Amyris Inc (AMRS) 2020 Q3 法說會逐字稿

Welcome to the Amyris Third Quarter 2020 Financial Results Conference Call. This call is being webcast live on the Events page of the Investors section of Amyris' website at amyris.com. This call is the property of Amyris, and any recording, reproduction or transmission of this call without the express written consent of Amyris is strictly prohibited.

歡迎參加 Amyris 2020年第三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。此通話是 Amyris 的財產，未經 Amyris 明確書面同意，嚴禁錄製、複製或傳輸此通話。

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.

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 of Amyris. You may proceed, sir.

我現在想把電話轉給 Amyris 的首席財務官 Han Kieftenbeld。你可以繼續了，先生。

Thank you, Greg, and good morning, everyone. Thank you for joining us today. My name is Han Kieftenbeld. I'm the Chief Financial Officer for Amyris. With me today are John Melo, President and Chief Executive Officer; and Eduardo Alvarez, Chief Operating Officer.

謝謝你，格雷格，大家早上好。感謝您今天加入我們。我的名字是 Han Kieftenbeld。我是 Amyris 的首席財務官。今天和我在一起的是總裁兼首席執行官 John Melo；首席運營官愛德華多·阿爾瓦雷斯 (Eduardo Alvarez)。

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, underlying sales revenue, gross margin, cash operating expense and adjusted EBITDA. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures is contained in the financial summary section slides of the accompanying presentation or the news release distributed today, which is available at investors.amyris.com.

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，包括但不限於基礎銷售收入、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隨附演示文稿或今天發布的新聞稿的財務摘要部分幻燈片中，可在 investors.amyris.com 上獲取。

The current report on Form 8-K furnished with respect to our press release is also available on our website as well as on the SEC's website at sec.gov.

與我們的新聞稿相關的當前 8-K 表格報告也可在我們的網站以及美國證券交易委員會的網站 sec.gov 上找到。

During this call, we will make forward-looking statements about events and circumstances that have not yet occurred, including projections of Amyris' operating activities and their anticipated financial impact on our business and financial results for 2020 and beyond. 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 filings Amyris makes with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

在此次電話會議中，我們將就尚未發生的事件和情況做出前瞻性陳述，包括對 Amyris 經營活動的預測及其對我們 2020 年及以後業務和財務業績的預期財務影響。這些陳述是基於管理層目前的預期。由於風險和不確定性，包括 Amyris 不時向美國證券交易委員會提交的文件中詳述的風險和不確定性，實際結果和未來事件可能存在重大差異，包括 10-K 表格的年度報告、10-Q 表格的季度報告和當前關於 8-K 表格的報告。

Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the Amyris SEC filings for detailed discussion of the relevant risks and uncertainties.

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。有關相關風險和不確定性的詳細討論，請參閱 Amyris SEC 文件。

Before we begin today, I'd like to note that included in our webcast is a slide presentation we will refer to in today's presentation. Slides will be available as part of the webcast replay as well as posted on the Investor Relations section of Amyris' website following the call.

在開始今天之前，我想指出我們的網絡廣播中包含我們將在今天的演示中參考的幻燈片演示。幻燈片將作為網絡廣播重播的一部分提供，並在電話會議後發佈在 Amyris 網站的投資者關係部分。

I'll now turn the call over to John Melo. John?

我現在將電話轉給 John Melo。約翰？

Thank you, Han. Good morning, everyone, and thank you for joining us today. This morning, Eduardo Alvarez, our Chief Operating Officer, will share operational performance highlights; and Han Kieftenbeld, our CFO, will review our financial results.

謝謝你，韓。大家早上好，感謝您今天加入我們。今天上午，我們的首席運營官愛德華多·阿爾瓦雷斯 (Eduardo Alvarez) 將分享運營業績亮點；我們的首席財務官 Han Kieftenbeld 將審查我們的財務業績。

I'll start by providing a business overview and sharing the progress we've made on our strategic priorities. I'd like to take a moment to acknowledge the resilience that our business and employees have continued to show in the midst of the global COVID-19 pandemic. We are all discovering and learning new ways of working and operating. This pandemic is also accelerating consumer trends that we were already experiencing but are now driving our business growth at a much faster rate.

我將首先提供業務概述並分享我們在戰略重點方面取得的進展。我想花點時間感謝我們的業務和員工在全球 COVID-19 大流行期間繼續表現出的韌性。我們都在發現和學習新的工作和運營方式。這種流行病還加速了我們已經經歷過的消費趨勢，但現在正在以更快的速度推動我們的業務增長。

For example, consumers are much more focused on sustainability, their personal health and skin care. This is at the core of our consumer brands and also our ingredients supply into beauty and personal care markets. Consumers are buying much more of their needs through direct-to-consumer brands. Our direct-to-consumer activity is now delivering more than 60% of our consumer revenue. Before the pandemic, this was at about 40% of our consumer revenue.

例如，消費者更加關注可持續性、個人健康和皮膚護理。這是我們消費品牌的核心，也是我們向美容和個人護理市場供應原料的核心。消費者通過直接面向消費者的品牌購買更多他們需要的東西。我們直接面向消費者的活動現在提供了超過 60% 的消費者收入。在大流行之前，這大約占我們消費者收入的 40%。

Of course, not all COVID factors to the business are beneficial, and we are experiencing challenges in maintaining timely delivery through our supply chains. In the third quarter, we experienced delays at our key contract facility in Brazil that negatively impacted our revenue for the quarter. This is a finishing facility that does downstream process for one of our key new ingredients, where we are the only company in the world to produce the ingredient for one of our key partners. We have since caught up with production and are delivering 15% more production of this ingredient than we have planned for the year. Eduardo will cover this in more detail in his section.

當然，並非所有 COVID 因素對業務都是有益的，我們在通過供應鏈維持及時交付方面遇到了挑戰。在第三季度，我們在巴西的主要合同工廠遇到了延誤，這對我們本季度的收入產生了負面影響。這是一個精加工設施，為我們的一種關鍵新原料進行下游加工，我們是世界上唯一一家為我們的主要合作夥伴生產這種原料的公司。從那以後，我們已經趕上了生產，並且交付的這種原料的產量比我們今年的計劃多 15%。Eduardo 將在他的部分中更詳細地介紹這一點。

During the third quarter, we provided a financial framework to help guide your expectations and our annual performance. This is a way of thinking about our business portfolio, our growth and the earnings potential of our business.

在第三季度，我們提供了一個財務框架來幫助指導您的期望和我們的年度業績。這是一種思考我們的業務組合、我們的增長和我們業務的盈利潛力的方式。

We said we would double our consumer revenue yearly and deliver 60% to 70% gross margins on this revenue. As of the third quarter, we are more than tripling our revenue year-to-date from the consumer brands. We are delivering gross margin at 67%, which is within our target range, and Biossance is on track for its first quarter of profitability in the fourth quarter. We expect somewhere around $3 million to $4 million of profitability.

我們曾表示，我們將每年將消費者收入翻一番，並為此收入提供 60% 至 70% 的毛利率。截至第三季度，我們來自消費品牌的收入是年初至今的三倍多。我們的毛利率為 67%，在我們的目標範圍內，而 Biossance 有望在第四季度實現第一季度的盈利。我們預計盈利能力約為 300 萬至 400 萬美元。

Our fourth quarter consumer revenue is expected to run at an annualized revenue run rate of about $100 million. Our consumer brands are delivering strong business results, and we have a robust pipeline of products and new brands in the clean beauty markets that we expect to continue this strong track record. We have the brands that are meeting the consumer need for clean, sustainable skin care and baby care, and we are delivering industry-leading growth in these markets and doing it cost efficiently.

我們第四季度的消費者收入預計將以約 1 億美元的年化收入運行率運行。我們的消費品牌正在帶來強勁的業務成果，我們在清潔美容市場擁有強大的產品線和新品牌，我們希望這些品牌能夠延續這一強勁的業績記錄。我們擁有滿足消費者對清潔、可持續的護膚和嬰兒護理需求的品牌，我們正在這些市場實現行業領先的增長，並以經濟高效的方式實現這一目標。

We indicated that we would grow our natural ingredients business at 60% to 80% yearly and deliver 45% to 50% gross margin at scale from this business. As of the third quarter, our ingredient business is delivering 25% year-to-date growth. The addition of new ingredients that we expect to launch in the fourth quarter will get our annual growth rate in our target range.

我們表示，我們將以每年 60% 至 80% 的速度增長我們的天然成分業務，並從該業務中獲得 45% 至 50% 的毛利率。截至第三季度，我們的配料業務實現了 25% 的年初至今增長。我們預計在第四季度推出的新成分的加入將使我們的年增長率達到我們的目標範圍。

Our natural ingredient business is delivering what we expect and is expanding significantly this year with the introduction of 4 new ingredients, which have the potential to generate an estimated $25 million this year with strong gross margins. 3 of these 4 new ingredients are shipping for the first time in the fourth quarter: Squalene, for vaccine adjuvants; clean ethanol for use in personal care and perfumes; and CBG as an ingredient and also formulated into several consumer products that we are launching.

我們的天然成分業務正在實現我們的預期，並在今年通過引入 4 種新成分顯著擴展，這些成分今年有可能產生約 2500 萬美元的收入，毛利率很高。這 4 種新成分中有 3 種在第四季度首次出貨：角鯊烯，用於疫苗佐劑；用於個人護理和香水的清潔乙醇；和 CBG 作為一種成分，也被配製成我們正在推出的幾種消費品。

Our largest and most mature ingredient business is the supply of squalene for our cosmetics ingredient business. This business delivered $7.5 million of revenue in the third quarter and $3.7 million of adjusted EBITDA. This is a 49% adjusted EBITDA margin for a business that is growing at over 40% year-over-year.

我們最大和最成熟的原料業務是為我們的化妝品原料業務供應角鯊烯。該業務在第三季度實現了 750 萬美元的收入和 370 萬美元的調整後 EBITDA。對於一家年增長率超過 40% 的企業來說，這是 49% 的調整後 EBITDA 利潤率。

We also said we would have strategic deals from time to time as we simplify our portfolio and monetize certain parts of our technology. We are currently in strategic discussions regarding 4 different components of our portfolio with 3 different parties to determine the best future fit of certain products and establish value-enhancing long-term commercial and technology partnerships for new and attractive end markets. As an example, this includes fermentation-based natural protein. We plan to cover these in more detail during our upcoming virtual Investor Day in December.

我們還表示，隨著我們簡化我們的產品組合併將我們技術的某些部分貨幣化，我們會不時進行戰略交易。我們目前正在與 3 個不同的方就我們產品組合的 4 個不同組成部分進行戰略討論，以確定某些產品最適合未來的產品，並為新的和有吸引力的終端市場建立增值的長期商業和技術合作夥伴關係。例如，這包括基於發酵的天然蛋白質。我們計劃在 12 月即將到來的虛擬投資者日期間更詳細地介紹這些內容。

We have a clear set of strategic priorities that are focusing our business. First one is to invest in high-growth clean beauty consumer brands. We are the leading supplier of clean ingredients to the beauty and personal care industry, and we have 2 brands that are setting the standard and expectations for consumers. We are delivering the best-performing products that are sustainably sourced and loved by consumers around the world. We are just scratching the surface of our potential in beauty, both direct-to-consumer and in ingredient sales to these markets.

我們有一套明確的戰略重點，專注於我們的業務。第一個是投資高增長的清潔美容消費品牌。我們是美容和個人護理行業清潔原料的領先供應商，我們有兩個品牌為消費者設定標準和期望。我們正在提供性能最佳的產品，這些產品以可持續方式採購併受到世界各地消費者的喜愛。我們只是觸及了我們在美容方面的潛力，包括直接面向消費者和向這些市場銷售成分。

We are aggressively expanding internationally with China set for a fourth quarter introduction for Biossance and Pipette, each with different partners to best access their respective Chinese consumer. We are transitioning the beauty industry to clean. We believe that in the future, the consumer will not have to choose between clean and nonsustainable beauty products. The industry will only work with clean ingredients and only sell clean and responsible products to the consumer.

我們正在積極進行國際擴張，中國將在第四季度推出 Biossance 和 Pipette，每個合作夥伴都有不同的合作夥伴，以最好地接觸各自的中國消費者。我們正在將美容行業轉變為清潔行業。我們相信，在未來，消費者將不必在清潔和不可持續的美容產品之間做出選擇。該行業將只使用清潔成分，只向消費者銷售清潔和負責任的產品。

Just last week, for example, we announced the formation of a new company, a clean beauty collaborative with model/entrepreneur, Rosie Huntington-Whiteley, further solidifying our place in the clean beauty markets beyond our Biossance and Pipette brands. Rosie has over 11 million Instagram followers, has a great sense of what a great performing clean color cosmetic product should be and is the perfect partner to disrupt the color cosmetics segment within beauty. We are well advanced in the product development and have several of the world's leading retailers in discussion with us to support and launch our brand. Color cosmetics needs a great clean product offering, and we are the right company with the right partner to bring this to market.

例如，就在上週，我們宣布成立一家新公司，這是一家與模特/企業家 Rosie Huntington-Whiteley 合作的清潔美容公司，進一步鞏固了我們在 Biossance 和 Pipette 品牌之外的清潔美容市場的地位。Rosie 在 Instagram 上擁有超過 1100 萬粉絲，非常了解性能卓越的清潔彩妝產品應該是什麼樣子，並且是顛覆美妝行業彩妝領域的完美合作夥伴。我們在產品開發方面處於領先地位，並且有多家世界領先的零售商正在與我們討論支持和推出我們的品牌。彩妝需要優質清潔產品，而我們是合適的公司和合適的合作夥伴，可以將其推向市場。

Biossance has an estimated current market value of around $600 million. We achieved this in around 4 years with about $45 million of total investment. We believe we can achieve this type of return in half the time with a partner like Rosie. We are already demonstrating a much faster time to this type of return for the Pipette baby brand based on the current revenue ramp of Pipette.

Biossance 目前的市值估計約為 6 億美元。我們在大約 4 年的時間裡實現了這一目標，總投資約為 4500 萬美元。我們相信，與像 Rosie 這樣的合作夥伴一起，我們可以在一半的時間內實現這種回報。基於 Pipette 當前的收入增長，我們已經證明 Pipette 嬰兒品牌可以更快地獲得此類回報。

We have the leading pipeline of products and technology in the synthetic biology industry. Our current technology pipeline includes vitamins, HMOs and cannabinoids, and is in process of expanding to fermentation-based proteins and the fastest time to market and lowest cost production of monoclonal antibodies. An exciting example of how we are leveraging synthetic biology across multiple applications is through squalene, a rare molecule that is currently mostly sourced from shark liver oil. Using our technology, we produce a semisynthetic squalene for vaccine adjuvants, skin care supplements and human nutritional supplements.

我們擁有合成生物學行業領先的產品和技術管線。我們目前的技術管道包括維生素、HMO 和大麻素，並且正在擴展到基於發酵的蛋白質以及最快的上市時間和最低的單克隆抗體生產成本。我們如何在多種應用中利用合成生物學的一個令人興奮的例子是通過角鯊烯，一種目前主要來自鯊魚肝油的稀有分子。使用我們的技術，我們生產用於疫苗佐劑、皮膚護理補充劑和人類營養補充劑的半合成角鯊烯。

It takes 500,000 sharks to supply enough squalene for 1 billion vaccines. Through our technology and fermentation, we can make the same amount of squalene from 10 hectares of sugarcane. We can do this in less than 1 month and for less than 1/3 of the cost of the shark-based product. We can deliver a product at equivalent purity with none of the dangerous impurities that the animal source provides. We can do this consistently every time. We are not dependent on figuring out exactly what ocean this shark came from or what it's been eating to understand the impurities in the oil.

需要 500,000 條鯊魚才能為 10 億支疫苗提供足夠的角鯊烯。通過我們的技術和發酵，我們可以從 10 公頃的甘蔗中提取等量的角鯊烯。我們可以在不到 1 個月的時間內完成這項工作，而且成本不到鯊魚產品成本的 1/3。我們可以提供同等純度的產品，不含動物來源提供的任何危險雜質。我們每次都可以始終如一地這樣做。我們並不依賴於弄清楚這條鯊魚究竟來自哪個海洋或它一直在吃什麼來了解油中的雜質。

This is the value of our technology at scale. The sugarcane field repeats the same production every year. The sharks don't produce any more squalene after you kill them, and they don't provide further value to the ocean ecosystem. We expect to generate first sales of this product in the fourth quarter, and we expect the first full year revenue in excess of $50 million from this one molecule. We expect to sell this molecule not only as a vaccine adjuvant, but also as a nutritional supplement and as a supplement for skin care from within.

這就是我們大規模技術的價值。甘蔗田每年重複同樣的生產。殺死鯊魚後，它們不再產生角鯊烯，它們也不再為海洋生態系統提供更多價值。我們預計將在第四季度產生該產品的第一筆銷售額，我們預計該分子的第一個全年收入將超過 5000 萬美元。我們希望將這種分子不僅作為疫苗佐劑出售，還可以作為營養補充劑和由內而外的皮膚護理補充劑出售。

Our third strategic priority is to make our supply chain the lowest cost and most resilient at delivering natural and sustainable ingredients from fermentation. This is what Eduardo and his team are great at. The delivery during the pandemic is a great example. It hasn't been perfect as we witnessed in the revenue impact to our third quarter, but the circumstances and conditions are challenging.

我們的第三個戰略重點是使我們的供應鏈成本最低，在提供天然和可持續的發酵原料方面最具彈性。這就是 Eduardo 和他的團隊所擅長的。大流行期間的交付就是一個很好的例子。正如我們在第三季度的收入影響中所看到的那樣，它並不完美，但情況和條件充滿挑戰。

Our partners, Givaudan and Firmenich, have both commented on how we are one of the most dependable partners in their supply chain. This has meant great performance for them and for us during this time. We are now 1 of the top 5 suppliers of ingredients to each of these companies in the world, and we are quickly expanding our business.

我們的合作夥伴 Givaudan 和 Firmenich 都評論說我們是他們供應鏈中最可靠的合作夥伴之一。在這段時間裡，這對他們和我們來說都意味著出色的表現。我們現在是世界上每家公司的前 5 大原料供應商之一，並且我們正在迅速擴展我們的業務。

Our fourth strategic priority for the year is to significantly improve our balance sheet, earnings and cash flow, which Han will provide more color on. The fourth quarter is on track to be another record quarter for us and an important quarter in terms of profit, along with the expected progress on the simplification and focus of our portfolio with our strategic review.

我們今年的第四個戰略重點是顯著改善我們的資產負債表、收益和現金流，韓寒將在這方面提供更多色彩。第四季度有望成為我們又一個創紀錄的季度，在利潤方面也是一個重要的季度，同時通過我們的戰略審查在簡化和專注於我們的投資組合方面取得預期進展。

We believe the potential strategic transactions that are currently in process will help us pay off our debt faster, invest in our consumer brands and further accelerate our growth and eliminate the need for any major new financing while retaining our highest value assets for continued long-term growth and sustainable financial performance.

我們相信目前正在進行的潛在戰略交易將幫助我們更快地償還債務、投資於我們的消費品牌並進一步加速我們的增長並消除對任何重大新融資的需求，同時保留我們的最高價值資產以持續長期發展增長和可持續的財務業績。

In other words, we continue to see a very robust future for growth and profitability in our business. At Amyris, we are delivering on the promise of synthetic biology. We have learned to adapt quickly and remain focused on execution and transformation, continuing our mission to deliver synthetic biology-based solutions for a healthier planet. We are applying the power of synthetic biology to our industry-leading portfolio of platform molecules, driving speed to market and enabling disruption across the health, wellness and beauty markets.

換句話說，我們繼續看到我們業務增長和盈利能力非常強勁的未來。在 Amyris，我們正在兌現合成生物學的承諾。我們學會了快速適應並繼續專注於執行和轉型，繼續我們的使命，為更健康的地球提供基於合成生物學的解決方案。我們正在將合成生物學的力量應用到我們行業領先的平台分子產品組合中，加快上市速度，並在整個健康、保健和美容市場實現顛覆。

And with that, I will turn the call over to our Chief Operating Officer, Eduardo Alvarez. Eduardo?

有了這個，我將把電話轉給我們的首席運營官 Eduardo Alvarez。愛德華多？

Thank you, John, and good morning, everyone. In the third quarter, we saw robust operational performance despite the challenges of the COVID-19 pandemic. At the start of the pandemic, we built up inventories for selected products to provide flexibility and resilience for our ingredient customers. During the third quarter, we leveraged this inventory position to meet the growing demand for natural ingredients, while we scaled our 10th product and introduced our 11th product successfully.

謝謝約翰，大家早上好。在第三季度，儘管面臨 COVID-19 大流行的挑戰，我們仍看到了強勁的運營業績。在大流行開始時，我們為選定的產品建立了庫存，以為我們的原料客戶提供靈活性和彈性。在第三季度，我們利用這一庫存狀況來滿足對天然成分不斷增長的需求，同時我們擴大了第 10 種產品的規模並成功推出了第 11 種產品。

As John just mentioned, we did experience some COVID-related delays for our 10th product, a natural flavor ingredient that we introduced in fourth quarter of last year. Our contracting site that finished this product had 3 operators affected by COVID. We also experienced delays in the delivery of crucial new equipment. Both of these factors delayed production for our new flavor ingredient by 25 days and shifted an estimated 60% of this production into the fourth quarter. I am pleased to report that we just completed the campaign, delivering 15% more volume than planned, excelling in product quality and selling all products and volume produced.

正如約翰剛才提到的，我們的第 10 種產品確實遇到了一些與 COVID 相關的延遲，這是我們在去年第四季度推出的一種天然香料成分。我們完成該產品的承包站點有 3 名操作員受到 COVID 的影響。我們還經歷了關鍵新設備交付的延誤。這兩個因素都將我們新風味成分的生產推遲了 25 天，並將大約 60% 的產量轉移到第四季度。我很高興地報告說，我們剛剛完成了活動，交付量比計劃多 15%，產品質量出色，銷售所有產品和產量。

We continue to enable innovation and commercialization through the scaling of our 11th ingredient, our first cannabinoid. This production campaign is ongoing, and we are pleased with the performance to date. We also leveraged our manufacturing network to complete successful production campaigns of our other ingredients across 10 sites on 3 continents.

我們繼續通過擴展我們的第 11 種成分（我們的第一種大麻素）來實現創新和商業化。這項生產活動正在進行中，我們對迄今為止的表現感到滿意。我們還利用我們的製造網絡在 3 大洲的 10 個地點成功完成了我們其他成分的生產活動。

We remain focused on operations excellence, putting our employees' safety first while operating effectively and satisfying our customers' needs. We delivered our third consecutive quarter of squalene cost improvements, and we are producing squalene at our lowest cost -- unit cost ever. For Reb M, we completed key process improvements that we mentioned in the second quarter and reduced our Reb M unit cost production by 50%.

我們始終專注於卓越運營，將員工安全放在首位，同時有效運營並滿足客戶需求。我們連續第三個季度實現了角鯊烯成本的改善，並且我們正在以最低的成本——有史以來的單位成本生產角鯊烯。對於 Reb M，我們完成了我們在第二季度提到的關鍵工藝改進，並將我們的 Reb M 單位生產成本降低了 50%。

In the third quarter, we also invested in a robust consumer operations platform. Our traffic in Shopify is in the top 0.5% of all digital brands that use that platform. We deployed a new cloud ERP system to support growth in our consumer brands, Biossance, Pipette and Purecane and also to create a more resilient, integrated and scalable consumer service infrastructure. As John mentioned, 61% of our third quarter Biossance revenue came from our own e-commerce channel, a trend that we anticipate will continue. With these changes and capabilities in place, we are well poised to deliver what we believe will be a record fourth quarter for our consumer-facing businesses.

第三季度，我們還投資了一個強大的消費者運營平台。我們在 Shopify 的流量在使用該平台的所有數字品牌中排名前 0.5%。我們部署了一個新的雲 ERP 系統來支持我們的消費品牌 Biossance、Pipette 和 Purecane 的增長，並創建一個更具彈性、集成和可擴展的消費者服務基礎設施。正如約翰所提到的，我們第三季度 61% 的 Biossance 收入來自我們自己的電子商務渠道，我們預計這一趨勢將繼續下去。有了這些變化和能力，我們已準備好交付我們認為將成為我們面向消費者的業務創紀錄的第四季度。

Finally, let me conclude by commenting on our new plant at Barra Bonita in Brazil. Our construction is progressing well. We remain on track to commission the plant by the end of 2021. And during this quarter, we completed very important advances in utility connections to the site, civil foundation work and the design and order of long lead equipment. Our capital expenditure budget for the plant of $70 million remains as planned, and this plant will favorably impact our future margin profile for many of our ingredients products.

最後，讓我對我們在巴西 Barra Bonita 的新工廠發表評論。我們的建設進展順利。我們仍有望在 2021 年底之前調試該工廠。在本季度，我們在現場公用設施連接、土木基礎工作以及長距離設備的設計和訂購方面取得了非常重要的進展。我們 7000 萬美元的工廠資本支出預算仍按計劃進行，該工廠將對我們許多配料產品的未來利潤率產生有利影響。

Our team is fully focused on delivering a very strong fourth quarter with safety and purpose. With that, let me turn the call over to Han to review the financial results in more detail. Han?

我們的團隊完全專注於在安全和目標的情況下提供非常強勁的第四季度。有了這個，讓我把電話轉給韓更詳細地審查財務結果。韓？

Thank you, Eduardo. On Slide 8 are our financial highlights for the quarter, starting with sales revenue. Our portfolio shift continues as we're seeing a larger share of revenue from product, both consumer and ingredients compared to revenue from collaboration and grants. As I discussed last quarter, we continue to provide a further breakdown of our sales revenue performance, and you will see this in an upcoming slide. Also, to help with a like-for-like comparison, we have classified last year's one-off transaction of vitamin E, along with the 2019 LAVVAN collaboration revenue, under other so that you can more easily see the underlying performance of the business.

謝謝你，愛德華多。幻燈片 8 是我們本季度的財務亮點，從銷售收入開始。我們的投資組合轉變仍在繼續，因為與合作和贈款的收入相比，我們看到來自產品（包括消費者和配料）的收入份額更大。正如我在上個季度所討論的那樣，我們將繼續提供我們銷售收入業績的進一步細分，您將在即將發布的幻燈片中看到這一點。此外，為了幫助進行同類比較，我們將去年的一次性維生素 E 交易以及 2019 年 LAVVAN 合作收入歸類為其他，以便您可以更輕鬆地了解業務的基本績效。

Our underlying total revenue for the third quarter was $34 million, well up versus the prior year quarter, with $31 million coming from product, a new record demonstrating 58% year-over-year growth with sequential growth of 19%. We have now seen 3 consecutive quarters in 2020 where consumer revenue tripled year-over-year. This was led by our Biossance brand, which made up approximately 85% of consumer revenue. Also, Pipette, still a young brand, set a new record for its core baby and mother care portfolio. For ingredients, our versatile squalene product accounted for 39% of revenue, with the remainder primarily coming from flavors and fragrances.

我們第三季度的基本總收入為 3400 萬美元，遠高於去年同期，其中 3100 萬美元來自產品，創下新紀錄，同比增長 58%，環比增長 19%。我們現在已經看到 2020 年連續三個季度消費者收入同比增長兩倍。這是由我們的 Biossance 品牌引領的，該品牌約佔消費者收入的 85%。此外，仍然是一個年輕品牌的 Pipette 為其核心母嬰護理產品組合創造了新紀錄。在配料方面，我們的多用途角鯊烯產品佔收入的 39%，其餘主要來自香精香料。

Gross margin of 41% or $14 million in margin dollars was supported by strong improvement in product margins. On an underlying basis, gross margin improved 25 percentage points or $7 million year-over-year. Product-related gross margin of 35% of revenue grew $11 million with a $9 million improvement from consumer and $2 million from ingredients. Quarter 3 consumer margins were 70%, and ingredients operated at 10%. We saw continued growth in consumer margin due to a higher share of sales coming through our direct-to-consumer e-commerce platform.

產品利潤率的強勁改善支持了 41% 的毛利率或 1400 萬美元的利潤率。在基本基礎上，毛利率同比提高 25 個百分點或 700 萬美元。與產品相關的毛利率佔收入的 35%，增長了 1100 萬美元，其中消費者增長了 900 萬美元，配料增長了 200 萬美元。第 3 季度消費者利潤率為 70%，配料運營率為 10%。由於我們直接面向消費者的電子商務平台的銷售份額增加，我們看到消費者利潤率持續增長。

Cash operating expense was $43 million, a $5 million or 10% improvement versus the prior year quarter. This decrease in operating expense was related to improvements in G&A and R&D expense, which were in part reinvested in marketing to support growth of our consumer brands. T&E expense was down due to COVID-19.

現金運營費用為 4300 萬美元，比去年同期增加 500 萬美元或 10%。運營費用的減少與 G&A 和 R&D 費用的改善有關，這些費用部分重新投資於營銷以支持我們消費品牌的增長。T&E 費用因 COVID-19 而下降。

Sequential cash operating expense was flat for the 3 quarters of 2020 despite continued top line growth. On an underlying basis, adjusted EBITDA was a negative $33 million and improved $10 million versus the prior year quarter due to strong sales growth, improved gross margins and lower operating expense.

儘管營收持續增長，但 2020 年第 3 季度的連續現金運營支出持平。在基本基礎上，由於銷售增長強勁、毛利率提高和運營費用降低，調整後的 EBITDA 為負 3300 萬美元，較上年同期增加 1000 萬美元。

So let me put it all together. Product sales growth was $11 million, partly offset by lower collaboration revenue of $4 million for a net positive from revenue of $7 million. Product cost of goods sold was up $2 million, and operating expense was down $5 million for a net positive of $3 million. These factors combined delivered a $10 million year-over-year improvement in adjusted EBITDA.

所以讓我把它們放在一起。產品銷售額增長 1100 萬美元，部分被協作收入減少 400 萬美元所抵消，因為收入為 700 萬美元的淨正數。所售商品的產品成本增加了 200 萬美元，運營費用減少了 500 萬美元，淨收益為 300 萬美元。這些因素相結合，使調整後的 EBITDA 同比增長 1000 萬美元。

Interest expense of $7 million was down $10 million or 61% from the third quarter of 2019, a function of lower debt and a lower effective interest rate of just over 8% after having renegotiated debt expense down on a number of instruments. We reduced our overall debt significantly, which currently is at $175 million versus $240 million in the prior year quarter and $297 million at the beginning of the year, a 41% reduction.

700 萬美元的利息支出比 2019 年第三季度減少了 1000 萬美元或 61%，這是由於債務減少以及在重新協商降低一些工具的債務支出後實際利率略高於 8%。我們大幅減少了整體債務，目前為 1.75 億美元，而去年同期為 2.4 億美元，年初為 2.97 億美元，減少了 41%。

Lastly, our cash position was $38 million as of September 30. Q3 cash outflows included finalizing the catch-up on certain debt and current obligations. We also invested significantly in the support of our ingredients campaigns to produce both existing products and scaling up of new ingredients, such as CBG, which Eduardo referenced in his overview.

最後，截至 9 月 30 日，我們的現金頭寸為 3800 萬美元。第三季度的現金流出包括完成對某些債務和流動義務的追趕。我們還大力投資支持我們的配料活動，以生產現有產品和擴大新配料的規模，例如 Eduardo 在他的概述中提到的 CBG。

Let's turn to Slide 9. This page represents the underlying basis for our key financials that I just discussed. I will not repeat the comments I made related to the quarter's strong performance but rather make a few points regarding the year-to-date, which shows a similar improvement pattern for all key financial metrics as compared to Q3.

讓我們轉到幻燈片 9。此頁面代表我剛才討論的我們主要財務數據的基礎。我不會重複我就本季度的強勁表現發表的評論，而是就今年迄今發表幾點意見，這表明與第三季度相比，所有關鍵財務指標都有類似的改善模式。

Sales revenue year-to-date of $89 million grew 48%, again, driven by strong product revenue. Gross margin dollars grew more than 250% due to a combination of sales growth and improved margin economics for both consumer and ingredients. Like Q3, operating expense was also down year-to-date, and adjusted EBITDA improved $30 million, mostly from the aforementioned margin improvement.

年初至今的銷售收入為 8900 萬美元，增長 48%，再次受到強勁產品收入的推動。毛利率增長超過 250%，這歸功於消費者和配料的銷售增長和利潤經濟改善的共同作用。與第三季度一樣，營業費用今年迄今也有所下降，調整後的 EBITDA 增加了 3000 萬美元，主要來自上述利潤率的提高。

So let's move to Slide 10. Here, we are showing a breakdown of our sales revenue in more detail than previously. Inside consumer, we are reporting our wholly owned brands, Biossance, Pipette and Purecane. Under ingredients, we report our business-to-business portfolio, including flavor and fragrance ingredients; Reb M, our alternative sweetener; and squalene, our largest selling ingredient for cosmetics and clean beauty end markets. Collaboration and grants includes revenue from R&D partnership programs.

那麼讓我們轉到幻燈片 10。在這裡，我們比以前更詳細地展示了我們的銷售收入明細。在消費者內部，我們報告了我們的全資品牌 Biossance、Pipette 和 Purecane。在成分下，我們報告了我們的企業對企業產品組合，包括香精和香料成分； Reb M，我們的替代甜味劑；和角鯊烯，這是我們在化妝品和清潔美容終端市場上最暢銷的成分。合作和贈款包括來自研發合作夥伴計劃的收入。

As I commented earlier on the call, the other category includes the one-off 2019 vitamin E transaction and 2019 LAVVAN collaboration revenue. Year-to-date revenue growth is very strong for the product category, with consumer more than doubling year-over-year, again, mostly driven by our Biossance brand.

正如我早些時候在電話會議上評論的那樣，另一類包括一次性的 2019 年維生素 E 交易和 2019 年 LAVVAN 合作收入。年初至今，該產品類別的收入增長非常強勁，消費者同比增長一倍多，這再次主要由我們的 Biossance 品牌推動。

Let me make a few comments related to Q4 before I hand off to John. I outlined the components of the P&L and the drivers clearly on the previous page. We expect the year-to-date growth trajectory for product revenue to continue into Q4, and collaboration revenue is expected to continue at the Q3 rate.

在交給 John 之前，讓我發表一些與 Q4 相關的評論。我在上一頁清楚地概述了損益表的組成部分和驅動因素。我們預計產品收入年初至今的增長軌跡將持續到第四季度，協作收入預計將繼續保持第三季度的速度。

In addition to the current growth pattern, we anticipate a strong fourth quarter for our consumer business due to the holiday shopping season, and our ingredients revenue will be helped by the first sales of new ingredients that John referenced earlier. We anticipate operating expense to be in line with Q3. Lastly, we continue to contemplate closing a strategic transaction in the fourth quarter, as John discussed. All of these factors are expected to help advance bottom line earnings and cash flow.

除了當前的增長模式外，我們預計由於假日購物季，我們的消費者業務第四季度將表現強勁，我們的配料收入將得益於約翰之前提到的新配料的首次銷售。我們預計營業費用與第三季度一致。最後，正如約翰所討論的那樣，我們繼續考慮在第四季度完成一項戰略交易。預計所有這些因素都將有助於提高底線收益和現金流。

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

有了這個，我會把電話轉回給約翰。

Thanks, Han. Our leadership in the fast-growing and attractive health, clean beauty and sustainable wellness markets continues to be driven by consumer preferences for clean, safe and sustainable products from brands they know and trust. We supply many of these brands, and we have 2 of the leading brands to help consumers in this time of need and beyond.

謝謝，韓。我們在快速增長和有吸引力的健康、清潔美容和可持續健康市場的領導地位繼續受到消費者對他們了解和信任的品牌的清潔、安全和可持續產品的偏好的推動。我們供應許多這樣的品牌，我們有 2 個領先品牌在這個有需要的時候及以後幫助消費者。

Our ability to quickly adapt to global needs and work to scale what we believe are market-leading ingredients and consumer-branded products that provide exceptional performance has been invaluable, especially with regards to the work we are doing to supply the pharmaceutical industry in our work to develop a second-generation COVID-19 vaccine. We are in the process of accessing a $10 million grant from Portugal to fund our vaccine development through Phase I trials.

我們快速適應全球需求並努力擴大我們認為具有卓越性能的市場領先成分和消費品牌產品的能力非常寶貴，尤其是在我們為製藥行業提供服務方面所做的工作開發第二代 COVID-19 疫苗。我們正在從葡萄牙獲得 1000 萬美元的贈款，以通過第一階段試驗資助我們的疫苗開發。

We are investing $60 million this year in R&D and process development to develop and commercialize a pipeline of products that address consumer needs and that are clean, safe and sustainable. The combination of partner collaboration payments and our expected onetime strategic licensing transaction covers most of this investment.

我們今年將投資 6000 萬美元用於研發和工藝開發，以開發和商業化一系列滿足消費者需求且清潔、安全和可持續的產品。合作夥伴協作付款和我們預期的一次性戰略許可交易的組合涵蓋了大部分投資。

We have several strategic opportunities ahead, where we expect to self-fund our growth and simplify our business. And we encourage everyone to please be on the lookout for information about our upcoming planned virtual analyst and investor event in December. We will be sharing more information on this in the coming weeks.

我們前面有幾個戰略機會，我們希望通過自籌資金實現增長並簡化我們的業務。我們鼓勵大家留意有關我們計劃於 12 月舉行的虛擬分析師和投資者活動的信息。我們將在未來幾週內分享更多這方面的信息。

Now let me open the call up for questions. Greg, can you help us?

現在讓我打開電話提問。格雷格，你能幫我們嗎？

(Operator Instructions) Our first question comes from Colin Rusch with Oppenheimer.

（操作員說明）我們的第一個問題來自 Colin Rusch 和 Oppenheimer。

You'll have to forgive me, I've got 4 questions, so I'll try to be quick about it. First, can you quantify the impact from manufacturing issues to revenue in the quarter?

請原諒我，我有 4 個問題，所以我會盡量快點回答。首先，您能否量化製造問題對本季度收入的影響？

Quantify -- the third quarter impact from manufacturing issues are really delays in supply chain and the COVID cases at the site are somewhere in the $4 million to $5 million.

量化——製造問題對第三季度的影響實際上是供應鏈的延誤，現場的 COVID 案例價值在 400 萬到 500 萬美元之間。

Okay. That's incredibly helpful. All right. Second, regarding the 4 development molecules, what can you tell us about those molecules from an application perspective? And secondarily, what's your expectation for monetizing those? Are those things that you're going to be able to monetize this year? Or are we going to see the monetization happen next year and/or over time?

好的。這非常有幫助。好的。第二，關於4個開發分子，您能從應用的角度介紹一下這些分子嗎？其次，您對通過這些貨幣化有何期望？這些東西是你今年能夠貨幣化的嗎？或者我們會在明年和/或一段時間後看到貨幣化嗎？

When you're referring to the 4 development, you mean the 4 strategic transactions that we articulated?

當您提到 4 項發展時，您指的是我們闡明的 4 項戰略交易？

Yes, correct.

是，對的。

So for those transactions, those are actually -- 2 of them are development molecules where we actually will start realizing benefit immediately from partner payments, and then 2 of them are existing molecules that we're actually transitioning or selling the production and the value of those molecules to the partner. In one case, we are realizing a long-term royalty off the sale. And the other, we're not. And both -- when I think about the combination of these transactions, our expectation is somewhere north of $200 million.

因此，對於這些交易，實際上是 - 其中 2 個是開發分子，我們實際上將在其中開始從合作夥伴付款中立即實現收益，然後其中 2 個是現有分子，我們實際上正在過渡或銷售生產和價值那些分子給合作夥伴。在一個案例中，我們實現了銷售的長期特許權使用費。另一方面，我們不是。兩者——當我考慮這些交易的組合時，我們的預期是在 2 億美元以上。

Fantastic. And are you expecting those things to close in the quarter? Is it going to drift into 2021? Obviously, something of that size...

極好的。你預計這些事情會在本季度結束嗎？它會漂移到2021年嗎？顯然，這麼大的東西……

Yes. It's 4 different -- good question, Colin. It's 4 different, call it, product areas and/or molecules. And of the 4, at least 1 we expect to close before the end of the year. And then the others, we expect to roll into the first quarter.

是的。有 4 個不同的問題 -- 問得好，科林。它有 4 個不同，稱之為產品領域和/或分子。在這 4 個中，我們預計至少有 1 個會在年底前關閉。然後是其他人，我們預計將進入第一季度。

Fantastic. That's super helpful. And then with the IDRI relationship, obviously, there's so many opportunities with these guys. Could you talk about the cadence of development and the strategy and timing around monetization of those collaborations? Obviously, proving out molecules, getting it into testing might be a long and arduous process. Are you looking to develop these things and move into licensing discussions fairly early in the development process? How should we think about that?

極好的。這非常有幫助。然後與 IDRI 的關係，顯然，這些人有很多機會。您能否談談開發的節奏以及圍繞這些合作貨幣化的戰略和時機？顯然，證明分子，將其投入測試可能是一個漫長而艱鉅的過程。您是否希望開發這些東西並在開發過程的早期就進入許可討論？我們應該如何考慮？

Yes. Look, our mission is not to be in the vaccine business long term. We -- working with IDRI and then looking at a lot of the data, especially Moderna's data on their mRNA vaccine, we realized there were some very specific advantages in the mRNA technology that IDRI had been developing for the last several years. When we realized that, we then actually added several consultants that are specialists in the vaccine world, kind of some of the world's leading thinkers on vaccines, and they validated some of our insights and thinking. One simple example is the IDRI RNA platform requires 1,100x less RNA and actually has much higher efficacy based on their approach to the mRNA technology. We thought of that as critical to actually having a sustainable mRNA platform that actually could be applied not only for the current pandemic but for future pandemics, a platform that can quickly understand and adjust or adapt to dealing with whatever the antibody is for the specific response to any specific virus.

是的。看，我們的使命不是長期從事疫苗業務。我們與 IDRI 合作，然後查看了大量數據，尤其是 Moderna 關於其 mRNA 疫苗的數據，我們意識到 IDRI 在過去幾年中一直在開發的 mRNA 技術具有一些非常具體的優勢。當我們意識到這一點時，我們實際上增加了幾位顧問，他們是疫苗領域的專家，有些是世界領先的疫苗思想家，他們驗證了我們的一些見解和想法。一個簡單的例子是 IDRI RNA 平台需要的 RNA 少 1,100 倍，實際上根據他們對 mRNA 技術的方法具有更高的功效。我們認為這對於實際擁有一個可持續的 mRNA 平台至關重要，該平台實際上不僅可以應用於當前的大流行，而且可以應用於未來的大流行，一個可以快速理解和調整或適應處理任何抗體的平台以進行特定反應對任何特定病毒。

So when we started to assess that and realize that, we realized that -- and by the way, in addition to all that, the platform actually, one of the differentiating aspects is how it uses an adjuvant and how that adjuvant uses our squalene in the application. So we realized advancing a platform like that, number one, is critical for the world because in looking at all the current data around current generation COVID vaccines, we don't see any that is actually a vaccine for the entire world. We see a lot of vaccines for rich people. We see a lot of vaccines in trial that we think will be good, but maybe a 50% to 60% from an efficacy perspective. So we think the world needs a vaccine that's got very high efficacy around COVID-19, but also around potentially other pandemics. And then secondly, a vaccine that's much lower cost and much easier to scale, which is what we think the IDRI vaccine is.

因此，當我們開始評估並意識到這一點時，我們意識到 - 順便說一句，除此之外，該平台實際上的一個不同之處在於它如何使用佐劑以及該佐劑如何使用我們的角鯊烯應用程序。因此，我們意識到推進這樣一個平台對世界至關重要，因為在查看有關當前一代 COVID 疫苗的所有當前數據時，我們沒有看到任何實際上是適用於整個世界的疫苗。我們看到很多針對富人的疫苗。我們在試驗中看到很多我們認為會好的疫苗，但從功效的角度來看，可能只有 50% 到 60%。因此，我們認為世界需要一種疫苗，它對 COVID-19 以及其他潛在的流行病都具有非常高的功效。其次，一種成本低得多且更容易擴展的疫苗，這就是我們認為的 IDRI 疫苗。

We then started talking to potential partners to fund the vaccine development. And we found that in Portugal, the Portuguese government was very interested in advancing a vaccine like this and being part of actually getting this vaccine scaled. So that's what really drove us to do the IDRI agreement. The IDRI agreement gives us exclusive access to at least the 4 -- the first 4 indications from this platform, which COVID-19 is one of those. And our focus is getting through Phase I trials, demonstrating what we believe to be true about this platform and then finding the right pharmaceutical partner to be able to really scale it and take it to the world.

然後，我們開始與潛在的合作夥伴討論為疫苗開發提供資金。我們發現在葡萄牙，葡萄牙政府對開發這樣的疫苗非常感興趣，並參與實際推廣這種疫苗。這才是真正促使我們達成 IDRI 協議的原因。IDRI 協議使我們能夠獨家訪問至少 4 個——該平台的前 4 個適應症，COVID-19 就是其中之一。我們的重點是完成第一階段試驗，展示我們相信這個平台的真實性，然後找到合適的製藥合作夥伴，以便能夠真正擴大規模並將其推向世界。

So that's our logic. That's what we're doing around the vaccine. And again, very strategic in that it connects back to a platform that we think can become the dominant mRNA platform that then drives further demand for our squalene as an adjuvant in vaccines.

這就是我們的邏輯。這就是我們圍繞疫苗所做的事情。再次，非常具有戰略意義，因為它連接回一個我們認為可以成為主要 mRNA 平台的平台，然後推動對我們的角鯊烯作為疫苗佐劑的進一步需求。

That's incredibly helpful. And then the last one is really about adjuvant conversations outside of IDRI. Can you give us a sense of the scale and maturity of the pipeline of those opportunities?

這非常有幫助。然後最後一個實際上是關於 IDRI 之外的輔助對話。你能告訴我們這些機會的規模和成熟度嗎？

Look, we have 5 active conversations, 2 of which I would call near the contract stage, meaning they're currently doing final acceptance of the product. And assuming that everything goes well, and we have no reason to believe it won't, I'd expect at least one of them to start taking product before year-end. So very advanced, and we're looking at what is the best route to market, especially now that we see that the squalene is actually used as a nutritional supplement in many parts in the world and really divide it into 2 sections: Developing countries that need a quick boost of nutrition every day, kind of like the daily vitamin for kids in school that need nutrition; and then secondly, for the Japanese and South Korean markets that take squalene as a supplement, and their current source is shark squalene. And we believe there's an advantage to replacing that source in those markets.

看，我們有 5 個活躍的對話，其中 2 個我會在接近合同階段時調用，這意味著他們目前正在對產品進行最終驗收。假設一切順利，而且我們沒有理由相信它不會，我希望其中至少有一個在年底前開始使用產品。非常先進，我們正在研究什麼是進入市場的最佳途徑，尤其是現在我們看到角鯊烯在世界許多地方實際上被用作營養補充劑，並將其真正分為兩個部分：發展中國家每天需要快速補充營養，有點像學校裡需要營養的孩子的每日維生素；其次，針對以角鯊烯為輔的日韓市場，目前的來源是鯊魚角鯊烯。我們相信在這些市場中更換該來源具有優勢。

So we actually see 2 very different markets, a supplement market for nutrition and then inside-out skin care and then the adjuvant market. And I just gave you the update on adjuvant, and I see us advancing very quickly on the nutritional side during 2021.

所以我們實際上看到了兩個截然不同的市場，一個是營養補充劑市場，然後是由內而外的護膚品市場，然後是輔助劑市場。我剛剛向您介紹了佐劑的最新情況，我看到我們在 2021 年期間在營養方面取得了非常快的進步。

The next question comes from Amit Dayal with H.C. Wainwright.

下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Just with respect to the 4 strategic transactions, John, are you looking to complete all of these by, say, the first quarter of 2021?

就 4 項戰略交易而言，約翰，你是否希望在 2021 年第一季度之前完成所有這些交易？

We think there's a high probability. It could be that one of them lingers beyond that. But right now, I would say we're on track for at least one before the end of the year and then the rest in the first quarter.

我們認為可能性很大。可能其中之一還停留在那之後。但現在，我想說我們至少在今年年底之前有望實現這一目標，然後在第一季度實現其餘目標。

Understood. And then the $200 million you expect to sort of generate from these efforts, could you give us a sense of where we could be with our balance sheet and other initiatives in terms of applying these proceeds going into next year?

明白了。然後你希望從這些努力中產生的 2 億美元，你能否讓我們了解一下我們的資產負債表和其他計劃在明年將這些收益應用到哪裡？

So starting with the fourth quarter, I mean, our expectation is that having this first transaction done will obviously turn us profitable and give us a good cash position to end the year. And then with the transactions in the first quarter, we would expect to pay down most of our debt and be able to fully fund the company to profitability. And likely, in light of the way the portfolio gets simplified with these deals, I'd expect us to be very close to net income positive, if not net income positive in '21.

所以從第四季度開始，我的意思是，我們的預期是，完成第一筆交易顯然會讓我們盈利，並為我們年底提供良好的現金狀況。然後通過第一季度的交易，我們預計可以償還大部分債務，並能夠為公司提供充足的資金以實現盈利。並且很可能，鑑於通過這些交易簡化投資組合的方式，我預計我們將非常接近淨收入為正，如果 21 年的淨收入不是正的話。

That's good to hear. Are we looking to do something or anything with any of our consumer brands on this front? Or are these just new molecule-driven?

聽起來還不錯。我們是否希望在這方面對我們的任何消費品牌做點什麼？或者這些只是新的分子驅動？

No. These are -- good clarification. Our consumer brands and then our supply to the cosmetics industry, think 2 of our most robust and profitable businesses as of the fourth quarter, are not impacted by this at all. You can kind of think of this as divided into 2 parts. One part is providing access to our platform for a market that's growing very rapidly that our platform is very good for, which is plant-based proteins made from fermentation.

不。這些 - 很好的說明。我們的消費品牌，然後是我們對化妝品行業的供應，認為是我們截至第四季度最強勁和盈利的業務中的 2 個，完全不受此影響。您可以將其視為分為兩部分。一方面是為我們的平台非常適合的快速增長的市場提供對我們平台的訪問，這是由發酵製成的植物性蛋白質。

I think the second is there's actually several additional 0-calorie sweetener molecules that are very interesting to the market that our platform is also very good for that are included in this. And then on the other end, there are a couple of ingredients that we sell that we're the leaders in the world for. And these ingredients actually are now in what I call kind of maintenance mode. We produce, we sell, they generate margin, and they're super attractive to some of the supply industry. So we're in discussions with a couple of the largest ingredient companies in the world who are very attracted by these ingredients and willing to pay significant multiples to access these ingredients.

我認為第二個是實際上有幾個額外的 0 卡路里甜味劑分子，市場非常感興趣，我們的平台也非常適合包含在其中。然後在另一端，我們銷售的一些成分是我們在世界上處於領先地位的。這些成分實際上現在處於我所說的維護模式。我們生產，我們銷售，它們產生利潤，它們對一些供應行業非常有吸引力。因此，我們正在與世界上幾家最大的配料公司進行討論，這些公司對這些配料非常感興趣，並願意支付大量費用來獲取這些配料。

So that's the way to think about it, a couple of existing ingredients and then platform access for a couple of categories that are about significant future upside in markets where the platform is very good for, and we are -- we would not pursue ourselves. So we have partners who are actually significant in those end markets. One is -- well, they're significant in those end markets, and we're looking at these deals with those partners. There is no deal that we're pursuing that the counterparty isn't either the #1 or #2 player in the world for the end markets we're playing into.

所以這就是思考它的方式，一些現有的成分，然後是幾個類別的平台訪問，這些類別在平台非常適合的市場中具有重大的未來優勢，而我們 - 我們不會追求自己。因此，我們擁有在這些終端市場中真正重要的合作夥伴。一個是 - 好吧，它們在這些終端市場中很重要，我們正在研究與這些合作夥伴的這些交易。對於我們所涉足的終端市場，我們追求的交易對手既不是世界第一大玩家也不是世界第二大玩家。

That's good to hear. With respect to the fourth quarter outlook, fourth quarter 2020 outlook, your consensus is calling for around $85 million in revenues. Is that kind of where you think the quarter might end up?

聽起來還不錯。關於第四季度展望，即 2020 年第四季度展望，你們的共識是收入約為 8500 萬美元。您認為本季度可能會以這種方式結束嗎？

We think the $85 million without a significant strategic transaction is where we'll end up. And then with one of the bigger transactions, not the biggest, but one of the bigger transactions, we'll be well over that $85 million. So that's kind of the range. We have -- I would call that low end, and I'd call some upside based on one of these transactions we're dealing with being on the bigger side of the range that we're expecting.

我們認為沒有重大戰略交易的 8500 萬美元是我們最終的目標。然後通過一項更大的交易，不是最大的，而是更大的交易之一，我們將遠遠超過 8500 萬美元。這就是范圍。我們有 - 我會稱之為低端，並且我會根據我們正在處理的其中一項交易處於我們預期範圍的較大一側，因此我會稱之為一些上行空間。

Just one last question. On the LAVVAN litigation front, are there any updates that are meaningful that you might want to share?

最後一個問題。在 LAVVAN 訴訟方面，是否有任何您可能想要分享的有意義的更新？

No, we really have no meaningful update. I think everything at this point is working as our legal strategists and advisers have indicated. We're working through the court system, and we expect that we will have some indication from the court system hopefully sometime in the month of November. And again, we -- that's where we're at. But nothing really meaningful from what we've already said publicly.

不，我們真的沒有有意義的更新。我認為，正如我們的法律策略師和顧問所指出的那樣，目前一切都在發揮作用。我們正在通過法院系統開展工作，我們希望能夠在 11 月份的某個時候從法院系統獲得一些指示。再一次，我們——這就是我們所處的位置。但從我們已經公開說過的內容來看，沒有什麼真正有意義的。

Understood. So basically, I mean, going into the end of the year, given that we're already sort of in mid-November now, we should be expecting a lot of deals flow around all of these developments that you are pursuing?

明白了。所以基本上，我的意思是，進入年底，鑑於我們現在已經是 11 月中旬了，我們應該期待圍繞您正在追求的所有這些發展進行大量交易？

Yes. I will tell you that a bit to my shock, this is not where we expected to be. We started the year with one strategic transaction. It was very critical. It was about simplifying a piece of our portfolio with one of our existing partners. And during the -- starting really at the beginning of the third quarter, we've been approached by more folks than we expected and for deals that we were not expecting to do. So I can tell you that where we are right now is more strategic activity with inbound inquiries than we've ever had actually in the history of the company. And our focus is just on making sure we don't take the eye off basic operations while actually optimizing the deal flow that we're managing through right now.

是的。我會告訴你，令我震驚的是，這不是我們預期的地方。我們以一項戰略交易開始了這一年。這是非常關鍵的。這是關於與我們現有的合作夥伴之一一起簡化我們的投資組合的一部分。在 - 從第三季度初開始，與我們接觸的人比我們預期的要多，而且我們沒有預料到會進行交易。所以我可以告訴你，我們現在所處的位置是比我們在公司歷史上實際進行的更具戰略意義的入站查詢活動。我們的重點只是確保我們不會將注意力從基本操作上移開，同時實際優化我們目前正在管理的交易流程。

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

今天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。

Thank you, Greg. Really appreciate the call. Appreciate everybody that took the time to be on it. Thank you for joining the call and your support in Amyris. We look forward to the future interactions and updates. We hope that most of you take time to join us for the December virtual Analyst and Investor Day, where we will be updating you further on what we're doing with the technology, what's happening on the consumer side and progress on our strategic transactions. Wish everybody good health and stay safe. Thank you.

謝謝你，格雷格。非常感謝您的來電。感謝所有花時間參與其中的人。感謝您加入電話會議並感謝您對 Amyris 的支持。我們期待未來的互動和更新。我們希望你們中的大多數人花時間加入我們，參加 12 月的虛擬分析師和投資者日，屆時我們將進一步向您介紹我們在技術方面所做的工作、消費者方面正在發生的事情以及我們戰略交易的進展。祝大家身體健康，注意安全。謝謝。

The conference is now concluded. You may disconnect your lines now. Have a nice day.

會議現已結束。您現在可以斷開線路。祝你今天過得愉快。