EMERYVILLE, Calif.,
March 1, 2022 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company accelerating the world's transition to
sustainable consumption through its Lab-to-MarketTM
technology platform, today announced financial results for its
fourth quarter and full year ended December
31, 2021.
"Accelerating growth of our consumer brands resulted in record
levels for our consumer and core revenue," said John Melo, President and Chief Executive
Officer. "Biossance and Pipette, together with better than expected
performance of our recently launched clean beauty brands, JVN and
Rose Inc., contributed to strong consumer revenue. We now have
established offerings in skincare, hair, mother and baby, and color
cosmetics, and we expect to continue to expand our offering
throughout 2022 with menopause and Gen-Z beauty brands. Our brands
are loved by consumers and offer high quality, science backed
solutions that allow consumers to choose sustainable products
without compromising product performance."
"We made substantial progress in the construction of our
fermentation plant in Barra Bonita,
Brazil which we expect to be
operational in the second quarter of 2022. Additionally, we
continue to expand and integrate our consumer supply chain. We
expect both our Brazil plant and
consumer production consolidation to help us meet the growing
demand for sustainable alternatives to existing chemistry. As the
year progresses, we expect these investments to notably improve our
gross margin, reduce our operating expenses and provide greater
flexibility in meeting our production targets."
"We completed joint ventures with ImmunityBio and Minerva Foods
demonstrating the power of our Lab-to-Market technology
capabilities. Everyone in our organization has worked tirelessly to
position us for success. As a result of these efforts, based on
2021 exit rates, strong 2022 consumer performance to date and
future plans, we estimate 2022 total revenue to be approximately
double 2021 core revenue."
Business and Operational Highlights
In line with the evolution of Amyris' business model we are now
reporting core revenue which 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 one-off
items.
Consumer
- Record consumer revenue of $32.2
million increased 86% versus Q4 2020. Consumer revenue
comprised record revenue from the Company's three legacy brands,
Biossance, Pipette, and Purecane, and strong early-stage
performance of brands introduced during H2 of 2021, particularly
Rose, Inc. and JVN.
- 53% of Q4 2021 consumer revenue originated from
direct-to-consumer (DTC) selling via the brands ecommerce
platforms, and 47% from retail, with a combination of in-store and
online sales. This compares to 59% DTC in Q4 of 2020. This shift is
a result of more stores being closed at this time last year due to
COVID-19, our further expansion into specialty and mass retail and
a change in brand mix.
- Pipette Q4 2021 record revenue nearly doubled when compared to
the prior year quarter and we are preparing to launch Pipette in
Walgreens in 2022. In Q4 2021, Olika, shipped its first products
for sale in Walmart, demonstrating the growing commitment by major
retailers to providing clean, sustainable options for their
customers.
- We opened two retail pop-up stores in Miami, one for JVN and one for Biossance as we
prepare to set up a permanent brand showcase and experiential
stores for consumers in a few select cities to bring our unique
science-backed brand positioning to life. We believe that an
experiential store is a key element in an omnichannel strategy to
grow on-line and accelerate our market share gains in key
markets.
Technology Access
- Q4 2021 Technology Access revenue of $32.6 million increased 54% when compared to Q4
2020. Year-over-year growth was primarily driven by $13.0 million revenue from technology licenses
attributable to our joint ventures with ImmunityBio (vaccine) and
Minerva Foods (protein) which were completed in Q4.
- External demand for Squalane and Hemi-Squalane, two platform
ingredients produced through fermentation, generated record
combined revenue during Q4 2021 demonstrating 50% year-over-year
growth.
- Construction of our new ingredients plant in Barra Bonita, Brazil, has progressed well and we are on
track to start production in the second quarter of 2022.
Financing
- In November 2021, we sold
$690 million convertible senior notes
due 2026 which netted $525 million
after fees, interest, paying down legacy debt and purchasing a
capped call. Over the the past 18 months, we significantly
simplified our capital structure by eliminating restrictive legacy
debt, transforming our shareholder base with high quality
institutional shareholders and raising capital to support and fuel
growth and to make strategic investments in manufacturing and
supply chain capabilities, R&D, ERP upgrades and complementary
consumer-oriented M&A. Cash as of December 31, 2021 was $483
million.
Q4 and Full Year 2021 Sales Revenue
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Twelve Months
Ended
December 31,
|
|
(In
millions)
|
2021
|
2020
|
YoY%
|
|
2021
|
2020
|
YoY%
|
|
Consumer
|
$
32.2
|
$
17.3
|
86%
|
|
$
92.0
|
$
51.6
|
78%
|
|
Technology
Access
|
32.6
|
21.2
|
54%
|
|
96.0
|
69.5
|
38%
|
|
Core
|
$
64.8
|
$
38.5
|
68%
|
|
$
188.0
|
$
121.1
|
55%
|
|
Other
|
0.0
|
41.3
|
-100%
|
|
153.8
|
52.1
|
195%
|
|
Reported
Total
|
$
64.8
|
$
79.7
|
-19%
|
|
$
341.8
|
$
173.1
|
97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Strategic Transactions/one-off items 2020:
$4.8m Vitamin E transaction (Q1
2020), $40m DSM farnesene supply (Q4 2020), $7.2m discontinued ingredients value share (FY
2020). 2021: $143.6m DSM F&F
transaction (Q1 2021), $10.0m
Ingredion Reb M transaction (Q2 2021), $0.2m discontinued ingredients value share (Q1
2021).
Q4 2021 Financial Highlights
- Record Q4 2021 core revenue of $64.8
million increased 68% when compared to Q4 2020 of
$38.5 million. Q4 2021 core revenue
included record consumer revenue of $32.2
million, which increased 86%, and technology access revenue
of $32.6 million which increased 54%
versus prior year.
- Total revenue of $64.8 million
was down 19% versus the prior year quarter. Q4 2020 included
$41.3 million revenue for a one-off
strategic transaction with DSM and discontinued ingredients value
share.
- Non-GAAP core gross margin of $22.0
million, or 34% of revenue increased from $11.7 million, or 31% of revenue in Q4 2020.
Improved gross margin primarily due to the contribution from
technology licenses related to joint ventures with Minerva and
ImmunityBio, partly offset by a combination of increased investment
in new consumer brands and unfavorable ingredients margins
associated with a shift in product mix and increased third party
manufacturing costs.
- Cash operating expense of $103.5
million increased by $53.2
million, compared to Q4 2020, primarily due to a
$43.0 million increase in selling
expense of which $8.3 million was due
to higher headcount, growth driven consumer fulfillment and
shipping expense of $8.0 million, up
$4.7 million versus prior year,
$11.5 million from recently launched
brands, and the remainder from paid media, marketing events and
creative content. R&D and G&A expense increased by
$3.9 million and $6.4 million respectively due to increased
headcount, and comparatively low prior year travel expense due to
COVID-19.
- Adjusted EBITDA of -$96.2 million
decreased $97.5 million compared to
Q4 2020, primarily due to higher operating expense and reduced
strategic transaction revenue. Due to global shipping delays, Q4
2021 included $4.1 million for air
freight expense to ensure timely availability of materials.
- GAAP net income/loss was significantly influenced by non-cash
mark-to-market adjustments related to changes in the fair value of
debt and derivatives, a $2.6 million
write-down of hand sanitizer inventory values due to stalled
demand, and a $12.2 million non-cash
manufacturing capacity fee impairment related to the Brotas plant.
Based on the anticipated commissioning of Barra Bonita, we no longer expect to produce
certain products at Brotas.
- GAAP basic net income of $37.8
million, or $0.12 per share,
compared to a loss of $108.8 million,
or $0.44 per share, in Q4 2020.
Adjusted net loss of $101.4 million,
or $0.33 per share, compared to an
adjusted net loss of $6.9 million, or
$0.03 per share, in Q4 2020.
- Cash at the end of the quarter was $483
million, compared to $30
million at the end of Q4 2020.
- Total debt principal at the end of the quarter was $741 million, compared to $171 million at the end of Q4 2020. Cash interest
expense for Q4 2021 was $2.3 million
compared to $2.8 million in Q4 2020
due to lower cost debt.
Full Year 2021 Financial Highlights
- Total revenue of $341.8 million
improved 97% compared to 2020. Full year 2020 included $52.1 million revenue for one-off strategic
transactions and discontinued ingredients value share, whereas full
year 2021 included $153.8 million in
strategic transactions revenue.
- Core revenue increased 55% to $188.0
million compared to $121.1
million in 2020. Core revenue includes record consumer
revenue of $92.0 million, which
increased 78%, and technology access revenue of $96.0 million which increased 38% versus prior
year.
- Non-GAAP Core gross margin of $73.2
million, or 39% of revenue, grew from $44.4 million or 37% of revenue in 2020.
- Cash operating expense of $301.5
million increased by $120.7
million, or 67%, compared to prior year primarily due to
investments in consumer brands, increased fulfillment and shipping
costs, increased headcount, and additional R&D spend.
- Adjusted EBITDA of -$107.1
million decreased from -$95.2
million primarily due to increased operating expenses.
- GAAP net loss for 2021 was $270.5
million, or $0.93 per share,
compared to a loss of $382.3 million,
or $1.88 per share, for 2020.
Adjusted net loss for 2021 was $134.3
million, or $0.46 per share,
compared to adjusted net loss of $150.7
million, or $0.74 per share,
for 2020.
2022 Financial Outlook
- Consumer revenue is expected to grow more than 150%
year-over-year.
- Technology Access revenue is estimated to grow 30-40%
year-over-year. This includes an estimated $39 million which is part of a 3-year earnout.
The 2022 earnout is expected to be entirely booked in Q4.
Conference Call
Amyris will host a conference call today at 9:00 am
ET (6:00 pm PT) to discuss its
Q4 and full-year 2021 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 divided by GAAP
revenue. 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, 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, 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-MarketTM 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, No Compromise, Biossance, JVN, Pipette,
Purecane, Rose Inc. and Lab-to-Market, Terasana are trademarks or
registered trademarks of Amyris, Inc. 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 2022; Amyris' 2022 goals and future
milestones, including planned launches of new brands and expanded
product offerings, the completion of its Brazil plant, planned retail store launches,
planned openings of experiential stores to support Amyris'
omnichannel strategy and to accelerate market share gains, and the
timing thereof; and Amyris' expectations regarding the benefits of
its investments, including improvements in gross margin, reduction
of operating expenses, and greater flexibility in meeting
production targets and other financial goals. 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 the COVID-19 pandemic and any other geopolitical events
resulting in global economic, financial and supply chain
disruptions that may negatively impact Amyris' business operations
and financial results, 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
|
Deember 31,
2021
|
December 31,
2020
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
483,462
|
$
30,152
|
Restricted
cash
|
199
|
309
|
Accounts receivable,
net
|
37,074
|
32,846
|
Accounts receivable -
related party, net
|
5,667
|
12,110
|
Contract
assets
|
4,227
|
4,178
|
Contract assets -
related party
|
-
|
1,203
|
Inventories
|
75,070
|
42,862
|
Deferred cost of
products sold - related party
|
-
|
9,801
|
Prepaid expenses and
other current assets
|
33,513
|
13,103
|
Total current
assets
|
639,212
|
146,564
|
Property, plant and
equipment, net
|
72,835
|
32,875
|
Contract assets,
noncurrent - related party
|
-
|
-
|
Deferred cost of
products sold, noncurrent - related party
|
-
|
9,939
|
Restricted cash,
noncurrent
|
4,651
|
961
|
Recoverable taxes
from Brazilian government entities
|
16,740
|
8,641
|
Right-of-use assets
under financing leases, net
|
7,342
|
9,994
|
Right-of-use assets
under operating leases, net
|
32,428
|
10,136
|
Goodwill
|
131,259
|
-
|
Intangible assets,
net
|
39,265
|
-
|
Other
assets
|
10,566
|
3,704
|
Total
assets
|
$
954,298
|
$
222,814
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
79,666
|
$
41,045
|
Accrued and other
current liabilities
|
71,457
|
30,707
|
Financing lease
liabilities
|
140
|
4,170
|
Operating lease
liabilities
|
7,689
|
5,226
|
Contract
liabilities
|
2,530
|
4,468
|
Debt, current
portion
|
896
|
54,748
|
Related party debt,
current portion
|
107,427
|
22,689
|
Total current
liabilities
|
269,805
|
163,053
|
Long-term debt, net
of current portion
|
309,061
|
26,170
|
Related party debt,
net of current portion
|
-
|
159,452
|
Financing lease
liabilities, net of current portion
|
61
|
-
|
Operating lease
liabilities, net of current portion
|
19,829
|
9,732
|
Derivative
liabilities
|
7,062
|
8,698
|
Acquisition-related
contingent consideration
|
64,762
|
-
|
Other noncurrent
liabilities
|
4,510
|
22,754
|
Total
liabilities
|
675,090
|
389,859
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Redeemable
noncontrolling interest
|
28,520
|
-
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
31
|
24
|
Additional paid-in
capital
|
2,656,838
|
1,957,224
|
Accumulated other
comprehensive loss
|
(52,769)
|
(47,375)
|
Accumulated
deficit
|
(2,357,661)
|
(2,086,692)
|
Total Amyris, Inc.
stockholders' deficit
|
246,439
|
(176,819)
|
Noncontrolling
interest
|
(751)
|
4,774
|
Total stockholders'
deficit
|
245,688
|
(172,045)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
954,298
|
$
222,814
|
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)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
47,844
|
$
33,719
|
|
$
149,703
|
$
104,338
|
Licenses and
royalties
|
13,006
|
41,277
|
|
173,812
|
50,991
|
Collaborations,
grants and other
|
3,926
|
4,748
|
|
18,302
|
17,808
|
Total
revenue
|
64,776
|
79,744
|
|
341,817
|
173,137
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
61,807
|
27,102
|
|
155,139
|
87,812
|
Research and
development(1)
|
24,709
|
19,388
|
|
94,289
|
71,676
|
Sales, general and
administrative(1)
|
94,914
|
36,233
|
|
257,811
|
137,071
|
Impairment
|
12,204
|
-
|
|
12,204
|
-
|
Total cost and
operating expenses
|
193,634
|
82,723
|
|
519,443
|
296,559
|
Loss from
operations
|
(128,858)
|
(2,979)
|
|
(177,626)
|
(123,422)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(10,748)
|
(6,204)
|
|
(25,605)
|
(47,951)
|
Gain (loss) from
change in fair value of derivative instruments
|
14,279
|
(4,864)
|
|
1,453
|
(11,362)
|
Gain (loss) from
change in fair value of debt
|
165,710
|
(92,735)
|
|
(38,649)
|
(89,827)
|
Loss upon
extinguishment of debt
|
(5,406)
|
-
|
|
(32,464)
|
(51,954)
|
Other income
(expense), net
|
540
|
(786)
|
|
580
|
666
|
Total other income
(expense), net
|
164,375
|
(104,589)
|
|
(94,685)
|
(200,428)
|
Income (loss) before
income taxes and loss from investment in affiliate
|
35,517
|
(107,568)
|
|
(272,311)
|
(323,850)
|
Provision for income
taxes
|
8,284
|
(20)
|
|
8,114
|
(293)
|
Gain (loss) from
investment in affiliate
|
(7,028)
|
(1,673)
|
|
(7,595)
|
(2,731)
|
Net income
(loss)
|
36,773
|
(109,261)
|
|
(271,792)
|
(326,874)
|
Less: (income) loss
attributable to noncontrolling interest
|
1,072
|
(356)
|
|
823
|
(4,165)
|
Net income (loss)
attributable to Amyris, Inc.
|
37,845
|
(109,617)
|
|
(270,969)
|
(331,039)
|
Less: deemed dividend
to preferred stockholders upon conversion of Series E preferred
stock
|
-
|
-
|
|
-
|
(67,151)
|
Less: losses
allocated to participating securities
|
-
|
858
|
|
507
|
15,879
|
Net income (loss)
attributable to Amyris, Inc. common stockholders, basic
|
$
37,845
|
$
(108,759)
|
|
$
(270,462)
|
$
(382,311)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing income (loss)
per share of common stock, basic
|
308,438,591
|
246,401,175
|
|
292,343,431
|
203,598,673
|
Income (loss) per
share attributable to common stockholders, basic
|
$
0.12
|
$
(0.44)
|
|
$
(0.93)
|
$
(1.88)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, diluted
|
326,405,153
|
246,401,175
|
|
292,667,631
|
203,598,673
|
Loss per share
attributable to common stockholders, diluted
|
$
(0.43)
|
$
(0.44)
|
|
$
(0.97)
|
$
(1.88)
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
80
|
$
61
|
|
$
295
|
$
112
|
Research and
development
|
1,646
|
1,096
|
|
5,591
|
3,871
|
Sales, general and
administrative
|
9,735
|
2,731
|
|
27,507
|
9,760
|
|
$
11,461
|
$
3,888
|
|
$
33,393
|
$
13,743
|
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)
|
2021
|
2020
|
|
2021
|
2020
|
Net income (loss)
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
37,845
|
$
(108,759)
|
|
$
(270,462)
|
$
(382,311)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
11,461
|
3,888
|
|
33,393
|
13,743
|
(Gain) loss from
change in fair value of derivative instruments
|
(14,279)
|
4,864
|
|
(1,453)
|
11,362
|
(Gain) loss from
change in fair value of debt
|
(165,710)
|
92,735
|
|
38,649
|
89,827
|
(Gain) loss upon
extinguishment of debt
|
5,406
|
-
|
|
32,464
|
51,954
|
Income (loss)
attributable to noncontrolling interest
|
(1,072)
|
356
|
|
(823)
|
4,165
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
-
|
|
-
|
67,151
|
Loss allocated to
participating securities
|
-
|
(858)
|
|
(507)
|
(15,879)
|
Non-recurring
transaction and acquisition expense
|
2,558
|
-
|
|
8,081
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,091
|
(1,556)
|
|
(92)
|
(1,182)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
-
|
8,399
|
R&D Performance
Agreement termination
|
-
|
-
|
|
1,850
|
-
|
Hand sanitizer
write-off
|
2,644
|
-
|
|
3,893
|
-
|
Impairment of
manufacturing capacity fee
|
12,204
|
-
|
|
12,204
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Other (income)
expense, net, and (gain) loss from investment in affiliate,
net
|
6,488
|
2,459
|
|
7,015
|
2,065
|
Net loss
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(101,364)
|
$
(6,871)
|
|
$
(134,306)
|
$
(150,706)
|
|
|
|
|
|
|
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)
|
308,438,591
|
246,401,175
|
|
292,343,431
|
203,598,673
|
|
|
|
|
|
|
Earnings (loss)
per share attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
0.12
|
$
(0.44)
|
|
$
(0.93)
|
$
(1.88)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Stock-based
compensation expense
|
0.04
|
0.02
|
|
0.11
|
0.07
|
(Gain) loss from
change in fair value of derivative instruments
|
(0.05)
|
0.02
|
|
(0.00)
|
0.06
|
(Gain) loss from
change in fair value of debt
|
(0.54)
|
0.38
|
|
0.13
|
0.44
|
(Gain) loss upon
extinguishment of debt
|
0.02
|
-
|
|
0.11
|
0.26
|
Income (loss)
attributable to noncontrolling interest
|
(0.00)
|
0.00
|
|
(0.00)
|
0.02
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
-
|
|
-
|
0.33
|
Loss allocated to
participating securities
|
-
|
(0.00)
|
|
(0.00)
|
(0.08)
|
Non-recurring
transaction and acquisition expense
|
0.01
|
-
|
|
0.03
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
0.00
|
(0.01)
|
|
(0.00)
|
(0.01)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
-
|
0.04
|
R&D Performance
Agreement termination
|
-
|
-
|
|
0.01
|
-
|
Hand sanitizer
write-off
|
0.01
|
-
|
|
0.01
|
-
|
Impairment of
manufacturing capacity fee
|
0.04
|
-
|
|
0.04
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
0.01
|
-
|
Other (income)
expense, net, and (gain) loss from investment in affiliate,
net
|
0.02
|
0.01
|
|
0.02
|
0.01
|
Loss per share
attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.33)
|
$
(0.03)
|
|
$
(0.46)
|
$
(0.74)
|
(1)Amounts
may not sum due to rounding.
|
-
|
-
|
|
-
|
-
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December 31,
|
ADJUSTED
EBITDA
|
2021
|
2020
|
|
2021
|
2020
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
37,845
|
$
(108,759)
|
|
$
(270,462)
|
$
(382,311)
|
Interest
expense
|
10,748
|
6,204
|
|
25,605
|
47,951
|
Income
taxes
|
(8,284)
|
20
|
|
(8,114)
|
293
|
Depreciation and
amortization
|
2,720
|
1,923
|
|
9,727
|
7,223
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
-
|
|
-
|
67,151
|
Loss allocated to
participating securities
|
-
|
(858)
|
|
(507)
|
(15,879)
|
EBITDA
|
43,029
|
(101,470)
|
|
(243,751)
|
(275,572)
|
Income (loss)
attributable to noncontrolling interest
|
(1,072)
|
356
|
|
(823)
|
4,165
|
(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
|
(168,095)
|
100,058
|
|
76,675
|
155,208
|
Hand sanitizer
write-off
|
2,644
|
-
|
|
3,893
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,091
|
(1,556)
|
|
(92)
|
(1,182)
|
R&D performance
agreement termination
|
-
|
-
|
|
1,850
|
-
|
Impairment of
manufacturing capacity fee
|
12,204
|
-
|
|
12,204
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Stock-based
compensation
|
11,461
|
3,888
|
|
33,393
|
13,743
|
Contract asset credit
loss reserve
|
-
|
-
|
|
-
|
8,399
|
Non-recurring
transaction and acquisition expense
|
2,558
|
-
|
|
8,081
|
-
|
Adjusted
EBITDA
|
$
(96,180)
|
$
1,276
|
|
$
(107,088)
|
$
(95,239)
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December 31,
|
(In
thousands)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$
47,844
|
$ 33,719
|
|
$ 149,703
|
$ 104,338
|
Licenses and
royalties
|
13,006
|
41,277
|
|
173,812
|
50,991
|
Collaborations,
grants and other
|
3,926
|
4,748
|
|
18,302
|
17,808
|
Revenue (GAAP and
non-GAAP)
|
$
64,776
|
$ 79,744
|
|
$ 341,817
|
$ 173,137
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
61,807
|
$ 27,102
|
|
$ 155,139
|
$
87,812
|
Other
costs/provisions
|
(14,912)
|
(1,190)
|
|
(31,035)
|
(10,128)
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
(1,482)
|
-
|
Hand sanitizer
write-off
|
(2,644)
|
-
|
|
(3,893)
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,091)
|
1,556
|
|
92
|
1,182
|
Excess
capacity
|
244
|
(284)
|
|
(1,555)
|
(855)
|
Stock-based
compensation expense
|
(80)
|
(61)
|
|
(295)
|
(112)
|
Depreciation and
amortization
|
(501)
|
(393)
|
|
(2,118)
|
(1,239)
|
Cost of products
sold (non-GAAP)
|
$
42,823
|
$ 26,730
|
|
$ 114,853
|
$
76,660
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
21,953
|
$ 53,014
|
|
$ 226,964
|
$
96,477
|
Gross margin
%
|
34%
|
66%
|
|
66%
|
56%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
24,709
|
$ 19,388
|
|
$
94,289
|
$
71,676
|
Stock-based
compensation expense
|
(1,646)
|
(1,096)
|
|
(5,591)
|
(3,871)
|
Depreciation and
amortization
|
(1,373)
|
(1,279)
|
|
(5,410)
|
(5,042)
|
R&D performance
agreement termination
|
-
|
-
|
|
(1,850)
|
-
|
Research and
development expense (non-GAAP)
|
$
21,690
|
$ 17,013
|
|
$
81,438
|
$
62,763
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
94,914
|
$ 36,233
|
|
$ 257,811
|
$ 137,071
|
Stock-based
compensation expense
|
(9,735)
|
(2,731)
|
|
(27,507)
|
(9,760)
|
Depreciation and
amortization
|
(847)
|
(251)
|
|
(2,198)
|
(942)
|
Contract asset credit
loss reserve
|
-
|
-
|
|
-
|
(8,399)
|
Non-recurring
transaction and acquisition expense
|
(2,558)
|
-
|
|
(8,081)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$
81,774
|
$ 33,251
|
|
$ 220,025
|
$ 117,970
|
|
|
|
|
|
|
Cash operating
expense
|
$ 103,464
|
$ 50,264
|
|
$ 301,463
|
$ 180,733
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/amyris-inc-reports-fourth-quarter-and-full-year-2021-financial-results-301492604.html
SOURCE Amyris, Inc.