Beyond Meat, Inc. · NASDAQ:BYND
Beyond Meat — Investor Presentation (September 2019)
25 slides from Beyond Meat's investor presentation, Sep 5, 2019
Slide 1: Investor Presentation September 5, 2019
(NASDAQ: BYND) INVESTOR PRESENTATION September 5, 2019
Slide 2: Disclaimer
Disclaimer This presentation contains, in addition to historical information, certain forward-looking statements that are based on our current assumptions, expectations and projections about future performance and events and relate to, among other matters, our future financial performance, our busin
Slide 3: Business Overview
BUSINESS OVERVIEW
Slide 4: We Use Proprietary Science to Redefine Meat
We Use Proprietary Science to Redefine Meat Beyond Meat’s Proprietary Technology & Processes are Used to Replicate Animal Meat’s Principal Components from Plant Proteins We begin with meat’s COMPOSITION versus its animal ORIGIN Then replicate its core structure & sensory experience Microscopy Compar
Slide 5: Committed to Products that Enable Consumers to Eat What You Love
We are Committed to Providing Products that Enable Consumers to Eat What You Love™ 42% 18-51% 78% 60-70 Billion Reduced risk of developing heart Of global greenhouse gas Of all agricultural land is used for Farm animals reared for failure associated with people who emissions driven by livestock, inc
Slide 6: Innovation is at the Core of our Company and a Key Differentiator
Innovation is at the Core of our Company and is a Key Differentiator Innovation Strategy Led by Highly State-of-the-Art Innovation Center Respected Team of Scientists Large, experienced team composed of scientists, R&D Application Lab engineers, researchers, technicians, and chefs Color / Enca
Slide 7: Plant-Based Meat has a Significant Market Opportunity in the U.S. Alone
Plant-Based Meat has a Significant Market Opportunity in the U.S. Alone Plant-Based Meats are Growing in Consumer Acceptance – 95% of People Purchasing Plant-Based Burgers When Dining Out Also Purchasing Beef Burgers1 Applying Plant-Based Milk % Penetration in U.S. Dairy to Plant-Based Dairy Analogu
Slide 8: Opportunity to Serve Meat Eaters in Existing and New Geographies
Opportunity to Serve Meat Eaters in Existing and New Geographies Current Established Presence Near-term Target Strong potential to increase revenue from international markets which represented 13% of Beyond Meat net revenues in the first half of 2019, up from 2% of net revenues in the first half of
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Slide 10: Our Approach to Product and Strategy has Made Us a Leading Disruptor
Our Approach to Product and Strategy has Made Us a Leading Disruptor in the Meat Category We are Disrupting the Net Revenues ($ millions) Largest Category in Food $1.4tn $270bn $ 107 Size of the Global Meat Size of the U.S. Meat Category¹ Category¹ $ 88 Beyond Meat is the Future of Protein 256% 3x Y
Slide 11: Momentum Has Continued Post-IPO
Momentum Has Continued Post-IPO At IPO July 2019 Growth Total Points of Distribution ~30,000 ~53,000 +77% (Worldwide) Retail ~17,000 ~23,000 +35% Foodservice ~12,000 ~25,000 +108% International1 ~1,000 ~5,000 +400% Brand Awareness Unaided brand awareness2 6% 13% +117% Total brand awareness3 23% 34%
Slide 12: Strong Demand Led to the Aggressive Rollout of the Beyond Burger in Retail
Strong Demand Led to the Aggressive Rollout of the Beyond Burger in Retail Quarterly U.S. Retail Rollout of the Beyond Burger 20 15 13 13 10 Retail Outlets (in '000s) 7 5 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 11
Slide 13: Retail Velocities Continue to Increase
Retail Velocities Continue to Increase Quarterly Retail Average Units per Store per Week at Key Retailers (Beyond Burger and Beyond Sausage) Total +196% +99% +1,426% +299% +1,245% +228% +142% +222% Velocity 1 191 55 104 87 41 65 23 62 136 63 48 44 14 18 47 43 14 17 Average Average Units per Store pe
Slide 14: Beyond Meat is Building a Track Record of Success
Beyond Meat is Building a Track Record of Success We are Poised to Achieve Growth Across Three Distribution Channels Retail Restaurant and Foodservice International1 Net Revenues ($ millions) Net Revenues ($ millions) Select Customers and Distributors $ 54 $ 54 $ 51 $ 37 3 $ 25 $ 21 2 $ 7 $ 9 2017 2
Slide 15: Recent Notable Updates
Recent Notable Updates Beyond Meat Rapid & Relentless Innovation Program (BM2RI) Is Designed to Make Our Existing Products Obsolete, Generate New Products & Platforms, and Serve A Widening Circle of Customers Customers Products Key International Customers We continue to expand our customer Roll out
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Slide 17: Key Financial Drivers and Key Financial Metrics
Key Financial Drivers Key Financial Metrics +256% Plant-based 1H 2018 vs. 1H 2019 Penetration Meat Market Innovation Net Revenues CAGR Revenue Drivers Across Expansion and New Retail, & BYND Product Foodservice Share Launches $107mm & Int’l Growth 2019 1H Net Revenues 31% 2019 1H Branded Production
Slide 18: Strong Growth Profile
Strong Growth Profile Gross Revenues by Platform Net Revenues by Channel¹ Highlights YoY Growth (%) YoY Growth (%) Strong revenue growth, with multiple levers to further 2018 1H 2019 2018 1H 2019 accelerate growth Fresh 351 % 331 % Retail 99 % 156 % ― Brand awareness Restaurant and Frozen (19) % 1
Slide 19: Evolution of Quarterly Revenues
Evolution of Quarterly Revenues Quarterly Net Revenues ($ millions) YoY 107 % 212% 180 % 175 % 215% 287% Growth (%) $ 67.3 $ 40.2 $ 31.5 $ 26.3 $ 17.4 $ 12.8 $ 11.5 $ 9.4 $ 6.2 $ 5.6 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 As we shifted focus to our fresh plat
Slide 20: Improving Margin Profile
Improving Margin Profile Gross Profit and Margin OpEx and OpEx % of Net Revenues Highlights Gross Margins Operating Expenses² as % of Net Revenues Gross margin benefits from transition to fresh product platform (6.7)% 20.0% 15.5% 31.2% 58.1% 34.1% Continued optimization of supply R&D as % of Net
Slide 21: Targeted Long-Term Margin Structure
Targeted Long-Term Margin Structure ~Mid to High-30s 31.2% 20.0% Gross Margin 2018A 1H 2019 Long-Term ~Mid-teens 4.4% Adjusted EBITDA (22.0)% as a % of Net Revenues 2018A 1H 2019 Long-Term 20
Slide 22: Q2 2019 Performance Update
Q2 2019 Performance Update Highlights ($ millions) Q2’18 Q2’19 Change Net revenues increased 287% to $67.3mm, primarily due to an increase Net Revenues $17.4 $67.3 +287% in sales of fresh platform products, expansion in the number of retail and foodservice points of distribution, Gross Profit $2.6
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Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Reconciliation to Adjusted EBITDA (unaudited) 1 In connection with the termination of an exclusive supply agreement with a co-manufacturer in May 2017, we recorded restructuring expenses related to the impairment write-off of long-lived assets, primarily
Slide 25: Go Beyond
— GO BEYOND’