I haven’t really even thought about it relative to Impossible to be honest. In what may be the most meaningful combination of metrics for our growth story, we are fortunate to be in a position where three critically important consumer trends are concurrently increasing. We are extremely pleased with our second-quarter financial results as we achieved record net revenues and solid underlying performance despite a difficult operating environment due to the COVID-19 pandemic. Today, I'm proud to announce that our brand anthem and What If We All Go Beyond campaign officially launched yesterday.I encourage you all to watch it. We're building long-term relationships and trying to be of service to them during a very difficult period with the expectation that we'll be able to serve them as the economy gets back to normal here, which it will, we've been through these things before as a country and as a globe, and things will be back to normal.
So, we have a lot of room to grow in the existing doors that we're in.
And third, our relative performance in US foodservice, as implied by NPD data, continues to show favorable overall trends for Beyond Meat versus our peers.We were pleased to secure several new foodservice opportunities, including the addition of the Beyond Sausage Wake Up Wrap at Dunkin', introduction of a limited time Beyond Spicy BBQ Cheeseburger at Carl's Jr. and Hardee's locations nationwide, three new Beyond Epic Burrito items at Del Taco, the introduction of Beyond Meat Coastal Med Bowl at Luna Grill locations in Southern California, a limited time offer of the Beyond Sausage Spicy Sunrise egg sandwich at Einstein Bros. in Denver, Colorado, a pizza offering featuring Beyond Meat at Papa John's nationwide in Costa Rica, and a limited time test of a new pizza offering at select Pizza Hut locations in Puerto Rico.
That is an important milestone on our path to underpricing animal protein eventually. Beyond Meat Earnings Preview As an investor in Beyond Meat myself, I am cautiously optimistic going into this earnings call, while others may be hoping for the best in a challenging situation. And one of the ways we can be a solution is to offer lower pricing.
And we have some long-term goals, and the short-term environment is not going to affect that.Our next question comes from Steve Strycula with UBS.Hi, good afternoon and congratulations on a very strong margin quarter.So the first question would be just more backward-looking. Have you found any change from consumer perception? Let's conquer your financial goals together...faster. Adjusted EBITDA was $11.7 million or 10.3% of net revenues in the second quarter of 2020 compared to adjusted EBITDA of $6.9 million or 10.2% of net revenues in the year-ago period.We note that in Q2 2020, adjusted EBITDA also excludes the expenses defined earlier attributed to COVID-19 totaling $7.5 million, in addition to the customary add-backs we have historically included in adjusted EBITDA. We move very quickly.The biggest thing for us right now around growth is, how do we provide solutions for the consumer as their other protein sources are rising in price and having supply disruption? You may begin.Thank you. So we saw really good performance in the first quarter. I also ask, because we do talk about year-over-year all the time with Beyond.
Do you have a read on any of that?Yes. But overall, we did have a tremendous quarter, as noted with net revenues doubling year-over-year.But we did see that the last two weeks of March become more problematic. So I’ll speak qualitatively to the first part of your question, just around the impact in April because we are not necessarily ready to share complete April numbers, of course. So, I was extremely pleased to see that.And I think we can expect some more activity there, although I can't make any promises or provide details. Usually, it's my fault, but not this time. And so it’ll be interesting to see the uptake there given the spike in beef prices.That will be rolling out in the next couple of weeks. We actually don’t feel any competitive pressures. We’ve made adjustments across our budget in various areas to make sure that we’re still being very fiscally responsible. These statements are based on management’s current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.Please refer to today’s press release, the company’s annual report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 19, 2020, the company’s quarterly report on Form 10-Q for the quarter ended March 28, 2020, to be filed with the SEC and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Do they go for more aggressive pricing to the degree we think that they will? In foodservice, while we were still able to grow our total distribution points, we saw a significant deterioration in demand due to COVID-19. [Operator instructions] Please be advised that today's conference may be recorded. And so instead of doing a lot of typical marketing, we sought to put resources into distributing free food to people in need and to frontline responders.So I think that was something that we all felt strongly about at the company. Beyond Meat, Inc. (NASDAQ:BYND) Q2 2020 Earnings Call Aug 04, 2020, 4:30 p.m.