 performance in reference to each of these 3 pillars: one, margin expansion and cost reduction. These pillars are: one, we would apply a laser focus to margin expansion and OpEx reduction through the use of lean value streams across our beef, pork and poultry platforms two, we will place an emphasis on cash flow accretive inventory management with a near-term focus on profit dollars versus maximizing the percent margin and three, we would prioritize opportunities to support near-term growth and consumer trial and adoption, appropriately balancing and streamline activities in support of our most valuable long-term opportunities. I'm pleased that our first quarter results demonstrate solid progress amidst our strategy and plan.Īs you will recall, we outlined 3 central tenets, upon which we would execute a full force pivot from the growth of overall sustainable growth operating model, one that delivers on our goal of being cash flow positive within the second half of this year 2023. Thank you, Paul, and good afternoon, everyone. Please refer to today's press release for a reconciliation of adjusted EBITDA to its most comparable GAAP measure.Īnd with that, I would now like to turn the call over to Ethan Brown. While we believe this non-GAAP financial measure provides useful information for investors, any reference to this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please also note that on today's call, management may reference adjusted EBITDA which is a non-GAAP financial measure. ![]() We refer you to the earnings release, the company's quarterly report on Form 10-Q for the quarter ended April 1, 2023, that was filed today and the company's annual report on Form 10-K for the fiscal year ended Decemand other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. ![]() Forward-looking statements in today's earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. And during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. This document is available in the Investor Relations section of Beyond Meat's website at Before we begin, please note that all the information presented today is unaudited. Joining me on today's call are Ethan Brown, Founder, President and Chief Executive Officer and Lubi Kutua, Chief Financial Officer and Treasurer.īy now, everyone should have access to the company's first quarter 2023 earnings press release filed after the market closed today. I would now like to turn the conference over to Paul Shepherd, Vice President, FP&A and Investor Relations. Please note, this event is being recorded. Hello and welcome to Beyond Meat's 2023 First Quarter Conference Call. ![]() ![]() Lubi Kutua - Chief Financial Officer & Treasurer ( NASDAQ: BYND) Q1 2023 Earnings Conference Call 5:00 PM ETĮthan Brown - Founder, President & Chief Executive Officer ![]()
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