- Record consumer revenue of $43
million increased 108% compared to Q2 2021
- Ingredients sold out in first half with $15 million backlog to be supplied in H2
- Cost actions and price increases to deliver $50 million of EBITDA improvements in H2
- $700 million non-equity
funding and earnout provides liquidity to sustained
profitability
EMERYVILLE, Calif., Aug. 9, 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 and clean beauty consumer brands, today
announced financial results for the second quarter ended
June 30, 2022.
"Q2 2022 Core revenue of $65.2
million grew 54% versus Q2 2021 and was driven by record
consumer revenue of $43.0 million, a
108% year-over-year increase for the quarter and 113% growth
year-to-date, which compares to 16% for the U.S. prestige beauty
sector," commented John Melo,
President and Chief Executive Officer. "All of our distribution
channels are performing well. Our omnichannel strategy is
delivering strong growth with our retail channel representing 55%
of Q2 consumer revenue as consumers increasingly resume in store
experiences and purchasing, and 45% attributable to
direct-to-consumer ecommerce. In the second quarter, our consumer
products were on the shelves in 9,000 stores which compares to
1,500 in the year ago quarter. This number is rapidly expanding
with thousands of Walmart stores being added."
"We are very pleased with the strong operational performance and
execution across our business. We delivered the most rapid growth
rate of any major consumer beauty company in the categories we
compete in during the quarter. The start-up of our greenfield
state-of-the-art bio-fermentation facility in Barra Bonita, Brazil was a major strategic milestone, and we
completed two acquisitions, one of which was a new manufacturing
facility for cosmetics and personal care products in Brazil. We are transitioning to lower cost
fulfillment and away from China
sourced packaging materials to mitigate supply chain issues, reduce
freight expense and improve overall resiliency of our supply chain.
We deepened our relationship with the world's leading retailers and
sold all of the ingredients we produced in the quarter. We also
made significant progress with the setup of infrastructure for our
expansion into Europe."
"During the first half of this year, we have delivered on our
plan to make significant investments in our infrastructure, along
with increasing the scale of our consumer business. We are
transitioning to harvesting these investments and expect to deliver
$50 million in EBITDA improvements
during the second half from a combination of price increases,
SG&A reduction from leveraging marketing spends across the
portfolio, reducing our manufacturing costs, and lower packaging
and fulfillment costs across our consumer brands.
"We are moving beyond the period of significant investment and
the constraints on our ingredients production capacity. We are
entering the second half with a consumer business that we expect to
deliver accelerated growth year-over-year, and a $15 million ingredient backlog for shipping in
the second half. We have a robust outlook for the remainder of the
year and our guidance remains intact. We have visibility to over
$700 million of funding and cash
inflow from earnouts with $200
million expected during the third quarter. We have built the
leading clean beauty consumer brands, which are accelerating the
reach of our Lab-to-Market technology. We are just getting started
as the world's leading developer and producer of clean, sustainable
chemistry."
Q2 and H1 2022 Sales 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 one-off items.
|
Three Months,
Ended June 30,
|
|
Six Months Ended
June 30,
|
(In
millions)
|
2022
|
2021
|
YoY%
|
|
2022
|
2021
|
YoY%
|
Consumer
|
$43.0
|
$20.7
|
108 %
|
|
77.5
|
36.3
|
113 %
|
Technology
Access
|
22.2
|
21.6
|
3 %
|
|
45.4
|
39.0
|
16 %
|
Core
|
65.2
|
42.3
|
54 %
|
|
122.9
|
75.4
|
63 %
|
Strategic
Transactions/One-Off Items1
|
0.0
|
10.0
|
-100 %
|
|
0.0
|
153.8
|
-100 %
|
Reported
Total
|
$65.2
|
$52.3
|
25 %
|
|
122.9
|
229.2
|
-46 %
|
|
|
|
|
|
|
|
|
1Strategic
Transactions/One-Off Items includes $143.6m DSM F&F transaction
(Q1 2021); $0.2m discontinued ingredients value share (Q1 2021);
and $10.0m Ingredion RebM transaction (Q2 2021)
|
Q2 2022 Financial Highlights
- Core revenue of $65.2 million
increased 54% compared to Q2 2021 revenue of $42.3 million. Q2 2022 core revenue included
record consumer revenue of $43.0
million, an increase of $22.3
million or 108% and technology access revenue of
$22.2 million, an increase of 3%
compared to the prior year quarter. Consumer and ingredients
product revenue grew in each of our geographic markets.
- Total reported revenue of $65.2
million increased 25% compared to the prior year
quarter.
- Consumer growth was driven by solid year-over-year growth of
Biossance® and strong contributions from new brands, led by
JVNTM, Rose Inc.TM and MenoLabsTM.
Direct-to-consumer sales, which comprised 45% of total consumer
sales, grew approximately 98% year over year. In-store and online
retail sales, which comprised 55% of total consumer sales, grew
approximately 111% year over year. Revenue from Sephora grew
approximately 25% year-over-year. During the second quarter, Amyris
brands were available at approximately 9,000 physical locations
compared to approximately 1,500 during Q2 2021.
- Technology access grew primarily due to increased technology
license revenue, partially offset by the production campaign timing
of an F&F ingredient. This is normal for Amyris' ingredients
business, which is campaign driven and not seasonal. Sales of the
highest demand ingredients, squalane and hemisqualane, encountered
capacity constraints, but are well-positioned for strong growth in
the second half of 2022. During the quarter, Amyris commenced
production at its state-of-the-art large-scale precision
fermentation plant in Barra Bonita,
Brazil enabling the shipping of
$15 million in ingredient backlog
starting in the third quarter.
- Non-GAAP core gross margin of $28.4
million, or 44% of revenue, increased from $16.5 million, or 39% of revenue in Q2 2021.
Increased gross margin in Q2 2022 reflects a year-over-year
increase in technology license revenue which was partially offset
by lower average consumer gross margins due to brand portfolio and
channel mix, higher ingredients input costs due to unfavorable
contract manufacturing economics, and lower R&D collaboration
revenue.
- Gross profit of $11.7 million or
18% of revenue was on par with the prior year quarter, excluding
the $10.0 million from the Q2 2021
strategic transaction, but down 10 percentage points due to a
significant increase in freight and logistics expense related to
higher rates and increased airfreight to support three new brands
and the build of safety stock to address external supply chain
challenges.
- Cash operating expense of $136.7
million increased by $73.7
million compared to Q2 2021 due to an increase of
$56.8 million in selling expense,
$14.3 million in G&A expense, and
$2.6 million in R&D expense. The
increases were principally related to selling expense and driven by
a combination of increased headcount (both organic and from
acquisitions), significant investments in both existing and
developing brands for paid media and advertising, expanded retail
and ecommerce sales in the U.S. and internationally, growth-driven
consumer order fulfillment and shipping expense and comparatively
low prior year travel expense due to COVID-19.
- Adjusted EBITDA of -$125.0
million decreased $73.9
million, excluding the $10.0
million from the Q2 2021 strategic transaction, primarily
due to higher operating expense, and freight costs which include
significantly higher levels of air shipping.
- 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. GAAP net loss of $110.0 million, or a loss of $0.34 per share, compared to net income of
$15.4 million, or $0.05 per share, in Q2 2021.
- Cash at the end of Q2 2022 was $106.5
million, compared to $292.7
million at the end of Q1 2022.
H1 2022 Financial Highlights
- Total revenue of $122.9 million
decreased 46% compared to the prior year period which included
$153.8 million of proceeds from
strategic transactions.
- For the first half of 2022, core revenue of $122.9 million increased 63% compared to H1 2021
revenue of $75.4 million. H1 2022
core revenue included record consumer revenue of $77.5 million, an increase of 113% compared to
2021, and technology access revenue of $45.4
million, an increase of 16% compared to 2021.
- Non-GAAP core gross margin of $55.2
million, or 45% of revenue, increased from $33.5 million or 44% of revenue in H1 2021.
- Gross profit of $21.3 million or
17% of revenue was below prior year due to a significant increase
in freight and logistics expense
- Cash operating expense of $253.8
million increased by $137.2
million, compared to H1 2021 primarily due to an increase of
$102.9 million in selling expense,
$28.2 million in G&A expense, and
$6.1 million in R&D expense. The
increases were primarily driven by a combination of increased
headcount (both organic and from acquisitions), brand investments
in paid media and advertising, growth-driven consumer order
fulfillment and shipping expense, and comparatively low prior year
travel expense due to COVID-19.
- Adjusted EBITDA of -$232.5
million, decreased $140.1million, excluding the $153.8 million from the H1 2021 strategic
transactions, primarily due to higher operating expense, and
freight costs.
- GAAP net loss was significantly influenced by non-cash
mark-to-market adjustments related to changes in the fair value of
debt and derivatives. GAAP net loss was $217.3 million, or a loss of $0.69 per share, compared to a loss of
$274.8 million, or a loss of
$0.98 per share, in H1 2021.
2022 Financial Outlook
Reiterating full year core revenue outlook: consumer revenue is
expected to grow more than 150% year-over-year, and technology
access revenue is estimated to grow around 40% year-over-year.
Revenue, margin and EBITDA Improvement versus H1 run
rate:
During the second quarter we increased the pricing of certain
ingredients and we are also planning price increases for our
consumer portfolio with an estimated combined contribution of
$10 million in the second half.
Additionally, we are implementing cost reduction actions with an
estimated impact of $40 million
comprising global supply chain and logistics enhancements that
include freight and logistics optimization and the consolidation of
manufacturing, global purchasing and reduction of packaging costs.
We also have identified substantial opportunities to reduce overall
marketing spend as a result of the rapidly changing digital media
landscape and through portfolio leverage. Total EBITDA impact for
the second half of 2022 is estimated to be $50 million and $175
million annualized for 2023.
Conference Call
Amyris will host a conference call today at 9:00 am
ET (6:00 am PT) to discuss its
Q2 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 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, 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, Biossance, JVN, Lab-to-Market, ,
MenoLabs and Rose Inc. 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 2022; Amyris' 2022 goals and
future milestones, including actions to reduce costs and improve
EBITDA in H2 2022, price increases and reductions in spend; Amyris'
expectations regarding potential funding transactions to provide
liquidity, the timing thereof and potential proceeds therefrom; and
Amyris' expectations regarding efforts to mitigate supply chain
issues, reduce freight expense and improve overall resiliency.
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, 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
|
June 30,
2022
|
December 31,
2021
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
99,820
|
$
483,462
|
Restricted
cash
|
1,090
|
199
|
Accounts receivable,
net
|
41,125
|
37,074
|
Accounts receivable -
related party, net
|
5,001
|
5,667
|
Contract
assets
|
3,946
|
4,227
|
Contract assets -
related party
|
15,265
|
-
|
Inventories
|
99,195
|
75,070
|
Prepaid expenses and
other current assets
|
44,667
|
33,513
|
Total current
assets
|
310,109
|
639,212
|
Property, plant and
equipment, net
|
151,137
|
72,835
|
Restricted cash,
noncurrent
|
5,633
|
4,651
|
Recoverable taxes from
Brazilian government entities
|
22,038
|
16,740
|
Right-of-use assets
under financing leases, net
|
393
|
7,342
|
Right-of-use assets
under operating leases, net
|
90,070
|
32,428
|
Goodwill
|
134,164
|
131,259
|
Intangible assets,
net
|
57,645
|
39,265
|
Other assets
|
18,251
|
10,566
|
Total assets
|
$
789,440
|
$
954,298
|
Liabilities,
Mezzanine Equity and Stockholders' (Deficit) Equity
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
102,962
|
$
79,666
|
Accrued and other
current liabilities
|
80,689
|
71,457
|
Financing lease
liabilities
|
12
|
140
|
Operating lease
liabilities
|
1,640
|
7,689
|
Contract
liabilities
|
816
|
2,530
|
Debt, current
portion
|
955
|
896
|
Related party debt,
current portion
|
-
|
107,427
|
Total current
liabilities
|
187,074
|
269,805
|
Long-term debt, net of
current portion
|
672,965
|
309,061
|
Related party debt, net
of current portion
|
51,516
|
-
|
Financing lease
liabilities, net of current portion
|
54
|
61
|
Operating lease
liabilities, net of current portion
|
75,285
|
19,829
|
Derivative
liabilities
|
1,649
|
7,062
|
Acquisition-related
contingent consideration
|
40,275
|
64,762
|
Other noncurrent
liabilities
|
4,210
|
4,510
|
Total
liabilities
|
1,033,028
|
675,090
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently redeemable
common stock
|
5,000
|
5,000
|
Redeemable
noncontrolling interest
|
31,004
|
28,520
|
Stockholders' (deficit)
equity:
|
|
|
Common stock
|
32
|
31
|
Additional paid-in
capital
|
2,357,311
|
2,656,838
|
Accumulated other
comprehensive loss
|
(61,351)
|
(52,769)
|
Accumulated
deficit
|
(2,568,986)
|
(2,357,661)
|
Total Amyris, Inc.
stockholders' (deficit) equity
|
(272,994)
|
246,439
|
Noncontrolling
interest
|
(6,598)
|
(751)
|
Total stockholders'
(deficit) equity
|
(279,592)
|
245,688
|
Total liabilities,
mezzanine equity and stockholders' (deficit) equity
|
$
789,440
|
$
954,298
|
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)
|
2022
|
2021
|
|
2022
|
2021
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
54,390
|
$
37,172
|
|
$
97,855
|
$
65,351
|
Licenses and
royalties
|
6,454
|
11,000
|
|
15,767
|
154,800
|
Collaborations, grants
and other
|
4,363
|
4,144
|
|
9,294
|
9,024
|
Total
revenue
|
65,207
|
52,316
|
|
122,916
|
229,175
|
Cost and operating expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
55,930
|
30,421
|
|
104,925
|
53,080
|
Research and
development(1)
|
26,111
|
22,424
|
|
52,469
|
45,756
|
Sales, general and
administrative(1)
|
126,587
|
54,340
|
|
233,503
|
92,262
|
Total cost and
operating expenses
|
208,628
|
107,185
|
|
390,897
|
191,098
|
(Loss) income from
operations
|
(143,421)
|
(54,869)
|
|
(267,981)
|
38,077
|
Other income (expense):
|
|
|
|
|
|
Interest
expense
|
(5,304)
|
(4,723)
|
|
(10,567)
|
(10,536)
|
Gain (loss) from change
in fair value of derivative instruments
|
3,598
|
5,141
|
|
5,413
|
(17,604)
|
Gain (loss) from change
in fair value of debt
|
35,114
|
70,132
|
|
55,910
|
(256,653)
|
Gain (loss) upon
extinguishment of debt
|
-
|
935
|
|
-
|
(26,378)
|
Other income (expense),
net
|
780
|
28
|
|
(2,272)
|
(650)
|
Total other income
(expense), net
|
34,188
|
71,513
|
|
48,484
|
(311,821)
|
(Loss) income before
income taxes and loss from investment in affiliate
|
(109,233)
|
16,644
|
|
(219,497)
|
(273,744)
|
Benefit from (provision
for) income taxes
|
685
|
(57)
|
|
1,505
|
(112)
|
Loss from investment in
affiliate
|
(4,972)
|
(1,140)
|
|
(5,761)
|
(748)
|
Net (loss)
income
|
(113,520)
|
15,447
|
|
(223,753)
|
(274,604)
|
Less: loss (income)
attributable to noncontrolling interest
|
3,507
|
(66)
|
|
6,435
|
(1,266)
|
Net (loss) income
attributable to Amyris, Inc.
|
(110,013)
|
15,381
|
|
(217,318)
|
(275,870)
|
Less: (income) loss
allocated to participating securities
|
-
|
(13)
|
|
-
|
1,086
|
Net (loss) income
attributable to Amyris, Inc. common stockholders, basic
|
$
(110,013)
|
$
15,368
|
|
$
(217,318)
|
$
(274,784)
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing income (loss) per
share of common stock, basic
|
319,916,244
|
320,088,143
|
|
316,425,739
|
279,819,520
|
(Loss) income per share
attributable to common stockholders, basic
|
$
(0.34)
|
$
0.05
|
|
$
(0.69)
|
$
(0.98)
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share of
common stock, diluted
|
336,642,879
|
338,807,849
|
|
335,798,276
|
279,819,520
|
Loss per share
attributable to common stockholders, diluted
|
$
(0.44)
|
$
(0.16)
|
|
$
(0.80)
|
$
(0.98)
|
|
|
|
|
|
|
(1)
Includes stock-based compensation expense
as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
81
|
$
73
|
|
$
159
|
$
137
|
Research and
development
|
1,784
|
1,318
|
|
3,401
|
2,380
|
Sales, general and
administrative
|
10,782
|
7,355
|
|
20,675
|
10,511
|
|
$
12,647
|
$
8,746
|
|
$
24,235
|
$
13,028
|
|
|
|
|
|
|
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)
|
2022
|
2021
|
|
2022
|
2021
|
Net (loss) income
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(110,013)
|
$
15,368
|
|
$
(217,318)
|
$
(274,784)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Loss allocated to
participating securities
|
-
|
13
|
|
-
|
(1,086)
|
Non-recurring
transaction and acquisition expense
|
-
|
3,306
|
|
-
|
3,306
|
Manufacturing capacity
fee adjustment
|
1,204
|
-
|
|
2,616
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
611
|
(1,072)
|
|
(355)
|
(1,233)
|
R&D Performance
Agreement termination
|
-
|
-
|
|
-
|
1,850
|
Hand sanitizer
write-off
|
-
|
516
|
|
(94)
|
516
|
M&A transaction
legal expense
|
224
|
-
|
|
2,059
|
-
|
Stock-based
compensation expense
|
12,647
|
8,746
|
|
24,235
|
13,028
|
(Gain) loss from change
in fair value of derivative instruments
|
(3,598)
|
(5,141)
|
|
(5,413)
|
17,604
|
(Gain) loss from change
in fair value of debt
|
(35,114)
|
(70,132)
|
|
(55,910)
|
256,653
|
(Gain) loss upon
extinguishment of debt
|
-
|
(935)
|
|
-
|
26,378
|
Income (loss)
attributable to noncontrolling interest
|
(3,507)
|
66
|
|
(6,435)
|
1,266
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
4,192
|
1,112
|
|
8,033
|
1,398
|
Net (loss) income
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(133,354)
|
$ (48,153)
|
|
$
(248,582)
|
$
46,378
|
|
|
|
|
|
|
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)
|
319,916,244
|
320,088,143
|
|
316,425,739
|
279,819,520
|
|
|
|
|
|
|
(Loss) earnings per
share attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.34)
|
$
0.05
|
|
$
(0.69)
|
$
(0.98)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Loss allocated to
participating securities
|
-
|
0.00
|
|
-
|
(0.00)
|
Non-recurring
transaction and acquisition expense
|
-
|
0.01
|
|
-
|
0.01
|
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
|
M&A transaction
legal expense
|
0.00
|
-
|
|
0.01
|
-
|
Stock-based
compensation expense
|
0.04
|
0.03
|
|
0.08
|
0.05
|
(Gain) loss from change
in fair value of derivative instruments
|
(0.01)
|
(0.02)
|
|
(0.02)
|
0.06
|
(Gain) loss from change
in fair value of debt
|
(0.11)
|
(0.22)
|
|
(0.18)
|
0.92
|
(Gain) loss upon
extinguishment of debt
|
-
|
(0.00)
|
|
-
|
0.09
|
Income (loss)
attributable to noncontrolling interest
|
(0.01)
|
0.00
|
|
(0.02)
|
0.00
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
0.01
|
0.00
|
|
0.03
|
0.00
|
(Loss) earnings per
share attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.42)
|
$
(0.15)
|
|
$
(0.79)
|
$
0.17
|
(1)
Amounts may not sum due to
rounding.
|
-
|
-
|
|
-
|
-
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
ADJUSTED
EBITDA
|
2022
|
2021
|
|
2022
|
2021
|
GAAP net (loss) income
attributable to Amyris, Inc. common stockholders - Basic
|
$
(110,013)
|
$
15,368
|
|
$
(217,318)
|
$
(274,784)
|
Interest
expense
|
5,304
|
4,723
|
|
10,567
|
10,536
|
Income taxes
|
(685)
|
57
|
|
(1,505)
|
112
|
Depreciation and
amortization
|
3,770
|
2,322
|
|
7,062
|
4,435
|
Loss allocated to
participating securities
|
-
|
13
|
|
-
|
(1,086)
|
EBITDA
|
(101,624)
|
22,483
|
|
(201,194)
|
(260,787)
|
Manufacturing capacity
fee adjustment
|
1,204
|
-
|
|
2,616
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
611
|
(1,072)
|
|
(355)
|
(1,233)
|
Hand sanitizer
write-off
|
-
|
516
|
|
(94)
|
516
|
R&D Performance
Agreement termination
|
-
|
-
|
|
-
|
1,850
|
Non-recurring
transaction and acquisition expense
|
-
|
3,306
|
|
-
|
3,306
|
M&A transaction
legal expense
|
224
|
-
|
|
2,059
|
-
|
Stock-based
compensation expense
|
12,647
|
8,746
|
|
24,235
|
13,028
|
(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
|
(34,520)
|
(75,096)
|
|
(53,290)
|
302,033
|
(Loss) income
attributable to noncontrolling interest
|
(3,507)
|
66
|
|
(6,435)
|
1,266
|
Adjusted
EBITDA
|
$
(124,965)
|
$ (41,051)
|
|
$
(232,458)
|
$
61,461
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In
thousands)
|
2022
|
2021
|
|
2022
|
2021
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$
54,390
|
$ 37,172
|
|
$
97,855
|
$
65,351
|
Licenses and
royalties
|
6,454
|
11,000
|
|
15,767
|
154,800
|
Collaborations, grants
and other
|
4,363
|
4,144
|
|
9,294
|
9,024
|
Revenue (GAAP and
non-GAAP)
|
$
65,207
|
$ 52,316
|
|
$ 122,916
|
$ 229,175
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
55,930
|
$ 30,421
|
|
$ 104,925
|
$
53,080
|
Other costs and
provisions
|
(15,938)
|
(3,692)
|
|
(32,461)
|
(8,165)
|
Manufacturing capacity
fee adjustment
|
(1,204)
|
-
|
|
(2,616)
|
(1,482)
|
Hand sanitizer
write-off
|
-
|
(516)
|
|
94
|
(516)
|
Excess
capacity
|
(748)
|
(832)
|
|
(1,411)
|
(1,037)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(611)
|
1,072
|
|
355
|
1,233
|
Stock-based
compensation expense
|
(81)
|
(73)
|
|
(159)
|
(137)
|
Depreciation and
amortization
|
(526)
|
(550)
|
|
(1,016)
|
(1,064)
|
Cost of products
sold (non-GAAP)
|
$
36,822
|
$ 25,830
|
|
$
67,711
|
$
41,912
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
28,385
|
$ 26,486
|
|
$
55,205
|
$ 187,263
|
Gross margin
%
|
44 %
|
51 %
|
|
45 %
|
82 %
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
26,111
|
$ 22,424
|
|
$
52,469
|
$
45,756
|
Stock-based
compensation expense
|
(1,784)
|
(1,318)
|
|
(3,401)
|
(2,380)
|
Depreciation and
amortization
|
(1,611)
|
(1,350)
|
|
(3,093)
|
(2,671)
|
R&D performance
agreement termination
|
-
|
-
|
|
-
|
(1,850)
|
Research and
development expense (non-GAAP)
|
$
22,716
|
$ 19,756
|
|
$
45,975
|
$
38,855
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$ 126,587
|
$ 54,340
|
|
$ 233,503
|
$
92,262
|
Stock-based
compensation expense
|
(10,782)
|
(7,355)
|
|
(20,675)
|
(10,511)
|
Depreciation and
amortization
|
(1,633)
|
(422)
|
|
(2,953)
|
(700)
|
Non-recurring
transaction and acquisition expense
|
-
|
(3,306)
|
|
-
|
(3,306)
|
M&A transaction
legal expense
|
(224)
|
-
|
|
(2,059)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$ 113,948
|
$ 43,257
|
|
$ 207,816
|
$
77,745
|
|
|
|
|
|
|
Cash operating
expense
|
$ 136,664
|
$ 63,013
|
|
$ 253,791
|
$ 116,600
|
View original
content:https://www.prnewswire.com/news-releases/amyris-inc-reports-second-quarter-2022-financial-results-301602176.html
SOURCE Amyris, Inc.