Beorn: Who is this little fellow?
Gandalf: Well, this would be Mr. Baggins, of the Shire.
Beorn: He’s not a dwarf, is he?
Gandalf explains that Bilbo is a Hobbit, and from a good family. Beorn asks them why there here, and Gandalf tries to explain the quest, while waving his arms animatedly.
Bofur, still watching from the window, takes the waving as Gandalf’s sign that they should come out. Dwalin and Balin come out first, and introduce themselves. Beorn is clearly not pleased to see them. Gandalf confesses that there are more dwarves, and slowly the rest come out. Thorin comes out last, and Beorn appears to recognize him. Scene then cuts to the dwarves eating breakfast.
Note: While Beorn is describing the Mirkwood elves (“Less wise, more dangerous”), the point of view shots are in a different order than the theatrical edition, although the dialogue is the same