EMERYVILLE, Calif.,
March 2, 2021 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company active in the Clean Health and Beauty markets
through its consumer brands, today announced financial results for
its fourth quarter and full year ended December 31, 2020.
"2020 was a year of transformative execution for Amyris," said
John Melo, President and Chief
Executive Officer of Amyris. "We delivered the third consecutive
quarter of record Product sales revenue in Q4 while also expanding
Product gross margins. We continued to see strong growth with our
Consumer brands and delivered Q4 Consumer revenue equivalent to the
entire year 2019. This revenue and margin growth combined with the
completion of the strategic transaction resulted in positive
adjusted EBITDA in the quarter."
Mr. Melo added, "The Amyris team made significant progress in
2020 on our strategic initiatives. We delivered six new
ingredients at scale, completed a successful $200 million equity financing and significantly
reduced our total debt. With the momentum in our product revenue we
believe that we are well positioned to continue to drive sector
leading growth into the future. We expect 2021 to be another record
year with underlying total revenue in the $240 million range and reported total revenue of
around $400 million, when including
the potential impact of the strategic transactions. With our
business momentum and these transactions, we expect to deliver full
year 2021 positive adjusted EBITDA."
Q4 2020 Financial Highlights
- Record sales revenue of $80
million nearly doubled versus the prior year quarter. Record
Product revenue of $35 million
increased 71% compared to the prior year quarter driven by a record
quarter for Consumer which, with $17
million in revenue and 161% growth, delivered as much
revenue in Q4 as the entire year 2019. Ingredients revenue of
$18 million grew 29%. Q4 revenue
included $40 million for the
Farnesene strategic transaction.
- Gross margin of 66% improved from 56% in the prior year quarter
and increased $30 million
year-over-year. Product-related gross margin grew $6 million versus the prior year quarter with the
remaining $24 million primarily
attributable to the year-over-year impact from strategic
transactions.
- Cash operating expense of $50
million increased by $5
million or 10% versus the prior year quarter, primarily due
to marketing investments in our consumer brands and new R&D
programs.
- Adjusted EBITDA was positive $1
million and improved $26
million year-over-year due to higher revenue, improved
Product gross margins, and income from the Q4 strategic
transaction.
- GAAP net earnings were -$109
million due mostly to -$98
million of unfavorable mark-to-market non-cash adjustments
related to changes in the fair value of debt and derivatives. GAAP
EPS of -$0.44 basic improved from
-$0.65 basic in the prior year
quarter.
- Adjusted net earnings of -$7
million improved $34 million
compared to the prior year quarter. Adjusted EPS of -$0.03 compared with -$0.34 for Q4 2019.
- Debt of $171 million was
significantly reduced by $127 million
from $297 million in the prior year
quarter resulting in reduced interest expense of $6 million or 56% compared to the prior year
quarter.
Full Year 2020 Financial Highlights
- Record sales revenue of $173
million grew 13% versus the prior year. Record Product
revenue of $112 million increased 72%
versus the prior year driven by record Consumer revenue and record
Ingredients growth, up 197% and 26% respectively.
- Gross margin of 56% improved $11
million compared to the prior year. Product-related gross
margin grew $37 million
year-over-year, with a $23 million
improvement from Consumer and a $14
million increase from Ingredients. 2019 saw higher income
from Collaboration and transactions resulting in a year-over-year
variance of -$26 million.
- Cash operating expense of $181
million decreased by $1
million or 1% compared to the prior year primarily due to
decreases in G&A and R&D expenses partly offset by
increases in marketing expenses to support consumer brands
growth.
- Adjusted EBITDA of -$95 million
improved $8 million compared to the
prior year, primarily due to higher revenue and improved gross
margins.
- GAAP net earnings were -$382
million due mostly to -$232
million of mark-to-market non-cash adjustments related to
changes in the fair value of debt and derivatives, extinguishment
of debt and deemed dividends. GAAP EPS of -$1.88 basic improved from -$2.67 basic in the prior year.
- Adjusted net earnings of -$151
million improved $16 million
compared to 2019. Adjusted EPS of -$0.74 compared with -$1.65 for the prior year.
Q4 2020 and Full Year Sales Revenue
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
2020
|
2019
|
YoY%
|
|
2020
|
2019
|
YoY%
|
Consumer
|
17.3
|
6.6
|
161%
|
|
51.6
|
17.4
|
197%
|
Ingredients
|
17.7
|
13.8
|
29%
|
|
60.0
|
47.5
|
26%
|
Product
|
$
35.0
|
$
20.4
|
71%
|
|
$
111.6
|
$
64.9
|
72%
|
Collaborations &
Grants
|
4.7
|
4.8
|
-1%
|
|
16.7
|
20.3
|
-18%
|
Underlying
Total
|
$
39.7
|
$
25.2
|
58%
|
|
$
128.3
|
$
85.2
|
51%
|
Other1
|
40.0
|
15.3
|
161%
|
|
44.8
|
67.4
|
-34%
|
Reported
Total
|
$
79.7
|
$
40.5
|
97%
|
|
$
173.1
|
$
152.6
|
-13%
|
|
|
|
|
|
|
|
|
|
1 Other: Q4 includes $8.7m Vitamin E
transaction (2019), $6.6m Lavvan collaboration revenue (2019) and
$40m Farnesene transaction (2020). Full Year: $49.1m Vitamin E
transaction (2019), $18.3m Lavvan collaboration revenue (2019),
$4.8m Vitamin E transaction (2020) and $40m Farnesene transaction
(2020).
|
Full Year 2021 Outlook
- Underlying total revenue (Product, Collaboration & Grants)
expected to be in the $240 million
range. Reported total revenue expected to be around $400 million.
- Phasing of Underlying total revenue expected to be 35% H1 and
65% H2 to reflect a continued quarter-on-quarter growth trajectory
and the addition of new brands.
- Debt per end of 2020 of $171
million expected to reduce further to below $100 million by Q3 2021.
- Strategic transactions expected to be mostly accretive to
revenue and earnings resulting in positive full year adjusted
EBITDA. The company may update its full year 2021 outlook following
completion of the strategic transactions.
Strategic Highlights
1. High growth consumer
brands: industry-leading growth
- Recent progress:
-
- Biossance® / SuperOrdinary partnership for
China launch. First order shipped
in Q4.
- Upcoming milestones:
-
- Q1 2021 acquisition of Costa Brazil luxury clean beauty
brand.
- Q3 2021 launch of Rose Inc. clean beauty color cosmetics
brand.
- Q3 2021 launch of JVN clean haircare brand.
- Q2 2021 launch of Terasana brand for acne and other clean
skincare treatments.
2. Scientific and commercial
collaboration: fast time from lab to industrial scale
- Recent progress:
-
- Launched six new ingredients, exceeding 2020 goal of two to
three.
- Sold out first commercial production of Cannabigerol (CBG) from
fermentation, understood to be largest fermentation-based CBG
production in the sector to-date.
- Expanded collaboration with DSM on Human Milk Oligosaccharides
(HMO).
- Upcoming milestone:
-
- Amryis/IDRI RNA COVID-19 vaccine platform advancing to phase 1
clinical trial.
- Closing collaboration with one of the world's leading meat
producers for zero carbon protein production.
3. Supply chain
optimization: enhanced product margins
- Recent progress:
-
- Received Bonsucro certification for sustainable sugarcane
production.
- Ranked among world's top social and environmental impact
companies by Real Leaders®.
- Upcoming milestones:
-
- Construction of Brazil plant
targeted for Q4 2021 completion.
- Publication of first ESG report.
4. Improved balance sheet, earnings and
cash flow: financial foundation for success
- Recent progress:
-
- Strong Consumer and Ingredients revenue growth and improved
margin profile.
- Generated $47 million from
warrants conversion from December
2020 to March 2021.
- Debt as of March 1, 2021 reduced
to below $150 million.
- Closed first strategic transaction in Q4 valued at $50 million; $30
million received in Q4, $10
million to be received in Q1 2021, the remainder in
milestone payments.
- Upcoming milestone:
-
- Two additional strategic transactions expected to close and
deliver an anticipated total value of $500
million for all three transactions combined.
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's 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's 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:
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 attributable
to noncontrolling interest, deemed dividends to preferred
stockholders, contract asset credit loss reserve, loss allocated to
participating securities, contract asset credit loss reserve,
inventory lower of cost or net realizable value adjustments, and
other income/expense and income/loss attributable to noncontrolling
interest.
Adjusted EPS is calculated by dividing Non-GAAP net income
(loss) by the weighted average shares, basic outstanding for the
period.
Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP
revenues divided by non-GAAP cost of products sold (which excludes
other costs/provisions, inventory lower of cost or net realizable
value adjustments, excess capacity, 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 and contract asset credit loss reserve.
EBITDA is calculated as GAAP net loss less interest, expense,
income tax expense, depreciation and amortization, deemed dividends
to preferred stockholders, 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, income attributable to non-controlling
interest, inventory lower of cost or net realizable value
adjustments, stock-based compensation expense, and contract asset
credit loss reserve.
Conference Call
Amyris will host its fourth quarter and full year 2020
conference call today at 9:00 am ET (6:00 am PT) to discuss its 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: (877) 870-4263. International Dial-In Number:
(412) 317-0790. Ask to join the Amyris, Inc. call.
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's investor page.
A replay of the webcast will be available on the Investor
Relations section of 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 its proprietary
Lab-to-Market synthetic biology platform, comprised of
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 Amyris's 2021
financial outlook and goals; Amyris's expectation that its momentum
in Product revenue and completion of strategic transactions
position it well to drive sector-leading growth in the future;
Amyris's anticipated completion of strategic transactions and
achievement of future milestones and the timing thereof; and other
expectations regarding financial and operational results and
strategic priorities in 2021 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
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 Amyris's reliance on third parties (including 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.
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.
Financial Tables Follow
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
(In
thousands
|
December 31,
2020
|
December 31,
2019
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
30,152
|
$
270
|
Restricted
cash
|
309
|
469
|
Accounts receivable,
net
|
32,846
|
16,322
|
Accounts receivable -
related party, net
|
12,110
|
3,868
|
Contract
assets
|
4,178
|
8,485
|
Contract assets -
related party
|
1,203
|
-
|
Inventories
|
42,862
|
27,770
|
Deferred cost of
products sold - related party
|
9,801
|
3,677
|
Prepaid expenses and
other current assets
|
13,103
|
12,750
|
Total current
assets
|
146,564
|
73,611
|
Property, plant and
equipment, net
|
32,875
|
28,930
|
Contract assets,
noncurrent - related party
|
-
|
1,203
|
Deferred cost of
products sold, noncurrent - related party
|
9,939
|
12,815
|
Restricted cash,
noncurrent
|
961
|
960
|
Recoverable taxes
from Brazilian government entities
|
8,641
|
7,676
|
Right-of-use assets
under financing leases, net
|
9,994
|
12,863
|
Right-of-use assets
under operating leases, net
|
10,136
|
13,203
|
Other
assets
|
3,704
|
9,705
|
Total
assets
|
$
222,814
|
$
160,966
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
41,045
|
$
51,234
|
Accrued and other
current liabilities
|
30,707
|
36,655
|
Financing lease
liabilities
|
4,170
|
3,465
|
Operating lease
liabilities
|
5,226
|
4,625
|
Contract
liabilities
|
4,468
|
1,353
|
Debt, current
portion
|
54,748
|
45,313
|
Related party debt,
current portion
|
22,689
|
18,492
|
Total current
liabilities
|
163,053
|
161,137
|
Long-term debt, net
of current portion
|
26,170
|
48,452
|
Related party debt,
net of current portion
|
159,452
|
149,515
|
Financing lease
liabilities, net of current portion
|
-
|
4,166
|
Operating lease
liabilities, net of current portion
|
9,732
|
15,037
|
Derivative
liabilities
|
8,698
|
9,803
|
Other noncurrent
liabilities
|
22,754
|
23,024
|
Total
liabilities
|
389,859
|
411,134
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
24
|
12
|
Additional paid-in
capital
|
1,957,224
|
1,543,668
|
Accumulated other
comprehensive loss
|
(47,375)
|
(43,804)
|
Accumulated
deficit
|
(2,086,692)
|
(1,755,653)
|
Total Amyris, Inc.
stockholders' deficit
|
(176,819)
|
(255,777)
|
Noncontrolling
interests
|
4,774
|
609
|
Total stockholders'
deficit
|
(172,045)
|
(255,168)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
222,814
|
$
160,966
|
Amyris,
Inc.
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
(In thousands,
except shares and per share amounts)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
33,719
|
$
18,505
|
|
$
104,338
|
$
59,872
|
Licenses and
royalties
|
41,277
|
10,656
|
|
50,991
|
54,043
|
Grants and
collaborations
|
4,748
|
11,375
|
|
17,808
|
38,642
|
Total
revenue
|
79,744
|
40,536
|
|
173,137
|
152,557
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
27,102
|
22,703
|
|
87,812
|
76,185
|
Research and
development(1)
|
19,388
|
15,367
|
|
71,676
|
71,460
|
Sales, general and
administrative(1)
|
36,233
|
34,130
|
|
137,071
|
126,586
|
Impairment of other
assets
|
-
|
216
|
|
-
|
216
|
Total cost and
operating expenses
|
82,723
|
72,416
|
|
296,559
|
274,447
|
Loss from
operations
|
(2,979)
|
(31,880)
|
|
(123,422)
|
(121,890)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(6,204)
|
(14,057)
|
|
(47,951)
|
(58,665)
|
Gain (loss) from
change in fair value of derivative instruments
|
(4,864)
|
5,214
|
|
(11,362)
|
2,777
|
Gain (loss) from
change in fair value of debt
|
(92,735)
|
(740)
|
|
(89,827)
|
(19,369)
|
Loss upon
extinguishment of debt
|
-
|
(35,612)
|
|
(51,954)
|
(44,208)
|
Other income
(expense), net
|
(786)
|
(1,703)
|
|
666
|
(783)
|
Total other expense,
net
|
(104,589)
|
(46,898)
|
|
(200,428)
|
(120,248)
|
Loss before income
taxes and loss from investment in affiliate
|
(107,568)
|
(78,778)
|
|
(323,850)
|
(242,138)
|
Provision for income
taxes
|
(20)
|
(96)
|
|
(293)
|
(629)
|
Loss from investment
in affiliate
|
(1,673)
|
-
|
|
(2,731)
|
-
|
Net loss
|
(109,261)
|
(78,874)
|
|
(326,874)
|
(242,767)
|
Less: income
attributable to noncontrolling interests
|
(356)
|
-
|
|
(4,165)
|
-
|
Net loss attributable
to Amyris, Inc.
|
(109,617)
|
(78,874)
|
|
(331,039)
|
(242,767)
|
Less: deemed dividend
to preferred stockholders on conversion of Series E preferred
stock
|
-
|
-
|
|
(67,151)
|
-
|
Less: deemed dividend
to preferred stockholder on issuance and modification of common
stock warrants
|
-
|
-
|
|
-
|
(34,964)
|
Less: loss allocated
to participating securities
|
858
|
1,441
|
|
15,879
|
7,380
|
Net loss attributable
to Amyris, Inc. common stockholders, basic
|
$
(108,759)
|
$
(77,433)
|
|
$
(382,311)
|
$
(270,351)
|
|
|
|
|
|
|
Loss per share
attributable to common stockholders:
|
|
|
|
|
|
Basic
|
$
(0.44)
|
$
(0.65)
|
|
$
(1.88)
|
$
(2.67)
|
Diluted
|
$
(0.44)
|
$
(0.70)
|
|
$
(1.88)
|
$
(2.72)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
attributable to common stockholders:
|
|
|
|
|
|
Basic
|
246,401,175
|
118,652,121
|
|
203,598,673
|
101,370,632
|
Diluted
|
246,401,175
|
118,392,989
|
|
203,598,673
|
101,296,575
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
61
|
$
-
|
|
$
112
|
$
-
|
Research and
development
|
1,096
|
898
|
|
3,871
|
2,900
|
Sales, general and
administrative
|
2,731
|
1,595
|
|
9,760
|
9,654
|
|
$
3,888
|
$
2,493
|
|
$
13,743
|
$
12,554
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
(In thousands,
except per share data)
|
2020
|
2019
|
|
2020
|
2019
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(108,759)
|
$
(77,433)
|
|
$
(382,311)
|
$
(270,351)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
3,888
|
2,493
|
|
13,743
|
12,554
|
(Gain) loss from
change in fair value of derivative instruments
|
4,864
|
(5,214)
|
|
11,362
|
(2,777)
|
(Gain) loss from
change in fair value of debt
|
92,735
|
740
|
|
89,827
|
19,369
|
Loss upon
extinguishment of debt
|
-
|
35,612
|
|
51,954
|
44,208
|
Income attributable
to noncontrolling interest
|
356
|
-
|
|
4,165
|
-
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
-
|
-
|
|
67,151
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
34,964
|
Loss allocated to
participating securities
|
(858)
|
(1,441)
|
|
(15,879)
|
(7,380)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
8,399
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,556)
|
2,872
|
|
(1,182)
|
1,476
|
Other (income)
expense, net, and loss from investment in affiliate
|
2,459
|
1,703
|
|
2,065
|
783
|
Adjusted net loss
attributable to Amyris, Inc. common stockholders - Basic
(non-GAAP)
|
$
(6,871)
|
$
(40,668)
|
|
$
(150,706)
|
$
(167,154)
|
|
|
|
|
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
attributable to common stockholders, basic
|
246,401,175
|
118,652,121
|
|
203,598,673
|
101,370,632
|
|
|
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.44)
|
$
(0.65)
|
|
$
(1.88)
|
$
(2.67)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
0.02
|
0.02
|
|
0.07
|
0.12
|
(Gain) loss from
change in fair value of derivative instruments
|
0.02
|
(0.04)
|
|
0.06
|
(0.03)
|
(Gain) loss from
change in fair value of debt
|
0.38
|
0.01
|
|
0.44
|
0.19
|
Loss upon
extinguishment of debt
|
-
|
0.30
|
|
0.26
|
0.44
|
Income attributable
to noncontrolling interest
|
0.00
|
-
|
|
0.02
|
-
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
-
|
-
|
|
0.33
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
0.34
|
Loss allocated to
participating securities
|
(0.00)
|
(0.01)
|
|
(0.08)
|
(0.07)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
0.04
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(0.01)
|
0.02
|
|
(0.01)
|
0.01
|
Other (income)
expense, net, and loss from investment in affiliate
|
0.01
|
0.01
|
|
0.01
|
0.01
|
Adjusted net loss
per share attributable to Amyris, Inc. common stockholders - Basic
(non-GAAP)(1)
|
$
(0.03)
|
$
(0.34)
|
|
$
(0.74)
|
$
(1.65)
|
(1)Amounts
may not sum due to rounding.
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
Adjusted
EBITDA
|
2020
|
2019
|
|
2020
|
2019
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
(108,759)
|
$
(77,433)
|
|
$
(382,311)
|
$
(270,351)
|
Interest
expense
|
6,204
|
14,057
|
|
47,951
|
58,665
|
Income
taxes
|
20
|
96
|
|
293
|
629
|
Depreciation and
amortization
|
1,923
|
1,890
|
|
7,223
|
4,581
|
Deemed dividend upon
conversion of Series E preferred stock into common stock
|
-
|
-
|
|
67,151
|
-
|
Deemed dividend to
preferred stockholder on issuance and modification of common stock
warrants
|
-
|
-
|
|
-
|
34,964
|
Loss allocated to
participating securities
|
(858)
|
(1,441)
|
|
(15,879)
|
(7,380)
|
EBITDA
|
(101,470)
|
(62,831)
|
|
(275,572)
|
(178,892)
|
Income attributable
to noncontrolling interest
|
356
|
-
|
|
4,165
|
-
|
Gain (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
|
100,058
|
32,841
|
|
155,208
|
61,583
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,556)
|
2,872
|
|
(1,182)
|
1,476
|
Stock-based
compensation
|
3,888
|
2,493
|
|
13,743
|
12,554
|
Contract asset credit
loss reserve
|
-
|
-
|
|
8,399
|
-
|
Adjusted
EBITDA
|
$
1,276
|
$
(24,625)
|
|
$
(95,239)
|
$
(103,279)
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
(In
thousands)
|
2020
|
2019
|
|
2020
|
2019
|
Revenue (GAAP and
non-GAAP)
|
$
79,744
|
$
40,536
|
|
$
173,137
|
$
152,557
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
27,102
|
$
22,703
|
|
$
87,812
|
$
76,185
|
Other
costs/provisions
|
(1,190)
|
(1,972)
|
|
(10,128)
|
(5,895)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,556
|
(2,872)
|
|
1,182
|
(1,476)
|
Excess
capacity
|
(284)
|
275
|
|
(855)
|
(1,155)
|
Stock-based
compensation expense
|
(61)
|
-
|
|
(112)
|
-
|
Depreciation and
amortization
|
(393)
|
(258)
|
|
(1,239)
|
(753)
|
Cost of products
sold (non-GAAP)
|
$
26,730
|
$
17,876
|
|
$
76,660
|
$
66,906
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
53,014
|
$
22,660
|
|
$
96,477
|
$
85,651
|
Gross margin
%
|
66%
|
56%
|
|
56%
|
56%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
19,388
|
$
15,367
|
|
$
71,676
|
$
71,460
|
Stock-based
compensation expense
|
(1,096)
|
(898)
|
|
(3,871)
|
(2,900)
|
Depreciation and
amortization
|
(1,279)
|
(1,330)
|
|
(5,042)
|
(2,670)
|
Research and
development expense (non-GAAP)
|
$
17,013
|
$
13,139
|
|
$
62,763
|
$
65,890
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
36,233
|
$
34,130
|
|
$
137,071
|
$
126,586
|
Stock-based
compensation expense
|
(2,731)
|
(1,595)
|
|
(9,760)
|
(9,654)
|
Depreciation and
amortization
|
(251)
|
(303)
|
|
(942)
|
(1,157)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
(8,399)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$
33,251
|
$
32,232
|
|
$
117,970
|
$
115,775
|
|
|
|
|
|
|
Cash operating
expense
|
$
50,264
|
$
45,371
|
|
$
180,733
|
$
181,665
|
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SOURCE Amyris, Inc.