Good day, everyone, and welcome to the Amyris Strategic Growth Financing Update Conference Call. This call is being webcast live on the Events page of the Investors section of the Amyris website at amyris.com. As a reminder, today's conference call is being recorded. You may listen to a webcast replay of this call by going to the Investors section of Amyris' website. At this time, I'd like to turn the conference call over to Han Kieftenbeld, Chief Financial Officer of Amyris. Sir, please go ahead. Thank you, Jamie, and good morning, everyone. Thank you for joining us. With me today is John Melo, President and Chief Executive Officer, and the purpose of today's call is to provide details of the recent strategic financing Amyris took to retire legacy debt, fund its strategic capital projects, and to secure capital to support the growth trajectory of the company. I will review the convertible note offering we conducted earlier this month, and John will provide color commentary regarding our winning business model and advantage portfolio. As this is an update, there will not be a Q&A. We encourage you to contact the company should you have any questions. During this call, we will make forward-looking statements about future events and circumstances, including Amyris' outlook for 2021 and beyond, Amyris' goals and strategic priorities, anticipated transactions and other future milestones, as well as market opportunities and growth prospects. These statements are based on management's current expectations, and actual results and future events may differ materially due to risks and uncertainties, including those detailed from time to time in our filings with the Securities and Exchange Commission, including our 10-K for full year 2020. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise. Before we begin today, I'd like to note that included in our webcast is a slide presentation we will refer to. The slides have been posted on the Investor Relations section of Amyris' website. Let's now move to slide four. Concurrent with our Q3 financial results, we launched a $400 million convertible notes offering, which was upsized to $600 million following significant investor demand. In total, after the underwriters exercised their option to purchase an additional 15% of the transaction, the company priced and closed on $690 million in gross proceeds through this transaction. By far, the largest capital formation transaction in the company's history. We were able to subsequently retire costly legacy debt and fortify our balance sheet with a healthy cash balance. The notes mature in November 2026, carry a coupon of 1.5%, and have a 35% conversion premium, which equates to a conversion price of $10.75. A portion of the proceeds of this transaction were used to purchase a capped call, which minimizes share dilution up to a share price of $15.92 per share, which is 100% above the $7.96 November 9th, 2021 closing share price. Slide five. Since the beginning of 2020, we have conducted a series of strategic financings, all with the intent to retire expensive, complex legacy debt and to fuel our ambitious operational growth objectives. With the convertible transaction I just described, we believe we have fortified our capital structure to be able to control our own destiny. We have thoughtfully recapitalized our business over the last 18 months to allow our people's innovation, manufacturing, and commercialization work to speak for itself. Looking ahead, our success lies firmly in our ability to continue to harness the incredible pioneering technology we have worked tirelessly to develop over the past 15 years. Let's move to slide six. The past 20 months have been unusual for all of us. At Amyris, in spite of the COVID-19 pandemic, we've been growing quickly, broadening our product offerings, and continuing to advance the promise of synthetic biology to increase the accessibility of high-quality ingredients and products that reduce the impact of our consumption on the planet. To support our growth and expansion, we've also been deliberately transforming our capital structure, culminating in the recent $690 million convertible notes offering. At the beginning of 2020, we had approximately $300 million of expensive, complicated debt and less than $5 million of cash on hand. Clearly not desirable for a rapidly growing company like ours. Thus, we began to recapitalize our balance sheet with a $200 million PIPE transaction, which de-levered and simplified our balance sheet. This transaction attracted new institutional investors and removed the financing overhang, which was a gating item for prospective investors. We performed well operationally and met our objectives throughout 2020. Beginning in the Q4 of 2020, we entered into three licensing and partnership agreements with strategic counterparties. These agreements are long-term in nature and demonstrate the value of our science and ingredients portfolio. In April of 2021, we further diversified our shareholder base through an orderly secondary offering, as part of which two related parties sold a considerable portion of their holdings. Early in this process, it was evident that there was ample demand for the company's equity, and we issued new primary shares, which allowed us to increase our cash on hand well in excess of $100 million and reduce our debt to $102 million by the end of the Q3 of this year. The investment thesis increasingly shifted to grow and expand. To support this, we understood that to maximize our future growth, we needed to eliminate any remaining restrictive debt, accelerate the development of our clean beauty and personal care offering, and ensure that capital project financing was fully secured to bring on the production capacity to meet the continued growth and demand for our products. Now on slide seven. At the present time, there is an astonishing amount of capital available in the convertible market. Approximately $8.8 billion of convertible notes were issued last week alone, and we were able to take advantage of the demand by raising $690 million. Given our growth potential over the next five years and the probability that the current rate environment will not persist, we determined it was prudent to raise unsecured covenant-free capital when it was available, as opposed to taking whatever is available when we need it. Let me emphasize that this transaction was planned for some time, run by a high-quality syndicate of banks, and 4.7 x oversubscribed, resulting in favorable terms, low cost of capital, no lingering restricted debt, and no question as to where the capital needed to fund our growth will come from. The annual cost to service interest on the new $690 million notes of $10 million is equivalent to the interest on the $102 million legacy debt that we held through the end of the Q3. Move to slide eight. The capped call feature we executed to mitigate dilution is commonly used by issuers and is separate from the notes transaction itself. Amyris conducted an auction with 12 banks to ensure most efficient pricing for the purchase of a capped call option, which raised the effective conversion premium to 100%. The auction was coordinated by a large name bank independent from the active book runners on the bond offering to ensure appropriate checks and balances. Mechanically, the process involved Amyris is purchasing call options at the notes conversion price and selling call options at the upper bound or capped share price of $15.92 per share. We elected to engage in this type of hedging transaction, because we believe that despite recent volatility in our share price, our results ahead will support a much higher share price, and we did not want a dilution event before our stock price appreciates meaningfully. With this capped call spread in place, the effective all-in cost of capital of these notes is approximately 4%. The combination of the 35% premium and the capped call reduced potential dilution for equity holders from 24% to 12%. Now on slide nine. As to the $690 million of proceeds after transaction cost of $90 million, the cost of the capped call of $81 million and $65 million of debt retirement-related principal, fees, and interest payments, the company retained $525 million of cash from the offering. We are in a stronger financial position as we have been in the history of the company. We have a number of strategic initiatives on the way, including capital expenditures in manufacturing, R&D, and ERP systems. John will describe these in a bit more detail. We also have M&A opportunities in the pipeline that are complementary to our beauty and personal care consumer portfolio. After taking these into consideration, as well as the annual cost to service the new debt, we expect to have approximately $300 million for general corporate purposes and to run and grow the business. Now on slide 10. Recapping our thoughts on the remainder of the year, I've broken down our expectations for the full year 2020, 2021 as it relates to total and underlying revenue. There's a wide range of potential short-term outcomes, particularly if we were to be unencumbered by supply chain, logistics, and transportation bottlenecks globally, all of which have been well-publicized during the earnings season by us and just about any other organization that participates in global trade. The estimated total revenue growth at the midpoint of the range is around 100% year-over-year, and the estimated underlying revenue growth for same is around 50% versus full year 2020. We are doing everything we can to reduce the impact of these supply chain challenges, but they are expected to persist in the near term. As previously discussed at our earnings call, we expect our full year 2021 revenue estimate of $330 million to $370 million to be subject to easing supply chain headwinds. Access to packaging components and ingredients is critical in this regard. As the scale of our business increases, we expect to provide improved visibility to our investors. With that, I will now hand the call over to John. John? Thanks, Han. Our consumer revenue growth, which has been growing more quickly than any other component of revenue at a 135% compounded rate over three years. This is high-margin revenue in the 60% to 70% range, and we only expect consumer demand for clean, sustainable personal care and beauty options to accelerate from here. During this month alone, we are on track to deliver more consumer revenue than all of the Q3. Also, our total product revenue is expected to deliver a three-year CAGR of 70%, with continued growth in our ingredients portfolio on the back of new molecule development and scale-up. I'll discuss both consumer and ingredients in more detail in the next few slides. Let me first speak to the importance of the convertible note offering that Han discussed as it relates to continued investment in the strategic components of our business. Let's turn to slide 12. With our financing complete, we have cleared the decks of expensive secured debt and more than underpinned our growth plan to reach $2 billion in revenue by 2025. This was an important action for the company to take, and for the first time in many years, our capital structure is positioned to accommodate the technical manufacturing and commercial needs we expect in the years to come. We are fully funded to deliver our base business plan and can now focus on not just being the fastest-growing company in our sector, but also the best-run and operating company in our sector. Capital flexibility enables us to take control of our supply chain and significantly improve our overall gross margin profile. The world is rapidly transitioning from just-in-time inventory management to just in case. Our much-needed capital flexibility has enabled us to execute several actions that provide real risk mitigation and adds supply chain resilience. We now have the capital flexibility and the capability to execute on this just in case concept and deliver on our expectations and demand. In consumer, capital is the oxygen for our dynamic homegrown brands, and we will continue to pursue strategic M&A activity that will further cement our status as the category leader in clean beauty and personal care. We are currently growing faster than Olaplex, a leader in hair care that went public recently, and we are delivering the best growth underpinned by the best performing products of any other clean beauty business we are aware of. The fuel for this growth is the world-class R&D formulation technology and infrastructure, which is unmatched anywhere in the world. We will further invest in the reduction of project development time, increasing productivity, lowering unit costs of development, and increase the volume of molecules in development. We will also expand our physical lab and pilot plant space and aggressively acquire talent. As the only organization that can point to long-term successful scale up and commercialization of proprietary ingredients, we will also invest in maintaining our pole position in the industrial operations space of our company. We now have no capital requirements to complete our Brazil ingredients fermentation plant and downstream chemical processing capabilities in Barra Bonita, nor for our U.S. based consumer production facility in Reno, Nevada. These investments will reduce our reliance on expensive third-party manufacturing, transport, and logistics providers, will increase our manufacturing flexibility to meet customer needs in real time, and allow for greater top line and margin growth. Doing this transaction at the time that we did eliminated our need to enter into expensive secured debt to finance our manufacturing needs and supply chain needs, which were in process and critical to get delivered on time. Finally, our rapid growth also necessitates important investments in ERP systems and processes. I have committed to our organizations that each of our business functions will have the resources to be able to support our growth. Let's turn to slide 13. We have invested significantly in our platform and have taken all the learnings and data-driven insights over the past 15 years to accelerate and expand our ingredients pipeline. At the heart of our ingredients pipeline is clean chemistry and sustainability. Since the start of the pandemic, we have witnessed a tremendous pull by consumers for more clean, natural, and sustainably sourced products. We are leading this transition to clean chemistry. We have increased our pipeline of ingredients in active development this year for our partners and for our own direct formulation and revenue. At the same time, we have proof of concept on over 250 different molecules made sustainably from fermentation using our technology. Proof of concept is not just a paper exercise. These are strains that we have engineered that currently make more than 250 different molecules, not including the derivatives of these molecules that we have successfully proven to be able to take to market. We expect to commercialize four to six new core ingredients annually through 2025. Each of these ingredients are for addressable market sizes in excess of $1 billion. We expect, on average, each of these to be worth between $50 million and $100 million within a few years of commercialization. This is based on our record of proven success with previous transactions. We are sharing with you for the first time our detailed plan for ingredient commercialization by year. Our ingredient pipeline is not a pipe dream. This is a fully funded development pipeline with clear customers and markets and resources allocated to maintain our track record of delivering and successfully commercializing the best performing ingredients in the world of clean, sustainable chemistry. We have met our commercialization targets on all of our ingredients since 2012 and are poised to continue this track record through 2025. Let's turn to slide 14. Our ingredients are found in well over 20,000 products around the world today and reach over 300 million consumers. Our consumer brands serve to accelerate commercialization and global access to these ingredients. We supply our proprietary ingredients to thousands of consumer brands around the world, and we lead the clean beauty movement in our industry. We also demonstrate the performance of these ingredients in our own consumer brands as shown here. We are setting the standard in beauty and wellness for the best performing formulations from the most sustainably sourced ingredients. Our consumer brands offer us a unique connection to end consumers, helping us identify new emerging needs as well as providing us direct feedback for further product improvements. Let's turn to slide 15. Direct-to-consumer is currently about 50% of our revenue and delivering gross margins beyond the 60% to 70% range for most of our brands. We believe this revenue mix is sustainable as we expand our portfolio. In the month of November, we will experience over 2.5 million consumer visits to our direct-to-consumer websites. This compares to just that one million visitors in the month of January. Our business demand is accelerating, and we are now funded to ensure our systems and processes can support our growth without missing on our objectives. Our consumer brand partnerships and the effective use of influencers and social selling provide us with a reach to over 120 million consumers. We strongly believe in the importance of influencer marketing as the future of digital marketing. Content creation and live selling sessions hosted online by key micro-influencers directly to their followers facilitate much deeper engagement with the end consumer and much better sales conversion. We believe accessing the right influencer talent and having deep data and learnings with this community is the key to thriving online, as demonstrated by us having one of the best performing direct-to-consumer businesses in beauty today. Let's turn to slide 16. The backbone of our future lies in continued promotion, adoption, and growth of our ingredients and consumer brands. We have phenomenal talent and expertise on the ingredient side of our business. In the past two years, we have introduced CBG, Reb M, and Hemisqualane, just to name a few, with massive potential end markets. Over the next several years, we will introduce many more ingredients with the potential to disrupt large end markets from a revenue perspective. With our consumer brands, we have been growing very rapidly the past several years. We are committed to launching new brands, extending existing brand product lines, and expanding across channels and geographies. Our ingredients have given us a tremendous opportunity to own this space, and we plan to go from strength to strength with our focused business model and strategy. Let's turn to slide 17. We live in interesting times, and although the second half of this year has presented global external challenges, these factors do not cause us to change our longer-term expectations for growth over the next five years. Interest in our business and technical capabilities has never been stronger, and the commercial success of our homegrown brands continues to confirm that we are just scratching the surface of end markets that will benefit from sustainable products derived from clean chemistry that is good for people and our planet with no compromise. The portfolio connection of our lab-to-market platform, ingredients pipeline, and consumer brands is truly unique and puts Amyris at the forefront of the acceleration to transitioning to sustainable consumption. We enter the next chapter of Amyris with financing that we expect to bridge us to a point that we are fully funded from our own operations. Let me end by sharing my deep disappointment with the global supply chain issues that plagued us and many companies in the Q3 and some of the late revenue shortfalls across our network of suppliers. This is not acceptable, and I'm sorry we did not manage this better. We will not let this type of miss happen again. We expect the global issues will persist for the next two to three quarters. Our capital flexibility is a critical part of managing well through these uncertain times, and we can also invest to ensure we have the necessary people and systems in place to better manage the growth we are experiencing. We can and will deliver the fastest industry growth while managing our company well to avoid surprises. Our Q4 is already tracking to be our best Q4 ever in underlying revenue by far, and we are executing well and finding the necessary workarounds to manage around a deeply broken supply chain. Thank you to everyone for joining us today and starting your week with us. We are very excited about where we are as a company today and believe we transacted accessing capital with a size and cost that has not been available to us historically. This capital is almost entirely accretive to our growth proposition of the next several years and has energized the organization and our biggest shareholders. We are keeping our business focused on health, beauty, and wellness and continue to track to deliver industry-leading growth and operating performance through 2025. We look forward to connecting with anyone interested in learning more about the company and hope everyone has a happy Thanksgiving. Have a great day, and thank you for being with us this morning. Ladies and gentlemen, that does conclude today's presentation. We do thank you for joining. You may now disconnect your lines.
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