EMERYVILLE, Calif.,
Aug. 6, 2020 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company in Clean Health and Beauty markets through
its consumer brands and a top supplier of sustainable and natural
ingredients, today announced financial results for its second
quarter ended June 30, 2020.
Highlights
- Completed $200 million private
placement during Q2; largest raise in the history of the
company
- Reduced debt by $121 million or
40% since start of 2020. Improves H2 2020 debt servicing cash costs
by $30 million
- Q2 Recurring Revenue for Consumer & Ingredients of
$26 million more than doubled YOY.
Record quarter for Consumer brands with revenue tripling YOY from
strong online sales
- Cash Operating Expenses of $43
million were the lowest in the five sequential quarters and
down 6% versus prior year. Lower G&A and R&D expense was
partly reinvested in consumer brands
- Signed commercial partnership for Purecane™ in commercial
baking applications with AB Mauri
- Signed term sheet for a scientific partnership with Infectious
Disease Research Institute (IDRI) to create RNA vaccine
platform
Management Comments
"Our business and our people have
shown strong resilience during these unprecedented times. Keeping
everyone safe has been our number one priority while continuing to
grow revenue and improve operations. COVID has certainly had an
impact in how we operate the business. For example, COVID has
impacted progress with third party manufacturing," said
John Melo, President and Chief
Executive Officer. "Lower consumer revenue from store closures was
mitigated by consumers transitioning online. Our consumer brands
saw record revenue in the quarter and, for the first time, was
equal in size to our ingredients portfolio. We expect second half
consumer revenue to more than double that of the first half of this
year. This shift in our portfolio will continue with significantly
larger sustainable and predictable product revenue relative to
collaboration programs."
Continued Melo, "We have executed on commercial and scientific
strategic partnerships such as Purecane in commercial baking
applications with AB Mauri and to create an RNA vaccine platform
with IDRI. Our focus on improvement of operational economics as it
relates to scale-up of both new ingredients and our young brands
continues, and we made significant progress on improving our
capital structure. During Q2, we raised $200
million from a private placement with
high-quality investors of which 70% were new and 90% with a
health care, biotechnology and/or long orientation."
Strategic Priorities
The strategic priorities we set
out at the start of 2020 support our goals for growth, sustained
cash generation, and profitability.
|
Strategic
Priorities
|
Q2
Progress
|
1
|
High growth consumer
brands
|
· Record quarter
for Consumer brands with revenue tripling YOY from strong online
sales
· Pipette brand
grew 10X versus Q1 2020
|
2
|
Scientific and
commercial collaboration
|
· Commercial
partnership with AB Mauri for Purecane in commercial baking
applications
· Scientific
partnership with IDRI for rights to their RNA vaccine
platform
|
3
|
Supply chain
optimization
|
· Continued
production efficiencies with squalane for Clean Beauty and Personal
Care
· 60% higher
ingredients production output in H1 and improved unit
costs
· Advanced
squalene adjuvant to commercial scale-up
· Construction of our
Brazil plant continues with full commissioning expected by Q4 of
2021
|
4
|
Improved balance
sheet, earnings and cash flow
|
· Completed $200
million private placement
· Reduced debt by
$121 million or 40% since start of 2020. Improves H2 2020 cash debt
servicing by $30 million
|
Sequential Sales Revenue
Sequential Trend
$m
|
Q1
2019
|
Q2
2019
|
Q3
2019
|
Q4
2019
|
Q1
2020
|
Q2
2020
|
Consumer &
Ingredients
|
12
|
12
|
20
|
20
|
19
|
26
|
Collaboration &
Grants
|
2
|
10
|
15
|
11
|
5
|
4
|
Recurring
Revenue
|
15
|
22
|
35
|
32
|
24
|
30
|
One-off
|
--
|
41
|
--
|
9
|
5
|
--
|
Reported
Revenue
|
15
|
63
|
35
|
41
|
29
|
30
|
- Q2 Recurring Revenue of $30
million showed continued growth year-over-year (+36%) and
was +23% versus the prior quarter
- Q2 was a record quarter for Consumer & Ingredients with
Revenue more than doubling to $26
million year-over year. Revenue of Consumer brands tripled
year-over-year from strong online sales. Ingredients Revenue grew
in excess of 50% year-over-year
- Collaboration Revenue of $4
million was below the prior-year quarter and continues to be
choppy as expected
Q2 2020 Results
Variance $ and Variance % in the
following tables and comments may not foot due to
rounding
$ Million except EPS
As
Reported
|
2020
|
2019
|
Variance
$
|
Variance
%
|
Sales
Revenue
|
30
|
63
|
(33)
|
(52%)
|
Gross
Margin
|
36%
|
84%
|
-4800bps
|
--
|
Net Income
|
(104)
|
(71)
|
(33)
|
(47%)
|
Adj. Net
Income
|
(58)
|
(14)
|
(44)
|
(306%)
|
EBITDA
|
(86)
|
(22)
|
(64)
|
(291%)
|
Adj.
EBITDA
|
(36)
|
2
|
(38)
|
(2,170%)
|
Diluted
EPS
|
(0.56)
|
(0.76)
|
0.20
|
26%
|
Adj. Diluted
EPS
|
(0.32)
|
(0.15)
|
(0.16)
|
(104%)
|
- GAAP Net Income of -$104 million,
including $49 million of non-cash
adjustments, was down $33 million due
to non-cash adjustments related to fair value changes of
derivatives and debt, extinguishment of debt and higher interest
expense. 2019 included $41 million
income from one-off Vitamin E royalty
- Diluted EPS of -$0.56 compared
with -$0.76 for Q2 2019
Excluding
One-off*
|
2020
|
2019
|
Variance
$
|
Variance
%
|
Recurring
Revenue
|
30
|
22
|
8
|
36%
|
Gross
Margin
|
36%
|
54%
|
-1800bps
|
--
|
Adj.
EBITDA
|
(36)
|
(39)
|
3
|
8%
|
*Q2 2019 included $41
million one-off Vitamin E royalty income, which impacts YOY
comparisons
- Recurring Sales Revenue of $30
million up 36% versus the prior-year quarter with strong
growth seen in Consumer & Ingredients product sales, partly
offset by lower Collaboration & Grants Revenue
- Gross Margin of 36% compared to 54% in Q2 2019, and was down
due to lower Collaboration Revenue (100% accretive to earnings),
and a larger proportion of Revenue from scale-up products with
immature margin economics
- Adjusted EBITDA of -$36 million
compared to -$39 million for the same
quarter last year due to improvements in cash operating
expenses
Year-to-Date (YTD) Results
Variance $ and Variance
% in the following tables and comments may not foot due to
rounding
$ Million except EPS
As
Reported
|
2020
|
2019
|
Variance
$
|
Variance
%
|
Sales
Revenue
|
59
|
77
|
(18)
|
-23%
|
Gross
Margin
|
50%
|
62%
|
-1200bps
|
--
|
Net Income
|
(191)
|
(135)
|
(56)
|
-42%
|
Adj. Net
Income
|
(102)
|
(73)
|
(29)
|
-40%
|
EBITDA
|
(157)
|
(75)
|
(82)
|
-110%
|
Adj.
EBITDA
|
(62)
|
(43)
|
(19)
|
-44%
|
Diluted
EPS
|
(1.12)
|
(1.59)
|
0.47
|
29%
|
Adj. Diluted
EPS
|
(0.60)
|
(0.91)
|
0.31
|
35%
|
- GAAP Net Income of -$191 million
was down $56 million due to non-cash
adjustments related to fair changes of derivatives and debt,
extinguishment of debt and higher interest expense
- Diluted EPS of -$1.12 compared
with -$1.59 for YTD 2019
Excluding
One-off*
|
2020
|
2019
|
Variance
$
|
Variance
%
|
Sales
Revenue
|
54
|
37
|
18
|
48%
|
Gross
Margin
|
45%
|
20%
|
+2500bps
|
--
|
Adj.
EBITDA
|
(67)
|
(84)
|
17
|
20%
|
*YTD 2019 included $40 million
one-offs and YTD 2020 included $5
million one-off for a net $35
million YOY
- Recurring Sales Revenue of $54
million up $18 million or 48%
versus H1 2019 with 83% growth in Consumer & Ingredients
product sales, partly offset by lower Collaboration & Grants
Revenue
- Gross Margin of 45% compared to 20% in Q2 2019, and delivered a
$17 million improvement driven by a
combination of higher margin consumer brands and lower units cost
in Ingredients
- Adjusted EBITDA of -$67 million
compared to -$84 million for H1 last
year due to increased Consumer Revenue and improvements in margin
contribution
Full Year 2020 Outlook
Based on current estimates, the
full year Sales Revenue target indicates approximately 44% growth
versus 2019 GAAP sales revenue of $153
million, and approximately 80% versus 2019 recurring sales
of $104 million. Based on expected
sales mix, Gross Margin is expected to be between 55-60% of
revenue. Adjusted EBITDA is expected to turn positive during
Q4 of this year.
COVID continues to present significant uncertainties to which we
do not have full visibility.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented on a
GAAP basis, we use non-GAAP measures that we believe are helpful in
understanding our results. These non-GAAP measures are among the
factors management uses in planning and forecasting future periods.
These non-GAAP financial measures also facilitate management's
internal comparisons to Amyris' historical performance as well as
comparisons to the operating results of other companies. Management
believes these non-GAAP financial measures are useful to investors
because they allow for greater transparency into the indicators
used by management to understand, manage, and evaluate our business
and make operating decisions. Our non-GAAP financial measures
include the following:
Non-GAAP net income (loss) is calculated as GAAP net income/loss
excluding stock-based compensation expense, gains or losses from
change in fair value of debt, gains and losses from changes in the
fair value of derivatives, losses on debt extinguishment, income
attributable to noncontrolling interest, deemed dividends, other
(income) expense, net, loss from investment in affiliate and
losses allocated to participating securities.
Adjusted diluted EPS is calculated by dividing Non-GAAP net
income (loss) by the weighted average shares, basic and diluted
outstanding for the period.
Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP
revenues divided by GAAP cost of products sold excluding excess
capacity, depreciation and amortization and other
costs/provisions.
EBITDA is calculated as GAAP net loss less losses allocated to
participating securities, interest, tax provision, depreciation and
amortization.
Adjusted EBITDA is calculated as EBITDA less stock-based
compensation expense, gains or losses from change in fair value of
debt, gains and losses from changes in the fair value of
derivatives, losses on debt extinguishment, income attributable to
noncontrolling interest, deemed dividends, other (income) expense,
net, and loss from investment in affiliate.
Non-GAAP financial information is not prepared under a
comprehensive set of accounting rules, and therefore, should only
be read in conjunction with financial information reported under
U.S. GAAP in order to understand Amyris' operating performance. A
reconciliation of the non-GAAP financial measures presented in this
release to the most directly comparable GAAP financial measure, is
provided in the tables attached to this press release.
Conference Call
Amyris will host its second quarter
2020 conference call today August 6,
2020 at 9:00 am ET
(6:00 am PT) to discuss its financial
results. Those who wish to listen to the conference call should
dial into (888) 567-1603 (U.S. and International) and ask to be
joined to the Amyris, Inc. call. A live webcast of the call will be
available online on the Amyris website. To listen via live webcast,
please visit: http://investors.amyris.com.
If you are unable to listen to the live call, the webcast will
be archived on the Company's website. A replay of the webcast will
be available on the Investor Relations section of the company's
website approximately two hours after the conclusion of the call.
Additional information on Amyris' second quarter 2020 results can
also be found on the Company's website.
About Amyris
Amyris (Nasdaq: AMRS) is a science and
technology leader in the research, development and production of
sustainable ingredients for the Clean Health & Beauty and
Flavors & Fragrances markets. Amyris uses an impressive array
of exclusive technologies, including state-of-the-art machine
learning, robotics and artificial intelligence. Our ingredients are
included in over 3,000 products from the world's top brands,
reaching more than 200 million consumers. Amyris is proud to own
three consumer brands - all built around its No Compromise® promise
of clean ingredients: Biossance™ clean beauty skincare, Pipette™
clean baby skincare and Purecane™, a zero-calorie sweetener
naturally derived from sugarcane. For more information, please
visit www.amyris.com.
Forward-Looking Statements
This release contains forward-looking statements, and any
statements other than statements of historical fact could be deemed
to be forward-looking statements. These forward-looking statements
include, among other things, statements regarding future events,
such as expected revenue, including potential impacts of COVID-19,
product and collaboration revenues, recurring revenue, adjusted
EBITDA, gross margin and operating expenses through 2020, including
anticipated growth for Amyris's consumer brands, sustained cash
generation and profitability, expected creation of RNA vaccine
platform, expected operational optimization, production volume,
delivery and cost reduction in 2020, including the construction of
a new plant in Brazil, and
expectations regarding Amyris's financial and operational results
and ability to achieve its business plan in 2020 and beyond. These
statements are based on management's current expectations and
actual results and future events may differ materially due to risks
and uncertainties, including risks related to Amyris's liquidity
and ability to fund operating and capital expenses, risks related
to its financing activities, risks related to potential delays or
failures in development, production and commercialization of
products, risks related to Amyris's reliance on third parties, and
other risks detailed from time to time in filings Amyris makes with
the Securities and Exchange Commission, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Amyris disclaims any obligation to update information
contained in these forward-looking statements, whether as a result
of new information, future events, or otherwise.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and
Purecane are trademarks or registered trademarks of Amyris, Inc. in
the U.S. and/or other countries.
For further information: Peter
DeNardo, Senior Director, Investor Relations and Corporate
Communications, Amyris, Inc., 510-740-7481, investor@amyris.com
Financial Tables Follow
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
(In thousands,
except shares and per share amounts)
|
June 30,
2020
|
December 31,
2019
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
99,998
|
$
270
|
Restricted
cash
|
362
|
469
|
Accounts receivable,
net
|
22,029
|
16,322
|
Accounts receivable -
related party, net
|
94
|
3,868
|
Contract
assets
|
11,724
|
8,485
|
Contract assets -
related party
|
1,203
|
-
|
Inventories
|
33,059
|
27,770
|
Deferred cost of
products sold - related party
|
7,709
|
3,677
|
Prepaid expenses and
other current assets
|
14,531
|
12,750
|
Total current
assets
|
190,709
|
73,611
|
Property, plant and
equipment, net
|
27,394
|
28,930
|
Contract assets,
noncurrent - related party
|
-
|
1,203
|
Deferred cost of
products sold, noncurrent - related party
|
14,260
|
12,815
|
Restricted cash,
noncurrent
|
960
|
960
|
Recoverable taxes
from Brazilian government entities
|
5,725
|
7,676
|
Right-of-use assets
under financing leases, net
|
11,422
|
12,863
|
Right-of-use assets
under operating leases, net
|
11,662
|
13,203
|
Other
assets
|
5,557
|
9,705
|
Total
assets
|
$
267,689
|
$
160,966
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
22,779
|
$
51,234
|
Accrued and other
current liabilities
|
49,110
|
36,655
|
Financing lease
liabilities
|
3,605
|
3,465
|
Operating lease
liabilities
|
4,893
|
4,625
|
Contract
liabilities
|
5,180
|
1,353
|
Debt, current
portion
|
43,482
|
45,313
|
Related party debt,
current portion
|
-
|
18,492
|
Total current
liabilities
|
129,049
|
161,137
|
Long-term debt, net
of current portion
|
23,532
|
48,452
|
Related party debt,
net of current portion
|
138,898
|
149,515
|
Financing lease
liabilities, net of current portion
|
2,305
|
4,166
|
Operating lease
liabilities, net of current portion
|
12,457
|
15,037
|
Derivative
liabilities
|
5,833
|
9,803
|
Other noncurrent
liabilities
|
15,254
|
23,024
|
Total
liabilities
|
327,328
|
411,134
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
20
|
12
|
Additional paid-in
capital
|
1,935,252
|
1,543,668
|
Accumulated other
comprehensive loss
|
(48,708)
|
(43,804)
|
Accumulated
deficit
|
(1,953,919)
|
(1,755,653)
|
Total Amyris, Inc.
stockholders' deficit
|
(67,355)
|
(255,777)
|
Noncontrolling
interest
|
2,716
|
609
|
Total stockholders'
deficit
|
(64,639)
|
(255,168)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
267,689
|
$
160,966
|
Amyris,
Inc.
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except shares and per share amounts)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue:
|
|
|
|
|
|
Renewable products
(includes related party revenue of $56, $0, $105 and $2,
respectively)
|
$
25,188
|
$
12,120
|
|
$
43,042
|
$
24,004
|
Licenses and
royalties (includes related party revenue of $0, $40,682, $3,750
and $40,302, respectively)
|
990
|
40,964
|
|
6,151
|
41,082
|
Grants and
collaborations (includes related party revenue of $1,251, $2,646,
$4,269 and $3,042, respectively)
|
3,827
|
9,610
|
|
9,942
|
11,982
|
Total revenue
(includes related party revenue of $1,307, $43,328, $8,124 and
$43,346, respectively)
|
30,005
|
62,694
|
|
59,135
|
77,068
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold
|
23,098
|
15,121
|
|
34,888
|
32,828
|
Research and
development(1)
|
16,965
|
19,222
|
|
34,091
|
37,061
|
Sales, general and
administrative(1)
|
30,503
|
30,862
|
|
62,517
|
59,115
|
Total cost and
operating expenses
|
70,566
|
65,205
|
|
131,496
|
129,004
|
Loss from
operations
|
(40,561)
|
(2,511)
|
|
(72,361)
|
(51,936)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(20,118)
|
(15,217)
|
|
(35,120)
|
(27,751)
|
Loss from change in
fair value of derivative instruments
|
(11,779)
|
-
|
|
(8,497)
|
(2,039)
|
Loss from change in
fair value of debt
|
(14,949)
|
(14,444)
|
|
(31,452)
|
(16,574)
|
Loss upon
extinguishment of debt
|
(22,029)
|
(5,875)
|
|
(49,348)
|
(5,875)
|
Other income
(expense), net
|
1,945
|
(41)
|
|
1,949
|
(156)
|
Total other expense,
net
|
(66,930)
|
(35,577)
|
|
(122,468)
|
(52,395)
|
Loss before income
taxes and loss from investment in affiliate
|
(107,491)
|
(38,088)
|
|
(194,829)
|
(104,331)
|
Provision for income
taxes
|
(547)
|
-
|
|
(638)
|
-
|
Loss from investment
in affiliate
|
(277)
|
-
|
|
(692)
|
-
|
Net loss
|
(108,315)
|
(38,088)
|
|
(196,159)
|
(104,331)
|
Less: income
attributable to noncontrolling interest in Aprinnova
|
(2,107)
|
-
|
|
(2,107)
|
-
|
Net loss attributable
to Amyris, Inc.
|
(110,422)
|
(38,088)
|
|
(198,266)
|
(104,331)
|
Less: deemed dividend
to preferred stockholder on issuance and modification of common
stock warrants
|
-
|
(34,964)
|
|
-
|
(34,964)
|
Less: loss allocated
to participating securities
|
6,361
|
2,255
|
|
7,435
|
4,690
|
Net loss attributable
to Amyris, Inc. common stockholders
|
$
(104,061)
|
$
(70,797)
|
|
$
(190,831)
|
$
(134,605)
|
|
|
|
|
|
|
Loss per share
attributable to common stockholders, basic and diluted
|
$
(0.56)
|
$
(0.76)
|
|
$
(1.12)
|
$
(1.59)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic and diluted
|
184,827,330
|
92,785,752
|
|
169,946,482
|
84,831,269
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Research and
development
|
$
781
|
$
676
|
|
$
1,846
|
$
1,339
|
Sales, general and
administrative
|
2,150
|
2,699
|
|
4,589
|
5,488
|
|
$
2,931
|
$
3,375
|
|
$
6,435
|
$
6,827
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except per share data)
|
2020
|
2019
|
|
2020
|
2019
|
Net loss
attributable to Amyris, Inc. common stockholders
(GAAP)
|
$
(104,061)
|
$
(70,797)
|
|
$
(190,831)
|
$
(134,605)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
2,931
|
3,375
|
|
6,435
|
6,827
|
Loss from change in
fair value of derivative instruments
|
11,779
|
-
|
|
8,497
|
2,039
|
Loss from change in
fair value of debt
|
14,949
|
14,444
|
|
31,452
|
16,574
|
Loss upon
extinguishment of debt
|
22,029
|
5,875
|
|
49,348
|
5,875
|
Income attributable
to noncontrolling interest in Aprinnova
|
2,107
|
-
|
|
2,107
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
34,964
|
|
-
|
34,964
|
Loss allocated to
participating securities
|
(6,361)
|
(2,255)
|
|
(7,435)
|
(4,690)
|
Other (income)
expense, net, and loss from investment in affiliate
|
(1,668)
|
41
|
|
(1,257)
|
156
|
Net loss
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(58,295)
|
$
(14,353)
|
|
$
(101,684)
|
$
(72,860)
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic and diluted
|
184,827,330
|
92,785,752
|
|
169,946,482
|
84,831,269
|
|
|
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.56)
|
$
(0.76)
|
|
$
(1.12)
|
$
(1.59)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
0.02
|
0.04
|
|
0.04
|
0.08
|
Loss from change in
fair value of derivative instruments
|
0.06
|
-
|
|
0.05
|
0.02
|
Loss from change in
fair value of debt
|
0.08
|
0.16
|
|
0.19
|
0.20
|
Loss upon
extinguishment of debt
|
0.12
|
0.06
|
|
0.29
|
0.07
|
Income attributable
to noncontrolling interest in Aprinnova
|
0.01
|
-
|
|
0.01
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
0.38
|
|
-
|
0.41
|
Loss allocated to
participating securities
|
(0.03)
|
(0.02)
|
|
(0.04)
|
(0.06)
|
Other (income)
expense, net, and loss from investment in affiliate
|
(0.01)
|
0.00
|
|
(0.01)
|
0.00
|
Net loss per share
attributable to Amyris, Inc. common stockholders - Basic
(non-GAAP)(1)
|
$
(0.32)
|
$
(0.15)
|
|
$
(0.60)
|
$
(0.86)
|
(1)Amounts
may not sum due to rounding.
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
Adjusted
EBITDA
|
2020
|
2019
|
|
2020
|
2019
|
GAAP net loss
attributable to Amyris, Inc. common stockholders
|
$
(104,061)
|
$
(70,797)
|
|
$
(190,831)
|
$
(134,605)
|
Interest
expense
|
20,118
|
15,217
|
|
35,120
|
27,751
|
Income
taxes
|
547
|
-
|
|
638
|
-
|
Depreciation and
amortization
|
1,675
|
873
|
|
3,395
|
1,722
|
Income attributable
to noncontrolling interest in Aprinnova
|
2,107
|
-
|
|
2,107
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
34,964
|
|
-
|
34,964
|
Loss allocated to
participating securities
|
(6,361)
|
(2,255)
|
|
(7,435)
|
(4,690)
|
EBITDA
|
(85,975)
|
(21,998)
|
|
(157,006)
|
(74,858)
|
Loss from change in
fair value of derivative instruments and debt, loss upon
extinguishment of debt, other (income) expense, and loss from
investment in affiliate
|
47,089
|
20,360
|
|
88,040
|
24,644
|
Stock-based
compensation
|
2,931
|
3,375
|
|
6,435
|
6,827
|
Adjusted
EBITDA
|
$
(35,955)
|
$
1,737
|
|
$
(62,531)
|
$
(43,387)
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In
thousands)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$
25,188
|
$
12,120
|
|
$
43,042
|
$
24,004
|
Licenses and
royalties
|
990
|
40,964
|
|
6,151
|
41,082
|
Grants and
collaborations
|
3,827
|
9,610
|
|
9,942
|
11,982
|
Total revenue
(GAAP and non-GAAP)
|
$
30,005
|
$
62,694
|
|
$
59,135
|
$
77,068
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
23,098
|
$
15,121
|
|
$
34,888
|
$
32,828
|
Other
costs/provisions
|
(3,312)
|
(4,512)
|
|
(4,127)
|
(2,504)
|
Excess
capacity
|
(415)
|
(233)
|
|
(481)
|
(673)
|
Depreciation and
amortization
|
(206)
|
(141)
|
|
(440)
|
(278)
|
Cost of products
sold (non-GAAP)
|
$
19,165
|
$
10,235
|
|
$
29,840
|
$
29,373
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
10,840
|
$
52,459
|
|
$
29,295
|
$
47,695
|
Gross margin
%
|
36%
|
84%
|
|
50%
|
62%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
16,965
|
$
19,222
|
|
$
34,091
|
$
37,061
|
Stock-based
compensation expense
|
(781)
|
(676)
|
|
(1,846)
|
(1,339)
|
Depreciation and
amortization
|
(1,267)
|
(435)
|
|
(2,491)
|
(870)
|
Research and
development expense (non-GAAP)
|
$
14,917
|
$
18,111
|
|
$
29,754
|
$
34,852
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
30,503
|
$
30,862
|
|
$
62,517
|
$
59,115
|
Stock-based
compensation expense
|
(2,150)
|
(2,699)
|
|
(4,589)
|
(5,488)
|
Depreciation and
amortization
|
(202)
|
(297)
|
|
(464)
|
(575)
|
Sales, general and
administrative expense (non-GAAP)
|
$
28,151
|
$
27,866
|
|
$
57,464
|
$
53,052
|
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SOURCE Amyris, Inc.