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Amyris Reports Fourth Quarter And 2012 Year-End Financial Results

Stocks in this article: AMRS

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. The non-GAAP financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. 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. In addition, Amyris believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and, therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Amyris's operating performance. Reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below.

Amyris, the Amyris logo, Biofene and No Compromise are trademarks or registered trademarks of Amyris, Inc.

Amyris, Inc.
Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except per share data)
 
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Revenues        
Product sales  $ 3,023  $ 36,839  $ 49,638  $ 129,837
Grants and collaborations revenue  2,831  4,700  24,056  17,154
Total revenues  5,854  41,539  73,694  146,991
Costs and operating expenses        
Cost of products sold  5,423  56,368  77,314  155,615
Loss on purchase commitments and write off of production assets  7,764  --   45,854  -- 
Research and development (1)  18,050  20,695  73,630  87,317
Sales, general and administrative (1)  17,417  23,830  78,718  83,231
Total costs and operating expenses  48,654  100,893  275,516  326,163
Loss from operations  (42,800)  (59,354)  (201,822)  (179,172)
Other income (expense):        
Interest income  66  292  1,472  1,542
Interest expense  (1,388)  (371)  (4,926)  (1,543)
Other income (expense), net  736  54  224  214
Total other income (expense)  (586)  (25)  (3,230)  213
Loss before income taxes  (43,386)  (59,379)  (205,052)  (178,959)
Provision for income taxes  (228)  (253)  (981)  (552)
Net loss  $ (43,614)  $ (59,632)  $ (206,033)  $ (179,511)
Net loss attributable to noncontrolling interest  122  204  894  641
Net loss attributable to Amyris, Inc. common stockholders  $ (43,492)  $ (59,428)  $ (205,139)  $ (178,870)
Net loss per share attributable to common stockholders, basic and diluted  $ (0.72)  $ (1.30)  $ (3.62)  $ (3.99)
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted 60,187,256 45,663,667 56,717,869 44,799,056
         
         
(1) Includes stock-based compensation expense of the following for the periods presented:        
         
Research and development   $ 1,930  $ 1,648  $ 6,451  $ 6,345
Sales, general and administrative  4,143  5,008  21,022  19,147
   $ 6,073  $ 6,656  $ 27,473  $ 25,492
         
Amyris, Inc. 
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
     
  December 31, December 31,
  2012 2011
     
Assets    
Current assets:    
Cash, cash equivalents and short-term investments  $ 30,689  $ 103,592
Accounts receivable, net 3,846 6,936
Inventories, net 6,034 9,070
Prepaid expenses and other current assets 8,925 19,873
Total current assets 49,494 139,471
Property and equipment, net 163,121 128,101
Restricted cash  955  -- 
Other assets 20,112 43,001
Goodwill and intangible assets 9,152 9,538
Total assets  $ 242,834  $ 320,111
     
Liabilities and Equity    
Current liabilities:    
Accounts payable  $ 15,392  $ 26,379
Deferred revenue  1,333  3,139
Accrued and other current liabilities  24,410  30,982
Capital lease obligation, current portion  1,366  3,717
Debt, current portion  3,325  28,049
Total current liabilities  45,826  92,266
Capital lease obligation, net of current portion  1,244  2,619
Long-term debt, net of current portion  100,839  13,275
Deferred rent, net of current portion  8,508  9,957
Deferred revenue, net of current portion  4,255  4,097
Other liabilities  15,933  37,085
Total liabilities  176,605  159,299
     
Amyris, Inc. stockholders' equity   67,106  161,052
Noncontrolling interest  (877)  (240)
Total stockholders' equity   66,229  160,812
     
Total liabilities and stockholders' equity  $ 242,834  $ 320,111
     
Amyris, Inc. 
Supplemental Consolidated Financial Information 
(Unaudited)
(In thousands, except per share data)
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
         
Other Selected Financial Information:        
Capital expenditures and deposits on property and equipment  $ 5,952  $ 25,776  $ 56,858  $ 97,024
Depreciation and amortization  $ 4,255  $ 3,349  $ 14,941  $ 11,077
         
Product sales        
Ethanol and Ethanol-blended Gasoline  $ --   $ 36,174  $ 38,836  $ 129,074
Renewables  3,023  665  10,802  763
Total product sales  $ 3,023  $ 36,839  $ 49,638  $ 129,837
         
Reconciliation of GAAP to Non-GAAP Net Loss Per Share:        
         
Net loss attributable to Amyris Inc., common stockholders (GAAP)  $ (43,492)  $ (59,428)  $ (205,139)  $ (178,870)
Stock-based compensation expense  6,073  6,656  27,473  25,492
Loss on purchase commitments and write off of production assets  7,764  --   45,854  -- 
Net loss attributable to Amyris Inc., common stockholders (Non-GAAP)  $ (29,655)  $ (52,772)  $ (131,812)  $ (153,378)
         
         
Net loss per share attributed to common stockholders, basic and diluted (GAAP)  $ (0.72)  $ (1.30)  $ (3.62)  $ (3.99)
Stock-based compensation expense  0.10  0.15  0.48  0.57
Loss on purchase commitments and write off of production assets  0.13  --   0.82  -- 
Net loss per share attributed to common stockholders, basic and diluted (Non-GAAP)  $ (0.49)  $ (1.15)  $ (2.32)  $ (3.42)
CONTACT: Amyris, Inc.
         (510) 740-7481
         investor@amyris.com

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