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New words:
abated, abrogation, accrual, al, arbitration, Arizona, artificial, ATM, attain, automation, avocado, boost, bound, Brazil, BVeggie, CAD, Cancer, caption, captioned, cessation, Ch, Christina, circumvention, CJEU, Colleen, computerized, Contested, cornerstone, counter, CSF, cycle, cycling, debated, declinatory, deeply, Del, delegated, deprecation, disaggregated, disaggregation, divest, divestiture, East, edge, engineering, everyday, exaggerated, fell, flat, flattening, Gaza, genuine, Germany, Gervat, Gilardy, groundbreaking, hacking, Heart, inbound, indirectly, insider, intelligence, intensifying, intermediate, Iowa, Italy, Japan, Jay, Justice, Kellanova, Koch, lapping, LCA, lentil, lifecycle, lineup, lingering, machine, malfeasance, malware, medicine, Middle, Montreal, Moore, muted, nearer, Ned, NIST, Omnipork, Palantir, Partly, penalty, Pension, pioneering, Poland, precedent, presidential, procedure, pronounced, proportionate, prospective, Quebec, ransomware, reassessed, reassessment, recaptioned, renegotiating, reply, rescind, rest, Saskatchewan, Segal, SHEPP, Simplification, Society, spring, stagnate, standpoint, standstill, study, systematic, telephonic, Tex, threat, tighter, timeframe, transitory, uniform, unsettled, unsupported, Vice, weakened, Wholesale, withheld, WKSI, worsening
Removed:
abundance, accept, accountability, accustomed, activism, adipose, aim, allocated, approached, approving, approximated, approximation, ascertain, assembled, Ballard, billed, book, breakthrough, calculating, campaign, categorized, cattle, cell, Chair, Chase, Chef, Chew, color, comparability, comprising, connective, consuming, contaminated, Costco, coupled, covering, curb, decade, deducting, demographic, denature, discovered, displaying, EGC, emulsifying, enabled, Encapsulation, enclosed, enthusiastic, equivalent, escrow, evidenced, excited, excitement, exercisable, extracted, Farmland, feeling, filer, financed, Fitch, float, founding, freely, fresh, Gigi, Grain, halo, heterogeneity, highlighting, hired, hydrogen, hygienic, impressed, instilling, iterate, JPMorgan, Jumpstart, Kellogg, Kevin, Latham, launched, learn, Lee, loan, Macro, majeure, manager, Meatball, message, Michael, mimicking, molecular, native, Nestle, nonconvertible, paradigm, play, positioned, powerful, precision, prioritizing, Pritzker, prominently, proven, Pucker, pull, Pure, radio, rarely, reform, remeasurement, resignation, resigned, resume, revolving, salmonella, sample, satisfying, saving, scaling, segregation, separation, Seth, shopping, Shorter, signage, Smithfield, spouse, strain, streamlining, structural, summed, tangible, tapped, Tattooed, texturizing, tissue, transitioned, Treasurer, trillion, unbilled, underwriting, uniquely, unprecedented, upgrading, USPTO, vaccine, viral, Wall, Weiner, WH
Financial report summary
?Competition
Kellanova • Sysco • Medifast • JBS • Kraft Heinz • Tattooed Chef • Sweet Earth • Hungry Planet • Next Meats • Steakholder FoodsRisks
- Disruptions in the worldwide economy, including an economic recession, downturn, periods of rising or high inflation or economic uncertainty, have adversely affected and may continue to adversely affect our business, results of operations and financial condition.
- Inflationary price pressures of raw materials, labor, transportation, fuel or other inputs used by us and our suppliers, including the effects of higher interest rates, has negatively impacted, and could continue to negatively impact, our business and results of operations.
- We have a history of losses, and we may be unable to achieve or sustain profitability.
- Weakness in the plant-based meat category, combined with our volume losses, has had a negative impact on our sales and profits.
- Our strategic initiatives to improve our cost structure could have long-term adverse effects on our business, and we may not realize the operational or financial benefits from such actions, including achieving and/or sustaining cash flow positive operations.
- If we fail to effectively optimize our manufacturing and production capacity, accurately forecast demand for our products or quickly respond to forecast changes, our business and operating results and our brand reputation could be harmed.
- We may not be able to utilize our capacity efficiently or accurately plan our capacity requirements, which may adversely affect our gross margin, business and operating results.
- If we are unable to sell our inventory in a timely manner, it could become obsolete, which could require us to write-down or write-off obsolete inventory, which could harm our operating results.
- Our ability to accurately forecast our future results of operations is subject to many risks and uncertainties and our operating and financial results could differ materially from our expectations.
- We estimate market opportunity and forecast market growth that may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
- Because we rely on a limited number of third party suppliers, we may not be able to obtain raw materials on a timely basis or in sufficient quantities at competitive prices to produce our products or meet the demand for our products.
- Disruptions to our supply chain could have a material adverse effect on our operating and financial results.
- Our future business, results of operations and financial condition may be adversely affected by reduced or limited availability of plant-based protein or avocado oil that meets our standards.
- We rely on a limited number of distributors, and if we experience the loss of one or more distributors and cannot replace them in a timely manner, our results of operations may be adversely affected.
- If we fail to cost-effectively acquire new customers or retain our existing customers, or if we fail to derive revenue from our existing customers consistent with our historical performance, our business could be materially adversely affected.
- Consolidation of customers or the loss of a significant customer could negatively impact our sales and profitability.
- Loss of one or more of our co-manufacturers or our failure to timely identify and establish relationships with new co-manufacturers could harm our business and impede our growth.
- Any damage or disruption at our domestic or international manufacturing facilities may harm our business.
- Our business could be adversely affected by a workplace accident or safety incident.
- We may not successfully ramp up operations at our internal manufacturing facilities or these facilities may not operate in accordance with our expectations. Moreover, we face competition for employees and may be unable to hire and retain employees at these facilities.
- We may face difficulties as we expand our operations in other countries, including into those in which we have no prior operating experience.
- Our revenue growth rate has fluctuated in recent periods and may continue to slow or decline in the future.
- Our revenues and earnings may fluctuate as a result of our promotional activities.
- Fluctuations in our results of operations for our second and third quarters may impact, and may have a disproportionate effect on our overall financial condition and results of operations.
- Historical results are not indicative of future results.
- Failure by our transportation providers to deliver our products on time, or at all, could result in lost sales.
- We have undergone, and may continue to experience, changes to our executive leadership team and senior management, and if we are unable to integrate new members of our executive leadership team or senior management, or if we fail to retain members of our executive leadership team and senior management, our business and operations may be adversely affected.
- If we are unable to attract, train and retain employees or maintain our company culture, we may not be able to grow or successfully operate our business.
- Some of our international employees are employed by professional employer organizations.
- An interruption in services provided by third party service providers could adversely affect our business operations.
- Future acquisitions or investments could disrupt our business and harm our financial condition.
- Our business and reputation could be negatively impacted by ESG matters and/or our reporting of such matters.
- The Company is subject to accounting estimate risks.
- Any changes in estimates, judgments and assumptions used in the preparation of financial statements in accordance with GAAP or any future impairment charges could have a material adverse effect on our business, financial position and operating results.
- Our results of operations could be materially negatively affected if we cannot successfully keep pace with technological changes impacting the development of our products and implementation of our business needs.
- Food safety and food-borne illness incidents, or the perception of related risks, may materially adversely affect our business by exposing us to lawsuits, product recalls or regulatory enforcement actions, increasing our operating costs and reducing demand for our product offerings.
- Consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends and demands, our business may be adversely affected.
- Sales of the Beyond Burger contribute a significant portion of our revenue. A reduction in sales of Beyond Burger would have an adverse effect on our financial condition.
- We currently plan to and may also, from time to time, increase the prices of our products; however, consumers may not be willing to pay increased prices for our products or, if we cannot maintain such prices in accordance with our business strategy, our margins may stagnate or decrease.
- Failure to continually innovate and successfully introduce and commercialize new products or successfully improve existing products may adversely affect our ability to continue to grow.
- Ingredient and packaging costs are volatile and may rise significantly, which may negatively impact the profitability of our business.
- We face intense competition in our market from our competitors, including manufacturers of animal-based meat products and other brands that produce plant-based meat products, and potential competitors and new market entrants and we may lack sufficient financial or other resources to compete successfully.
- Our brand and reputation may be diminished due to real or perceived quality or health issues with our products, which could have an adverse effect on our business, reputation, operating results and financial condition.
- If we fail to develop and maintain our brand, our business could suffer.
- Our international operations could expose us to substantial business, regulatory, political, financial and economic risks.
- Fluctuations in currency exchange rates could negatively impact our earnings.
- Our international operations are subject to the FCPA and we could be adversely affected by violations of the FCPA and similar worldwide anti-corruption laws.
- Our manufacturing operations in China and Europe require substantial investments, for which we cannot guarantee forecasted returns.
- Our ownership of real property is subject to all the risks inherent in an investment in real estate.
- Joint ventures may not operate according to their business plans if our partners fail to fulfill their obligations, which may adversely affect our results of operations and compel us to dedicate additional resources to these joint ventures.
- The divestiture or discontinuation of businesses and product lines, including within our joint venture, could result in unexpected liabilities and adversely affect our financial condition, cash flows and results of operations.
- We may not be able to protect our proprietary technology adequately, which may impact our commercial success.
- We may not be able to protect our intellectual property adequately, which may harm the value of our brand.
- We rely on information technology systems, and any inadequacy, failure, interruption or security breaches of those systems, including those of third parties upon which we rely, may harm our ability to effectively operate our business.
- A cybersecurity incident, other technology disruptions or failure to comply with laws and regulations relating to privacy and the protection of data relating to individuals could negatively impact our business, our reputation and our relationships with customers.
- If the build out of our new Campus Headquarters is delayed or incurs cost overruns, the headquarters does not operate in accordance with our expectations, or occupancy rates at the headquarters are lower than anticipated, our business or financial condition or results of operations may be adversely affected.
- We currently have, and will continue to have, significant lease obligations, and our failure to meet those obligations could adversely affect our financial condition and business.
- Our significant indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under our Notes.
- We may be unable to raise the funds necessary to repurchase the Notes for cash following a fundamental change, or to pay the cash amounts due upon conversion, and our future indebtedness may limit our ability to repurchase the Notes or pay cash upon their conversion.
- The accounting method for the Notes could adversely affect our reported financial condition and results.
- The capped call transactions may affect the value of the Notes and our common stock.
- Provisions in the indenture governing the Notes could delay or prevent an otherwise beneficial takeover of us.
- We may require additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development, and other operations.
- Our inability to access and employ the cash that collateralizes our outstanding and future letters of credit may impact our liquidity.
- Adverse developments affecting the financial services industry could adversely affect our current and projected business operations, our financial condition and results of operations.
- A major earthquake, tsunami, tornado, wildfire, flood, drought or other natural disaster or severe weather event could seriously disrupt our entire business.
- Climate change may negatively affect our business and operations.
- If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired, investors may lose confidence in our financial reporting and the trading price of our common stock may decline.
- Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
- Our operations are subject to FDA governmental regulation and other foreign, federal, state and local regulation, and there is no assurance that we will be in compliance with all regulations.
- We are subject to international regulations that could adversely affect our business and results of operations.
- Any changes in, or changes in the interpretation of, applicable laws, regulations or policies of the FDA or U.S. Department of Agriculture (the “USDA”), state regulators or similar foreign regulatory authorities that relate to the use of the word “meat” or other similar words in connection with plant-based meat products could adversely affect our business, prospects, results of operations or financial condition.
- Increases in income tax rates or changes in income tax laws could have a material adverse impact on our financial results.
- Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.
- Our share price has been and may continue to be highly volatile, and you could lose all or part of your investment.
- Future sales or issuances of our common stock in the public market could cause our share price to fall.
- If securities or industry analysts issue an adverse or misleading opinion regarding our business or publish unfavorable research about our business, our share price and trading volume could decline.
- We have never paid dividends on our capital stock and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our common stock will likely depend on whether the price of our common stock increases.
- Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
- Our ability to utilize our federal net operating loss and tax credit carryforwards may be limited under Sections 382 and 383 of the Internal Revenue Code (the “Code”).
Management Discussion
- ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
- Our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this document generally discusses 2023 and 2022 items and year-to-year comparisons between 2023 and 2022. Discussions of 2021 items and year-to-year comparisons between 2022 and 2021 that are not included in this document can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
- Beyond Meat is a leading plant-based meat company, offering a portfolio of revolutionary plant-based meats. We build meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating our plant-based meat products. Our 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 meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare.