0001655210-20-000234 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 26, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 26, 2020
Entity File Number	001-38879
Entity Registrant Name	BEYOND MEAT, INC.
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001655210
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4087597
Entity Address, Address Line One	119 Standard Street
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	866
Local Phone Number	756-4112
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BYND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,655,659

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 214,615	$ 275,988
Accounts receivable	29,760	40,080
Inventory	132,359	81,596
Prepaid expenses and other current assets	14,195	5,930
Total current assets	390,929	403,594
Property, plant, and equipment, net	77,002
Property, plant, and equipment, net		47,474
Operating lease right-of-use assets	13,736
Other non-current assets, net	4,970	855
Total assets	486,637	451,923
Current liabilities:
Accounts payable	30,531	26,923
Wages payable	2,289	1,768
Accrued bonus	43	4,129
Current portion of operating lease liabilities	2,481
Accrued expenses and other current liabilities	10,241	3,805
Short-term borrowings under revolving credit facility and bank term loan	0	11,000
Current portion of finance lease liabilities	72
Current portion of finance lease liabilities		72
Total current liabilities	45,657	47,697
Long-term liabilities:
Revolving credit facility	50,000	0
Operating lease liabilities, net of current portion	11,413
Long-term portion of bank term loan, net	0	14,637
Equipment loan, net	0	4,932
Finance lease obligations and other long-term liabilities	167	567
Total long-term liabilities	61,580	20,136
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Preferred stock, par value $0.0001 per share—500,000 shares authorized, none issued and outstanding	0	0
Common stock, par value $0.0001 per share—500,000,000 shares authorized; 62,625,629 and 61,576,494 shares issued and outstanding at September 26, 2020 and December 31, 2019, respectively	6	6
Additional paid-in capital	548,706	526,199
Accumulated deficit	(169,790)	(142,115)
Accumulated other comprehensive income	478	0
Total stockholders’ equity	379,400	384,090
Total liabilities and stockholders’ equity	$ 486,637	$ 451,923

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 26, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	62,625,629	61,576,494
Common stock, outstanding (in shares)	62,625,629	61,576,494

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net revenues	$ 94,436	$ 91,961	$ 304,848	$ 199,418
Cost of goods sold	68,908	59,178	207,978	133,123
Gross profit	25,528	32,783	96,870	66,295
Research and development expenses	8,278	5,951	20,488	14,661
Selling, general and administrative expenses	33,560	20,944	95,167	47,636
Restructuring expenses	2,146	2,319	6,028	3,560
Total operating expenses	43,984	29,214	121,683	65,857
(Loss) income from operations	(18,456)	3,569	(24,813)	438
Other (expense) income, net:
Interest expense	(689)	(855)	(1,963)	(2,329)
Remeasurement of warrant liability	0	0	0	(12,503)
Other, net	(85)	1,385	(829)	2,424
Total other (expense) income, net	(774)	530	(2,792)	(12,408)
(Loss) income before taxes	(19,230)	4,099	(27,605)	(11,970)
Income tax expense	55	0	70	21
Net (loss) income	$ (19,285)	$ 4,099	$ (27,675)	$ (11,991)
Net (loss) income per share available to common stockholders—basic (in dollars per share)	$ (0.31)	$ 0.07	$ (0.45)	$ (0.33)
Weighted average common shares outstanding—basic	62,487,152	60,415,866	62,114,399	35,806,520
Net (loss) income per share available to common stockholders—diluted (in dollars per share)	$ (0.31)	$ 0.06	$ (0.45)	$ (0.33)
Weighted average common shares outstanding—diluted	62,487,152	66,026,490	62,114,399	35,806,520

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (19,285)	$ 4,099	$ (27,675)	$ (11,991)
Other comprehensive income, net of tax:
Foreign currency translation gain, net of tax	645	0	478	0
Comprehensive (loss) income, net of tax	$ (18,640)	$ 4,099	$ (27,197)	$ (11,991)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2018	41,562,111
Beginning balance at Dec. 31, 2018	$ 199,540
Ending balance (in shares) at Mar. 30, 2019	41,562,111
Ending balance at Mar. 30, 2019	$ 199,540
Beginning balance (in shares) at Dec. 31, 2018			6,951,350
Beginning balance at Dec. 31, 2018	(121,750)		$ 1		$ 7,921		$ (129,672)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(6,649)						(6,649)
Issuance of common stock under equity incentive plans, net (in shares)			169,583
Issuance of common stock under equity incentive plans, net	366				366
Share-based compensation for equity classified awards	855				855
Ending balance (in shares) at Mar. 30, 2019			7,120,933
Ending balance at Mar. 30, 2019	$ (127,178)		$ 1		9,142		(136,321)
Beginning balance (in shares) at Dec. 31, 2018	41,562,111
Beginning balance at Dec. 31, 2018	$ 199,540
Ending balance (in shares) at Sep. 28, 2019	0
Ending balance at Sep. 28, 2019	$ 0
Beginning balance (in shares) at Dec. 31, 2018			6,951,350
Beginning balance at Dec. 31, 2018	(121,750)		$ 1		7,921		(129,672)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(11,991)
Issuance of common stock upon conversion of convertible preferred stock	199,540
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering	14,421
Foreign currency translation gain, net of tax	0
Ending balance (in shares) at Sep. 28, 2019			60,565,840
Ending balance at Sep. 28, 2019	$ 376,828		$ 6		518,485		(141,663)
Beginning balance (in shares) at Mar. 30, 2019	41,562,111
Beginning balance at Mar. 30, 2019	$ 199,540
Preferred Stock
Issuance of common stock upon conversion of convertible preferred stock (in shares)	(41,562,111)
Issuance of common stock upon conversion of convertible preferred stock	$ (199,540)
Ending balance (in shares) at Jun. 29, 2019	0
Ending balance at Jun. 29, 2019	$ 0
Beginning balance (in shares) at Mar. 30, 2019			7,120,933
Beginning balance at Mar. 30, 2019	(127,178)		$ 1		9,142		(136,321)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(9,441)						(9,441)
Issuance of common stock, net (in shares)				11,068,750
Issuance of common stock, net		$ 252,453		$ 1		$ 252,452
Issuance of common stock upon conversion of convertible preferred stock (in shares)			41,562,111
Issuance of common stock upon conversion of convertible preferred stock	199,540		$ 4		199,536
Issuance of common stock upon exercise of common stock warrants (in shares)			214,875
Issuance of common stock upon exercise of common stock warrants	0
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering	14,421				14,421
Issuance of common stock under equity incentive plans, net (in shares)			200,852
Issuance of common stock under equity incentive plans, net	167				167
Share-based compensation for equity classified awards	1,823				1,823
Ending balance (in shares) at Jun. 29, 2019			60,167,521
Ending balance at Jun. 29, 2019	$ 331,785		$ 6		477,541		(145,762)
Ending balance (in shares) at Sep. 28, 2019	0
Ending balance at Sep. 28, 2019	$ 0
Increase (Decrease) in Stockholders' Equity
Net (loss) income	4,099						4,099
Issuance of common stock, net (in shares)			250,000
Issuance of common stock, net	37,450				37,450
Issuance of common stock under equity incentive plans, net (in shares)			148,319
Issuance of common stock under equity incentive plans, net	365				365
Share-based compensation for equity classified awards	3,129				3,129
Foreign currency translation gain, net of tax	0
Ending balance (in shares) at Sep. 28, 2019			60,565,840
Ending balance at Sep. 28, 2019	$ 376,828		$ 6		518,485		(141,663)
Beginning balance (in shares) at Dec. 31, 2019	0
Beginning balance (in shares) at Dec. 31, 2019			61,576,494
Beginning balance at Dec. 31, 2019	$ 384,090		$ 6		526,199		(142,115)	$ 0
Increase (Decrease) in Stockholders' Equity
Net (loss) income	1,815						1,815
Issuance of common stock under equity incentive plans, net (in shares)			280,883
Issuance of common stock under equity incentive plans, net	1,002				1,002
Share-based compensation for equity classified awards	5,074				5,074
Ending balance (in shares) at Mar. 28, 2020			61,857,377
Ending balance at Mar. 28, 2020	$ 391,981		$ 6		532,275		(140,300)	0
Beginning balance (in shares) at Dec. 31, 2019	0
Ending balance (in shares) at Sep. 26, 2020	0
Beginning balance (in shares) at Dec. 31, 2019			61,576,494
Beginning balance at Dec. 31, 2019	$ 384,090		$ 6		526,199		(142,115)	0
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(27,675)
Issuance of common stock upon conversion of convertible preferred stock	0
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering	0
Foreign currency translation gain, net of tax	478
Ending balance (in shares) at Sep. 26, 2020			62,625,629
Ending balance at Sep. 26, 2020	379,400		$ 6		548,706		(169,790)	478
Beginning balance (in shares) at Mar. 28, 2020			61,857,377
Beginning balance at Mar. 28, 2020	391,981		$ 6		532,275		(140,300)	0
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(10,205)						(10,205)
Issuance of common stock under equity incentive plans, net (in shares)			568,263
Issuance of common stock under equity incentive plans, net	1,590				1,590
Share-based compensation for equity classified awards	6,711				6,711
Foreign currency translation gain, net of tax	(167)							(167)
Ending balance (in shares) at Jun. 27, 2020			62,425,640
Ending balance at Jun. 27, 2020	$ 389,910		$ 6		540,576		(150,505)	(167)
Ending balance (in shares) at Sep. 26, 2020	0
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ (19,285)						(19,285)
Issuance of common stock under equity incentive plans, net (in shares)			199,989
Issuance of common stock under equity incentive plans, net	2,162				2,162
Share-based compensation for equity classified awards	5,968				5,968
Foreign currency translation gain, net of tax	645							645
Ending balance (in shares) at Sep. 26, 2020			62,625,629
Ending balance at Sep. 26, 2020	$ 379,400		$ 6		$ 548,706		$ (169,790)	$ 478

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2019	Jun. 29, 2019
Deferred offering costs	$ 1.1
IPO
Deferred offering costs		$ 4.9

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net loss	$ (27,675)	$ (11,991)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,276	5,980
Non-cash lease expense	1,573
Share-based compensation expense	20,377	5,807
Loss on sale of fixed assets	218	0
Amortization of debt issuance costs	195	124
Loss on extinguishment of debt	1,538	0
Change in preferred and common stock warrant liabilities	0	12,503
Net change in operating assets and liabilities:
Accounts receivable	10,365	(21,856)
Inventories	(50,263)	(30,013)
Prepaid expenses and other assets	(9,444)	(1,878)
Accounts payable	2,442	20,206
Accrued expenses and other current liabilities	245	2,768
Operating lease liabilities	(1,584)
Long-term liabilities	0	11
Net cash used in operating activities	(42,737)	(18,339)
Cash flows from investing activities:
Purchases of property, plant and equipment	(38,048)	(9,515)
Proceeds from sale of fixed assets	0	307
Purchases of property, plant and equipment held for sale	(2,288)	(7,403)
Proceeds from note receivable on assets previously held for sale	599	0
Payment of security deposits	(9)	(542)
Net cash used in investing activities	(39,746)	(17,153)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to the initial public offering, net of issuance costs	0	254,868
Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs	0	37,937
Proceeds from revolving credit facility	50,000	0
Debt issuance costs	(1,224)	0
Debt extinguishment costs	(1,200)	0
Repayment of revolving credit line	(6,000)	0
Repayment of term loan	(20,000)	0
Repayment of equipment loan	(5,000)	0
Principal payments under finance lease obligations	(52)
Principal payments under finance lease obligations		(31)
Proceeds from exercise of stock options	6,491	898
Payments of minimum withholding taxes on net share settlement of equity awards	(1,736)	0
Net cash provided by financing activities	21,279	293,672
Net (decrease) increase in cash and cash equivalents	(61,204)	258,180
Effect of exchange rate changes on cash	(169)	0
Cash and cash equivalents at the beginning of the period	275,988	54,271
Cash and cash equivalents at the end of the period	214,615	312,451
Supplemental disclosures of cash flow information:
Interest	2,114	2,261
Taxes	15	21
Non-cash investing and financing activities:
Non-cash additions to property, plant and equipment	2,545	1,280
Offering costs, accrued not yet paid	0	487
Non-cash additions to property, plant and equipment held for sale	0	1,019
Operating lease right-of-use assets obtained in exchange for lease liabilities	3,151
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering	0	14,421
Conversion of convertible preferred stock to common stock upon initial public offering	0	199,540
Note receivable from sale of assets held for sale	$ 4,558	$ 0

Introduction	9 Months Ended
Introduction	Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction	Introduction The Company Beyond Meat, Inc., a Delaware corporation (including its consolidated subsidiaries unless the context otherwise requires, the “Company”), is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. The Company builds 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 the Company’s plant-based meat products. On January 14, 2020, the Company registered its new subsidiary, Beyond Meat EU B.V., in the Netherlands. On April 28, 2020, the Company registered its new subsidiary, Beyond Meat (Jiaxing) Food Co., Ltd. (“BYND JX”), in the Zhejiang Province in China. The Company’s primary production facilities are located in Columbia, Missouri, and research and development and administrative offices are located in El Segundo, California. In addition to its own production facilities, the Company uses co-manufacturers in various locations in the United States, Canada and the Netherlands. In the second quarter of 2020, the Company acquired its first manufacturing facility in Europe located in Enschede, the Netherlands. This facility is expected to be operational by the end of 2020. In addition, in June 2020 the Company announced the official opening of a new co-manufacturing facility to be used for Beyond Meat production built by the Company’s distributor in the Netherlands. In the third quarter of 2020, the Company and BYND JX entered into an investment agreement and related factory leasing contract to design and develop manufacturing facilities in the Jiaxing Economic & Technological Development Zone to manufacture plant-based meat products under the Beyond Meat brand in China. Renovations in the leased facility have commenced, with trial production expected by the end of 2020 and full-scale production expected in early 2021. Subsequent to the quarter ended September 26, 2020, on October 30, 2020, the Company acquired certain assets including land, building, vehicles, machinery and equipment and certain workforce from one of its co-manufacturers for cash consideration of $14.5 million, subject to adjustment for customary prorations, transfer taxes, escrow holdbacks and other adjustments. The Company intends to use this manufacturing facility for the production of its finished goods. The Company sells to a variety of customers in the retail and foodservice channels throughout the United States and internationally primarily through distributors who purchase, store, sell, and deliver the Company’s products. In addition, the Company sells directly to customers in the retail and foodservice channels who handle their own distribution. In the third quarter of 2020, the Company launched an e-commerce site to sell its products direct to consumers. As of September 26, 2020, approximately 96% of the Company’s long-lived assets were located in the United States. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The global spread and unprecedented impact of COVID-19 continues to create significant volatility, uncertainty and economic disruption. In the second and third quarters of 2020, the Company’s operations and its financial results including net revenues, gross profit, gross margin and operating expenses were negatively impacted by COVID-19. The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the level of social and economic restrictions imposed in the United States and abroad in an effort to curb the spread of the virus, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business, results of operations, financial condition, or liquidity. While the ultimate health and economic impact of the COVID-19 pandemic is highly uncertain, the Company expects that its business operations and results of operations, including its net revenues, gross profit, gross margin, earnings and cash flows, will be adversely impacted through at least the remainder of 2020, and likely into 2021. Future events and effects related to the COVID-19 pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 19, 2020 (the “2019 10-K”). The condensed balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date. There have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2019 10-K, except as noted below.

Principles of Consolidation

The condensed consolidated financial statements for the periods ended September 26, 2020 include the accounts of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated.

Management’s Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine operating lease right-of-use assets and operating lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; and the valuation of the fair value of stock options used to determine share-based compensation expense. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in loss from operations. Expenditures for repairs and maintenance are charged directly to expense when incurred. See Note 6.

Foreign Currency

The Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at period end exchange rates, while revenue and expense accounts are translated at average exchange rates prevailing during the periods being reported. Resulting currency translation adjustments are included in accumulated other comprehensive income and foreign currency transaction gains and losses are included in other, net. Transaction gains and losses on long-term intra-entity transactions are recorded as a component of other comprehensive income. Transactions denominated in a currency other than the reporting entity’s functional currency may give rise to transaction gains and losses that impact the Company’s results of operations.

Unrealized translation gains, net of tax, reported as cumulative translation adjustments through other comprehensive income were $0.5 million as of September 26, 2020. Foreign currency transaction (losses) gains included in other, net were $(15,000) and $0.1 million during the three and nine months ended September 26, 2020, respectively.

Fair Value of Financial Instruments

The fair value measurement accounting guidance creates a fair value hierarchy to prioritize the inputs used to measure fair value into three categories. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest.

The three levels are defined as follows:

•Level 1—Unadjusted quoted prices in active markets accessible by the reporting entity for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant value drivers are observable.

•Level 3—Valuations derived from valuation techniques in which significant value drivers are unobservable.

The Company’s financial instruments include cash equivalents, accounts receivable, accounts payable, and accrued expenses, for which the carrying amounts approximate fair value due to the short-term maturity of these financial instruments. Based on the borrowing rates currently available to the Company for debt with similar terms, the carrying value of the Company’s revolving credit facility approximates fair value as well.

The Company had no financial instruments measured at fair value on a recurring basis as of September 26, 2020 and December 31, 2019, other than the liability classified share-settled obligation to one of the Company’s executive officers as discussed in Note 9 which represents a Level 1 financial instrument. There was no change in the fair value of the liability-classified share-settled obligation in the three and nine months ended September 26, 2020. There were no transfers of financial assets or liabilities into or out of Level 1, Level 2 or Level 3 for the three and nine months ended September 26, 2020.

Prior to the IPO, the stock warrant liability was measured at fair value using Level 3 inputs upon issuance and at each reporting date. Inputs used to determine the estimated fair value of the warrant liability as of the valuation date included expected term of the warrants, the risk-free interest rate, volatility, and the fair value of underlying shares.

The following table sets forth a summary of the changes in the fair value of the preferred and common stock warrant liabilities:


	Nine Months Ended
(in thousands)	September 26, 2020		September 28, 2019
Beginning balance	$	—	$	1,918
Fair value of warrants issued during the period	—		—
Change in fair value of warrant liability	—		12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO	—		(14,421)
Ending balance	$	—	$	—

The Company remeasured and reclassified the common stock warrant liability to additional paid-in-capital in connection with the IPO. The final re-measurement of the preferred stock warrant was based upon the publicly available stock price on the conversion date. Subsequent to the closing of the IPO, all outstanding warrants to purchase shares of common stock were cashless exercised and no warrants were outstanding as of September 28, 2019.

Revenue Recognition

Revenue is recognized at the point in which the performance obligation under the terms of a contract with the customer have been satisfied and control has transferred. The Company’s performance obligation is typically defined as the accepted purchase order, or the contract, with the customer which requires the Company to deliver the requested products at agreed upon prices at the time and location of the customer’s choice. The Company does not offer warranties or a right to return on the products it sells except in the instance of a product recall.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for fulfilling the performance obligation. Sales and other taxes the Company collects concurrent with the sale of products are excluded from revenue. The Company's normal payment terms vary by the type and location of its customers and the products offered. The time between invoicing and when payment is due is not significant. None of the Company's customer contracts as of September 26, 2020 contains a significant financing component.

The Company routinely offers sales discounts and promotions through various programs to its customers and consumers. These programs include rebates, temporary on shelf price reductions, buy-one-get-one-free programs, off invoice discounts, retailer advertisements, product coupons and other trade activities. Provision for discounts and incentives are recorded in the same period in which the related revenues are recognized. At the end of each accounting period, the Company recognizes a liability for estimated sales discounts that have been incurred but not paid which totaled $3.3 million and $1.6 million as of September 26, 2020 and December 31, 2019, respectively. The offsetting charge is recorded as a reduction of revenues in the same period when the expense is incurred.

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The incremental cost to obtain contracts was not material.

Presentation of Net Revenues by Channel

Effective January 1, 2020, the Company began presenting net revenues by geography and distribution channel as follows:


Distribution Channel						Description
U.S. Retail						Net revenues from retail sales to the U.S. market
U.S. Foodservice						Net revenues from restaurant and foodservice sales to the U.S. market
International Retail						Net revenues from retail sales to international markets, including Canada
International Foodservice						Net revenues from restaurant and foodservice sales to international markets, including Canada

Net revenues from sales to the Canadian market, previously included with net revenues from sales to the U.S. market, have been reclassified to International net revenues. Prior period amounts have been recast to conform to the current period presentation. The foregoing change in presentation had no impact on the Company’s net revenues, results of operations or cash flows.

Effective January 1, 2020, the Company also eliminated the presentation of net revenues by platform as it is no longer material to an understanding of the Company's financial results. Previously, the Company presented net revenues by platform for its “ready-to-cook” or fresh platform, and “ready-to-heat” or frozen platform. Gross revenues from sales of products in the Company's frozen platform were 5.5% of gross revenues in the year ended December 31, 2019, as compared to 16.3% of gross revenues in the year ended December 31, 2018.

The following table presents the Company’s net revenues by channel:


	Three Months Ended				Nine Months Ended
(in thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net revenues:
U.S.:
Retail	$	62,057	$	44,170	$	202,019	$	94,162
Foodservice	16,325		18,359		45,442		43,697
U.S. net revenues	78,382		62,529		247,461		137,859
International:
Retail	7,975		6,295		23,499		10,002
Foodservice	8,079		23,137		33,888		51,557
International net revenues	16,054		29,432		57,387		61,559
Net revenues	$	94,436	$	91,961	$	304,848	$	199,418

One distributor accounted for approximately 11% of the Company’s gross revenues in the three months ended September 26, 2020; and two distributors accounted for approximately 17% and 15%, respectively, of the Company’s gross revenues in the three months ended September 28, 2019. One distributor accounted for approximately 13% of the Company’s gross revenues in the nine months ended September 26, 2020; and two distributors accounted for approximately 18% and 19%, respectively, of the Company’s gross revenues in the nine months ended September 28, 2019. No other distributor or customer accounted for more than 10% of the Company’s gross revenues in the three and nine months ended September 26, 2020 and September 28, 2019.

Shipping and Handling Costs

Outbound shipping and handling costs included in selling, general and administrative (“SG&A”) expenses in the three months ended September 26, 2020 and September 28, 2019 were $3.3 million and $3.4 million, respectively. Outbound shipping and handling costs included in SG&A expenses in the nine months ended September 26, 2020 and September 28, 2019 were $8.1 million and $7.4 million, respectively.

Recently Adopted Accounting Pronouncements

As an “emerging growth company” (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company will no longer qualify as an EGC as of the end of the fiscal year ending December 31, 2020, when it becomes a Large Accelerated Filer under Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Therefore, the Company has elected to use the adoption dates applicable to public companies beginning in the first quarter of 2020 and the adoption dates for the new accounting pronouncements disclosed below have been evaluated under such premise.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842) (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to Accounting Standards Codification (“ASC”) 840, “Leases” (“ASC 840”). ASU 2016-02 requires that a lessee recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.

On January 1, 2020, the Company adopted ASU 2016-02 using the modified retrospective approach, which permits application of this new guidance at the beginning of the period of adoption, with comparative periods continuing to be reported under ASC 840. The Company also elected the package of practical expedients permitted under the transition guidance within ASU 2016-02, which among other things, permits the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient or the practical expedient pertaining to land easements, the latter not being applicable to the Company. As part of this adoption, the Company elected not to record operating right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less. Payments on those leases will be recognized on a straight-line basis through the Company’s condensed consolidated statements of operations over the lease term. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities and to combine lease and non-lease components on all new or modified operating leases into a single lease component for all other classes of assets. See Note 4.

On March 12, 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). The amendments in ASU 2020-04 provide temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be

discontinued, including the London Interbank Offered Rate (LIBOR). ASU 2020-04 is effective for the Company as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 has not had and is not expected to have a material impact on the Company’s financial position, results of operations, or cash flows.

New Accounting Pronouncements

On December 18, 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740)” (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exceptions to the incremental approach for intra-period tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments, and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. ASU 2019-12 is effective for the Company beginning on January 1, 2021. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s financial position, results of operations, or cash flows.

Restructuring	9 Months Ended
Restructuring	Sep. 26, 2020
Restructuring and Related Activities [Abstract]
Restructuring	RestructuringIn May 2017, management approved a plan to terminate the Company’s exclusive supply agreement (the “Agreement”) with one of its co-manufacturers, due to non-performance under the Agreement and on May 23, 2017, the Company notified the co-manufacturer of its decision to terminate the Agreement. In the three months ended September 26, 2020 and September 28, 2019, the Company recorded $2.1 million and $2.3 million, respectively, in restructuring expenses related to this dispute, which consisted primarily of legal and other expenses. In the nine months ended September 26, 2020 and September 28, 2019, the Company recorded $6.0 million and $3.6 million, respectively, in restructuring expenses related to this dispute, which consisted primarily of legal and other expenses. See Note 10 for further information. As of September 26, 2020 and December 31, 2019, the Company had $1.1 million in accrued and unpaid restructuring expenses.

Leases

9 Months Ended

Sep. 26, 2020

Leases [Abstract]

Leases

Leases Leases are classified as either finance leases or operating leases based on criteria in ASC 842. The Company has operating leases for its corporate offices including its Manhattan Beach Innovation Center where the Company’s research and development facility is located, its manufacturing facilities, warehouses and vehicles, and finance leases for certain of the Company’s equipment. Such leases generally have original lease terms between two and 11 years, and often include one or more options to renew. Some leases also include early termination options, which can be exercised under specific conditions. The Company includes options to extend the lease term if the options are reasonably certain of being exercised. The Company currently considers its renewal options to be reasonably certain to be exercised. The Company does not have residual value guarantees or material restrictive covenants associated with its leases.

Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement. The Company calculates the present value of its operating leases using an estimated incremental borrowing rate, which requires judgment. The Company estimates the incremental borrowing rate for each operating lease based on prevailing market rates for collateralized debt in a similar economic environment with similar payment terms and maturity dates commensurate with the terms of the lease. Certain leases contain variable payments, which are expensed as incurred and not included in the Company’s operating lease right-of-use assets and operating lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes, and insurance on the Company’s corporate, research and development, and manufacturing facilities and warehouse leases and are excluded from the present value of the Company’s lease obligations.

Previously designated capital leases under ASC 840 are now considered finance leases under ASC 842. The Company calculates the present value of its finance leases using the interest rate implicit in the lease agreement.

Upon adoption of ASU 2016-02, the Company recognized operating lease right-of-use assets of $11.9 million adjusted for $0.3 million previously recorded as deferred rent and $0.2 million previously recorded as prepaid rent on the Company’s condensed consolidated balance sheets. The Company also recorded $1.4 million in current operating lease liabilities and $10.6 million in operating lease liabilities, net of current portion.

As part of this adoption, the Company elected to not record operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities and to combine lease and non-lease components on all new or modified operating leases into a single lease component for all other classes of assets.


		Three Months Ended		Nine Months Ended
(in thousands)	Statement of Operations Location	September 26, 2020		September 26, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	341	$	993
Lease cost	Research and development expenses	187		470
Lease cost	Selling, general and administrative expenses	136		409
Variable lease cost (1)	Cost of goods sold	—		7
Operating lease cost		$	664	$	1,879

Short-term lease cost	Selling, general and administrative expenses	$	95	$	270

Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	19	$	57
Interest on lease liabilities	Interest expense	3		10
Finance lease cost		$	22	$	67

Total lease cost		$	781	$	2,216

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information as of September 26, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

September 26, 2020

Assets

Operating leases

Operating lease right-of-use assets

13,736

Finance leases, net

Property, plant and equipment, net

230

Total lease assets

13,966

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

2,481

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,413

Finance lease liabilities

Finance lease obligations and other long-term liabilities

167

Total lease liabilities

14,133

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2020:


	September 26, 2020
(in thousands)	Operating Leases		Finance Leases
Remainder of 2020	$	681	$	21
2021	2,886		80
2022	2,814		71
2023	2,331		58
2024	1,495		30
2025	1,281		—
Thereafter	3,913		—
Total undiscounted future minimum lease payments	15,401		260
Less imputed interest	(1,507)		(21)
Total discounted future minimum lease payments	$	13,894	$	239

Weighted average remaining lease terms and weighted average discount rates were:


	September 26, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	7.1		3.5
Weighted average discount rate	2.9	%	5.3	%

A schedule of the future minimum rental commitments under the Company’s capital lease agreements and non-cancelable operating lease agreements with an initial or remaining term in excess of one year as of December 31, 2019, in accordance with ASC 840 were as follows:


(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Leases


		Three Months Ended		Nine Months Ended
(in thousands)	Statement of Operations Location	September 26, 2020		September 26, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	341	$	993
Lease cost	Research and development expenses	187		470
Lease cost	Selling, general and administrative expenses	136		409
Variable lease cost (1)	Cost of goods sold	—		7
Operating lease cost		$	664	$	1,879

Short-term lease cost	Selling, general and administrative expenses	$	95	$	270

Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	19	$	57
Interest on lease liabilities	Interest expense	3		10
Finance lease cost		$	22	$	67

Total lease cost		$	781	$	2,216

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information as of September 26, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

September 26, 2020

Assets

Operating leases

Operating lease right-of-use assets

13,736

Finance leases, net

Property, plant and equipment, net

230

Total lease assets

13,966

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

2,481

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,413

Finance lease liabilities

Finance lease obligations and other long-term liabilities

167

Total lease liabilities

14,133

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2020:


	September 26, 2020
(in thousands)	Operating Leases		Finance Leases
Remainder of 2020	$	681	$	21
2021	2,886		80
2022	2,814		71
2023	2,331		58
2024	1,495		30
2025	1,281		—
Thereafter	3,913		—
Total undiscounted future minimum lease payments	15,401		260
Less imputed interest	(1,507)		(21)
Total discounted future minimum lease payments	$	13,894	$	239

Weighted average remaining lease terms and weighted average discount rates were:


	September 26, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	7.1		3.5
Weighted average discount rate	2.9	%	5.3	%


(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Inventories

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Inventories

Major classes of inventory were as follows:


(in thousands)	September 26, 2020		December 31, 2019
Raw materials and packaging	$	83,636	$	36,884
Work in process	18,728		17,958
Finished goods	29,995		26,754
Total	$	132,359	$	81,596

Property, Plant and Equipment

9 Months Ended

Sep. 26, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant, and equipment are stated at cost and finance lease assets are included. A summary of property, plant, and equipment as of September 26, 2020 and December 31, 2019, is as follows:


(in thousands)	September 26, 2020		December 31, 2019
Manufacturing equipment	$	56,435	$	37,939
Research and development equipment	10,481		8,933
Leasehold improvements	9,104		7,620
Building	2,096		—
Finance leases	287		1,108
Software	377		274
Furniture and fixtures	582		433
Vehicles	378		210
Land	1,156		—
Assets not yet placed in service	25,325		11,666
Total property, plant and equipment	$	106,221	$	68,183
Accumulated depreciation and amortization	(29,219)		(20,709)

Property, plant and equipment, net	$	77,002	$	47,474

Depreciation and amortization expense for the three months ended September 26, 2020 and September 28, 2019, was $3.4 million and $2.0 million, respectively. Of the total depreciation and amortization expense in the three months ended September 26, 2020 and September 28, 2019, $2.6 million and $1.4 million, respectively, were recorded in cost of goods sold, $0.7 million and $0.6 million, respectively, were recorded in research and development expenses, and $30,000 and $17,000, respectively, were recorded in SG&A expenses in the Company’s condensed consolidated statements of operations.

Depreciation and amortization expense for the nine months ended September 26, 2020 and September 28, 2019, was $9.3 million and $6.0 million, respectively. Of the total depreciation and amortization expense in the nine months ended September 26, 2020 and September 28, 2019, $7.1 million and $4.2 million, respectively, were recorded in cost of goods sold, $2.1 million and $1.8 million, respectively, were recorded in research and development expenses, and $0.1 million and $39,000, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.

The Company no longer has any assets that meet the criteria for assets held for sale as of September 26, 2020. Amounts previously classified as assets held for sale were sold for amounts that approximated book value for which a note receivable of $4.6 million, net of payments, was recorded as of September 26, 2020, of which $2.4 million is included in prepaid expenses and other current assets and $2.2 million is included in other non-current assets.

Subsequent to the quarter ended September 26, 2020, on October 30, 2020, the Company acquired certain assets including land, building, vehicles, machinery and equipment and certain workforce from one of its former co-manufacturers. See Note 13 .

Debt

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt

On April 21, 2020, the Company entered into a $150 million five-year secured revolving credit agreement (“2020 Credit Agreement”) by and among the Company, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as the administrative agent (the “Administrative Agent”). JPMorgan Chase Bank, N.A. and Silicon Valley Bank acted as joint bookrunners and joint lead arrangers under the 2020 Credit Agreement. The 2020 Credit Agreement includes an accordion feature for up to an additional $200 million. Capitalized terms used below but not defined have the meanings ascribed to such terms in the 2020 Credit Agreement.

Concurrently with the effectiveness of the 2020 Credit Agreement, on April 21, 2020, the Company terminated the SVB Credit Facilities (a revolving credit facility and a term loan facility with Silicon Valley Bank) and the Equipment Loan Facility (an equipment loan from Structural Capital), and incurred an aggregate of $1.2 million of termination, prepayment, and related fees in connection with such terminations.

Amounts available under the 2020 Credit Agreement are for working capital needs, for general corporate purposes and to refinance certain existing indebtedness, as the Company deems necessary. Borrowings under the 2020 Credit Agreement will bear interest, at the Company’s option, calculated according to an Alternate Base Rate or LIBO Rate, as the case may be, plus an applicable margin. Until the delivery to the Administrative Agent of the Company’s consolidated financial information for the fiscal quarter ended September 26, 2020, the applicable margin was 1.5% per annum for Alternate Base Rate loans and 2.5% per annum for LIBO Rate loans. Thereafter, the applicable margin for Alternate Base Rate loans will range from 1.25% to 1.75% per annum, and the applicable margin for LIBO Rate loans will range from 2.25% to 2.75% per annum, in each case, based on the Company’s total leverage ratio at the end of each quarter.

The Company is required to pay an unused commitment fee of 0.375% per annum, which shall accrue at the applicable rate on the daily amount of the undrawn portion of the commitment of each Lender. Letters of credit issued under the 2020 Credit Agreement are subject to customary letter of credit fees. The Company’s obligations under the 2020 Credit Agreement are secured by substantially all of its assets, subject to customary exceptions set forth in the 2020 Credit Agreement. In addition, to the extent the Company forms or acquires any domestic subsidiaries, such domestic subsidiaries will be required to guarantee the Company’s obligations under the 2020 Credit Agreement and provide a security interest over substantially all of their assets.

The 2020 Credit Agreement contains customary representations, warranties and covenants for a transaction of this type, including maintenance of (i) a maximum total leverage ratio of 3.00 to 1.00 and (ii) a minimum fixed charge coverage ratio of 1.25 to 1.00, in each case, tested on the last day of each fiscal quarter. The Company is permitted to declare and pay up to $10.0 million per year in dividends on its capital stock (and, subject to meeting certain leverage requirements and minimum liquidity thresholds, additional dividends), provided, among other things, no event of default exists or would result therefrom and the Company is in compliance with certain financial covenants contained in the 2020 Credit Agreement. The 2020 Credit Agreement also provides for customary events of default, including (among others) nonpayment, covenant defaults, breaches of representations or warranties, bankruptcy and insolvency events and a change of control. If an event of default occurs, the Administrative Agent shall, at the request of, or may, with the consent of, the required Lenders, declare the obligations under the 2020 Credit Agreement immediately due and payable and the commitments of the Lenders may be terminated. For certain events of default relating to insolvency, the commitments of the Lenders are automatically terminated and all outstanding obligations become due and payable. The revolving credit facility matures on April 21, 2025.

The Company’s debt balances are detailed below:


(in thousands)	September 26, 2020		December 31, 2019
Revolving credit facility	$	50,000	$	—
Revolving credit line (SVB)	—		6,000
Term loan facility	—		20,000
Equipment financing loan	—		5,000
Debt issuance costs	—		(431)
Total debt outstanding	$	50,000	$	30,569
Less: current portion of long-term debt	—		11,000
Long-term debt	$	50,000	$	19,569

The Company records debt issuance costs on the revolving credit facility in other non-current assets, net in the accompanying condensed consolidated balance sheet as of September 26, 2020. Debt issuance costs on the revolving credit line and term loan, net of amortization, were recorded as a reduction of carrying value of the debt in the accompanying condensed consolidated balance sheet as of December 31, 2019. Debt issuance costs, net of amortization, totaled $1.1 million and $0.4 million as of September 26, 2020 and December 31, 2019, respectively. Debt issuance costs are amortized as interest expense over the term of the loan for which amortization of $0.1 million and $46,000 was recorded during the three months ended September 26, 2020 and September 28, 2019, respectively, and $0.2 million and $0.1 million was recorded in the nine months ended September 26, 2020 and September 28, 2019, respectively.

In each of the three months ended September 26, 2020 and September 28, 2019, the Company incurred $0.7 million in interest expense related to its bank credit facilities. In the nine months ended September 26, 2020 and September 28, 2019, the Company incurred $1.6 million and $1.9 million, respectively, in interest expense related to its bank credit facilities. In the three months ended September 26, 2020 and September 28, 2019, the Company incurred $0 and $0.1 million, respectively, in interest expense related to the Equipment Loan Facility. In the nine months ended September 26, 2020 and September 28, 2019, the Company recorded $0.2 million and $0.4 million, respectively, in interest expense related to the Equipment Loan Facility.

As of September 26, 2020, the Company had outstanding borrowings of $50.0 million and $100.0 million in excess availability (excluding the accordion feature) under the revolving credit facility (subject to limitations in order to comply with the Company’s quarterly financial maintenance covenants). The interest rate on outstanding borrowings at September 26, 2020 was 3.5%. The Company was in compliance with the financial covenants in the 2020 Credit Agreement for the fiscal quarter ended September 26, 2020.

Stockholders’ Equity	9 Months Ended
Stockholders’ Equity	Sep. 26, 2020
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity As of September 26, 2020, the Company’s shares consisted of 500,000,000 authorized shares of common stock, par value $0.0001 per share, of which 62,625,629 shares of common stock were issued and outstanding, and 500,000 authorized shares of preferred stock, par value $0.0001 per share, of which no shares were issued and outstanding. As of December 31, 2019, the Company’s shares consisted of 500,000,000 authorized shares of common stock, par value $0.0001 per share, of which 61,576,494 shares were issued and outstanding, and 500,000 authorized shares of preferred stock, par value $0.0001 per share, of which no shares were issued and outstanding. The Company has not declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock.

Share-Based Compensation

9 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

In 2019, the Company’s 2011 Equity Incentive Plan was amended, restated and re-named the 2018 Equity Incentive Plan (“2018 Plan”), and the remaining shares available for issuance under the 2011 Plan were added to the shares reserved for issuance under the 2018 Plan. As of January 1, 2020, the maximum aggregate number of shares that may be issued under the 2018 Plan increased to 16,626,877 shares.

As of September 26, 2020 and December 31, 2019, there were 4,375,498 and 5,170,976 shares, respectively, issuable under stock options outstanding, 283,698 and 149,004 shares, respectively, issuable under unvested RSUs outstanding, 6,926,700 and 5,864,738 shares, respectively, issued for stock option exercises, RSU settlement, and restricted stock grants, and 5,053,398 and 3,297,638 shares, respectively, available for grants under the 2018 Plan.

Stock Options

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:


	Three Months Ended		Nine Months Ended
	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Risk-free interest rate	0.6%	1.7%	0.8%	2.3%
Average expected term (years)	7.0	6.0	7.0	6.0
Expected volatility	55.0%	55.0%	55.0%	55.0%
Dividend yield	—	—	—	—

Option grants to new employees in the nine months ended September 26, 2020 vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting monthly over the remaining three-year period, subject to continued employment through the vesting date. Option grants to continuing employees in the nine months ended September 26, 2020 vest monthly over a 48-month period, subject to continued employment through the vesting date. Option grants to continuing employees in the nine months ended September 28, 2019 generally vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting monthly over the remaining three-year period, subject to continued employment through the vesting date. The stock option grant to an executive officer on August 1, 2019 vests monthly over a 48-month period.

The following table summarizes the Company’s stock option activity during the nine months ended September 26, 2020:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2019	5,170,976	$	14.28	7.5	$	329,879
Granted	257,374	$	98.56	—	$	—
Exercised	(1,010,116)	$	6.43	—	$	113,753
Cancelled/Forfeited	(42,736)	$	29.99	—	$	—
Outstanding at September 26, 2020	4,375,498	$	20.89	6.9	$	588,621
Vested and exercisable at September 26, 2020	2,533,172	$	8.66	5.9	$	371,329
Vested and expected to vest at September 26, 2020	3,897,508	$	17.08	6.7	$	538,980

__________

(1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.

During the three months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $3.1 million and $2.0 million, respectively, of share-based compensation expense related to options. During the nine months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $9.7 million and $3.8 million, respectively, of share-based compensation expense related to options. The share-based compensation expense is included in cost of goods sold, research and development expenses, and SG&A expenses in the Company’s condensed consolidated statements of operations.

As of September 26, 2020, there was $16.5 million in unrecognized compensation expense related to nonvested stock option awards which is expected to be recognized over a weighted average period of 2.1 years.

Restricted Stock Units

RSU grants to new employees in the nine months ended September 26, 2020 and September 28, 2019 vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting quarterly over the remaining three years of the award, subject to continued employment through the vesting date. RSU grants to continuing employees in the nine months ended September 26, 2020 and September 28, 2019 vest quarterly over 16 quarters, subject to continued employment through the vesting date. RSU grants to non-employee directors in the nine-months ended September 26, 2020 vest monthly over 12 months, subject to continued service through the vesting date. RSU grants to consultants in the nine months ended September 26, 2020 vest (i) quarterly over 8 quarters, or (ii) monthly over 12 months, in each case, subject to continued service through the vesting date. RSU grants to nonemployee brand ambassadors in the nine months ended September 26, 2020 vest (i) 50% upon grant with the remainder vesting quarterly over 4 quarters commencing on October 1, 2020, or (ii) quarterly over two years, in each case, subject to continued service through the vesting date.

The following table summarizes the Company’s RSU activity during the nine months ended September 26, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2019	149,004	$	132.73
Granted	198,706	$	105.30
Vested(1)	(52,250)	$	132.99
Cancelled/Forfeited	(11,762)	$	—
Unvested at September 26, 2020	283,698	$	113.73

________

(1) Includes 12,822 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2018 Plan.

During the three months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $2.5 million and $0.6 million, respectively, of share-based compensation expense related to RSUs. During the nine months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $6.9 million and $0.7 million, respectively, of share-based compensation expense related to RSUs. The share-based compensation expense is included in cost of goods sold, research and development expenses, and SG&A expenses in the Company’s condensed consolidated statements of operations.

As of September 26, 2020, there was $15.2 million in unrecognized compensation expense related to unvested RSUs which is expected to be recognized over a weighted average period of 2.0 years.

Share-Settled Obligation

Share-based compensation expense in the three and nine months ended September 26, 2020 includes $0.9 million and $2.6 million, respectively, for a liability classified, share-settled obligation to an executive officer related to a sign-on award pursuant to the terms of the executive officer’s offer letter dated August 1, 2019 with the Company. There was no such expense in the three and nine months ended September 28, 2019. The share-based compensation expense related to this share-settled obligation is included in SG&A expenses in the Company’s condensed consolidated statements of operations. The liability classified award is considered unearned until the requirements for issuance of the shares are met and is included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets as of September 26, 2020 and December 31, 2019 in the amount of $3.6 million and $1.0 million, respectively. As of September 26, 2020, there was $3.4 million in unrecognized compensation expense related to this share-settled obligation which is expected to be recognized over one year.

Restricted Stock to Nonemployees

The following table summarizes the Company’s restricted stock activity during the nine months ended September 26, 2020:


	Number of Shares of Restricted Stock	Weighted Average Remaining Contractual Life (Years)	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2019	88,988	1.2	$	19.49
Granted	—	—	$	—
Vested/Released	(67,208)	—	$	19.42
Cancelled/Forfeited	—	—	$	—
Unvested at September 26, 2020	21,780	0.7	$	20.00

As of September 26, 2020, 21,780 shares of restricted stock had been purchased by nonemployee brand ambassadors which remained subject to vesting requirements and repurchase pursuant to restricted stock purchase agreements.

During the three months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $0.4 million and $0.5 million, respectively, of share-based compensation expense related to restricted stock issued to nonemployee brand ambassadors, which is included in SG&A expenses in the Company’s condensed consolidated statements of operations. During the nine months ended September 26, 2020 and September 28, 2019, the Company recorded in aggregate $1.2 million and $1.3 million, respectively, of share-based compensation expense related to restricted stock issued to nonemployee brand ambassadors, which is included in SG&A expenses in the Company’s condensed consolidated statements of operations.

As of September 26, 2020, there was $0.4 million in unrecognized compensation expense related to unvested restricted stock granted to nonemployee brand ambassadors, which is expected to be recognized over nine months.

Employee Stock Purchase Plan

As of September 26, 2020, the maximum aggregate number of shares that may be issued under the 2018 Employee Stock Purchase Plan (“ESPP”) was 1,340,325 shares of common stock, including an increase of 536,130 shares effective January 1, 2020 under the terms of the ESPP. The 2018 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The administrator has not yet approved an offering under the 2018 ESPP.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases On March 16, 2020, the Company amended an operating lease for its manufacturing facility in Columbia, Missouri, to extend the lease term for two years to June 30, 2022. Effective May 22, 2020, the Company amended an operating lease for one of its leased manufacturing facilities to include land adjacent to the facility upon which the landlord will construct a parking lot. Effective May 26, 2020, the Company entered into an agreement, assignment and assumption of lease and first amendment to lease pursuant to which the Company assumed an operating lease under which the Company is leasing certain real property and a building consisting of approximately 142,317 square feet in Columbia, Missouri, for a term expiring on April 30, 2023 with no renewal options. See Note 4. China Investment and Lease Agreement On September 22, 2020, the Company and BYND JX entered into an investment agreement with the Administrative Committee (the “JX Committee”) of the Jiaxing Economic & Technological Development Zone (the “JXEDZ”) pursuant to which, among other things, BYND JX has agreed to make certain investments in the JXEDZ in two phases of development, and the Company has agreed to guarantee certain repayment obligations of BYND JX under such agreement. During Phase 1, the Company has agreed to invest $10.0 million in the JXEDZ through an intercompany investment in BYND JX and BYND JX has agreed to lease a facility in the JXEDZ in return for certain subsidies, rewards and other preferential rights granted by the JX Committee and its affiliates. In connection with such agreement, BYND JX entered into a factory leasing contract as of September 11, 2020 with an affiliate of the JX Committee, pursuant to which BYND JX has agreed to lease and renovate a facility in the JXEDZ for a minimum of two (2) years. Renovations in the leased facility have commenced, with trial production expected by the end of 2020 and full-scale production expected in early 2021. In the event that the Company and BYND JX determine, in their sole discretion, to proceed with the Phase 2 development in the JXEDZ, BYND JX has agreed in the first stage of Phase 2 to invest $30.0 million to acquire the land use right to a state-owned land plot in the JXEDZ to conduct development and construction of a new production facility. Following the first stage of Phase 2, the Company and BYND JX may determine, in their sole discretion, to permit BYND JX to invest an additional $10.0 million to obtain a second state-owned land plot in the JXEDZ in order to construct an additional facility thereon. Each of the land use rights acquired during Phase 2 (if any) will be valid for fifty (50) years. Purchase Commitments On January 10, 2020, the Company and Roquette Frères (“Roquette”) entered into a multi-year sales agreement pursuant to which Roquette will provide the Company with plant-based protein. The agreement expires on December 31, 2022; however it can be terminated after 18 months under certain circumstances. This agreement increases the amount of plant-based protein to be supplied by Roquette in each of 2020, 2021 and 2022 compared to the amount supplied 2019. The plant-based protein sourced under the supply agreement is secured on a purchase order basis regularly, per specified minimum monthly and semi-annual quantities, throughout the term. The Company is not required to purchase plant-based protein in amounts in excess of such specified minimum quantities; however the Company has the option to increase such minimum quantities for delivery in each of 2021 and 2022. The total annual amount purchased each year by the Company must be at least the minimum amount specified in the agreement, which totals in the aggregate $154.1 million over the term of the agreement. The Company also has the right to be indemnified by Roquette in certain circumstances. As of September 26, 2020, the Company had committed to purchase pea protein inventory totaling $177.5 million, approximately $36.9 million in the remainder of 2020, $82.1 million in 2021, and $58.5 million in 2022. In addition, as of September 26, 2020, the Company had approximately $19.3 million in purchase order commitments for capital expenditures primarily to purchase machinery and equipment. Payments for these purchases will be due within twelve months. Litigation Don Lee Farms On May 25, 2017, Don Lee Farms, a division of Goodman Food Products, Inc., filed a complaint against the Company in the Superior Court of the State of California for the County of Los Angeles asserting claims for breach of contract, misappropriation of trade secrets, unfair competition under the California Business and Professions Code, money owed and due, declaratory relief and injunctive relief, each arising out of the Company’s decision to terminate an exclusive supply agreement between the Company and Don Lee Farms. The Company denied all of these claims and filed counterclaims on July 27, 2017, alleging breach of contract, unfair competition under the California Business and Professions Code and conversion. In October 2018, the former co-manufacturer filed an amended complaint that added one of the Company’s current contract manufacturers as a defendant, principally for claims arising from the current contract manufacturer’s alleged use of the former co-manufacturer’s alleged trade secrets, and for replacing the former co-manufacturer as one of the Company’s current co-manufacturers. The current contract manufacturer filed an answer denying all of Don Lee Farms’ claims and a cross-complaint against Beyond Meat asserting claims of total and partial equitable indemnity, contribution, and repayment. On March 11, 2019, Don Lee Farms filed a second amended complaint to add claims of fraud and negligent misrepresentation against the Company. On May 30, 2019, the judge denied the Company’s motion to dismiss the fraud and negligent misrepresentation claims, allowing the claims to proceed. On June 19, 2019, the Company filed an answer denying Don Lee Farms' claims. On January 24, 2020, a writ judge granted Don Lee Farms a right to attach in the amount of $628,689 on the grounds that Don Lee Farms had established a “probable validity” of its claim that the Company owes it money for a small batch of unpaid invoices. This determination was not made by the trial judge. The trial judge has yet to determine the legitimacy or merits of Don Lee Farms’ claims. On January 27, 2020, Don Lee Farms filed a third amended complaint to add three individual defendants, all of whom are current or former employees of the Company, including Mark Nelson, the Company’s Chief Financial Officer and Treasurer, to Don Lee Farms’ existing fraud and negligent misrepresentation claims alleging that those individuals were involved in the alleged fraud and negligent misrepresentations. On June 23, 2020, the judge denied Beyond Meat and the individual defendants’ motion to dismiss the fraud and negligent misrepresentation claims, allowing the claims to proceed. On July 6, 2020, the Company and the individual defendants filed an answer denying all of Don Lee Farms’ claims, including denying all allegations of fraud and negligent misrepresentation. On August 11, 2020, the Company filed an amended cross-complaint against Don Lee Farms, its parent Goodman Food Products, Inc. and its owners and employees, Donald, Daniel, and Brandon Goodman. Among other claims, the amended cross-complaint alleges that Don Lee Farms defrauded Beyond Meat, misappropriated its trade secrets, and infringed its trademarks. The previous trial date, February 8, 2021, was vacated. Trial is currently set for June 14, 2021. Don Lee Farms is seeking from Beyond Meat, the individual defendants, and the current contract manufacturer unspecified compensatory and punitive damages, declaratory and injunctive relief, including the prohibition of Beyond Meat’s use or disclosure of the alleged trade secrets, and attorneys’ fees and costs. The Company is seeking from Don Lee Farms monetary damages, restitution of monies paid to Don Lee Farms, injunctive relief, including the prohibition of Don Lee Farms’ use or disclosure of Beyond Meat’s trade secrets and the prohibition of Don Lee Farms’ infringing use of Beyond Meat’s trademarks, and attorneys’ fees and costs. The current contract manufacturer is seeking indemnity, contribution, or repayment from the Company of any or all damages that the current contract manufacturer may be found liable to Don Lee Farms, and attorneys’ fees and costs. The Company believes it was justified in terminating the supply agreement with Don Lee Farms, that the Company did not misappropriate Don Lee Farms’ alleged trade secrets, that the Company is not liable for the fraud or negligent misrepresentation alleged in the third amended complaint, that Don Lee Farms is liable for the conduct alleged in the Company’s amended cross-complaint, and that the Company is not liable to the current contract manufacturer for any indemnity, contribution, or repayment, including for any damages or attorneys’ fees and costs. Conversely, as alleged in the Company’s amended cross-complaint, the Company believes Don Lee Farms misappropriated the Company’s trade secrets, defrauded the Company, and ultimately has infringed the Company’s trademarks. The Company is currently in the process of litigating this matter and intends to vigorously defend itself and its current and former employees against the claims and to prosecute the Company’s own claims. The Company cannot assure you that Don Lee Farms or the current contract manufacturer will not prevail in all or some of their claims against the Company or the individual defendants, or that the Company will prevail in some or all of its claims against Don Lee Farms. For example, if Don Lee Farms succeeds in the lawsuit, the Company could be required to pay damages, including but not limited to contract damages reasonably calculated at what the Company would have paid Don Lee Farms to produce the Company’s products through 2019, the end of the contract term, and Don Lee Farms could also claim some ownership in the intellectual property associated with the production of certain of the Company’s products or in the products themselves, and thus claim a stake in the value the Company has derived and will derive from the use of that intellectual property after the Company terminated its supply agreement with Don Lee Farms. Based on the Company’s current knowledge, the Company has determined that the amount of any material loss or range of any losses that is reasonably possible to result from this lawsuit is not estimable. Securities Related Litigation On January 30, 2020, Larry Tran, a purported shareholder of Beyond Meat, filed a putative securities class action lawsuit in the United States District Court for the Central District of California against Beyond Meat and two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Exchange Act and is premised on allegedly false or misleading statements, and alleged non-disclosure of material facts, related to the Company’s public disclosures regarding the Company’s ongoing litigation with Don Lee Farms during the proposed class period of May 2, 2019 to January 27, 2020. The Court appointed a lead plaintiff and lead counsel on May 18, 2020, and a First Amended Complaint (“FAC”) was filed on July 1, 2020. The FAC names the same defendants, proposes the same class period, and similarly asserts claims under Sections 10(b) and 20(a) of the Exchange Act premised on allegedly false or misleading statements, and alleged non-disclosure of material facts, related to the Company’s public disclosures regarding the Company’s ongoing litigation with Don Lee Farms. The Company filed a motion to dismiss on behalf of all defendants on July 31, 2020. On October 8, 2020, the Court entered an opinion and order granting defendants’ motion to dismiss with leave to amend. Plaintiffs did not file an amended complaint by the deadline set by the Court. As a result, on October 27, 2020, the Court entered an order dismissing the action with prejudice, except for the class allegations of absent putative class members, which were dismissed without prejudice. The dismissal is final pending appeal. The Company believes the claims are without merit and intends to vigorously defend all claims asserted. On March 16, 2020, Eric Weiner, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court for the Central District of California, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to March 16, 2020, and the securities case brought against the Company. On March 18, 2020, Kimberly Brink and Melvyn Klein, purported shareholders of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court for the Central District of California, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to March 18, 2020, and the securities case brought against the Company. On April 1, 2020, the United States District Court for the Central District of California entered an order consolidating the Weiner action and the Brink action for all purposes and designated the consolidated case In re: Beyond Meat, Inc. Derivative Litigation. On April 13, 2020, the Court entered an order appointing co-lead counsel for the consolidated derivative action. On June 23, 2020, the Court entered an order approving a Joint Stipulation Regarding Stay of Actions. Under the terms of the stay approval order, all proceedings in the consolidated derivative case are stayed until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. Based on the early stages of this matter, the Company is unable to estimate potential losses, if any, related to this lawsuit. On May 27, 2020, Kevin Chew, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court of the District of Delaware, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act and claims of breaches of fiduciary duty, relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to May 27, 2020. On June 16, 2020, the Court entered an order staying all proceedings in the derivative action until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. On June 17, 2020, the Court entered an order administratively closing the derivative case based on the stay order. Based on the early stages of this matter, the Company is unable to estimate potential losses, if any, related to this lawsuit. On June 17, 2020, James Janolek, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court of the District of Delaware, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 14(a) and 20(a) of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to June 17, 2020. On July 10, 2020, the Court entered an order staying all proceedings in the derivative action until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. On July 10, 2020, the Court entered an order administratively closing the derivative case based on the stay order. On November 9, 2020, Plaintiff filed a Notice of Voluntary Dismissal without prejudice and without costs or attorney fees to either party. Based on the early stages of this matter, the Company is unable to estimate potential losses, if any, related to this lawsuit. The Company is involved in various other legal proceedings, claims, and litigation arising in the ordinary course of business. Based on the facts currently available, the Company does not believe that the disposition of such matters that are pending or asserted will have a material effect on its financial statements.

Income Taxes	9 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 26, 2020 and September 28, 2019, the Company recorded $55,000 and $0, respectively, in income tax expense, in its condensed consolidated statements of operations. For the nine months ended September 26, 2020 and September 28, 2019, the Company recorded $70,000 and $21,000, respectively, in income tax expense in its condensed consolidated statements of operations. The Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the U.S. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against substantially all deferred tax assets. If the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to its valuation allowance on its deferred tax assets will be made and the adjustment would have the effect of increasing net income in the period such determination is made. As of September 26, 2020, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company is subject to U.S. federal tax authority and U.S. state tax authority examinations for all years with respect to net operating loss and credit carryforwards. On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the U.S. economy and fund a nationwide effort to curtail the effect of COVID-19. While the CARES Act provides sweeping tax changes in response to the COVID-19 pandemic, some of the more significant provisions include removal of certain limitations on utilization of net operating losses, increasing the loss carryback period for certain losses to five years, and increasing the ability to deduct interest expense, as well as amending certain provisions of the previously enacted Tax Cuts and Jobs Act. Due to the recent enactment of the CARES Act, the Company is currently evaluating the impact, if any, that the CARES Act will have on its financial position, results of operations or cash flows. Currently the Company does not expect the enactment of CARES Act will have a material impact on the Company’s financial position, results of operations or cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net (Loss) Income Per Share Available to Common Stockholders

9 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Available to Common Stockholders

Net (Loss) Income Per Share Available to Common StockholdersThe Company calculates basic and diluted net (loss) income per share available to common stockholders in conformity with the two-class method required for companies with participating securities. Computation of net (loss) income per share available to common stockholders for the three and nine months ended September 26, 2020 excludes the dilutive effect of 4,375,498 option shares, 283,698 RSUs and 21,780 unvested restricted stock shares outstanding at September 26, 2020 because their inclusion would be anti-dilutive. Computation of net loss per share available to common stockholders for the three and nine months ended September 26, 2020 also excludes adjustments under the two-class method relating to a liability classified, share-settled obligation to an executive officer to deliver a variable number of shares based on a fixed monetary amount because the shares to be delivered are not participating securities as they do not have voting rights and are not entitled to participate in dividends until they are issued. Computation of net income per share available to common stockholders for the three months ended September 28, 2019 includes the dilutive effect of 5,608,822 shares issuable under stock options with exercise prices below the closing price of the Company's common stock on the last trading day of the applicable period and 1,802 RSUs, but excludes the dilutive effect of 411 RSUs because their inclusion would be anti-dilutive. Computation of net loss per share available to common stockholders for the nine months ended September 28, 2019 excludes the dilutive effect of 6,087,169 shares issuable under stock

options and 85,121 RSUs outstanding at September 28, 2019 because their inclusion would be anti-dilutive.


(in thousands, except share and per share amounts)	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Numerator:
Net (loss) income available to common stockholders	$	(19,285)	$	4,090	$	(27,675)	$	(11,991)
Undistributed net income available to unvested restricted stockholders	—		9		—		—
Net (loss) income available to common stockholders—basic	(19,285)		4,099		(27,675)		(11,991)
Denominator:
Weighted average common shares outstanding—basic	62,487,152		60,415,866		62,114,399		35,806,520
Dilutive effect of shares issuable under stock options	—		5,608,822		—		—
Dilutive effect of RSUs	—		1,802		—		—

Weighted average common shares outstanding—diluted	62,487,152		66,026,490		62,114,399		35,806,520
Net (loss) income per share available to common stockholders—basic	$	(0.31)	$	0.07	$	(0.45)	$	(0.33)
Net (loss) income per share available to common stockholders—diluted	$	(0.31)	$	0.06	$	(0.45)	$	(0.33)

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 26, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventSubsequent to the quarter ended September 26, 2020, on October 30, 2020, the Company acquired certain assets including land, building, vehicles, machinery and equipment and certain workforce from one of its former co-manufacturers for cash consideration of $14.5 million, subject to adjustment for customary prorations, transfer taxes, escrow holdbacks and other adjustments. As of September 26, 2020, the Company had incurred $0.7 million of related acquisition costs which are reflected in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet. As part of this transaction, the Company hired approximately 180 employees. The Company intends to use this manufacturing facility for the production of its finished goods.The Company will record the preliminary effects of this asset acquisition during the fourth quarter of 2020 and has engaged a valuation firm to value the acquired assets and workforce for which the valuation is not complete as of the date of this filing due to the limited time since the acquisition date.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationThe unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 19, 2020 (the “2019 10-K”). The condensed balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date.

Principles of Consolidation

Principles of ConsolidationThe condensed consolidated financial statements for the periods ended September 26, 2020 include the accounts of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated.

Management’s Use of Estimates

Management’s Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine operating lease right-of-use assets and operating lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; and the valuation of the fair value of stock options used to determine share-based compensation expense. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

Foreign Currency

Foreign CurrencyThe Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at period end exchange rates, while revenue and expense accounts are translated at average exchange rates prevailing during the periods being reported. Resulting currency translation adjustments are included in accumulated other comprehensive income and foreign currency transaction gains and losses are included in other, net. Transaction gains and losses on long-term intra-entity transactions are recorded as a component of other comprehensive income. Transactions denominated in a currency other than the reporting entity’s functional currency may give rise to transaction gains and losses that impact the Company’s results of operations.

Fair Value of Financial Instruments

The three levels are defined as follows:

•Level 3—Valuations derived from valuation techniques in which significant value drivers are unobservable.

Revenue Recognition

Recently Adopted and New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Schedule of property, plant, and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

A summary of property, plant, and equipment as of September 26, 2020 and December 31, 2019, is as follows:


(in thousands)	September 26, 2020		December 31, 2019
Manufacturing equipment	$	56,435	$	37,939
Research and development equipment	10,481		8,933
Leasehold improvements	9,104		7,620
Building	2,096		—
Finance leases	287		1,108
Software	377		274
Furniture and fixtures	582		433
Vehicles	378		210
Land	1,156		—
Assets not yet placed in service	25,325		11,666
Total property, plant and equipment	$	106,221	$	68,183
Accumulated depreciation and amortization	(29,219)		(20,709)

Property, plant and equipment, net	$	77,002	$	47,474

Schedule of changes in fair value

The following table sets forth a summary of the changes in the fair value of the preferred and common stock warrant liabilities:


	Nine Months Ended
(in thousands)	September 26, 2020		September 28, 2019
Beginning balance	$	—	$	1,918
Fair value of warrants issued during the period	—		—
Change in fair value of warrant liability	—		12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO	—		(14,421)
Ending balance	$	—	$	—

Schedule of disaggregation of revenue

Effective January 1, 2020, the Company began presenting net revenues by geography and distribution channel as follows:


Distribution Channel						Description
U.S. Retail						Net revenues from retail sales to the U.S. market
U.S. Foodservice						Net revenues from restaurant and foodservice sales to the U.S. market
International Retail						Net revenues from retail sales to international markets, including Canada
International Foodservice						Net revenues from restaurant and foodservice sales to international markets, including Canada

The following table presents the Company’s net revenues by channel:


	Three Months Ended				Nine Months Ended
(in thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net revenues:
U.S.:
Retail	$	62,057	$	44,170	$	202,019	$	94,162
Foodservice	16,325		18,359		45,442		43,697
U.S. net revenues	78,382		62,529		247,461		137,859
International:
Retail	7,975		6,295		23,499		10,002
Foodservice	8,079		23,137		33,888		51,557
International net revenues	16,054		29,432		57,387		61,559
Net revenues	$	94,436	$	91,961	$	304,848	$	199,418

Leases (Tables)

9 Months Ended

Sep. 26, 2020

Leases [Abstract]

Components of lease and supplemental cash flow information


		Three Months Ended		Nine Months Ended
(in thousands)	Statement of Operations Location	September 26, 2020		September 26, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	341	$	993
Lease cost	Research and development expenses	187		470
Lease cost	Selling, general and administrative expenses	136		409
Variable lease cost (1)	Cost of goods sold	—		7
Operating lease cost		$	664	$	1,879

Short-term lease cost	Selling, general and administrative expenses	$	95	$	270

Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	19	$	57
Interest on lease liabilities	Interest expense	3		10
Finance lease cost		$	22	$	67

Total lease cost		$	781	$	2,216

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Weighted average remaining lease terms and weighted average discount rates were:


	September 26, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	7.1		3.5
Weighted average discount rate	2.9	%	5.3	%

Schedule of assets and liabilities related to operating and finance leases

Supplemental balance sheet information as of September 26, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

September 26, 2020

Assets

Operating leases

Operating lease right-of-use assets

13,736

Finance leases, net

Property, plant and equipment, net

230

Total lease assets

13,966

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

2,481

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,413

Finance lease liabilities

Finance lease obligations and other long-term liabilities

167

Total lease liabilities

14,133

Schedule of future maturities of operating lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2020:


	September 26, 2020
(in thousands)	Operating Leases		Finance Leases
Remainder of 2020	$	681	$	21
2021	2,886		80
2022	2,814		71
2023	2,331		58
2024	1,495		30
2025	1,281		—
Thereafter	3,913		—
Total undiscounted future minimum lease payments	15,401		260
Less imputed interest	(1,507)		(21)
Total discounted future minimum lease payments	$	13,894	$	239

Schedule of future maturities of finance lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2020:


	September 26, 2020
(in thousands)	Operating Leases		Finance Leases
Remainder of 2020	$	681	$	21
2021	2,886		80
2022	2,814		71
2023	2,331		58
2024	1,495		30
2025	1,281		—
Thereafter	3,913		—
Total undiscounted future minimum lease payments	15,401		260
Less imputed interest	(1,507)		(21)
Total discounted future minimum lease payments	$	13,894	$	239

Schedule of future maturities of operating lease liabilities (Topic 840)


(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Schedule of future maturities of capital lease liabilities (Topic 840)


(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Inventories (Tables)

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Schedule of major classes of inventory

Major classes of inventory were as follows:


(in thousands)	September 26, 2020		December 31, 2019
Raw materials and packaging	$	83,636	$	36,884
Work in process	18,728		17,958
Finished goods	29,995		26,754
Total	$	132,359	$	81,596

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 26, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, plant, and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

A summary of property, plant, and equipment as of September 26, 2020 and December 31, 2019, is as follows:


(in thousands)	September 26, 2020		December 31, 2019
Manufacturing equipment	$	56,435	$	37,939
Research and development equipment	10,481		8,933
Leasehold improvements	9,104		7,620
Building	2,096		—
Finance leases	287		1,108
Software	377		274
Furniture and fixtures	582		433
Vehicles	378		210
Land	1,156		—
Assets not yet placed in service	25,325		11,666
Total property, plant and equipment	$	106,221	$	68,183
Accumulated depreciation and amortization	(29,219)		(20,709)

Property, plant and equipment, net	$	77,002	$	47,474

Debt (Tables)

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Schedule of debt balances

The Company’s debt balances are detailed below:


(in thousands)	September 26, 2020		December 31, 2019
Revolving credit facility	$	50,000	$	—
Revolving credit line (SVB)	—		6,000
Term loan facility	—		20,000
Equipment financing loan	—		5,000
Debt issuance costs	—		(431)
Total debt outstanding	$	50,000	$	30,569
Less: current portion of long-term debt	—		11,000
Long-term debt	$	50,000	$	19,569

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 210
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+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

Schedule of fair value assumptions

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:


	Three Months Ended		Nine Months Ended
	September 26, 2020	September 28, 2019	September 26, 2020	September 28, 2019
Risk-free interest rate	0.6%	1.7%	0.8%	2.3%
Average expected term (years)	7.0	6.0	7.0	6.0
Expected volatility	55.0%	55.0%	55.0%	55.0%
Dividend yield	—	—	—	—

Schedule of stock option activity

The following table summarizes the Company’s stock option activity during the nine months ended September 26, 2020:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2019	5,170,976	$	14.28	7.5	$	329,879
Granted	257,374	$	98.56	—	$	—
Exercised	(1,010,116)	$	6.43	—	$	113,753
Cancelled/Forfeited	(42,736)	$	29.99	—	$	—
Outstanding at September 26, 2020	4,375,498	$	20.89	6.9	$	588,621
Vested and exercisable at September 26, 2020	2,533,172	$	8.66	5.9	$	371,329
Vested and expected to vest at September 26, 2020	3,897,508	$	17.08	6.7	$	538,980

__________

Schedule of RSU activity

The following table summarizes the Company’s RSU activity during the nine months ended September 26, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2019	149,004	$	132.73
Granted	198,706	$	105.30
Vested(1)	(52,250)	$	132.99
Cancelled/Forfeited	(11,762)	$	—
Unvested at September 26, 2020	283,698	$	113.73

________

(1) Includes 12,822 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2018 Plan.

Schedule of restricted stock activity

The following table summarizes the Company’s restricted stock activity during the nine months ended September 26, 2020:


	Number of Shares of Restricted Stock	Weighted Average Remaining Contractual Life (Years)	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2019	88,988	1.2	$	19.49
Granted	—	—	$	—
Vested/Released	(67,208)	—	$	19.42
Cancelled/Forfeited	—	—	$	—
Unvested at September 26, 2020	21,780	0.7	$	20.00

Net (Loss) Income Per Share Available to Common Stockholders (Tables)

9 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net income (loss) per common share


(in thousands, except share and per share amounts)	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Numerator:
Net (loss) income available to common stockholders	$	(19,285)	$	4,090	$	(27,675)	$	(11,991)
Undistributed net income available to unvested restricted stockholders	—		9		—		—
Net (loss) income available to common stockholders—basic	(19,285)		4,099		(27,675)		(11,991)
Denominator:
Weighted average common shares outstanding—basic	62,487,152		60,415,866		62,114,399		35,806,520
Dilutive effect of shares issuable under stock options	—		5,608,822		—		—
Dilutive effect of RSUs	—		1,802		—		—

Weighted average common shares outstanding—diluted	62,487,152		66,026,490		62,114,399		35,806,520
Net (loss) income per share available to common stockholders—basic	$	(0.31)	$	0.07	$	(0.45)	$	(0.33)
Net (loss) income per share available to common stockholders—diluted	$	(0.31)	$	0.06	$	(0.45)	$	(0.33)

Introduction (Details) - USD ($) $ in Millions		9 Months Ended
Introduction (Details) - USD ($) $ in Millions	Oct. 30, 2020	Sep. 26, 2020
Subsequent event
Concentration Risk [Line Items]
Cash consideration to acquire assets	$ 14.5
Geographic Concentration Risk \| Long-Lived Assets \| United States
Concentration Risk [Line Items]
Concentration risk		96.00%

Summary of Significant Accounting Policies - Schedule of property, plant and equipment (Details)	9 Months Ended
	Sep. 26, 2020
Building
Property, Plant and Equipment [Line Items]
Useful life	30 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	3 years
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Research and development equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Research and development equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful life	5 years

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Warrant or Right [Line Items]
Unrealized translation gains, cumulative foreign translation adjustments, net of tax	$ 500		$ 500
Foreign currency transaction (loss) gain	(15)		100
Warrants outstanding (in shares)		0		0
Liability for estimated sales discounts	3,300		3,300		$ 1,600
Cost of goods sold	68,908	$ 59,178	207,978	$ 133,123
Shipping and Handling
Class of Warrant or Right [Line Items]
Cost of goods sold	$ 3,300	$ 3,400	$ 8,100	$ 7,400
Product Concentration Risk \| Revenue \| Frozen
Class of Warrant or Right [Line Items]
Concentration risk					5.50%	16.30%
Distributor One \| Customer Concentration Risk \| Revenue
Class of Warrant or Right [Line Items]
Concentration risk	11.00%	17.00%	13.00%	18.00%
Distributor Two \| Customer Concentration Risk \| Revenue
Class of Warrant or Right [Line Items]
Concentration risk		15.00%		19.00%

Summary of Significant Accounting Policies - Summary of changes in fair value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			$ 0	$ 1,918
Fair value of warrants issued during the period			0	0
Change in fair value of warrant liability	$ 0	$ 0	0	12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO			0	(14,421)
Ending balance	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 94,436	$ 91,961	$ 304,848	$ 199,418
U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues	78,382	62,529	247,461	137,859
U.S. net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	62,057	44,170	202,019	94,162
U.S. net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	16,325	18,359	45,442	43,697
International net revenues
Disaggregation of Revenue [Line Items]
Net revenues	16,054	29,432	57,387	61,559
International net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	7,975	6,295	23,499	10,002
International net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	$ 8,079	$ 23,137	$ 33,888	$ 51,557

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 32
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring expenses	$ 2,146	$ 2,319	$ 6,028	$ 3,560
Accrued unpaid liabilities, contract termination	$ 1,100		$ 1,100		$ 1,100

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 26, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting standards update	us-gaap:AccountingStandardsUpdate201602Member
Operating lease right-of-use assets		$ 13,736
Current portion of operating lease liabilities		2,481
Operating lease liabilities, net of current portion		$ 11,413
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, initial term		2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, initial term		11 years
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets			$ 11,900
Decrease in deferred rent			300
Decrease in prepaid rent			200
Current portion of operating lease liabilities			1,400
Operating lease liabilities, net of current portion			$ 10,600

Leases - Components of expense and supplemental cash flow information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2020 USD ($)	Sep. 26, 2020 USD ($)
Lease Cost
Variable lease cost	$ 0	$ 7
Operating lease cost	664	1,879
Short-term lease cost	95	270
Amortization of right-of use assets	19	57
Interest on lease liabilities	3	10
Finance lease cost	22	67
Total lease cost	$ 781	$ 2,216
Operating Leases
Weighted average remaining lease term (years)	7 years 1 month 6 days	7 years 1 month 6 days
Weighted average discount rate	2.90%	2.90%
Finance Leases
Weighted average remaining lease term (years)	3 years 6 months	3 years 6 months
Weighted average discount rate	5.30%	5.30%
Cost of goods sold
Lease Cost
Lease cost	$ 341	$ 993
Research and development expenses
Lease Cost
Lease cost	187	470
Selling, general and administrative expenses
Lease Cost
Lease cost	$ 136	$ 409

Leases - Schedule of assets and liabilities related to leases (Details) $ in Thousands	Sep. 26, 2020 USD ($)
Assets
Operating lease right-of-use assets	$ 13,736
Finance leases, net	230
Total lease assets	13,966
Current:
Current portion of operating lease liabilities	2,481
Current portion of finance lease liabilities	72
Long-term:
Operating lease liabilities, net of current portion	11,413
Finance lease liabilities	167
Total lease liabilities	$ 14,133

Leases - Schedule of future maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Operating Leases
Remainder of 2020	$ 681
2021	2,886
2022	2,814
2023	2,331
2024	1,495
2025	1,281
Thereafter	3,913
Total undiscounted future minimum lease payments	15,401
Less imputed interest	(1,507)
Total discounted future minimum lease payments	13,894
Finance Leases
Remainder of 2020	21
2021	80
2022	71
2023	58
2024	30
2025	0
Thereafter	0
Total undiscounted future minimum lease payments	260
Less imputed interest	(21)
Total discounted future minimum lease payments	$ 239
Capital Lease Obligations
2020		$ 86
2021		80
2022		71
2023		58
2024		30
Thereafter		0
Total minimum lease payments		325
Less: imputed interest (4.1% to 15.9%)		(34)
Total capital lease obligations		291
Less: current portion of capital lease obligations		(72)
Long-term capital lease obligations		219
Operating Lease Obligations
2020		1,878
2021		1,813
2022		1,817
2023		1,840
2024		1,353
Thereafter		5,167
Total minimum lease payments		$ 13,868
Minimum
Capital Lease Obligations
Lease discount rate		4.10%
Maximum
Capital Lease Obligations
Lease discount rate		15.90%

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 83,636	$ 36,884
Work in process	18,728	17,958
Finished goods	29,995	26,754
Total	$ 132,359	$ 81,596

Property, Plant and Equipment - Summary of property, plant, and equipment (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant and equipment		$ 68,183
Finance leases	$ 287
Total property, plant and equipment	106,221
Accumulated depreciation and amortization	(29,219)
Accumulated depreciation and amortization		(20,709)
Property, plant and equipment, net	77,002
Property, plant and equipment, net		47,474
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	56,435	37,939
Research and development equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	10,481	8,933
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	9,104	7,620
Building
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,096	0
Finance leases
Property, Plant and Equipment [Line Items]
Total property, plant and equipment		1,108
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	377	274
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	582	433
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	378	210
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,156	0
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 25,325	$ 11,666

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 3,400	$ 2,000	$ 9,276	$ 5,980
Note receivable	4,600		4,600
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Note receivable	2,400		2,400
Other non-current assets
Property, Plant and Equipment [Line Items]
Note receivable	2,200		2,200
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	2,600	1,400	7,100	4,200
Research and development expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	700	600	2,100	1,800
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 30	$ 17	$ 100	$ 39

Debt - Narrative (Details)		3 Months Ended		9 Months Ended
Debt - Narrative (Details)	Apr. 21, 2020 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Maximum annual dividend payment	$ 10,000,000.0
Debt issuance costs		$ 0		$ 0		$ 431,000
Amortization of debt issuance costs		100,000	$ 46,000	195,000	$ 124,000
Other non-current assets
Debt Instrument [Line Items]
Debt issuance costs		1,100,000		1,100,000
Line of Credit
Debt Instrument [Line Items]
Early termination fee amount	1,200,000
Interest expense		700,000	700,000	1,600,000	1,900,000
Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Debt, face amount	$ 150,000,000
Debt term	5 years
Maximum additional borrowing capacity	$ 200,000,000
Unused commitment fee	0.375%
Maximum leverage ratio	3.00
Minimum fixed charge coverage ratio	1.25
Debt, outstanding balance		50,000,000		50,000,000		0
Remaining borrowing capacity		$ 100,000,000.0		$ 100,000,000.0
Interest rate		3.50%		3.50%
Line of Credit \| Revolving credit facility \| Fiscal quarter ending September 30, 2020 \| Alternate Base Rate
Debt Instrument [Line Items]
Variable annual interest rate	1.50%
Line of Credit \| Revolving credit facility \| Fiscal quarter ending September 30, 2020 \| LIBOR
Debt Instrument [Line Items]
Variable annual interest rate	2.50%
Line of Credit \| Revolving credit facility \| Fiscal quarters thereafter \| Alternate Base Rate \| Minimum
Debt Instrument [Line Items]
Variable annual interest rate	1.25%
Line of Credit \| Revolving credit facility \| Fiscal quarters thereafter \| Alternate Base Rate \| Maximum
Debt Instrument [Line Items]
Variable annual interest rate	1.75%
Line of Credit \| Revolving credit facility \| Fiscal quarters thereafter \| LIBOR \| Minimum
Debt Instrument [Line Items]
Variable annual interest rate	2.25%
Line of Credit \| Revolving credit facility \| Fiscal quarters thereafter \| LIBOR \| Maximum
Debt Instrument [Line Items]
Variable annual interest rate	2.75%
Line of Credit \| Revolving credit facility \| SVB Credit Facilities
Debt Instrument [Line Items]
Debt, outstanding balance		$ 0		$ 0		6,000,000
Line of Credit \| Equipment financing loan
Debt Instrument [Line Items]
Interest expense		0	$ 100,000	200,000	$ 400,000
Debt, outstanding balance		$ 0		$ 0		$ 5,000,000

Debt - Schedule of debt balances (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ 0	$ (431)
Total debt outstanding	50,000	30,569
Less: current portion of long-term debt	0	11,000
Long-term debt	50,000	19,569
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	50,000	0
Revolving credit facility \| Line of Credit \| SVB Credit Facilities
Debt Instrument [Line Items]
Debt, outstanding balance	0	6,000
Term loan facility \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	0	20,000
Equipment financing loan \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	$ 0	$ 5,000

Stockholders’ Equity (Details) - $ / shares	Sep. 26, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, issued (in shares)	62,625,629	61,576,494
Common stock, outstanding (in shares)	62,625,629	61,576,494
Convertible preferred stock, authorized (in shares)	500,000	500,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, issued (in shares)	0	0
Convertible preferred stock, outstanding (in shares)	0	0	0	0	41,562,111	41,562,111

Share-Based Compensation - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2020	Aug. 01, 2019	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance	16,626,877
Stock options outstanding (in shares)			4,375,498		4,375,498		5,170,976
Shares issued for stock option exercises (in shares)					6,926,700		5,864,738
Shares available for grant (in shares)			5,053,398		5,053,398		3,297,638
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable (in shares)			283,698		283,698		149,004
Share-based compensation expense			$ 2,500,000	$ 600,000	$ 6,900,000	$ 700,000
Unrecognized compensation expense, period of recognition					2 years
Unrecognized share-based compensation expense			15,200,000		$ 15,200,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			3,100,000	2,000,000.0	9,700,000	3,800,000
Unrecognized compensation expense			16,500,000		$ 16,500,000
Unrecognized compensation expense, period of recognition					2 years 1 month 6 days
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period of recognition					1 year
Unrecognized share-based compensation expense			3,400,000		$ 3,400,000
Accrual for share-settled obligation			900,000	0	2,600,000	0
Share-settled obligation liability			$ 3,600,000		$ 3,600,000		$ 1,000,000.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable (in shares)			21,780		21,780		88,988
Share-based compensation expense			$ 400,000	$ 500,000	$ 1,200,000	$ 1,300,000
Unrecognized compensation expense, period of recognition					9 months
Unrecognized share-based compensation expense			$ 400,000		$ 400,000
Shares of restricted stock purchased by nonemployees (in shares)			21,780		21,780
Employee Stock \| 2018 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance			1,340,325		1,340,325
Number of additional shares authorized per year	536,130
Employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years	4 years
Employee \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					48 months
Executive Officer \| Employee \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		48 months
Directors \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Brand Ambassador \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
First Anniversary \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%	25.00%
First Anniversary \| New Employees \| Employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%	25.00%
Thereafter \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years	3 years
Thereafter \| New Employees \| Employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years	3 years
Upon Grant \| Brand Ambassador \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
Quarterly vesting \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years
Quarterly vesting \| Brand Ambassador \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years
Monthly vesting \| Non-employee \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months

Share-Based Compensation - Schedule of fair value assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	0.60%	1.70%	0.80%	2.30%
Average expected term (years)	7 years	6 years	7 years	6 years
Expected volatility	55.00%	55.00%	55.00%	55.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Share-Based Compensation - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 26, 2020	Dec. 31, 2019
Number of Stock Options
Outstanding, beginning balance (in shares)	5,170,976
Granted (in shares)	257,374
Exercised (in shares)	(1,010,116)
Cancelled/Forfeited (in shares)	(42,736)
Outstanding, ending balance (in shares)	4,375,498	5,170,976
Vested and exercisable (in shares)	2,533,172
Vested and expected to vest (in shares)	3,897,508
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 14.28
Granted (in dollars per share)	98.56
Exercised (in dollars per share)	6.43
Cancelled/Forfeited (in dollars per share)	29.99
Outstanding, ending balance (in dollars per share)	20.89	$ 14.28
Vested and exercisable (in dollars per share)	8.66
Vested and expected to vest (in dollars per share)	$ 17.08
Weighted Average Remaining Contractual Life (Years)
Outstanding	6 years 10 months 24 days	7 years 6 months
Vested and exercisable	5 years 10 months 24 days
Vested and expected to vest	6 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 329,879
Exercised	113,753
Outstanding, ending balance	588,621	$ 329,879
Vested and exercisable	371,329
Vested and expected to vest	$ 538,980

Share-Based Compensation - Schedule of restricted stock and RSU activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 26, 2020	Dec. 31, 2019
RSU
Number of Shares
Outstanding, beginning balance (in shares)	149,004
Granted (in shares)	198,706
Vested (in shares)	(52,250)
Cancelled/Forfeited (in shares)	(11,762)
Outstanding, ending balance (in shares)	283,698	149,004
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 132.73
Granted (in dollars per share)	105.30
Vested (in dollars per share)	132.99
Cancelled/Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 113.73	$ 132.73
Restricted Stock
Number of Shares
Outstanding, beginning balance (in shares)	88,988
Granted (in shares)	0
Vested (in shares)	(67,208)
Cancelled/Forfeited (in shares)	0
Outstanding, ending balance (in shares)	21,780	88,988
Weighted Average Remaining Contractual Life (Years)
Weighted Average Remaining Contractual Life (Years)	8 months 12 days	1 year 2 months 12 days
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 19.49
Granted (in dollars per share)	0
Vested (in dollars per share)	19.42
Cancelled/Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 20.00	$ 19.49
Common Stock \| RSU
Weighted Average Grant Date Fair Value Per Share
Common stock withheld to cover taxes (in shares)	12,822

Commitments and Contingencies (Details)						1 Months Ended
Commitments and Contingencies (Details)	Sep. 22, 2020 USD ($)	May 26, 2020 ft² contract	Jan. 27, 2020 defendant	Jan. 24, 2020 USD ($)	Jan. 10, 2020 USD ($)	Oct. 31, 2018 defendant	Sep. 26, 2020 USD ($)	Mar. 16, 2020
Loss Contingencies [Line Items]
Lease extended term								2 years
Area leased (in square feet) \| ft²		142,317
Number of renewal options \| contract		0
Purchase commitment term					18 months
Purchase commitments					$ 154,100,000		$ 177,500,000
Purchase commitments, due remainder of 2020							36,900,000
Purchase commitments, due 2021							82,100,000
Purchase commitments, due 2022							$ 58,500,000
Minimum
Loss Contingencies [Line Items]
Lease, initial term							2 years
JXEDZ
Loss Contingencies [Line Items]
Investment agreement, expected amount	$ 10,000,000.0
Investment agreement, additional amount to acquire land	30,000,000.0
Investment agreement, additional amount to acquire second land plot	$ 10,000,000.0
Investment agreement, land use right period	50 years
JXEDZ \| Minimum
Loss Contingencies [Line Items]
Lease, initial term	2 years
Former Co-manufacturer Complaint \| Pending Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant			3			1
Damages sought, value				$ 628,689
Machinery and equipment
Loss Contingencies [Line Items]
Purchase order commitment							$ 19,300,000

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 55,000	$ 0	$ 70,000	$ 21,000
Accrued interest or penalties related to uncertain tax positions	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net (Loss) Income Per Share Available to Common Stockholders - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation	4,375,498		4,375,498	6,087,169
Dilutive effect (in shares)	0	5,608,822	0	0
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation	283,698	411	283,698	85,121
Dilutive effect (in shares)	0	1,802	0	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation	21,780		21,780

Net (Loss) Income Per Share Available to Common Stockholders - Schedule of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 26, 2020	Sep. 28, 2019
Numerator:
Net (loss) income available to common stockholders	$ (19,285)			$ 4,090			$ (27,675)	$ (11,991)
Undistributed net income available to unvested restricted stockholders	0			9			0	0
Net (loss) income	$ (19,285)	$ (10,205)	$ 1,815	$ 4,099	$ (9,441)	$ (6,649)	$ (27,675)	$ (11,991)
Denominator:
Weighted average common shares outstanding—basic	62,487,152			60,415,866			62,114,399	35,806,520
Weighted average common shares outstanding—diluted	62,487,152			66,026,490			62,114,399	35,806,520
Net (loss) income per share available to common stockholders—basic (in dollars per share)	$ (0.31)			$ 0.07			$ (0.45)	$ (0.33)
Net (loss) income per share available to common stockholders—diluted (in dollars per share)	$ (0.31)			$ 0.06			$ (0.45)	$ (0.33)
Stock Options
Denominator:
Dilutive effect (in shares)	0			5,608,822			0	0
RSU
Denominator:
Dilutive effect (in shares)	0			1,802			0	0

Subsequent Event (Details) $ in Millions	Oct. 30, 2020 USD ($) numberOfEmployees	Sep. 26, 2020 USD ($)
Subsequent Event [Line Items]
Capitalized acquisition costs		$ 0.7
Subsequent event
Subsequent Event [Line Items]
Cash consideration to acquire assets	$ 14.5
Number of employees hired \| numberOfEmployees	180