Amyris Inc (AMRS) 2022 Q4 法說會逐字稿

Welcome to the Amyris Fourth Quarter 2022 Financial Results 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 call is being recorded. You may listen to a webcast replay of this call by going to the Investors section of Amyris' website.

歡迎參加 Amyris 2022年第四季度財務業績電話會議。此電話會議正在 Amyris 網站 amyris.com 的投資者部分的活動頁面上進行網絡直播。提醒一下，今天的通話正在錄音中。您可以訪問 Amyris 網站的“投資者”部分收聽此次電話會議的網絡廣播重播。

I would now like to turn the call over to Han Kieftenbeld, Chief Financial Officer. Please go ahead.

我現在想把電話轉給首席財務官 Han Kieftenbeld。請繼續。

Thank you, Andrea, and good afternoon, everyone. Thank you for joining us today. With me on today's call is John Melo, President and Chief Executive Officer; and also Eduardo Alvarez, our Chief Operating Officer, who will participate in the Q&A session. We issued our results today in a press release. The current report on Form 8-K furnished with respect to our press release is available on our website, amyris.com in the Investors section as well as on the SEC's website. The slides accompanying this presentation can also be found on the website and were posted today for your convenience.

謝謝你，安德里亞，大家下午好。感謝您今天加入我們。與我一起參加今天電話會議的是總裁兼首席執行官 John Melo；還有我們的首席運營官 Eduardo Alvarez，他將參加問答環節。我們今天在新聞稿中發布了我們的結果。有關我們新聞稿的 8-K 表格的當前報告可在我們的網站 amyris.com 的投資者部分以及美國證券交易委員會的網站上找到。本演示文稿附帶的幻燈片也可以在網站上找到，為方便起見，今天發布了這些幻燈片。

Please turn to Slide 2. Please note that on this call, you will hear discussions of non-GAAP financial measures, including, but not limited to, core sales revenue, gross margin, cash operating expense and adjusted EBITDA. Reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures are contained in the financial summary section slides of the presentation and the press release distributed today. During this call, we will make forward-looking statements about future events and circumstances, including Amyris' outlook for 2023 and beyond, Amyris' goals and strategic priorities, anticipated transactions and other future milestones as well as market opportunities, growth prospects and Fit-to-Win actions.

請轉到幻燈片 2。請注意，在本次電話會議上，您將聽到對非 GAAP 財務指標的討論，包括但不限於核心銷售收入、毛利率、現金運營費用和調整後的 EBITDA。這些非 GAAP 措施與最直接可比的 GAAP 財務措施的調節包含在演示文稿的財務摘要部分幻燈片和今天分發的新聞稿中。在此次電話會議中，我們將對未來事件和情況做出前瞻性陳述，包括 Amyris 對 2023 年及以後的展望、Amyris 的目標和戰略重點、預期交易和其他未來里程碑以及市場機會、增長前景和 Fit-致勝行動。

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 the fourth quarter and full year 2022. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise.

這些陳述基於管理層當前的預期，實際結果和未來事件可能因風險和不確定性而存在重大差異，包括我們不時向美國證券交易委員會提交的文件中詳細說明的內容，包括我們第四季度的 10-K 和2022 年全年。Amyris 不承擔任何更新這些前瞻性陳述中包含的信息的義務，無論是由於新信息、未來事件還是其他原因。

With that, I'll turn the call over to John. John?

有了這個，我會把電話轉給約翰。約翰？

Thanks, Han, and good afternoon, everyone. Thank you for joining us today. I'll provide an update on our business performance and our key priorities for this year. Han will provide an update on our financial performance and our 2023 outlook, and I'll recap before we turn to Q&A. I'll start with a note about Silicon Valley Bank and the recent turmoil involving other banks. This unfortunate situation has impacted many. Let me confirm that Amyris does not have direct exposure to either of the banks that issue, we do not bank with them. Our global banking platform is with JPMorgan as our principal commercial bank.

謝謝，韓，大家下午好。感謝您今天加入我們。我將提供有關我們今年業務績效和主要優先事項的最新信息。 Han 將提供有關我們財務業績和 2023 年展望的最新信息，在我們進行問答之前，我將回顧一下。我將從有關矽谷銀行和最近涉及其他銀行的動蕩的說明開始。這種不幸的情況影響了許多人。讓我確認 Amyris 沒有直接接觸任何一家發行的銀行，我們不與他們開戶。我們的全球銀行平台以摩根大通為主要商業銀行。

We maintain backup banks in each of the regions we operate in should we need to urgently [shift] deposits. I'm also pleased to confirm that we have continued access to sufficient working capital. As you may have seen from the 8-K disclosure we made yesterday, Amyris secured $50 million in debt to carry us through the point when we can capture the upfront cash payment from the recently signed transaction with Givaudan, which should be within 30 days to 45 days.

如果我們需要緊急 [轉移] 存款，我們會在我們開展業務的每個地區設有備用銀行。我也很高興地確認我們可以繼續獲得足夠的營運資金。您可能已經從我們昨天披露的 8-K 中看到，Amyris 獲得了 5000 萬美元的債務，使我們能夠從最近與 Givaudan 簽署的交易中獲得預付款，這應該在 30 天內45天。

Slide 4. We delivered a solid fourth quarter with performance that marks our continued disciplined, efficient use of funds and robust growth. Our consumer business delivered its second consecutive quarter of record growth marked by 64% growth over the fourth quarter of 2021. Our total core revenue of $76 million is up 17% over the fourth quarter of 2021. This is also a new single quarter core revenue record for the company. Our consumer business is running about 50% direct-to-consumer and about half with retail partners. Our DTC business continues to deliver strong results with growth of about 60% year-over-year. We are making good progress with our marketing spend and our headcount.

幻燈片 4。我們在第四季度取得了穩健的業績，標誌著我們繼續遵守紀律、有效利用資金和實現強勁增長。我們的消費者業務連續第二個季度實現創紀錄的增長，比 2021 年第四季度增長 64%。我們的核心總收入為 7600 萬美元，比 2021 年第四季度增長 17%。這也是新的單季度核心收入為公司備案。我們的消費者業務約有 50% 直接面向消費者，約有一半與零售合作夥伴合作。我們的 DTC 業務繼續取得強勁業績，同比增長約 60%。我們在營銷支出和員工人數方面取得了良好進展。

We operated the first half of 2022 with less than $1 of revenue for every marketing dollar invested. We are now at $2 of revenue for every marketing dollar invested, and I expect for us to end 2023 at $3 of revenue for every dollar of marketing invested. This has come from significant insights and innovation across our teams, including a much more efficient customer acquisition model that is being scaled across all of our brands with support of MG Empower, our world-class social commerce agency. On headcount, we [first] headcount during the fourth quarter, and I can confirm that we have lowered our total headcount since then.

我們在 2022 年上半年運營，每投入營銷一美元，收入不到 1 美元。我們現在每投資一美元的營銷收入就有 2 美元的收入，我預計到 2023 年底，我們每投資一美元的營銷收入就會有 3 美元的收入。這來自我們團隊的重要見解和創新，包括在我們世界級社交商務機構 MG Empower 的支持下，我們所有品牌正在推廣更高效的客戶獲取模式。在員工人數方面，我們 [first] 在第四季度裁員，我可以確認從那時起我們已經減少了總人數。

I have eliminated 30% of my direct reports, and we have simplified our leadership structure with a significant reduction of the executive team roles. During the fourth quarter, use of cash was our top priority. We operated in a working capital constrained environment and focus on best use of our very limited liquidity. This resulted in over $14 million of ingredients product revenue, where we have orders that we were unable to support with working capital and did not ship. These are mostly farnesene related products and also our natural sweetener, Reb M. These orders are being filled in the first half of 2023 and are critical for the end customers.

我已經取消了 30% 的直接下屬，並且我們通過顯著減少執行團隊的角色來簡化我們的領導結構。在第四季度，使用現金是我們的首要任務。我們在營運資金受限的環境中運營，專注於充分利用我們非常有限的流動性。這導致了超過 1400 萬美元的配料產品收入，其中我們有無法用營運資金支持且未發貨的訂單。這些主要是法尼烯相關產品以及我們的天然甜味劑 Reb M。這些訂單將在 2023 年上半年完成，對最終客戶至關重要。

Demand for our ingredients remains very robust. Our biggest challenge has been capacity, access to feedstock and working capital. Both of these are improving and will be resolved through the first half of 2023. We are delivering on our commitment to be the growth leaders in the consumer categories we participate and to drive best core revenue growth of our biotech competitors. We are prioritizing our cash use over our revenue and are pleased with the third quarter, which is the third consecutive quarter of material reduction in cash use. We consumed $95 million of cash in the fourth quarter versus our prior indication of $100 million to $110 million. This is a reduction of $100 million in quarterly cash use from the first quarter of 2022.

對我們原料的需求仍然非常強勁。我們最大的挑戰是產能、獲得原料和營運資金的途徑。這兩個問題都在改善，並將在 2023 年上半年得到解決。我們正在履行我們的承諾，成為我們參與的消費類別的增長領導者，並推動我們的生物技術競爭對手實現最佳核心收入增長。我們將現金使用優先於收入，並對第三季度感到滿意，這是現金使用連續第三個季度大幅減少。我們在第四季度消耗了 9500 萬美元的現金，而我們之前的指示為 1 億至 1.1 億美元。與 2022 年第一季度相比，季度現金使用減少了 1 億美元。

Our consumer growth is not happening at the expense of margin. Consumer direct gross margin for the quarter was our best of the year and an increase of 600 basis points over the fourth quarter of 2021. We continue to execute our broad Fit-to-Win agenda. We are aggressively transitioning to more efficient sourcing and proprietary manufacturing. We are already realizing better-than-expected production costs at our Interfaces facility in Brazil, where we expect around 60% of all our consumer volume manufactured there by the third quarter of 2023. For our Biossance best-sellers alone, the Interfaces manufacturing improves cost of goods by an estimated 50%. These combined actions are expected to deliver 300 basis points to 400 basis points of margin improvement for our consumer business through 2023.

我們的消費者增長不會以犧牲利潤為代價。本季度的消費者直接毛利率是我們今年最好的，比 2021 年第四季度增加了 600 個基點。我們繼續執行我們廣泛的“以贏取勝”議程。我們正在積極過渡到更高效的採購和專有製造。我們已經在巴西的 Interfaces 工廠實現了好於預期的生產成本，我們預計到 2023 年第三季度，我們所有消費量的 60% 左右將在那裡生產。僅就我們的 Biossance 暢銷產品而言，Interfaces 製造有所改善貨物成本估計減少 50%。到 2023 年，這些聯合行動預計將為我們的消費者業務帶來 300 到 400 個基點的利潤率改善。

Slide 5, our healthy top line and margins should be assessed in the broadly positive context of a thriving macro category prestige beauty environment, where we are leading in each category we participate in. Industry data tells us that consumer demand for prestige beauty and hair care, color cosmetics, skin care and healthy aging was very strong in the fourth quarter, growing at over 15% year-over-year as a blended number across these categories. This trend has accelerated into the first quarter. It's often called the lipstick effect, which is to say that even when there is inflation and a degree of economic uncertainty, consumers will spend on affordable indulgences.

幻燈片 5，我們健康的收入和利潤率應該在蓬勃發展的宏觀類別聲望美容環境的廣泛積極背景下進行評估，我們在我們參與的每個類別中都處於領先地位。行業數據告訴我們，消費者對聲望美容和護髮的需求、彩妝、護膚和健康老齡化在第四季度非常強勁，這些類別的混合數字同比增長超過 15%。這一趨勢在第一季度加速。這通常被稱為口紅效應，也就是說，即使存在通貨膨脹和一定程度的經濟不確定性，消費者也會花錢購買負擔得起的奢侈品。

You can see this reflected in the reported performance of L'Oreal, Ulta Beauty and LVMH as well as our retail partners. There is no doubt that the fundamentals of our business model, creating and building differentiated consumer brands and marketing our proprietary molecules through leading global companies that our market leaders are synergistically on trend. Clean, sustainable, science-backed beauty is what consumers are demanding and spending on. It's a market driver that enables us to build and operate some of the best-performing consumer brands in these categories. We are focused on winning in end markets, where our technology is clearly the best path to replacing chemistry from non-sustainable sources and where we can accomplish that with superior products at lower costs.

您可以在歐萊雅、Ulta Beauty 和 LVMH 以及我們的零售合作夥伴的報告業績中看到這一點。毫無疑問，我們的商業模式基礎、創建和建立差異化的消費品牌以及通過領先的全球公司營銷我們的專有分子，我們的市場領導者正在協同發展趨勢。清潔、可持續、有科學依據的美容是消費者的需求和支出。它是一個市場驅動力，使我們能夠在這些類別中建立和運營一些表現最好的消費品牌。我們專注於贏得終端市場，我們的技術顯然是從非可持續來源替代化學物質的最佳途徑，而且我們可以以更低的成本提供優質的產品來實現這一目標。

We are executing our Lab-to-Market strategy. This is where we own the underlying science and technology. We develop and scale as the long-term producer, and we partner with leaders in their respective end markets, those who have the skills and resources to market and grow share through new product development and leverageable distribution reach. Our partners are simply great at what they do, and we are the best at developing and making clean, sustainable chemistry that enables the great market opportunities with their market access and reach.

我們正在執行我們的實驗室到市場戰略。這就是我們擁有基礎科學和技術的地方。我們作為長期生產商發展和擴大規模，並與各自終端市場的領導者合作，這些領導者擁有通過新產品開發和可利用的分銷範圍進行營銷和擴大市場份額的技能和資源。我們的合作夥伴非常擅長他們所做的事情，而我們最擅長開發和製造清潔、可持續的化學物質，從而通過他們的市場准入和影響力創造巨大的市場機會。

Slide 7. As for our consumer brands, we will continue to support this pillar of our strategy while also making strategic adjustments, which I will get to in a few seconds. These brands are doing great with growing demand from the retailers we work with and solid direct-to-consumer performance. As mentioned, the categories we compete in have real tailwinds with continued strong growth in the first quarter. Here's what we've learned and what we've heard from our retail partners like Sephora is that when we smartly invest in our direct-to-consumer brands, the impact of that is felt at the shelf level, a strong DTC business supported with healthy marketing investment drives a strong retail sales performance.

幻燈片 7. 至於我們的消費品牌，我們將繼續支持我們戰略的這一支柱，同時也會進行戰略調整，我將在幾秒鐘內進行調整。隨著與我們合作的零售商不斷增長的需求以及穩固的直接面向消費者的表現，這些品牌做得很好。如前所述，我們競爭的類別在第一季度持續強勁增長，帶來了真正的順風。以下是我們從絲芙蘭等零售合作夥伴那裡了解到的情況，當我們明智地投資直接面向消費者的品牌時，貨架層面就會感受到這種影響，強大的 DTC 業務得到支持健康的營銷投資推動了強勁的零售業績。

Consumers are not just walking into stores to buy brands they have no awareness of. The success of our key strategic consumer brands drive more demand of our ingredients. When we get this right, it's an amazing and efficient flywheel for growth and market leadership, and we are getting better at it all the time. We are committed to continuing to deliver industry-leading growth for our consumer portfolio and we'll moderate or accelerate this growth based on investment. We have great assets and significant and growing demand for our brands and the ingredients and products we produce. Our available ingredient capacity is sold out for 2023.

消費者不僅僅是走進商店購買他們不了解的品牌。我們主要戰略消費品牌的成功推動了對我們原料的更多需求。當我們做到這一點時，這將成為增長和市場領導地位的驚人而高效的飛輪，而且我們一直在做得更好。我們致力於繼續為我們的消費者組合提供行業領先的增長，我們將根據投資減緩或加速這種增長。我們擁有巨大的資產，對我們的品牌以及我們生產的原料和產品的需求不斷增長。我們可用的配料容量在 2023 年售罄。

Slide 8, to fully leverage our assets to drive enterprise value requires a deeper focus on efficiency, lowering our costs and also simplifying our portfolio. We are narrowing our investments to where we have and can extend market leadership and sustainable predictable growth, which includes the gross margin increase I mentioned earlier. We are further focusing our consumer brand portfolio and expect to end with 5 to 6 brands that are market leaders represent over 90% of our current revenue and growth use a lot of our ingredients and their formulations and have a clear path to profitability. This additional rationalization of noncore assets in our consumer portfolio is expected to generate around $150 million of cash proceeds this year.

幻燈片 8，要充分利用我們的資產來推動企業價值，需要更深入地關注效率、降低成本並簡化我們的產品組合。我們正在縮小我們的投資範圍，以擴大我們的市場領導地位和可持續的可預測增長，其中包括我之前提到的毛利率增長。我們正在進一步關注我們的消費品牌組合，預計最終將有 5 到 6 個市場領導者品牌代表我們當前收入和增長的 90% 以上，使用我們的大量成分及其配方，並有明確的盈利途徑。我們消費者投資組合中非核心資產的進一步合理化預計今年將產生約 1.5 億美元的現金收益。

The brands that remain in our portfolio have a current market value of around $2 billion. We are in active discussions with potential buyers for these noncore assets that we're in the process of selling. In parallel, we will reduce and eliminate all other spend through further divestments and deep prioritization of where we invest our limited dollars. Let me now move to the strategic transaction we signed with Givaudan in February. This transaction has an expected value of over $500 million. This includes $200 million of upfront cash, $150 million of earnout to be paid over 3 years and an expected over $150 million in gross margin dollars from the production of the products during the first 10 years of our long-term production agreement. This does not include any value from future molecules we add to the partnership or for joint development that are part of the strategic partnership we have created with Givaudan for leading the beauty industry with clean, sustainable chemistry produced from fermentation.

留在我們投資組合中的品牌目前的市值約為 20 億美元。我們正在與潛在買家積極討論我們正在出售的這些非核心資產。與此同時，我們將通過進一步撤資和對我們有限資金的投資領域進行深度優先排序，來減少和消除所有其他支出。現在讓我談談我們在 2 月份與 Givaudan 簽署的戰略交易。這筆交易的預期價值超過 5 億美元。這包括 2 億美元的預付現金、將在 3 年內支付的 1.5 億美元的收益，以及在我們的長期生產協議的前 10 年內，預計從產品生產中獲得超過 1.5 億美元的毛利率。這不包括我們為合作夥伴關係或聯合開發添加的未來分子的任何價值，這些是我們與奇華頓建立的戰略合作夥伴關係的一部分，旨在通過發酵產生的清潔、可持續的化學物質引領美容行業。

We expect that there will be less than $10 million revenue reduction on the basis of 2022's numbers as we continue to benefit from the production of these ingredients to the long-term manufacturing agreement. This transaction is for 2 molecules, Squalane and Hemisqualane and 1 formulation that includes these 2 ingredients, [CleanScreen], a sustainable solution for sun protection. This transaction represents more than 3x the value versus our other strategic molecule transactions and is consistent in structure with both the DSM Flavor and Fragrance transaction and the Ingredion partnership for Reb M and other products in the human nutrition market.

我們預計，根據 2022 年的數字，收入將減少不到 1000 萬美元，因為我們將繼續從長期製造協議中生產這些原料中獲益。本次交易涉及 2 種分子，角鯊烷和半角鯊烷，以及包含這 2 種成分的 1 種配方，[CleanScreen]，一種可持續的防曬解決方案。該交易的價值是我們其他戰略性分子交易的 3 倍以上，並且在結構上與 DSM 香精香料交易以及 Reb M 和人類營養市場其他產品的 Ingredion 合作夥伴關係一致。

We already have an excellent relationship with Givaudan, where we develop BisaboLife and their linguist breakthrough, Bio-Retinol from our technology and fermentation platform. When you combine our biotechnology stack with Givaudan's market insights and product development resources, the result is a powerhouse capability that is uniquely positioned for global growth and becoming a clear leader in clean, sustainable chemistry into the global beauty industry. This transaction is great proof of the value of our molecules and the power of our technology platform to truly transform in markets to clean, sustainable chemistry that makes our planet healthy.

我們已經與 Givaudan 建立了良好的關係，我們從我們的技術和發酵平台開發了 BisaboLife 及其語言學家的突破性生物視黃醇。當您將我們的生物技術堆棧與 Givaudan 的市場洞察力和產品開發資源相結合時，結果將產生強大的能力，在全球增長方面處於獨特的地位，並成為全球美容行業清潔、可持續化學領域的明確領導者。這項交易很好地證明了我們分子的價值和我們技術平台的力量，可以真正將市場轉變為清潔、可持續的化學物質，從而使我們的星球變得健康。

As I previously communicated, the transaction is growing through the HSR waiting period, and we expect the 30-day to 45-day closing and funding. Having discussed the Givaudan transaction, let me step back and put this in the context of our go-to-market model. With Fidelity to our Fit-to-Win rigor, we covered the beauty and personal care categories with Givaudan. There are 3 other verticals where our bio-fermentation leadership creates sustained long-term growth for our current ingredients portfolio, along with significant potential to expand through development of new ingredients. Flavor and Fragrance revenue streams will come from our DSM relationship. This is also performing extremely well with our blockbuster ingredients and their access to market.

正如我之前所說，交易在 HSR 等待期內不斷增長，我們預計 30 天到 45 天的交易結束和融資。在討論了 Givaudan 交易之後，讓我退後一步，將其置於我們的上市模型的背景下。憑藉對以贏取勝的嚴謹態度，我們與 Givaudan 合作涵蓋了美容和個人護理品類。在其他 3 個垂直領域，我們的生物發酵領導力為我們當前的配料組合創造了持續的長期增長，並具有通過開發新配料進行擴展的巨大潛力。香精香料收入流將來自我們與帝斯曼的關係。這在我們的重磅炸彈成分及其進入市場方面也表現得非常好。

Food, beverage and nutrition opportunities will continue to emerge from Ingredion. They are doing an excellent job expanding the market for our Reb M. This ingredient is expected to be in the top 3 ingredients for revenue in 2023 and is growing at a faster rate than we have planned. And we are engaged with a potential strategic partnership for commercialization opportunities in the human health and pharmaceutical markets that will include squalene for vaccine adjuvants. This is a competitive process, and we are really excited about the participants and the potential outcome.

Ingredion 將繼續提供食品、飲料和營養方面的機會。他們在為我們的 Reb M 擴大市場方面做得非常出色。預計該成分將成為 2023 年收入的前 3 名成分，並且增長速度快於我們的計劃。我們正在與潛在的戰略合作夥伴關係建立人類健康和醫藥市場的商業化機會，其中包括用於疫苗佐劑的角鯊烯。這是一個競爭過程，我們對參與者和潛在結果感到非常興奮。

Slide 10. We have been approached and are in active discussions regarding a manufacturing joint venture. We are exploring this opportunity with one of the world's top 4 sugar producers, a mill about the size of Barra Bonita. The proposed JV structure would combine some of our biomanufacturing assets would release a significant amount of cash from our current production assets and the partner would fund the next biomanufacturing facility and downstream processing facilities. They have completed initial diligence and are impressed with what we have built at Barra Bonita and the quality of our teams and overall capability. Biomanufacturing consumes the most significant amount of our working capital and has a long cash cycle time.

幻燈片 10。我們已經接洽並正在就製造合資企業進行積極討論。我們正在與世界四大糖生產商之一探索這個機會，這是一家規模與 Barra Bonita 相當的糖廠。擬議的合資結構將結合我們的一些生物製造資產，將從我們當前的生產資產中釋放大量現金，合作夥伴將為下一個生物製造設施和下游加工設施提供資金。他們已經完成了初步調查，並對我們在 Barra Bonita 的建設以及我們團隊的素質和整體能力印象深刻。生物製造消耗了我們最大的營運資金，並且現金循環時間很長。

We believe this type of partnership can be deeply strategic and significantly advance our market leadership in biomanufacturing with a capital-light approach. We are very pleased with this opportunity, and we'll update you on progress. In addition to fully funding our much-needed next production facility, this opportunity can also help generate $50 million to $100 million in new cash to our balance sheet in the short term and free up $50 million of current working capital that is used to support our ingredients business. If discussions continue as planned, then we expect this facility to be in construction by the end of this year and be the 100% farnesene dedicated biomanufacturing facility.

我們相信這種類型的合作夥伴關係可以具有深刻的戰略意義，並通過輕資本方法顯著提升我們在生物製造領域的市場領導地位。我們很高興有這個機會，我們會向您通報最新進展。除了為我們急需的下一個生產設施提供充分資金外，這個機會還可以在短期內幫助我們的資產負債表產生 5000 萬至 1 億美元的新現金，並釋放 5000 萬美元的當前營運資金用於支持我們配料業務。如果討論按計劃繼續進行，那麼我們預計該設施將在今年年底前投入建設，並成為 100% 法尼烯專用生物製造設施。

The structure of this JV and the financial commitment from this partner is a great testimony to the best-in-class capability we have built for bio-fermentation and downstream biochemical processing. We believe we have the best in the world, and our partnerships continue to prove this. With the proceeds from the rationalization of noncore consumer brands and the opportunity to partner for manufacturing capacity, we see a clear path to self-sustaining cash generation. We now need 100% focus on efficiency and excellence across our operations. We intend to bring our operating cash use in 2023 to around $200 million run rate by the end of 2023 and over -- and from over $600 million in 2022.

該合資企業的結構和該合作夥伴的財務承諾很好地證明了我們為生物發酵和下游生化加工建立的一流能力。我們相信我們擁有世界上最好的，我們的合作夥伴關係繼續證明這一點。憑藉非核心消費品牌的合理化收益和合作製造能力的機會，我們看到了一條通往自我維持現金產生的清晰道路。我們現在需要 100% 專注於我們運營的效率和卓越。我們打算到 2023 年底及以上將我們 2023 年的運營現金使用率提高到約 2 億美元，並在 2022 年超過 6 億美元。

We are delivering this reduction in cash use through our Fit-to-Win agenda, portfolio rationalization of noncore assets, along with ensuring we have the right-sized organization for supporting our lean and focused future. We are also expanding our gross margin this year through the manufacturing cost savings in the Fit-to-Win agenda. But also through the Givaudan earnout and the underlying growth of our Flavors and Fragrance business and the impact this has on the DSM earnout. Taken together, we expect these actions will enable us to meet our objective of ending 2023 as a growing, self-sufficient enterprise with a capacity to fund its growth.

我們正在通過我們的 Fit-to-Win 議程、非核心資產的投資組合合理化以及確保我們擁有合適規模的組織來支持我們精益和專注的未來來減少現金使用。今年，我們還通過“以贏取勝”議程中的製造成本節約擴大了毛利率。但也通過 Givaudan 盈利和我們香精香料業務的潛在增長以及這對 DSM 盈利的影響。總而言之，我們預計這些行動將使我們能夠實現我們的目標，即到 2023 年底成為一家不斷發展、自給自足的企業，並有能力為其增長提供資金。

Let me close out by discussing our liquidity. Our liquidity has been extremely challenging. It has been a healthy forcing factor as we focus on what matters to ensure we invest with the growth and efficiency is and where we are the best. As the Givaudan proceeds come in and cost savings I detailed, we will be prepared to build enterprise value. To summarize, we are an investment model that combines proven and profitable biotechnology that sells to world-leading companies with the ability to develop and market products that consumers love. I don't know if any company, health, beauty and wellness markets who have the Lab-to-Market capability and integration of Amyris and are delivering on what consumers are demanding today.

讓我通過討論我們的流動性來結束。我們的流動性一直極具挑戰性。這是一個健康的推動因素，因為我們專注於重要的事情，以確保我們投資的增長和效率是最好的。隨著 Givaudan 收益的到來和我詳述的成本節約，我們將準備建立企業價值。總而言之，我們是一種投資模式，結合了經過驗證和盈利的生物技術，這些生物技術銷售給世界領先的公司，並有能力開發和營銷消費者喜愛的產品。我不知道是否有任何公司、健康、美容和健康市場擁有從實驗室到市場的能力和 Amyris 的整合，並正在滿足當今消費者的需求。

We've never had as much inbound interest in development partnerships for new molecules and with retailers and brand owners wanting to work with us and needing access to our capability to deliver new chemistry and great products. We have a disciplined 2023 operating plan that is ambitious but realistic with visibility to self-sustaining operating cash flow by the end of this year. We will continue to streamline our portfolio, leaning into the greatest opportunities while rightsizing our cost base. Last, but certainly not least, could not be more grateful to our teams who have delivered incredible performance without the full resources required to keep our customers supplied when many companies failed to do this in 2022. They are scrappy, talented and passionate.

我們從未對新分子的開發合作夥伴關係以及希望與我們合作並需要利用我們提供新化學和優質產品的能力的零售商和品牌所有者產生如此多的入境興趣。我們有一個有紀律的 2023 年運營計劃，該計劃雄心勃勃但切合實際，到今年年底可以看到自我維持的運營現金流。我們將繼續精簡我們的產品組合，抓住最大的機會，同時調整我們的成本基礎。最後但並非最不重要的一點是，非常感謝我們的團隊，他們在 2022 年許多公司未能做到這一點的情況下，在沒有為客戶提供所需的全部資源的情況下提供了令人難以置信的績效。他們鬥志旺盛、才華橫溢、充滿激情。

Let me now turn the call to Han.

現在讓我把電話轉給韓。

Thank you, John. Please turn to Slide 11. Before I start my remarks regarding the quarter and full year, let me note that as a housekeeping matter, you will find that we are filing a prospectus supplement today to register the shares and warrants issued at the end of last year to Foris Ventures in connection with our private placement. And tomorrow, we will be filing an S-3 amendment to reflect our change in status from a (inaudible). (inaudible) is a well-known seasoned issuer. This conversion will maintain the effectiveness of our existing S-3 registration.

謝謝你，約翰。請轉到幻燈片 11。在我開始對季度和全年發表評論之前，請注意，作為一項內務管理事項，您會發現我們今天提交招股說明書補充文件以登記去年年底發行的股票和認股權證與我們的私募有關的 Foris Ventures 一年。明天，我們將提交一份 S-3 修正案，以反映我們從（聽不清）狀態的變化。 （聽不清）是知名的經驗豐富的發行人。這種轉換將保持我們現有 S-3 註冊的有效性。

Let me now proceed with discussing the quarter's financials, and I will close out with an outlook for '23 before handing the call back to John. As I said, we're on Slide 11. Our fourth quarter was another strong quarter of core revenue growth and a new record in consumer growth. Core revenue, which includes Consumer and Technology Access and excludes strategic transactions increased 17% to $75.8 million when compared to the fourth quarter of last year. Core revenue included record consumer revenue of $52.8 million, which increased to 64% for the quarter and 92% for the full year.

現在讓我繼續討論本季度的財務狀況，在將電話轉回給約翰之前，我將以 23 年的展望結束。正如我所說，我們在幻燈片 11 上。我們的第四季度是核心收入增長的又一個強勁季度，消費者增長創下新紀錄。與去年第四季度相比，包括消費者和技術訪問但不包括戰略交易在內的核心收入增長了 17%，達到 7580 萬美元。核心收入包括創紀錄的 5280 萬美元消費者收入，本季度增至 64%，全年增至 92%。

The fourth quarter, as John said, is the seventh quarter -- the seventh consecutive quarter of record consumer revenue. Amyris' consumer brands outperformed the sector, the prestige beauty industry growth of 15% as recently reported by the NPD Group. Their year-end report confirmed that every category in prestige beauty posted double-digit gains in '22, with skin, hair care and color cosmetics growing 12%, 22% and 18%, respectively. Amyris' brands in these categories delivered about 5x industry growth. And specifically, in these categories, we delivered 44% in skin, 744% in hair, and 145% growth in color cosmetics. Technology Access revenue of $23 million declined 30%. This was primarily due to a $13 million of joint venture revenue in the human health and food and beverage industries in Q4 of '21 that did not repeat in '22.

正如約翰所說，第四季度是第七個季度——消費者收入連續第七個季度創紀錄。 Amyris 的消費品牌表現優於該行業，據 NPD 集團最近報導，高端美容行業增長了 15%。他們的年終報告證實，高端美容的每個類別在 22 年都實現了兩位數的增長，皮膚、護髮和彩妝分別增長了 12%、22% 和 18%。 Amyris 在這些類別中的品牌實現了約 5 倍的行業增長。具體來說，在這些類別中，我們在皮膚方面實現了 44% 的增長，在頭髮方面實現了 744% 的增長，在彩妝方面實現了 145% 的增長。 Technology Access 收入為 2300 萬美元，下降了 30%。這主要是由於 21 年第四季度在人類健康和食品和飲料行業的 1300 萬美元合資企業收入在 22 年沒有重複。

Ingredients products revenue decreased 12% to $14 million, reflecting temporary supply constraint as the business transitioned from higher cost toll manufacturing to lower cost internal sourcing from our new fermentation plant in Brazil. R&D collaboration revenue was down $2 million due to an increased focus on the development of molecules for our own marketing and formulation. Our state-of-the-art fermentation plant in Brazil is now operational with simultaneous production of multiple ingredients up and running, allowing us to address the supply constraints we have experienced in the past and providing us a path to make progress on turning around the unfavorable margin economics we had to bear in the past due to sourcing product from third-party contract manufacturers.

配料產品收入下降 12% 至 1,400 萬美元，反映出暫時的供應限制，因為業務從成本較高的委託製造轉變為我們在巴西的新發酵廠的成本較低的內部採購。研發合作收入減少了 200 萬美元，原因是我們更加關注用於我們自己的營銷和配方的分子開發。我們在巴西最先進的發酵廠現已投入運營，可以同時生產多種原料，這使我們能夠解決過去遇到的供應限制問題，並為我們提供了一條在扭轉局面方面取得進展的途徑由於從第三方合同製造商採購產品，我們過去不得不承受不利的利潤率。

As it relates to revenue, despite macroeconomic concerns, we continue to experience strong demand from the market, both for our consumer and ingredients products. Growth in consumer revenue continues to be best-in-class across publicly traded beauty companies and is now 2/3 of our core revenue, doubling since the end of '19. The creation of demand for Amyris clean beauty products is driven by 4 factors: first, more brands, secondly, new formulations that we've introduced, third, more stores and doors, and finally, our international expansion, most notably into Europe. We are focusing on ensuring that we can meet this increased demand with the improvements we are making in our supply chain and the cost savings measures that will deliver lower unit costs and ultimately, a positive bottom line.

就收入而言，儘管存在宏觀經濟問題，但我們繼續感受到市場對我們的消費品和配料產品的強勁需求。消費者收入的增長繼續在所有上市美容公司中名列前茅，現在占我們核心收入的 2/3，自 19 年底以來翻了一番。對 Amyris 清潔美容產品需求的創造受到 4 個因素的推動：首先，更多品牌，其次，我們推出的新配方，第三，更多的商店和門店，最後，我們的國際擴張，尤其是進入歐洲。我們專注於確保我們能夠通過我們在供應鏈中所做的改進和成本節約措施來滿足這一增長的需求，這些措施將降低單位成本並最終實現積極的底線。

This brings me to the next slide on gross margin, Slide 13. Non-GAAP gross margin was $21.4 million or 28% of revenue compared to $22 million or 34% of revenue in Q4 2021. Excluding the impact of technology and license revenue in both periods, non-GAAP gross margin increased by nearly $6 million and was 400 basis points higher as a percent of revenue than in the prior year. This was primarily due to consumer revenue growth and improved consumer margins. Key costs that reduced profitability are freight and logistics expense. We experienced significantly higher spending in the first 3 quarters of 2022 as compared to the prior year, particularly due to increased inbound air freight and volume to support our growing consumer brand revenue as well as the importation of ingredients intermediate products.

這將我帶到下一張關於毛利率的幻燈片，幻燈片 13。非 GAAP 毛利率為 2140 萬美元或收入的 28%，而 2021 年第四季度為 2200 萬美元或收入的 34%。不包括技術和許可收入的影響期間，非美國通用會計準則毛利率增長近 600 萬美元，佔收入的百分比比上年高 400 個基點。這主要是由於消費者收入的增長和消費者利潤率的提高。降低盈利能力的主要成本是運費和物流費用。與上一年相比，我們在 2022 年前 3 季度的支出顯著增加，特別是由於入境空運和貨運量增加，以支持我們不斷增長的消費品牌收入以及原料中間產品的進口。

We were pleased with our progress to reduce costs in these areas, yielding a reduction in inbound air shipping from $12.7 million in Q3 to just $3.5 million in Q4. We expect most of these freight and logistics expenses to continue to decline due to the full commissioning of our Brazil plant and the transition to Brazilian sourced components and manufacturing for our largest consumer brands. The takeaway regarding gross margins is that we've made strategic investments in our manufacturing and supply chain footprint, both on the consumer and ingredient side. We intend to take advantage of our scale with cost of goods sold and now revisiting all input costs as part of our Fit-to-Win actions.

我們對在這些領域降低成本的進展感到滿意，入境空運從第三季度的 1270 萬美元減少到第四季度的僅 350 萬美元。由於我們巴西工廠的全面投產以及我們最大的消費品牌向巴西採購零部件和製造的過渡，我們預計這些運費和物流費用中的大部分將繼續下降。關於毛利率的要點是，我們已經在消費者和配料方面對我們的製造和供應鏈足跡進行了戰略投資。我們打算利用我們的規模和銷售成本，現在重新審視所有投入成本，作為我們以雙贏行動的一部分。

Next, I'd like to touch on operating expense, Slide 14. We are actively operating 10 brands today, following the recent launch of Stripes in October and 4U by Tia in December. To support brand development and top line growth, we have significant investments resulting in cash operating expenses that have grown to $148.3 million in the fourth quarter of 2022, an increase of $44.9 million versus the prior year quarter. The fourth quarter is historically seasonally our large revenue and thus heavier spend quarter of the year, and the year-over-year growth was driven by increased headcount, both organic and from acquisitions, consumer brand, freight and fulfillment activities and investments in consumer brands.

接下來，我想談談營業費用，幻燈片 14。繼最近 10 月推出 Stripes 和 12 月 Tia 推出 4U 之後，我們今天正在積極運營 10 個品牌。為了支持品牌發展和收入增長，我們進行了大量投資，導致現金運營費用在 2022 年第四季度增長到 1.483 億美元，比去年同期增加 4490 萬美元。從歷史上看，第四季度是我們收入較大的季節性季度，因此是一年中支出較多的季度，同比增長是由員工人數增加推動的，包括有機和收購、消費品牌、貨運和履行活動以及對消費品牌的投資.

Shipping and handling of our consumer goods increased by $5.5 million or 68% versus the same quarter last year due to continued growth in DTC orders that John also referenced. We have slowed the pace of these investments in new brands to balance cash management and expense control. As part of our Fit-to-Win actions, we recently negotiated a new parcel shipping agreement with a large global provider, which is expected to save us $15 million to $20 million over the 3-year life of the agreement. As a result of our elevated expense, our use of cash in the quarter was also elevated principally due to continued investment in brand marketing of both the new and existing brands and also the deployment of cash for the construction of the Brazil fermentation plant that has been entirely self-funded to date.

由於約翰還提到的 DTC 訂單的持續增長，我們消費品的運輸和處理與去年同期相比增加了 550 萬美元或 68%。我們放慢了對新品牌的投資步伐，以平衡現金管理和費用控制。作為我們以雙贏行動的一部分，我們最近與一家大型全球供應商談判達成了一項新的包裹運輸協議，預計該協議將在協議的 3 年期限內為我們節省 1500 萬至 2000 萬美元。由於我們的費用增加，我們在本季度的現金使用量也有所增加，這主要是由於對新品牌和現有品牌的品牌營銷的持續投資以及為巴西發酵廠的建設部署現金迄今為止完全自籌資金。

We started the quarter with a cash balance of $25 million and raised net about $147 million through a term loan and a pipe. We used $157 million during the quarter on operational adjusted EBITDA offset and in part by favorable working capital leverage of $60 million, driven by actions taken with suppliers to improve terms and also improve the cash conversion cycle. We very closely managed inventories, resulting in a $17 million sequential decrease in inventory holdings. We closed out the quarter as a result of $71 million of cash.

本季度開始時，我們的現金餘額為 2500 萬美元，並通過定期貸款和管道籌集了約 1.47 億美元的淨資金。我們在本季度使用了 1.57 億美元用於運營調整後的 EBITDA 抵消，部分原因是有利的營運資本槓桿為 6000 萬美元，這是由於與供應商採取行動改善條款並改善現金轉換週期所推動的。我們非常嚴格地管理庫存，導致庫存持有量連續減少 1700 萬美元。我們以 7100 萬美元的現金結束了本季度。

Slide 15. As you can see, we sequentially reduced cash use for operating and investing activities as the year progressed. Q4 of 2022 was down $102 million as compared to the first quarter of last year. We used a total of $526 million for operating activities during the year, which included all our cost of goods sold, operating expense and working capital needs. We used a total of $124 million in 2022 for investing, of which $106 million was related to capital expenditures, mostly related to the construction of our Barra Bonita fermentation plant. We have worked extremely hard on reducing our use of cash by taking various steps. We did substantially reduce the cost involved within inbound air shipping from Q3 to Q4 by just over $9 million or 72%. And we also, as John mentioned, delayed our leadership structure effecting a $1.2 million initial restructuring charge.

幻燈片 15。如您所見，隨著時間的推移，我們依次減少了經營和投資活動的現金使用。與去年第一季度相比，2022 年第四季度減少了 1.02 億美元。我們在這一年的運營活動中總共使用了 5.26 億美元，其中包括我們所有的銷售成本、運營費用和營運資金需求。我們在 2022 年總共使用了 1.24 億美元用於投資，其中 1.06 億美元與資本支出有關，主要與我們的 Barra Bonita 發酵廠的建設有關。我們非常努力地採取各種措施來減少現金的使用。從第三季度到第四季度，我們確實將入境空運所涉及的成本大幅降低了 900 萬美元或 72%。正如約翰提到的，我們還推遲了我們的領導結構，影響了 120 萬美元的初始重組費用。

The combination of staff reductions we effected and workforce attrition is expected to deliver $9 million to $10 million in annualized savings in 2023. We clearly have more to do on our Fit-to-Win agenda and are committed to delivering quarter-by-quarter improvements in profitability and cash generation from operations. We, therefore, expect this trend of reduced use of cash to continue in 2023. The year-end total cash balance of $71 million, combined with our Fit-to-Win actions, along with the $200 million of upfront cash we expect to receive from the Givaudan deal, along with the monetization of noncore assets and potential funding our core investors -- investments from strategic partners are expected to provide us with the funding required to get to self-sufficiency.

我們實施的裁員和勞動力流失相結合，預計到 2023 年每年可節省 900 萬至 1000 萬美元。顯然，我們在“以贏為贏”議程上還有更多工作要做，並致力於逐季度改進在運營中的盈利能力和現金產生方面。因此，我們預計這種減少現金使用的趨勢將在 2023 年繼續。年終總現金餘額為 7100 萬美元，加上我們的“以贏取勝”行動，以及我們預計將收到的 2 億美元預付現金來自 Givaudan 的交易，以及非核心資產的貨幣化和為我們的核心投資者提供潛在資金——來自戰略合作夥伴的投資預計將為我們提供實現自給自足所需的資金。

Before I address full year 2023 guidance, let me first summarize the 2 transactions that are in front of us. We expect to soon complete the acquisition of an additional 49% of our joint venture in Aprinnova. We have agreed to pay $49 billion to bring -- $49 million to bring our ownership percentage in Aprinnova up to 99%. This will close at the same time as the Givaudan transaction. We announced our agreement with Givaudan to license certain cosmetic ingredients in exchange for $200 million upfront and up to $150 million in earnout payments. John already described this detail. We're excited to close this deal, and it will bring in meaningful cash to start addressing our liquidity constraints.

在介紹 2023 年全年指引之前，讓我先總結一下擺在我們面前的兩筆交易。我們預計很快將完成對我們在 Aprinnova 的合資企業另外 49% 的股權的收購。我們已同意支付 490 億美元，以 4900 萬美元將我們在 Aprinnova 的所有權比例提高到 99%。這將與 Givaudan 交易同時結束。我們宣布與 Givaudan 達成協議，許可某些化妝品成分，以換取 2 億美元的預付款和高達 1.5 億美元的收益付款。約翰已經描述了這個細節。我們很高興完成這筆交易，它將帶來有意義的現金，以開始解決我們的流動性限制。

Let me now move to comment on the outlook for '23. Consumer revenue is expected to continue growing at the current rate, and ingredients revenues are expected to regain momentum based on increased access to intermediate products and production output from our Brazil fermentation plant. Total revenue is expected to grow 95% to 100% for full year 2023 compared to the full year 2022. The strategic transaction with Givaudan is expected to generate $200 million of license revenue in the second quarter. Core revenue, which is the sum of Consumer and Technology Access revenue is expected to follow approximate quarterly phasing of 15% of full year core revenue in Q1, 25% in Q2, 27% is expected in Q3, and 33% is expected in Q4.

現在讓我開始評論 23 年的前景。預計消費者收入將繼續以目前的速度增長，而配料收入預計將恢復增長勢頭，這取決於我們巴西發酵廠獲得中間產品和產量增加的機會。與 2022 年全年相比，預計 2023 年全年總收入將增長 95% 至 100%。與 Givaudan 的戰略交易預計將在第二季度產生 2 億美元的許可收入。核心收入，即消費者和技術接入收入的總和，預計將按季度逐步增加，第一季度佔全年核心收入的 15%，第二季度佔 25%，第三季度佔 27%，第四季度佔 33% .

Consumer brands are expected to continue to deliver industry-leading growth in skin, hair, color cosmetics and baby care as well as healthy aging. We are prioritizing delivering on our cash use targets from sequential quarterly improvements in our cost base, both cost of goods sold and operating expense. Our Fit-to-Win program is expected to deliver over $150 million of annualized cash and cost improvements and working capital efficiencies. Capital expenditure is estimated at $55 million, 50% lower than 2022. We are contemplating no M&A activities for the time being.

預計消費品牌將繼續在皮膚、頭髮、彩妝和嬰兒護理以及健康老齡化方面實現行業領先的增長。我們正在優先考慮通過連續季度改善我們的成本基礎（銷售成本和運營費用）來實現我們的現金使用目標。我們的 Fit-to-Win 計劃預計將提供超過 1.5 億美元的年度現金和成本改進以及營運資本效率。資本支出估計為 5500 萬美元，比 2022 年低 50%。我們暫時不考慮任何併購活動。

With that, let me hand the call back to John. John?

有了這個，讓我把電話轉回給約翰。約翰？

Han discussed the opportunities to reduce cost, improve efficiency and improve workflows across our company. We completed the necessary short-term funding and the strategic transaction is on track to close and fund in the next 30 days to 45 days. We are very focused on creating a path to self-sustaining profitability and cash generation. The priorities are clear. First, deliver the best growth of our public peers in beauty and synthetic biology. Secondly, only invest in what matters and is delivering on our financial and strategic agenda, stop or sell the rest. And thirdly, a radical focus on efficiency and productivity.

Han 討論了降低成本、提高效率和改進整個公司工作流程的機會。我們完成了必要的短期融資，戰略交易有望在未來 30 至 45 天內完成並融資。我們非常專注於創造一條自我維持盈利能力和產生現金的途徑。優先事項很明確。首先，在美容和合成生物學領域實現我們公眾同行的最佳發展。其次，只投資於重要的並且正在實現我們的財務和戰略議程，停止或出售其餘部分。第三，徹底關注效率和生產力。

These priorities combined with our people and our assets are expected to deliver positive operating cash by the end of this year. We have a clear path ahead for liquidity with the funding from Givaudan proceeds, from the sale of our nonstrategic assets and the proceeds from the new partnerships we are engaged in. Based on our current plans and what we know today, we have no current plans for a further equity offering.

這些優先事項與我們的人員和資產相結合，預計將在今年年底前提供正的運營現金。通過奇華頓收益、出售我們的非戰略資產以及我們參與的新合作夥伴關係的收益，我們在流動性方面有一條清晰的道路。根據我們目前的計劃和我們今天所知道的，我們目前沒有計劃進一步的股權發行。

Let me turn to Andrea now, our operator, can you please open the line for Q&A?

現在讓我轉向安德里亞，我們的接線員，你能打開問答熱線嗎？

(Operator Instructions) And our first question will come from Colin Rusch of Oppenheimer.

（操作員說明）我們的第一個問題將來自奧本海默的 Colin Rusch。

Thanks so much, guys, and appreciate all the detail here. I guess the first thing for me really is around understanding the maturity of the planning process here as well as the discussions for the divestitures. Just I want to understand if you've gotten all the way to a complete plan that the Board has approved around the strategic initiatives and how far into the discussions around the divestitures you are with potential buyers?

非常感謝，伙計們，感謝這裡的所有細節。我想對我來說，第一件事真的是了解這裡規劃過程的成熟度以及資產剝離的討論。我只是想了解您是否已經完成了董事會已批准的圍繞戰略計劃的完整計劃，以及您與潛在買家就資產剝離進行了多長時間的討論？

Colin, I'll start and then have Han share any other commentary he'd like. We've had discussions with the Board about our strategy and portfolio. We'll actually be doing a formal review of that at a upcoming Board meeting that we have in the next couple of weeks. And then secondly, we have engaged buyers that are actively discussing the assets we're in the process of selling right now. So that's the status. I hope that helps. Han, I don't know if you want to add anything else to that?

Colin，我先開始，然後讓 Han 分享他想要的任何其他評論。我們已經與董事會討論了我們的戰略和投資組合。實際上，我們將在未來幾週即將召開的董事會會議上對此進行正式審查。其次，我們吸引了正在積極討論我們目前正在出售的資產的買家。這就是狀態。我希望這有幫助。韓，我不知道你還想補充什麼嗎？

No, I think that reflects the situation in terms of where we are.

不，我認為這反映了我們所處的情況。

That's incredibly helpful. And then I guess in terms of the potential to move towards an asset-light model, it looks like that's something that is repeatable. And I guess, are there multiple opportunities for that? If you're able to get this first one done? Is it something that you would plan to repeat on an accelerated basis that potentially could just help drive revenue and limit some of the capital needs that the organization has?

這非常有幫助。然後我想就轉向輕資產模型的潛力而言，這看起來是可重複的。而且我想，是否有多種機會？如果你能完成第一個？您是否計劃在加速的基礎上重複這件事，這可能只會幫助增加收入並限制組織的一些資本需求？

Colin, you've been around us for quite some time. And this has always been our objective and dream is to have a capital-light model for manufacturing. The overall maturity of manufacturing and highly engineered organisms and capability has been a significant challenge. That's really the only reason we ended up doing it ourselves really as a matter of need. I think the fact that we've proven out now building 2 factories, first, [Brotas] and monetizing that and now Barra Bonita. And the operating performance and what people are observing about Barra Bonita, that's actually opened up several conversations. We have at least 2 or 3 that have approached us about a potential partnership for manufacturing.

科林，你在我們身邊已經有一段時間了。這一直是我們的目標和夢想，就是擁有一個輕資本的製造業模式。製造和高度工程化的有機體和能力的整體成熟度一直是一個重大挑戰。這真的是我們最終真正出於需要而自己做的唯一原因。我認為事實證明，我們現在已經建立了 2 家工廠，首先是 [Brotas] 並將其貨幣化，現在是 Barra Bonita。而經營業績和人們對 Barra Bonita 的觀察，實際上開啟了幾次對話。我們至少有 2 或 3 家就潛在的製造合作夥伴關係與我們接洽。

So I expect it is repeatable. It's early days, so we'd like to get the first one done. Of the 2 or 3 that have approached us, we've engaged in more detail and a deeper process, obviously, with one, and we're looking to advance for that one. But I think in light of what we've experienced, I see this now being a model that we could use to build more factories. But again, I'd like to get the first one done.

所以我希望它是可重複的。現在還早，所以我們想完成第一個。在與我們接洽的 2 或 3 家公司中，我們已經參與了更多細節和更深入的流程，顯然，有一個，我們正在尋求推進那個。但我認為，根據我們所經歷的，我現在認為這是一個我們可以用來建造更多工廠的模型。但同樣，我想完成第一個。

Fantastic. Super helpful. I'll take the rest of it offline.

極好的。超級有幫助。我會把它的其餘部分離線。

The next question comes from Rachel Vatnsdal of JPMorgan.

下一個問題來自摩根大通的 Rachel Vatnsdal。

Perfect. I guess just first up here on the strategic transaction. You previously noted that was going to be roughly $350 million of upfront cash. Now you're kind of pointing us towards the $200 million to pencil in for 2Q. So if you just talk about, is that all that you're assuming for the strategic transaction throughout 2023? And then maybe just stepping back, can you walk us through what the negotiations are looking like there? Has this really changed your confidence in terms of ability to get a higher dollar value on strategic transactions going forward, just given you've seen the step in so much? And then what's left from a negotiation standpoint for the specific transaction as well, just given it's still been signed here? So is that $200 million set in stone or could it go down even further?

完美的。我想首先是關於戰略交易的。您之前曾指出，這將是大約 3.5 億美元的預付現金。現在你有點向我們指出 2 億美元用於第二季度。所以，如果你只是談論，這就是你對整個 2023 年戰略交易的所有假設嗎？然後也許只是退後一步，你能告訴我們那裡的談判是什麼樣子的嗎？鑑於您已經看到了這麼多步驟，這是否真的改變了您對未來在戰略交易中獲得更高美元價值的能力的信心？那麼從具體交易的談判角度來看，還剩下什麼，只是因為它仍然在這裡簽署？那麼，這 2 億美元是一成不變的，還是會進一步下降？

Thanks, Rachel, and thank you for being on the call. First, the agreement is signed. There is actually no ongoing negotiation. And so what we've shared is what is currently contracted. We have started at $350 million, and by started, I mean, I think somewhere around the third quarter, we have talked about $350 million in upfront, and we ended up with that $350 million really being divided in $200 million upfront and $150 million in earnouts. And that really was based on negotiating to get to an outcome that we both could feel comfortable with.

謝謝，雷切爾，也感謝你接聽電話。首先，簽署協議。實際上沒有正在進行的談判。因此，我們分享的是目前簽訂的合同。我們已經開始了 3.5 億美元，我的意思是，我認為大約在第三季度的某個時候，我們已經討論了 3.5 億美元的預付款，最終我們將這 3.5 億美元分成了 2 億美元的預付款和 1.5 億美元的預付款收入。這實際上是基於談判達成我們雙方都感到滿意的結果。

And a lot of it really in the, I'd call it, implosion of the macro environment, both for the buyer and for us and their Board struggling with the fact that the macro has changed so much and where we were in valuation at the beginning versus where we were at the end of the year. So that's what evolved and how value changed over time. As it relates to molecules, I mean, this is still 3x better than the value of any other molecule deal we've done. So I actually say the value per molecule has gone up considerably. And remember, the last deal we did was less than 2 years ago. So in just less than 2 years for some blockbuster molecules, right? I mean it was patchouli, it was vanilla. It's molecules where we're the largest producers in the world of these end markets.

很多事情真的發生在我稱之為宏觀環境的內爆中，無論是對買家還是對我們以及他們的董事會都在為宏觀變化如此之大以及我們在當時的估值所處的事實而苦苦掙扎開始與我們在年底的位置。這就是進化的過程以及價值如何隨著時間的推移而變化。就分子而言，我的意思是，這仍然比我們完成的任何其他分子交易的價值高 3 倍。所以我實際上說每個分子的價值已經大大增加了。請記住，我們所做的最後一筆交易還不到 2 年前。所以在不到 2 年的時間裡，一些重磅炸彈分子，對嗎？我的意思是它是廣藿香，它是香草。在這些終端市場上，我們是全球最大的分子生產商。

And in a deal less than 2 years after that, we've got 3x the value per molecule. So I don't -- yes, I would have liked to have gotten more. I think it's a great deal for both parties. I think we had a fair process, and we had several competitors involved that were interested in also buying the business. So it wasn't like we were exposed to a single buyer. And in our best view, working with our Board in light of where the macro turned, we saw this as really getting the best value for the molecules and the time that we're in.

在那之後不到 2 年的交易中，我們每個分子的價值增加了 3 倍。所以我不——是的，我本來希望得到更多。我認為這對雙方都有好處。我認為我們有一個公平的過程，我們有幾個競爭對手也有興趣購買這家公司。所以這不像是我們接觸到一個單一的買家。在我們最好的觀點中，根據宏觀轉向的方向與我們的董事會合作，我們認為這確實為分子和我們所處的時間獲得了最佳價值。

Let me add a quick comment perhaps if I may, Rachel, just to underline John's point about where we are in the process. The agreement is signed. There is no further negotiation that need to take place. We have previously actually publicized, we just for everybody's benefit on the call here that we are in HSR review. That process needs to run its course. As John said in his prepared remarks, no later than 30 days to 45 days, and then it will close and money will be coming forward. So I just wanted to clarify that.

雷切爾，如果可以的話，讓我添加一個簡短的評論，只是為了強調約翰關於我們在流程中所處位置的觀點。協議簽署。無需進行進一步的談判。我們之前實際上已經公開過，我們只是為了大家的利益，在這裡打電話給我們，我們正在進行 HSR 審查。該過程需要順其自然。正如約翰在他準備好的發言中所說，不遲於 30 天到 45 天，然後它就會關閉，資金就會到位。所以我只想澄清一下。

No, that's helpful. And then maybe one here on 2023 guidance. So you pointed to that 95% to 100% revenue growth for 2023, but that includes that strategic transaction. If we take out that strategic transaction since everyone was really expecting that to come in 4Q of '22, then your numbers on the core business come in [a few hundred million dollars] lighter than I think the Street was expecting. So can you just kind of walk us through what are you expecting for growth between consumer versus ingredients revenue? And then are you still really embedding that $600 million -- the $60 million, excuse me, licensing revenue related to DSM payouts in 2023 as well?

不，那很有幫助。然後也許這裡有一個關於 2023 年的指導。所以你指出 2023 年收入增長 95% 到 100%，但這包括戰略交易。如果我們拿出那筆戰略交易，因為每個人都真的期待它在 22 年第四季度出現，那麼你在核心業務上的數字 [幾億美元] 比我認為華爾街預期的要少。那麼，您能否帶我們了解一下您對消費者收入與配料收入之間增長的預期？那麼你是否真的還在嵌入那 6 億美元——對不起，6000 萬美元，以及與 2023 年 DSM 支出相關的許可收入？

Yes, look, I'll start and then Han can jump in. I think we've been explicit about the consumer part, right? Consumer running at about the current level of growth. And our real objective is not a single number growth target as much as it is remaining the leading growth from the brands that we have for the respective categories we participate in. So no change there. I think in ingredients, we're sold out. So it's not like we can add more ingredients. And there is a significant change in the earnout and that now we have another $35 million or so potential coming in for the Givaudan earnout.

是的，聽著，我先開始，然後 Han 可以加入。我想我們已經明確了消費者部分，對吧？消費者的增長大約在當前水平。我們的真正目標不是單一的數字增長目標，而是保持我們參與的各個類別的品牌的領先增長。所以那裡沒有變化。我認為在配料方面，我們已經賣光了。所以我們不能添加更多的成分。收入發生了重大變化，現在我們還有 3500 萬美元左右的潛力用於 Givaudan 收入。

And I guess our approach in guiding the way we did was actually not about anything to do with our underlying business. It's actually a simple message. Until we get into a routine of consistently beating and raising our guidance, we're going to be just ultra prudent in what we say because we don't like being in situations where we're not exceeding expectations. So that's what's behind what you've heard today regarding our guidance, and we're committed to it. Han, do you want to add anything to that?

我想我們指導我們做事的方法實際上與我們的基礎業務無關。這實際上是一個簡單的消息。在我們養成不斷超越和提高我們的指導的習慣之前，我們將在我們所說的事情上非常謹慎，因為我們不喜歡處於我們沒有超出預期的情況下。這就是您今天聽到的關於我們的指導意見的背後原因，我們致力於此。韓，你想補充什麼嗎？

No, I think that's right. I think we said, look, the consumer trend as we've seen it in the market, and you can also see where we've been in the last few quarters as well as for the full year, will continue. Of course, there is an element of we're keying off a larger base. If you look at brands like Biossance that obviously have a significant critical mass, but we expect strong well above market kind of leading growth but keying off a bigger base. So that certainly plays into it, too.

不，我認為這是對的。我想我們說過，看，我們在市場上看到的消費趨勢，你也可以看到我們在過去幾個季度和全年的情況，將繼續下去。當然，有一個因素是我們正在鎖定一個更大的基地。如果你看看像 Biossance 這樣的品牌，它們顯然具有顯著的臨界質量，但我們預計強勁遠高於市場的領先增長，但要建立更大的基礎。所以這當然也有影響。

And then as John said, on the ingredients side, we obviously have the 3 components, products, we're pretty much basically sold out on capacity there. We have R&D collaboration and then the milestone aspect that will be in effect for both the DSM piece as well as the -- as well as now the Givaudan deal coming into play.

然後正如約翰所說，在配料方面，我們顯然有 3 個組件，產品，我們在那裡的產能基本上已經售罄。我們有研發合作，然後是里程碑方面，這將對 DSM 作品以及 - 以及現在 Givaudan 交易生效。

Helpful. Maybe one last one on 2023 guidance, if I could just squeeze it in here quickly. You talked a lot about potential sources of funding for the year, but can you just walk us through each of the puts and takes in terms of what are your outflows for the year? You have 2 of these, at least 2 of these short-term bridge loans. You also have paying out for Aprinnova cash burn. So net-net, how should we be thinking about these cash outflows and what's your total cash burn guidance for the year?

有幫助。也許是關於 2023 年指南的最後一篇，如果我能快速地把它擠在這裡的話。你談了很多關於今年潛在資金來源的問題，但你能否簡單介紹一下你今年的資金流出量？您有其中 2 項，至少 2 項短期過橋貸款。您還需要支付 Aprinnova 現金消耗費用。那麼淨淨，我們應該如何考慮這些現金流出以及您今年的總現金消耗指導是多少？

Yes, sure. So first and foremost, if you look at -- we obviously had, as I made known in my remarks, significant demand for cash as we were building out Barra Bonita, that's going to be obviously a very different place, we're going to be in '23. Hence, my guidance on CapEx being significantly reduced. That's one. We had M&A activity in 2022. We made known that we do not plan any M&A activity in '23.

是的，當然。因此，首先，如果你看——正如我在發言中所說的那樣，我們在建設 Barra Bonita 時顯然對現金有大量需求，那顯然是一個非常不同的地方，我們將在'23。因此，我對資本支出的指導大大減少。那是一個。我們在 2022 年進行了併購活動。我們知道我們不計劃在 23 年進行任何併購活動。

So that's a number that we expect to go to 0 from that vantage point. And then, of course, the whole Fit-to-Win agenda plays into it. We've confirmed again that it's $150 million. I gave a few examples of things we're doing to underpin progress in a number of areas particularly as well as the supply chain, the parcel shipping example I gave, expect $15 million to $20 million savings over the next 3 years of that agreement.

所以這是我們期望從那個有利位置變為 0 的數字。然後，當然，整個 Fit-to-Win 議程都會發揮作用。我們再次確認它是 1.5 億美元。我舉了一些我們正在做的事情的例子，以支持在許多領域取得進展，特別是供應鏈，我給出的包裹運輸例子，預計在該協議的未來 3 年內節省 1500 萬至 2000 萬美元。

So there's a lot of things. Those are just samples or examples, so to speak, but there's a lot that's going on that will bring down our cost of goods sold as well as operating expense for that matter. So both on the operating side as well as the investing side. And then on the outflow, you mentioned the -- of course, the upfront consideration from Givaudan coming in. We do indeed need to pay the Aprinnova shareholding that we took. And other than that, we -- from a debt reduction perspective, we have one payment to make, but the rest is all '24 or later.

所以有很多東西。可以這麼說，這些只是樣品或例子，但有很多事情正在發生，這將降低我們的銷售成本以及與此相關的運營費用。因此，無論是在運營方面還是在投資方面。然後在流出時，你提到了——當然，奇華頓的前期考慮進來了。我們確實需要支付我們持有的 Aprinnova 股權。除此之外，我們 - 從減少債務的角度來看，我們只需要支付一筆款項，但其餘的都是'24或更晚。

The next question comes from Korinne Wolfmeyer of Piper Sandler.

下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

So I'd like to first dive a little bit further into some of these brand divestitures that you noted. I think in the past, you've talked about longer-term targeting maybe like 10 to 12 brands in the portfolio. Is that still like a longer-term target you have in play or are you kind of readjusting your longer-term viewpoint now?

因此，我想首先深入探討您提到的一些品牌資產剝離。我想在過去，你曾談到過長期定位，比如投資組合中的 10 到 12 個品牌。這仍然像是您的長期目標，還是您現在正在重新調整您的長期觀點？

I really couldn't talk about a number of brands and where we end up, Korinne. So I would say it's more about clear market spaces and our strategy for winning in those spaces, right? So it's more about the categories we like and it's more about the consumer audiences we can target in those categories. And then in those categories, we're really focused on brands that consume or have formulations that consume a lot of our ingredients. So that strategy and the ability to build off of that will continue. We're resetting ourselves to 5 or 6 for now just based on where we are with our balance sheet and the maturity and opportunity we see around those brands.

我真的不能談論一些品牌和我們最終的結果，Korinne。所以我想說更多的是關於清晰的市場空間和我們在這些空間中獲勝的戰略，對吧？因此，更多的是關於我們喜歡的類別，更多的是關於我們可以在這些類別中定位的消費者受眾。然後在這些類別中，我們真正專注於消耗或具有消耗大量成分的配方的品牌。因此，該戰略和以此為基礎的能力將繼續下去。我們現在將自己重置為 5 或 6，只是根據我們的資產負債表狀況以及我們在這些品牌周圍看到的成熟度和機會。

So said differently, investing in 12 versus 6, I think we can get more out of the 5 or 6 versus spreading the investment over all of them. But I wouldn't conclude that to determine a final number. We're not operating in that way, which we're more looking at focus on what we have, make sure it performs at the level that we expect it to perform and then add as makes sense based on, again, a strategy, a clear strategy that we want to stay consistent with for what operates in the portfolio.

所以換句話說，投資 12 與 6，我認為我們可以從 5 或 6 中獲得更多，而不是將投資分散到所有這些上。但我不會得出結論來確定最終數字。我們不是以這種方式運作，我們更多地關注我們所擁有的，確保它以我們期望的水平執行，然後根據策略添加有意義的內容，明確的戰略，我們希望與投資組合中的運作保持一致。

Very helpful. And then can you just talk a little bit about the phasing of margin expansion, both from the gross margin line and EBITDA that we should expect over the course of the year? Like will it be more of a gradual ramp quarter-to-quarter, would be more back half weighted versus front half? Just any color on the phasing of some of these Fit-to-Win benefits coming through would be helpful?

很有幫助。然後你能從我們今年應該預期的毛利率和 EBITDA 談談利潤擴張的階段性嗎？就像它會更像是一個季度到一個季度的漸進斜坡，會比前半部分更多的後半部分加權嗎？對其中一些“適合贏”的好處的分階段進行任何顏色說明都會有所幫助嗎？

Yes, I will take that, John.

是的，我會接受的，約翰。

I'll pass that to maybe Eduardo talking about the activity he's doing and then Han framing how that falls through to the financials. Does that make sense, guys?

我會將其傳遞給 Eduardo 談論他正在做的活動，然後 Han 將其設計成如何影響財務狀況。伙計們，這有意義嗎？

Sure. Let me -- Korinne, let me start with the improvements we've already done. I think we've already talked about the logistics side. Those were improvements that were already done in Q4, Q1 around the inbound logistics and optimizing our costs there. I think we've mentioned that -- John mentioned in his remarks that we expect 60% of our consumer production to be done at a lower cost facility by the third quarter. So the cost of goods sold improvements both at Barra Bonita will be spread out kind of in the -- throughout the year as we continue to ramp.

當然。讓我——Korinne，讓我從我們已經完成的改進開始。我想我們已經談到了物流方面。這些改進已經在第 4 季度、第 1 季度圍繞入站物流進行，並優化了我們在那裡的成本。我想我們已經提到過——約翰在他的評論中提到，我們預計到第三季度，我們 60% 的消費品生產將在成本較低的設施中完成。因此，隨著我們繼續增加，Barra Bonita 的商品銷售成本改進將在全年分攤。

But the costs for the consumer production will be 80%, 90% will be towards the second half of the year for the consumer. So I hope that gives you a little bit of a sense. The logistics are already pretty much well captured and the production ones will be phasing as we discussed.

但是消費者生產的成本將是 80%，90% 將在下半年為消費者承擔。所以我希望這能給你一點感覺。物流已經很好地捕獲，生產物流將按照我們討論的那樣分階段進行。

Yes. Two comments I would make is activities will continue to be deployed and improvements to the cost base, whether it's cost of goods sold or operating expense will continue as the year progresses. So to your question, Korinne, I would expect and what we anticipate right now in our model is really a progression on a quarter-by-quarter basis. The other way I would say, as Eduardo pointed out, some of these actions have taken effect. However, of course, we are also holding inventory. And before they actually find a way to the P&L, well, through inventory into the P&L will also be a bit of a time lapse. So those 2 things, but for that reason, as the year progresses, you should continue to see margin improvement.

是的。我要發表的兩個評論是，活動將繼續部署，成本基礎的改善，無論是銷售成本還是運營費用，都將隨著今年的進展而繼續。所以對於你的問題，Korinne，我希望我們現在在我們的模型中預期的是一個季度一個季度的進展。換句話說，正如愛德華多指出的那樣，其中一些行動已經生效。但是，當然，我們也持有庫存。在他們真正找到通往損益表的方法之前，通過庫存進入損益表也需要一些時間。所以這兩件事，但出於這個原因，隨著時間的推移，你應該會繼續看到利潤率的提高。

The next question comes from Steven Mah of Cowen & Co.

下一個問題來自 Cowen & Co 的 Steven Mah。

Great. Question on the HSR review. I'm not a lawyer, but I thought the HSR could proceed with a memorandum of understanding or letter of intent, which I believe was in late December. Has regulators been pushing back in requesting additional information? And is that what's resetting the clock to another 30 days, 35 days -- 30 days to 45 days?

偉大的。關於 HSR 審查的問題。我不是律師，但我認為 HSR 可以著手簽署諒解備忘錄或意向書，我相信這是在 12 月下旬。監管機構是否一直拒絕要求提供更多信息？這就是將時鐘重置為另一個 30 天、35 天——30 天到 45 天的原因嗎？

Steve, 2 things. By the way, thank you for being on the call. First of all, we never actually made public exactly what the filing date was of HSR. So important clarification. And then secondly, we have had calls with the regulators. They've gone as expected. We haven't perceived or have gotten any feedback to leave us with any concern. I think my third point is to say, the time line we've given is one that gives us a lot of confidence that we could meet or exceed.

史蒂夫，兩件事。順便說一句，謝謝你的來電。首先，我們實際上從未公開過 HSR 的確切申請日期。如此重要的澄清。其次，我們與監管機構進行了通話。他們如期而至。我們沒有察覺到或得到任何反饋讓我們擔心。我想我的第三點是說，我們給出的時間表讓我們充滿信心，我們可以達到或超過。

Again, I go back to my theme a few minutes ago, I want to get us consistently beating and raising what we say, and that means milestones that we put out there. So don't take the 30-day to 45-day to be a direct correlation to any specific data filing or any specific expectation we have about something we're going to hear back.

再一次，我回到幾分鐘前的主題，我想讓我們不斷地擊敗和提高我們所說的，這意味著我們在那裡推出的里程碑。因此，不要將 30 天到 45 天與任何特定數據歸檔或我們對我們將要聽到的內容的任何特定期望直接相關。

Okay. No, that's helpful. And then on the additional portfolio rationalization. I know you haven't been disclosing what the molecules are. But could you give us a sense if HSR reviews for these molecules you're contemplating? Is that going to be coming into play, do you think or they have a smaller nature or maybe just any color if possible?

好的。不，那很有幫助。然後是額外的投資組合合理化。我知道你沒有透露分子是什麼。但是，如果 HSR 對您正在考慮的這些分子進行審查，您能告訴我們嗎？你認為這會起作用嗎？或者它們的性質更小，或者如果可能的話，可能只是任何顏色？

That's a great question. I think on the brands, on the consumer side, we do not expect them to trigger an HSR review just based on their size. I also don't think the molecule we're in process of and the partnership in pharma triggers HSR review. And the only question is really the manufacturing JV and whether that would trigger an HSR review, and that's one that potentially would. So I hope that helps give you a sense of scale between them.

這是一個很好的問題。我認為在品牌方面，在消費者方面，我們不希望他們僅僅根據規模就觸發 HSR 審查。我也不認為我們正在處理的分子和製藥業的合作夥伴關係會觸發 HSR 審查。唯一的問題實際上是製造合資企業，以及這是否會觸發 HSR 審查，而這可能會觸發。所以我希望這有助於讓您了解它們之間的比例。

Yes, that's...

是的，那是...

Yes. There's 2 -- there's actually 2, Steve, for your benefit. There's 2 kind of -- well there's more, but to [delve it] down, there's 2 likely determine -- factors that determine it, right? One is kind of the nature of the molecule, the ingredient or the business or the competitive nature in terms of the other part you're dealing with one. Two is actually, there's a threshold around this and typically around $100 million. So -- and that's, for example, why you see the trigger around the Givaudan transaction. It's actually not so much, is the real competition here, but it's also a size threshold that triggers then an HSR review.

是的。有 2 個——實際上有 2 個，史蒂夫，為了你的利益。有兩種——嗯，還有更多，但要[深入研究]，有兩種可能決定——決定它的因素，對吧？一個是分子的性質，成分或業務或競爭性質，就你正在處理的另一部分而言。二是實際上，圍繞這個有一個門檻，通常在 1 億美元左右。所以 - 例如，這就是為什麼你會看到圍繞 Givaudan 交易的觸發因素。它實際上並沒有那麼多，這是真正的競爭，但它也是一個規模門檻，觸發了 HSR 審查。

Okay. Understood. And then real quick on -- I know, John, you talked about the headcount reduction, given macro -- the current macro environment, and I appreciate the focus on cash preservation. But is the staff sufficient to maintain growth, especially Q4 consumer revenues seem to be off the mark a bit, just wanted to get your thoughts on that?

好的。明白了。然後真正快速 - 我知道，約翰，你談到了裁員，鑑於宏觀 - 當前的宏觀環境，我很欣賞對現金保存的關注。但是員工是否足以維持增長，尤其是第 4 季度的消費者收入似乎有點不正常，只是想听聽您對此有何看法？

Sure, Steven. A couple of things, right? First, hitting your last point, Q4 consumer revenue off the mark, I can tell you that the big brands performed very well and really delivered what we were expecting. A lot of what's off the mark is driven by 2 things. First, we actually slow down the investment in the new brands and slow down the ship-to-trade for some of the new brands based on our working capital tightness. So it was purely liquidity driven, and the liquidity affected 2 things, marketing investment in smaller brands and ship-to-trade timing and launch phasing of those brands.

當然，史蒂文。有幾件事，對吧？首先，談到你的最後一點，第四季度消費者收入超出預期，我可以告訴你，大品牌表現非常好，確實達到了我們的預期。很多不合時宜的事情是由兩件事驅動的。首先，我們實際上放慢了對新品牌的投資，並根據我們的營運資金緊張放慢了一些新品牌的出貨量。所以它純粹是流動性驅動的，流動性影響了兩件事，小品牌的營銷投資和這些品牌的船到貿易時間和發布階段。

So it had nothing to do with the big brands. I think when it comes to people and capability, look, a lot of us have been in business for a long time. And most businesses over time, just end up adding stuff and adding processes and people. And whenever the environment changes, it is rare that you can't go back and look at maybe we would have done it differently, maybe we would have had less, maybe we would have actually wired it differently, and that's what we're finding. And we started with the executive team. The executive team in total is reduced by 60%, and actual people leaving the company is about 30% of my direct reports.

所以它與大品牌無關。我認為當談到人和能力時，看，我們中的很多人已經經營了很長時間。隨著時間的推移，大多數企業最終只會增加東西、增加流程和人員。每當環境發生變化時，您很少會無法回頭看看也許我們會做不同的事情，也許我們會做得更少，也許我們實際上會以不同的方式接線，這就是我們正在發現的.我們從執行團隊開始。高管團隊總數減少了 60%，實際離開公司的人數大約是我直接下屬的 30%。

And I started with the executive team because we wanted to set a tone organizationally for how we really want to simplify the organization, get the faster decision-making and make sure we've got the right skills to execute on the business we have. So I'm not necessarily worried about in total us having the right people -- I'm sorry, the right number of people, I am worried because across our teams, it's not in balance. We have some teams that probably have more than they should and other teams that don't have the critical skills to execute. And that is why it takes -- and it's taking us time to really work through that in detail. The last point I'd make is quite a bit of what we're seeing change going ahead as far as headcount reduction has to do with brands we're deemphasizing or changes to our portfolio. So I hope that helps.

我從執行團隊開始，因為我們想在組織上為我們真正想要簡化組織的方式定下基調，加快決策速度，並確保我們擁有正確的技能來執行我們的業務。所以我不一定擔心我們總的來說有合適的人——對不起，合適的人，我擔心的是因為在我們的團隊中，它不平衡。我們有一些團隊可能擁有超過他們應有的能力，而其他團隊則沒有執行的關鍵技能。這就是為什麼它需要 - 而且我們需要時間來真正詳細地解決這個問題。我要說的最後一點是我們看到的很多變化，就裁員與我們不再強調的品牌或我們的產品組合變化有關而言。所以我希望能有所幫助。

Yes, that's really helpful. Appreciate the color.

是的，這真的很有幫助。欣賞顏色。

The next question comes from Sameer Joshi of H.C. Wainwright.

下一個問題來自 H.C. 的 Sameer Joshi。溫賴特。

Yes. Just wanted to confirm the Brazil facility. I know it is up and running, but is it running at full capacity right now?

是的。只是想確認一下巴西工廠。我知道它已啟動並正在運行，但它現在是否正在滿負荷運行？

I'll let Eduardo talk to that. I mean the only thing I would just throw in before Eduardo starts. I think we made clear publicly that we focused on getting to 3 big lines up and running, which by the way, are equivalent to the Brotas facility from a capacity perspective. And it's almost like, as I'm sure Eduardo will cover it, like 3 separate factories and the way it's configured, the smaller lines, which are actually not very material volume are not up and running yet, and that was really driven by liquidity. We decided to not invest in bidding those 2 lines. All the hardware is in place. It's more about getting all the lines connected and making sure the critical controls are in place. But I just wanted to frame that and then let Eduardo actually give you detail beneath that.

我會讓 Eduardo 談談這個問題。我的意思是在 Eduardo 開始之前我唯一要投入的東西。我認為我們公開明確表示，我們專注於啟動和運行 3 條大生產線，順便說一句，從容量的角度來看，它們相當於 Brotas 設施。這幾乎就像，我相信 Eduardo 會介紹它，就像 3 個獨立的工廠和它的配置方式，較小的生產線，實際上不是很大的材料量還沒有啟動和運行，這真的是由流動性驅動的.我們決定不投資投標這兩條線路。所有硬件都已到位。更多的是連接所有線路並確保關鍵控製到位。但我只是想把它框起來，然後讓 Eduardo 實際上給你詳細說明。

Yes. Sameer, just to add some color to what John said. We have all 3 lines, large lines fully operational. Just to remind everyone that each line has 2 tanks, so it toggles. So it's almost like 3 separate factories, each with twice the volume capacity, 200,000 liters for each one of those tanks. So just to give you that. One thing I would like to say is the last of the 3 lines was being commissioned in the fourth quarter. I think we commented that we have some capacity constraints. That was really dealing with the commissioning of that last line as we were ramping up production.

是的。 Sameer，我只是想為 John 的話增添一些色彩。我們擁有所有 3 條線路，大型線路已全面投入運營。只是提醒大家，每條線有 2 個坦克，所以它會切換。所以它幾乎就像是 3 個獨立的工廠，每個工廠的容積都是原來的兩倍，每個罐的容量是 200,000 升。所以只是給你那個。我想說的一件事是 3 條生產線中的最後一條在第四季度投入使用。我想我們評論說我們有一些能力限制。當我們提高產量時，這實際上是在處理最後一條生產線的調試。

We did complete 4 different products during the fourth quarter in those 3 lines. So we proved that we could really operate multiple products at the same time across all 3 lines and even turn around one of these lines for a fourth product at the end of the quarter. So the functionality of the client was really well demonstrated by the fourth quarter, albeit, as we said and immediately, we had a -- we were constrained as we were commissioning the last part of the production.

我們在第四季度確實在這 3 條生產線上完成了 4 種不同的產品。因此，我們證明了我們確實可以在所有 3 條生產線上同時運營多種產品，甚至可以在本季度末將其中一條生產線轉向第四種產品。因此，客戶端的功能在第四季度得到了很好的展示，儘管正如我們所說的那樣，我們有一個——我們在調試生產的最後一部分時受到了限制。

Got it. As far as the divestiture of the -- or partnership for the human health ingredient or molecule. Is there -- should we expect that to be a 2023 event or at least an announcement regarding that?

知道了。至於剝離——或人類健康成分或分子的伙伴關係。有沒有——我們是否應該期待這是 2023 年的事件，或者至少是關於它的公告？

Yes, we are expecting that to be a 2023 event.

是的，我們預計這將是 2023 年的活動。

And then just the last one. As a result of the transaction with Givaudan, does it impact any of your existing core revenues or profitability thereof?

然後就是最後一個。由於與 Givaudan 的交易，它是否會影響您現有的任何核心收入或盈利能力？

Yes. I think I had mentioned earlier that the totality of the Givaudan transaction would have impacted 2022 revenue by about $10 million. And so that was on 2022 basis. With the growth in that business, I would expect on a like-for-like basis, the growth actually makes up most of the impact in revenue during 2022. So it would be almost neutral to what we saw in 2022 from that business based on the growth rate. So it's not a material impact to our revenue at all post transaction.

是的。我想我之前已經提到過，奇華頓的全部交易會對 2022 年的收入產生約 1000 萬美元的影響。所以這是在 2022 年的基礎上。隨著該業務的增長，我預計在類似的基礎上，增長實際上佔了 2022 年收入影響的大部分。因此，這與我們在 2022 年從該業務中看到的基於增長率。因此，這不會對我們所有交易後的收入產生重大影響。

Thanks for clarifying that, and good luck.

感謝您澄清這一點，祝您好運。

It's actually -- I should say, Sameer, one thing I didn't pick up in all that is when you actually include the revenue from the earnout, it becomes accretive to revenue post transaction, but it is earnout, which is 3 years. I would expect post earnout based on the annual growth rate, the business will be about double the size of the time we sold it to them of the 2022 revenue, just to give you a sense of magnitude of how that business is operating today.

實際上 - 我應該說，Sameer，我沒有註意到的一件事是，當你實際包括來自收入的收入時，它會增加交易後的收入，但它是收入，即 3 年。我預計根據年增長率計算的盈利後，該業務的規模將是我們將其出售給他們時的 2022 年收入的兩倍左右，只是為了讓您了解該業務今天的運營方式。

Yes. And I think you also mentioned the rest of the $150 million will come from sort of gross margin dollars as a result of manufacturing this?

是的。而且我想你還提到了剩餘的 1.5 億美元將來自製造這個的某種毛利率美元？

Yes. That's above the $350 million. So the $350 million to $500 million delta is really based on the first 10 years of the long-term production agreement, gross margin contribution.

是的。這高於 3.5 億美元。因此，3.5 億至 5 億美元的增量實際上是基於長期生產協議的前 10 年毛利率貢獻。

Got it.

知道了。

Our last question will come from Laurence Alexander of Jefferies.

我們的最後一個問題將來自 Jefferies 的 Laurence Alexander。

Just have a couple of questions, hopefully. I guess, first for Han, can you give us the total backlog of milestones and earnouts? And what you think the expected drop-through rate is from that backlog to your EBITDA over say, the next 5 years, 10 years?

希望有幾個問題。我想，首先是韓，你能告訴我們里程碑和收入的總積壓嗎？您認為未來 5 年、10 年從積壓到您的 EBITDA 的預期下降率是多少？

All right. Well, when you say backlog, I -- let me explain and then see what I'm actually answering your question. So we just completed. So basically now, right now, we have 2 -- we have 3 agreements in hand, right? We have the Flavor and Fragrance agreement with DSM. We have the Reb M agreement with Ingredion, and we have the coming up Cosmetic Actives with Givaudan. We're just coming out of year 1 of DSM. We have recognized that, that revenue in our books, and we have 2 more years to go from -- out of the 3 years. So there's 2 more years to come from a DSM perspective on the F&F portfolio.

好的。好吧，當你說積壓時，我 - 讓我解釋一下，然後看看我實際上在回答你的問題。所以我們剛剛完成。所以基本上現在，現在，我們有 2 - 我們手頭有 3 份協議，對嗎？我們與 DSM 簽訂了香精香料協議。我們與 Ingredion 達成了 Reb M 協議，並且我們與 Givaudan 達成了即將推出的 Cosmetic Actives。我們剛從 DSM 的第一年畢業。我們已經認識到，我們賬簿上的收入，而且在這 3 年中，我們還有 2 年的時間。因此，從 DSM 的角度來看，F&F 產品組合還有 2 年的時間。

On the Ingredion side with Reb M, there's 2 things. One is we are sharing in a royalty stream. We have booked that in 2022 and continue to have a share in, call it a value share or royalty stream as part of the revenue that they are having with their end customers. That's one aspect. The other aspect is we have certain milestone payments related to certain criteria being met, which is a combination of unit cost and revenue. And once those are met, certain amounts become payable over time. And there is about -- so if you look at that in terms of what's to go on that, it's about $35 million in all over the -- again, think about it as over a 2-year period. So that's that aspect.

在 Reb M 的 Ingredion 方面，有兩件事。一是我們正在分享版稅流。我們已經在 2022 年預訂並繼續分享，稱之為價值份額或特許權使用費流，作為他們與最終客戶的收入的一部分。這是一方面。另一方面是我們有與滿足某些標準相關的某些里程碑付款，這是單位成本和收入的組合。一旦滿足這些要求，隨著時間的推移，將支付一定的金額。並且有關於 - 所以如果你從接下來的事情來看它，它大約是 3500 萬美元 - 再一次，將其視為超過 2 年的時間。這就是那個方面。

And then with Givaudan, John explained it, I think as part of his remarks that beyond the $200 million upfront is the $150 million milestone spread over the 3 years, which is relatively equally spread if production and supply go to plan. So that's kind of how you need to think about that aspect. So those are the 3 that should be on your mind.

John 解釋說，然後與 Givaudan 一起，我認為作為他言論的一部分，除了 2 億美元的預付款之外，還有 3 年內 1.5 億美元的里程碑分攤，如果生產和供應按計劃進行，這將相對平均分攤。這就是您需要考慮該方面的方式。因此，這些是您應該想到的 3 個。

Okay, great. And then...

好的，太好了。進而...

The only thing I'd add on is -- the only thing I would add is that the sum of those 3 parts are about $335 million, $340 million over the next 3 years in expected earnout payments. And based on our track record with DSM and what we see and how the milestones or earnouts are actually structured, I'd expect us to have a very high probability of attaining the majority of that.

我唯一要補充的是——我唯一要補充的是，這三部分的總和約為 3.35 億美元，未來 3 年的預期收益支付為 3.4 億美元。根據我們在帝斯曼的往績以及我們所看到的以及里程碑或收益的實際結構，我希望我們很有可能實現其中的大部分。

Okay, right. No, that's very helpful. And John, this is not your first down-cycle. And so I'm curious about your thinking about 2 areas. One, why the Fit-to-Win target didn't change in response to the changing macro conditions? And secondly, how you're protecting your R&D position in this what's a fairly severe simplification initiative?

好的，對。不，這非常有幫助。約翰，這不是你的第一個下行週期。所以我很好奇你對 2 個領域的想法。一，為什麼 Fit-to-Win 目標沒有隨著宏觀條件的變化而改變？其次，你如何在這個相當嚴格的簡化計劃中保護你的研發地位？

Both great questions. So let me first deal with the R&D. That's probably the most straightforward one. You've been with me, I think for 3 major cycles at least. And in all of them, we protected the R&D investment, and I can tell you that as of today, we're committed to in protecting the R&D investment. So no significant change to the R&D investment.

兩個很好的問題。所以讓我先談談研發。這可能是最直接的一個。你一直和我在一起，我認為至少有 3 個主要周期。在所有這些方面，我們都保護了研發投資，我可以告訴你，從今天開始，我們致力於保護研發投資。因此研發投資沒有重大變化。

I think like in the Fit-to-Win, we grabbed quite a bit of what was really the underlying operational opportunities that we had. I think there is incremental, right? So we didn't change the $150 million, but there is incremental and it's really coming out of the portfolio review and some of the assets that we'll be divesting the noncore assets, but we did not add that. So I wanted to avoid potential double counting. I wanted to stay very clean. We have $150 million, that is part of Fit-to-Win, no change. And that's part and that $150 million is still in place because it relates to most of the core assets that we're retaining going forward. There's more to be had, but that more will come from the impact of divestments that we're in the process of executing. So I hope that helps, Laurence, in how we're thinking about it.

我認為就像在 Fit-to-Win 中一樣，我們抓住了相當多的真正潛在的運營機會。我認為有增量，對嗎？所以我們沒有改變 1.5 億美元，但有增量，它確實來自投資組合審查和我們將剝離非核心資產的一些資產，但我們沒有添加。所以我想避免潛在的重複計算。我想保持乾淨。我們有 1.5 億美元，這是 Fit-to-Win 的一部分，沒有變化。這只是一部分，1.5 億美元仍然存在，因為它與我們未來保留的大部分核心資產有關。還有更多，但更多將來自我們正在執行的資產剝離的影響。所以，勞倫斯，我希望這對我們如何思考它有所幫助。

Okay. Great. And then just the last one. I appreciate you don't want to get too far over your skis on sort of things that are kind of hard to time. But can you give us a sense for what the current backlog of potential other molecule licensing deals or in discussions, what the flavor is? And in particular, I guess I'm just curious, is Givaudan kind of a unique white whale or do you -- are you seeing sort of a shift in the industrial community where companies are coming to you with more significant proposition than you've seen before? Can you just give a sense for what's -- not in terms of timing, but just kind of what the tenor is and the range of discussions?

好的。偉大的。然後就是最後一個。我很感激你不想在一些很難計時的事情上超越你的滑雪板。但是你能告訴我們目前積壓的潛在其他分子許可交易或討論中的積壓情況是什麼嗎？特別是，我想我很好奇，奇華頓是一種獨特的白鯨，還是你——你是否看到工業界發生了某種轉變，公司向你提出比你更重要的建議見過嗎？你能說說是什麼——不是在時間方面，而是在某種程度上是什麼基調和討論的範圍？

Yes, no, and you know the market and value chain extremely well, Laurence. So I -- what I would tell you is there is a significant shift, and it is -- and who the people are that are coming to us, right? Historically, it would be the DSMs, it would be the suppliers to the end markets that we're interested in accessing new sources of chemistry. We still see some of those. But if I look at the inbound inquiries right now, it's probably 1/3 from players you would know well that are looking for potentially new intermediate chemistry to replace their current feedstock for specialty and high-value chemistry, okay?

是的，不，勞倫斯，你非常了解市場和價值鏈。所以我——我要告訴你的是，有一個重大轉變，而且是——來找我們的人是誰，對嗎？從歷史上看，我們有興趣獲得新的化學來源的是 DSM，終端市場的供應商。我們仍然看到其中一些。但是，如果我現在查看入站查詢，可能有 1/3 來自您熟知的參與者，他們正在尋找潛在的新中間體化學物質來取代他們目前用於專業和高價值化學物質的原料，好嗎？

That's -- and you probably could imagine who those players are. But the other 2/3 is where the surprise is. The other 2/3 are major consumer packaged good companies, consumer companies that actually have made significant commitments to their sustainability agenda. Some of these companies are committing 90% or more of their chemistry to be from sustainable sources by 2030. And what's clear around these commitments is they are very committed to them, but they're desperately sourcing how to solve that, how to meet those obligations.

那是——你可能可以想像那些球員是誰。但另外 2/3 是驚喜所在。其他 2/3 是主要的包裝消費品公司，這些公司實際上已經對其可持續發展議程做出了重大承諾。其中一些公司承諾，到 2030 年，他們 90% 或更多的化學物質將來自可持續來源。圍繞這些承諾顯而易見的是，他們非常致力於實現這些承諾，但他們正在拼命尋找解決方案，如何滿足這些要求義務。

And we are very engaged with a handful of those companies and actually looking at their targets, assessing the feasibility of bio being a path. And in all cases that we're engaged in, they've determined we are their best path to solving it. And now it's just actively negotiating how do we best do that, how do we manage through the IP challenges, how do we manage to the future supply opportunities, what scale are they, how do we justify dedicating part of our R&D resource to solve their issues.

我們與其中幾家公司進行了密切接觸，並實際研究了他們的目標，評估了生物作為一種途徑的可行性。在我們參與的所有案件中，他們都認為我們是他們解決問題的最佳途徑。現在它只是在積極談判我們如何最好地做到這一點，我們如何應對知識產權挑戰，我們如何應對未來的供應機會，它們的規模有多大，我們如何證明我們將部分研發資源用於解決他們的問題問題。

My guess is there's a few of them that we will definitely be doubling down on and becoming key suppliers to that mission, the idea that they need to replace their base to sustainable chemistry from their current sources. I hope that helps your question.

我的猜測是他們中的一些人我們肯定會加倍努力並成為該任務的主要供應商，他們需要將他們的基地替換為當前來源的可持續化學。我希望這有助於你的問題。

Very helpful. Okay.

很有幫助。好的。

This concludes our question-and-answer session. I would like to turn the conference back over to John Melo for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 John Melo 作任何閉幕詞。

Very good. Thanks, everyone, for joining us today. Andrea, thank you for facilitating this. I appreciate it very much. I appreciate your continued interest. I appreciate especially our long-term shareholders who have been great and sustaining with us for a long time. And I really appreciate our employee base, who have come through an amazing period, and I'm so glad to be on the other side and just starting to focus on getting our balance sheet back in order, starting to invest in the things that really matter and really cleaning up our house to ensure we really deliver robust, efficient growth that continues to lead our sector and the consumer markets we participate in. With that, a good evening to everybody, and thank you for your patience.

非常好。謝謝大家今天加入我們。安德里亞，感謝你促成此事。我非常感激。感謝您一直以來的關注。我特別感謝我們的長期股東，他們一直很出色並長期支持我們。我真的很感謝我們的員工群體，他們經歷了一段美好的時期，我很高興能站在另一邊，開始專注於讓我們的資產負債表恢復秩序，開始投資於真正有價值的事情重要並真正清理我們的房子，以確保我們真正實現強勁、高效的增長，繼續引領我們的行業和我們參與的消費市場。祝大家晚上好，感謝您的耐心等待。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。