- Sixth consecutive quarter of record consumer revenue –
Consumer revenue of $46.6 million
increased 98% compared to Q3 2021
- Record core revenue of $71.1
million grew 49% compared to the prior year quarter
- "Fit to Win" revenue, cost and cash actions deliver
$10 million in Q3
- $180 million of new funding
closed - strategic transaction on track to self-fund
growth
EMERYVILLE, Calif., Nov. 8, 2022
/PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company accelerating the world's transition to
sustainable consumption through its Lab-to-Market™ technology
platform and clean beauty consumer brands, today announced
financial results for the third quarter ended September 30, 2022.
"Q3 2022 core revenue of $71.1
million grew 49% versus Q3 2021 driven by record consumer
revenue of $46.6 million, a 98%
year-over-year increase for the quarter and 107% consumer revenue
growth year-to-date. Amyris outperformed key players in the beauty
space according to the NielsenIQ 12 weeks trailing year-over-year
growth rate of 7%," commented John
Melo, President and Chief Executive Officer. "Our ingredient
business continued to sell out all production and entered the
fourth quarter with an order backlog."
Industry-wide prestige and luxury consumers continued to show
resilience in the face of a slowing global economy as did key
beauty categories such as clean beauty where Amyris has leading
consumer brands. Amyris entered the emerging menopausal category
through its MenoLabs™ acquisition and recent launch of
Stripes™. The company's omnichannel strategy continues to deliver
strong growth with direct-to-consumer ecommerce representing 45% of
Q3 consumer revenue. Consumer products were in nearly 14,000 stores
compared to 2,100 in the year ago quarter, and Amyris continued its
international expansion, particularly into the U.K. and European
markets.
"We have built the leading Lab-to-Market™ technology
platform for synthetic biology and bio-manufacturing. After an
extended period of rapid organic growth and acquisition activity,
we are increasingly focused on brand integration, cash conversion
efficiency, and cost optimization to achieve our profitability
goals," commented Mr. Melo. "To reach these goals, we completed
previously announced fundraising of $80
million in Q3 and $100 million
in Q4. Additionally, we are on track to complete a substantial
strategic transaction by year end."
During the third quarter, Amyris embarked on companywide "Fit to
Win" initiatives intended to reduce the use of cash and improve the
company's cost structure. These resulted in approximately
$10 million in earnings improvement
in Q3. The benefits of these initiatives are accelerating in the
fourth quarter and are expected to have a favorable annualized
impact of $150 million in 2023.
"We have the scale, growth rate and business model that enables
us to evolve our focus to operating profitability. Our current
growth momentum has continued into the fourth quarter, and we are
tracking toward our first quarter of more than $100 million in core revenue while controlling
our costs and improving our use of cash," concluded Melo.
Revenue
Core revenue comprises consumer and technology access revenue.
Technology access includes ingredient product revenue, R&D
collaboration, and technology licenses. Core revenue excludes
strategic transactions and other. Totals may not foot due to
rounding.
|
Three Months
Ended Sept 30,
|
|
Nine Months
Ended Sept 30,
|
(In
millions)
|
2022
|
2021
|
YoY%
|
|
2022
|
2021
|
YoY%
|
Consumer
|
$ 46.6
|
$ 23.5
|
98 %
|
|
124.1
|
59.8
|
107 %
|
Technology
Access
|
24.6
|
24.4
|
1 %
|
|
70.0
|
63.4
|
10 %
|
|
|
|
|
|
|
|
|
Core
|
71.1
|
47.9
|
49 %
|
|
194.0
|
123.2
|
57 %
|
Strategic
Transactions & Other1
|
0.0
|
0.0
|
-
|
|
0.0
|
153.8
|
-100 %
|
|
|
|
|
|
|
|
|
Reported
Total
|
$
71.1
|
$
47.9
|
49 %
|
|
194.0
|
277.0
|
-30 %
|
|
|
|
|
|
|
|
|
1Strategic
Transactions & Other includes $143.6 million Flavors &
Fragrances transaction (Q1 2021); $0.2 million discontinued
ingredients value share (Q1 2021); and $10.0 million RebM
transaction (Q2 2021)
|
Q3 2022 Financial Highlights
- Core revenue of $71.1 million
increased 49% compared to Q3 2021 revenue of $47.9 million. Q3 2022 core revenue included
record consumer revenue of $46.6
million, an increase of $23.1
million or 98%.
- Consumer revenue growth was primarily due to the growth of
Biossance®, JVN™, MenoLabs and Rose Inc.™, however, all brands
within the Company's clean beauty consumer portfolio demonstrated
an above market increase in revenue year-over-year.
Direct-to-consumer sales, which comprised 45% of total consumer
sales, grew 93% compared to Q3 2021. Retail sales through third
party channels, which comprised 55% of total consumer sales, grew
97% compared to Q3 2021. Amyris brands were available in nearly
14,000 physical locations compared to 2,100 during the same quarter
last year.
- Increased technology license revenue was offset by lower
R&D collaboration revenue. Ingredients product revenue
increased 2%, to $13.5 million, as
the newly commissioned biomanufacturing plant in Barra Bonita began to ease pre-existing
third-party capacity constraints.
- Non-GAAP gross margin of $28.5
million, or 40% of revenue, increased from $17.7 million, or 37% of revenue in Q3 2021. Q3
2022 gross margin reflects a year-over-year increase in consumer
revenue and technology license revenue, partially offset by lower
R&D collaboration and higher ingredients input costs.
- Non-GAAP cash operating expense of $137.8 million was sequentially flat and
increased by $56.4 million compared
to Q3 2021 due to an increase of $42.1
million in selling expense, $9.7
million in G&A expense, and $4.6
million in R&D expense. The increases were primarily
driven by a combination of increased headcount (both organic and
from acquisitions) and investments in existing and developing
consumer brands.
- Adjusted EBITDA of -$131.7
million decreased $59.3
million, primarily due to higher operating expense and
freight costs.
- GAAP net loss was influenced by $14.4
million of unfavorable non-cash mark-to-market adjustments
related to changes in the fair value of debt and derivatives. GAAP
net loss of $161.4 million, or a loss
of $0.50 per diluted share, compared
to a net loss of $32.9 million, or
$0.27 per diluted share, in Q3
2021.
- Cash at the end of Q3 2022 was $24.6
million, compared to $106.5
million at the end of Q2 2022.
YTD Q3 2022 Financial Highlights
- Core revenue of $194.0 million
increased 57% compared to $123.2
million in the first nine months of 2021. YTD 2022 core
revenue included record consumer revenue of $124.1 million, an increase of 107% compared to
2021, and technology access revenue of $70.0
million, an increase of 10% compared to the same period in
2021. Total revenue of $194.0 million
decreased 30% compared to the prior year period which included
$153.8 million licensing revenue from
strategic transactions.
- Non-GAAP core gross margin of $83.7
million, or 43% of revenue, excluding the $153.8 million from the 2021 strategic
transactions, increased from $51.2
million or 42% of revenue.
- Non-GAAP cash operating expense of $391.6 million increased by $193.6 million, compared to the first nine months
of 2021 primarily due to an increase of $145.0 million in selling expense, $38.0 million in G&A expense, and
$10.7 million in R&D expense. The
increases were primarily driven by a combination of increased
headcount (both organic and from acquisitions) and investments in
existing and developing consumer brands such as paid media and
fulfillment and shipping.
- Adjusted EBITDA of -$364.2
million decreased $199.5
million, excluding $153.8
million from the 2021 strategic transactions, primarily due
to higher ingredients COGS, and higher operating expense.
- GAAP net loss was influenced by $46.9
million of favorable non-cash mark-to-market adjustments
related to changes in the fair value of debt and derivatives. GAAP
net loss was $378.7 million, or a
loss of $1.24 per diluted share,
compared to a loss of $308.0 million,
or a loss of $1.07 per diluted share,
through the first 9 months of 2021.
Q4 and Full Year 2022 Updated Financial Outlook
Consumer revenue is expected to continue growing at the current
rate. Ingredients revenue is accelerating supported by increased
Barra Bonita production output and
shipments in the fourth quarter. As a result, Q4 2022 core revenue
is expected to be more than $100
million.
We are evolving to balancing profitability and use of cash with
revenue growth. We expect to continue delivering the leading
revenue growth among our peers in consumer health, beauty, and
wellness end-markets along with continuing as the leader in
biomanufacturing and clean, sustainable ingredients supply.
Conference Call
Amyris will host a conference call today at 4:30 pm
ET (1:30 pm PT) to discuss its
Q3 2022 financial results and provide a business and financial
update.
Live audio webcast/conference call:
Webcast: please visit http://investors.amyris.com.
U.S. Dial-In Number: (844) 850-0551. International Dial-In Number:
(412) 902-4203.
Please connect to the website or dial in to the conference call
15 minutes prior to the start of the call to avoid connection
delays. If a participant will be listen-only, they are encouraged
to listen via the webcast on Amyris' investor page.
A replay of the webcast will be available on the Investor
Relations section of Amyris' website.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), we use certain non-GAAP financial measures that we believe
are helpful in understanding our financial results. These non-GAAP
financial 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, when considered together with
financial information prepared in accordance with GAAP, can enhance
investors' and analysts' abilities to meaningfully compare our
results from period to period, identify operating trends in our
business, and track and model our financial performance. In
addition, our management believes that these non-GAAP financial
measures allow for greater transparency into the indicators used by
management to understand and evaluate our business and make
operating decisions.
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
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.
Our Non-GAAP financial measures include the following:
Non-GAAP Gross Margin (Gross Margin) is calculated as
GAAP revenue less non-GAAP cost of products sold. Non-GAAP cost of
products sold excludes other costs/provisions, inventory lower of
cost or net realizable value adjustments, excess capacity,
manufacturing capacity fee adjustments, stock-based compensation
expense, depreciation and amortization
Non-GAAP Cash Operating Expense is calculated as GAAP
Operating Expense minus non-cash stock-based compensation,
depreciation and amortization, non-recurring transaction and
acquisition expense, contract credit loss reserve, and R&D
performance agreement termination.
EBITDA is calculated as GAAP net income (loss) less
interest, expense, income tax expense, depreciation and
amortization expense, and loss allocated to participating
securities.
Adjusted EBITDA is calculated as EBITDA less income
attributable to noncontrolling interest, gain/loss from change in
fair value of derivatives, gain/loss from changes in the fair value
of debt, loss upon debt extinguishment, other income/expense, loss
from investment in affiliate, inventory lower of cost or net
realizable value adjustments, non-recurring transaction and
acquisition expense, stock-based compensation expense, R&D
performance agreement termination, manufacturing capacity fee
adjustment and contract asset credit loss reserve.
Adjusted net income (loss) is calculated as GAAP net
income/loss excluding stock-based compensation expense, gain/loss
from change in fair value of derivatives, gain/ loss from changes
in the fair value of debt, losses upon debt extinguishment,
income/loss attributable to noncontrolling interest, loss allocated
to participating securities, inventory lower of cost or net
realizable value adjustments, R&D performance agreement
termination, manufacturing capacity fee adjustments, non-recurring
transaction and acquisition expense, other income/expense, and
gain/loss from investment in affiliate.
Adjusted EPS is calculated by dividing adjusted net
income (loss) by the weighted average shares, basic outstanding for
the period.
About Amyris
Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology
company, transitioning the Clean Health & Beauty and Flavors
& Fragrances markets to sustainable ingredients through
fermentation and the company's proprietary
Lab-to-Market™ technology platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. For more information, please visit
http://www.amyris.com.
Amyris, the Amyris logo, Biossance, JVN, Lab-to-Market,
MenoLabs, Rose Inc. and Stripes are trademarks or registered
trademarks of Amyris, Inc. or its subsidiaries in the U.S. and/or
other countries.
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 Amyris' financial outlook for the remainder of 2022
including Q4 core revenue; Amyris' 2022 goals, including a
potential strategic transaction to self-fund growth and the timing
thereof, and initiatives to improve brand integration, cash
conversion efficiency and cost optimization to achieve
profitability goals; and Amyris' expectations regarding the impact
of "Fit to Win" initiatives on Q4 2022 and 2023 financial results.
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' liquidity and
ability to fund operating and capital expenses, risks related to
its financing activities, risks related to potential delays or
failures in completing and integrating planned acquisitions, risks
related to potential delays or failures in development, regulatory
approval, launch, production and commercialization of products,
risks related to global inflation and policy measures undertaken to
address inflation, the COVID-19 pandemic and any other geopolitical
events, including Russia's
invasion of Ukraine, resulting in
global economic, financial and supply chain disruptions that may
negatively impact Amyris' business operations and financial results
or cause market volatility, risks related to Amyris' reliance on
third parties particularly in the supply chain, 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.
Financial Tables Follow
Amyris,
Inc.
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands
|
September 30,
2022
|
December 31,
2021
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
18,489
|
$
483,462
|
|
Restricted
cash
|
93
|
199
|
|
Accounts receivable,
net
|
40,410
|
37,074
|
|
Accounts receivable -
related party, net
|
7,428
|
5,667
|
|
Contract
assets
|
3,361
|
4,227
|
|
Contract assets -
related party
|
25,371
|
-
|
|
Inventories
|
129,332
|
75,070
|
|
Prepaid expenses and
other current assets
|
47,998
|
33,513
|
|
Total current
assets
|
272,482
|
639,212
|
|
Property, plant and
equipment, net
|
169,827
|
72,835
|
|
Restricted cash,
noncurrent
|
6,057
|
4,651
|
|
Recoverable taxes from
Brazilian government entities
|
22,382
|
16,740
|
|
Right-of-use assets
under financing leases, net
|
329
|
7,342
|
|
Right-of-use assets
under operating leases, net
|
88,459
|
32,428
|
|
Goodwill
|
126,660
|
131,259
|
|
Intangible assets,
net
|
54,662
|
39,265
|
|
Other assets
|
13,202
|
10,566
|
|
Total assets
|
$
754,060
|
$
954,298
|
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
133,819
|
$
79,666
|
|
Accrued and other
current liabilities
|
84,541
|
71,457
|
|
Financing lease
liabilities
|
12
|
140
|
|
Operating lease
liabilities
|
1,589
|
7,689
|
|
Contract
liabilities
|
953
|
2,530
|
|
Debt, current
portion
|
1,720
|
896
|
|
Related party debt,
current portion
|
86,628
|
107,427
|
|
Total current
liabilities
|
309,262
|
269,805
|
|
Long-term debt, net of
current portion
|
673,927
|
309,061
|
|
Related party debt, net
of current portion
|
51,570
|
-
|
|
Financing lease
liabilities, net of current portion
|
51
|
61
|
|
Operating lease
liabilities, net of current portion
|
75,898
|
19,829
|
|
Derivative
liabilities
|
3,303
|
7,062
|
|
Acquisition-related
contingent consideration
|
40,275
|
64,762
|
|
Other noncurrent
liabilities
|
4,578
|
4,510
|
|
Total
liabilities
|
1,158,864
|
675,090
|
|
Commitments and
contingencies
|
|
|
|
Mezzanine
equity:
|
|
|
|
Contingently redeemable
common stock
|
5,000
|
5,000
|
|
Redeemable
noncontrolling interest
|
30,882
|
28,520
|
|
Stockholders' (deficit)
equity:
|
|
|
|
Common stock
|
32
|
31
|
|
Additional paid-in
capital
|
2,384,348
|
2,656,838
|
|
Accumulated other
comprehensive loss
|
(81,582)
|
(52,769)
|
|
Accumulated
deficit
|
(2,730,381)
|
(2,357,661)
|
|
Total Amyris, Inc.
stockholders' (deficit) equity
|
(427,583)
|
246,439
|
|
Noncontrolling
interest
|
(13,103)
|
(751)
|
|
Total stockholders'
(deficit) equity
|
(440,686)
|
245,688
|
|
Total liabilities,
mezzanine equity and stockholders' (deficit) equity
|
$
754,060
|
$
954,298
|
|
Amyris,
Inc.
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except shares and per share amounts)
|
2022
|
2021
|
|
2022
|
2021
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
58,563
|
$
36,508
|
|
$
156,418
|
$
101,859
|
Licenses and
royalties
|
10,113
|
6,006
|
|
25,880
|
160,806
|
Collaborations, grants
and other
|
2,453
|
5,352
|
|
11,747
|
14,376
|
Total
revenue
|
71,129
|
47,866
|
|
194,045
|
277,041
|
Cost and operating expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
65,818
|
40,252
|
|
170,743
|
93,332
|
Research and
development(1)
|
28,780
|
23,824
|
|
81,249
|
69,580
|
Sales, general and
administrative(1)
|
124,709
|
70,635
|
|
358,212
|
162,897
|
Impairment
|
-
|
-
|
|
-
|
-
|
Total cost and
operating expenses
|
219,307
|
134,711
|
|
610,204
|
325,809
|
Loss from
operations
|
(148,178)
|
(86,845)
|
|
(416,159)
|
(48,768)
|
Other income (expense):
|
|
|
|
|
|
Interest
expense
|
(6,289)
|
(4,321)
|
|
(16,856)
|
(14,857)
|
Gain (loss) from change
in fair value of derivative instruments
|
(1,654)
|
4,778
|
|
3,759
|
(12,826)
|
Gain (loss) from change
in fair value of debt
|
(12,689)
|
52,294
|
|
43,221
|
(204,359)
|
Gain (loss) upon
extinguishment of debt
|
-
|
(680)
|
|
-
|
(27,058)
|
Other income (expense),
net
|
1,688
|
690
|
|
(584)
|
40
|
Total other income
(expense), net
|
(18,944)
|
52,761
|
|
29,540
|
(259,060)
|
Loss before income
taxes and loss from investment in affiliate
|
(167,122)
|
(34,084)
|
|
(386,619)
|
(307,828)
|
Benefit from (provision
for) income taxes
|
(152)
|
(58)
|
|
1,353
|
(170)
|
(Loss) gain from
investment in affiliate
|
(748)
|
181
|
|
(6,509)
|
(567)
|
Net loss
|
(168,022)
|
(33,961)
|
|
(391,775)
|
(308,565)
|
Less: loss (income)
attributable to noncontrolling interest
|
6,627
|
1,017
|
|
13,062
|
(249)
|
Net loss attributable
to Amyris, Inc.
|
(161,395)
|
(32,944)
|
|
(378,713)
|
(308,814)
|
Less: (income) loss
allocated to participating securities
|
-
|
-
|
|
-
|
787
|
Net loss attributable
to Amyris, Inc. common stockholders
|
$ (161,395)
|
$
(32,944)
|
|
$ (378,713)
|
$ (308,027)
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share of
common stock, basic
|
322,286,529
|
300,888,579
|
|
318,400,804
|
286,919,463
|
Loss per share
attributable to common stockholders, basic
|
$
(0.50)
|
$
(0.11)
|
|
$
(1.19)
|
$
(1.07)
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share of
common stock, diluted
|
322,286,529
|
317,568,913
|
|
335,126,922
|
286,919,463
|
Loss per share
attributable to common stockholders, diluted
|
$
(0.50)
|
$
(0.27)
|
|
$
(1.24)
|
$
(1.07)
|
|
|
|
|
|
|
(1)
Includes stock-based compensation expense
as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
79
|
$
79
|
|
$
238
|
$
216
|
Research and
development
|
1,607
|
1,565
|
|
5,007
|
3,945
|
Sales, general and
administrative
|
10,624
|
7,261
|
|
31,299
|
17,772
|
|
$
12,310
|
$
8,905
|
|
$
36,544
|
$
21,933
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except per share data)
|
2022
|
2021
|
|
2022
|
2021
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$ (161,395)
|
$
(32,944)
|
|
$ (378,713)
|
$ (308,027)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Loss allocated to
participating securities
|
-
|
-
|
|
-
|
(787)
|
M&A transaction
legal expense
|
94
|
2,216
|
|
2,153
|
5,522
|
Manufacturing capacity
fee adjustment
|
340
|
-
|
|
2,956
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(655)
|
50
|
|
(1,010)
|
(1,183)
|
R&D Performance
Agreement termination
|
-
|
-
|
|
-
|
1,850
|
Hand sanitizer
write-off
|
-
|
734
|
|
(94)
|
1,250
|
Stock-based
compensation expense
|
12,310
|
8,905
|
|
36,544
|
21,933
|
(Gain) loss from change
in fair value of derivative instruments
|
1,654
|
(4,778)
|
|
(3,759)
|
12,826
|
(Gain) loss from change
in fair value of debt
|
12,689
|
(52,294)
|
|
(43,221)
|
204,359
|
Loss upon
extinguishment of debt
|
-
|
680
|
|
-
|
27,058
|
Income (loss)
attributable to noncontrolling interest
|
(6,627)
|
(1,017)
|
|
(13,062)
|
249
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
(940)
|
(871)
|
|
7,093
|
527
|
Net loss
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$ (142,530)
|
$
(79,319)
|
|
$ (391,113)
|
$
(32,941)
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share
attributable to Amyris, Inc. common stockholders, basic (GAAP and
non-GAAP)
|
322,286,529
|
300,888,579
|
|
318,400,804
|
286,919,463
|
|
|
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.50)
|
$
(0.11)
|
|
$
(1.19)
|
$
(1.07)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Loss allocated to
participating securities
|
-
|
-
|
|
-
|
(0.00)
|
M&A transaction
legal expense
|
0.00
|
0.01
|
|
0.01
|
0.02
|
Manufacturing capacity
fee adjustment
|
0.00
|
-
|
|
0.01
|
0.01
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(0.00)
|
0.00
|
|
(0.00)
|
(0.00)
|
R&D Performance
Agreement termination
|
-
|
-
|
|
-
|
0.01
|
Hand sanitizer
write-off
|
-
|
0.00
|
|
(0.00)
|
0.00
|
Stock-based
compensation expense
|
0.04
|
0.03
|
|
0.11
|
0.08
|
(Gain) loss from change
in fair value of derivative instruments
|
0.01
|
(0.02)
|
|
(0.01)
|
0.04
|
(Gain) loss from change
in fair value of debt
|
0.04
|
(0.17)
|
|
(0.14)
|
0.71
|
Loss upon
extinguishment of debt
|
-
|
0.00
|
|
-
|
0.09
|
Income (loss)
attributable to noncontrolling interest
|
(0.02)
|
(0.00)
|
|
(0.04)
|
0.00
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
(0.00)
|
(0.00)
|
|
0.02
|
0.00
|
Loss per share
attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.44)
|
$
(0.26)
|
|
$
(1.23)
|
$
(0.11)
|
(1)
Amounts may not sum due to
rounding.
|
-
|
-
|
|
-
|
-
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
ADJUSTED
EBITDA
|
2022
|
2021
|
|
2022
|
2021
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$ (161,395)
|
$
(32,944)
|
|
$ (378,713)
|
$ (308,027)
|
Interest
expense
|
6,289
|
4,321
|
|
16,856
|
14,857
|
Income taxes
|
152
|
58
|
|
(1,353)
|
170
|
Depreciation and
amortization
|
4,376
|
2,571
|
|
11,437
|
7,007
|
Loss allocated to
participating securities
|
-
|
-
|
|
-
|
(787)
|
EBITDA
|
(150,578)
|
(25,994)
|
|
(351,773)
|
(286,780)
|
Manufacturing capacity
fee adjustment
|
340
|
-
|
|
2,956
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(655)
|
50
|
|
(1,010)
|
(1,183)
|
Hand sanitizer
write-off
|
-
|
734
|
|
(94)
|
1,250
|
R&D Performance
Agreement termination
|
-
|
-
|
|
-
|
1,850
|
M&A transaction
legal expense
|
94
|
2,216
|
|
2,153
|
5,522
|
Stock-based
compensation expense
|
12,310
|
8,905
|
|
36,544
|
21,933
|
(Gain) loss from change
in fair value of derivative instruments and debt, (gain) loss
upon
extinguishment of debt, other (income) expense, and (gain) loss
from investment in affiliate
|
13,403
|
(57,263)
|
|
(39,887)
|
244,770
|
(Loss) income
attributable to noncontrolling interest
|
(6,627)
|
(1,017)
|
|
(13,062)
|
249
|
Adjusted
EBITDA
|
$
(131,713)
|
$
(72,369)
|
|
$ (364,173)
|
$
(10,907)
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In
thousands)
|
2022
|
2021
|
|
2022
|
2021
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$
58,563
|
$
36,508
|
|
$
156,418
|
$
101,859
|
Licenses and
royalties
|
10,113
|
6,006
|
|
25,880
|
160,806
|
Collaborations, grants
and other
|
2,453
|
5,352
|
|
11,747
|
14,376
|
Revenue (GAAP and
non-GAAP)
|
$
71,129
|
$
47,866
|
|
$
194,045
|
$
277,041
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
65,818
|
$
40,252
|
|
$
170,743
|
$
93,332
|
Other costs and
provisions
|
(21,738)
|
(7,956)
|
|
(54,199)
|
(16,121)
|
Manufacturing capacity
fee adjustment
|
(340)
|
-
|
|
(2,956)
|
(1,482)
|
Hand sanitizer
write-off
|
-
|
(734)
|
|
94
|
(1,250)
|
Excess
capacity
|
(696)
|
(762)
|
|
(2,107)
|
(1,799)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
655
|
(50)
|
|
1,010
|
1,183
|
Stock-based
compensation expense
|
(79)
|
(79)
|
|
(238)
|
(216)
|
Depreciation and
amortization
|
(1,014)
|
(554)
|
|
(2,030)
|
(1,618)
|
Cost of products
sold (non-GAAP)
|
$
42,606
|
$
30,117
|
|
$
110,317
|
$
72,029
|
|
|
|
|
|
|
Adjusted gross
margin (non-GAAP)
|
$
28,523
|
$
17,749
|
|
$
83,728
|
$
205,012
|
Gross margin
%
|
40 %
|
37 %
|
|
43 %
|
74 %
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
28,780
|
$
23,824
|
|
$
81,249
|
$
69,580
|
Stock-based
compensation expense
|
(1,607)
|
(1,565)
|
|
(5,007)
|
(3,945)
|
Depreciation and
amortization
|
(1,663)
|
(1,366)
|
|
(4,756)
|
(4,037)
|
R&D performance
agreement termination
|
-
|
-
|
|
-
|
(1,850)
|
Research and
development expense (non-GAAP)
|
$
25,510
|
$
20,893
|
|
$
71,486
|
$
59,748
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
124,709
|
$
70,635
|
|
$
358,212
|
$
162,897
|
Stock-based
compensation expense
|
(10,624)
|
(7,261)
|
|
(31,299)
|
(17,772)
|
Depreciation and
amortization
|
(1,699)
|
(651)
|
|
(4,651)
|
(1,352)
|
M&A transaction
legal expense
|
(94)
|
(2,216)
|
|
(2,153)
|
(5,522)
|
Sales, general and
administrative expense (non-GAAP)
|
$
112,292
|
$
60,507
|
|
$
320,109
|
$
138,251
|
|
|
|
|
|
|
Cash operating
expense
|
$
137,802
|
$
81,400
|
|
$
391,595
|
$
197,999
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/amyris-inc-reports-third-quarter-2022-financial-results-301672186.html
SOURCE Amyris, Inc.