Maravai LifeSciences(US:MRVI)2023-02-27 16:00Financial Performance - Revenue for the year ended December 31, 2022, was $883.001 million, representing a 10.5% increase from $799.240 million in 2021[496]. - Net income attributable to Maravai LifeSciences Holdings, Inc. for 2022 was $220.205 million, up 21% from $182.037 million in 2021[496]. - Basic net income per Class A common share for 2022 was $1.67, compared to $1.59 in 2021, reflecting a 5% increase[496]. - Comprehensive income attributable to Maravai LifeSciences Holdings, Inc. for 2022 was $220.205 million, compared to $182.081 million in 2021, marking a 20.9% increase[498]. - The company reported a net income of $490.663 million for 2022, compared to $469.250 million in 2021, reflecting a growth of 4.5%[498]. - Net income for the year ended December 31, 2022, was $490.663 million, an increase from $469.250 million in 2021, representing a growth of approximately 4.0%[504]. Assets and Liabilities - As of December 31, 2022, total assets increased to $2,282.3 million from $1,918.3 million in 2021, representing a growth of approximately 19%[494]. - The company’s deferred tax assets were recorded at $765.8 million as of December 31, 2022, down from $808.1 million in 2021[494]. - Total stockholders' equity as of December 31, 2022, was $905.243 million, up from $545.361 million in 2021, indicating a significant increase of approximately 65.8%[504]. - The total additional paid-in capital increased to $137.898 million as of December 31, 2022, compared to $128.386 million in 2021, showing a growth of about 5.9%[504]. - The retained earnings as of December 31, 2022, were $404.766 million, up from $184.561 million in 2021, marking an increase of approximately 119.5%[504]. - The company had $538.6 million of outstanding borrowings under its Tranche B Term Loan as of December 31, 2022, with no borrowings under the Revolving Credit Facility[477]. Expenses - Total operating expenses for 2022 were $308.785 million, an increase of 26.2% from $244.595 million in 2021[496]. - Interest expense decreased to $20.414 million in 2022 from $30.260 million in 2021, a reduction of 32.5%[496]. - Research and development expenses rose to $18.369 million in 2022, up 20.5% from $15.219 million in 2021[496]. - Stock-based compensation expenses totaled $18.670 million for the year, compared to $10.458 million in the previous year, indicating an increase of approximately 78.5%[504]. Revenue Sources - Approximately 61.6% of the company's revenue for the year ended December 31, 2022, was derived from international sales, primarily in Europe and Asia Pacific[478]. - Nucleic Acid Production revenue was $813.069 million in 2022, up from $711.864 million in 2021, reflecting a growth of about 14.2%[534]. - Biologics Safety Testing revenue reached $69.932 million in 2022, compared to $68.417 million in 2021, indicating a slight increase of approximately 2.2%[534]. - Revenue from BioNTech SE accounted for 34.8% of total revenue for the year ended December 31, 2022, while Pfizer Inc. accounted for 26.4%[581]. Acquisitions and Investments - The Company completed the acquisition of MyChem, LLC for a total purchase consideration of $257.9 million, which included cash paid of $240.1 million and contingent consideration of $7.8 million[586][588]. - The estimated fair value of the identifiable assets acquired from MyChem included $135.9 million in total identifiable assets and $8.8 million in total liabilities assumed, resulting in net identifiable assets acquired of $127.0 million[592]. - Goodwill recognized from the acquisition of MyChem amounted to $130.9 million, primarily due to expected synergies from vertical supply integration[593]. - The Company acquired MockV Solutions, Inc. for $3.0 million, with an additional contingent payment of up to $9.0 million based on revenue targets[599]. Debt and Financing - As of December 31, 2022, the total long-term debt was $527.4 million, with a current portion of $5.4 million[650]. - The Tranche B Term Loan requires quarterly payments of $1.4 million starting March 2022, with the remaining principal due in October 2027[640]. - The company recorded a loss on extinguishment of debt of $0.2 million for the year ended December 31, 2022, after repaying $8.5 million to certain creditors[637]. - The company incurred $3.5 million and $0.3 million in financing-related fees for debt refinancing activities in October 2020 and January 2022, respectively[638]. Stock and Equity - The company completed its IPO in November 2020, selling 69 million shares at $27.00 per share, resulting in net proceeds of approximately $1.8 billion[652]. - The company repurchased 1,319,148 shares of Class A common stock from MLSH 2 for $33.7 million in November 2020[661]. - The Company received net proceeds of $624.2 million from the April 2021 Secondary Offering of Class A common stock[663]. - In September 2021, the Company executed a secondary offering of 20,000,000 shares of Class A common stock at a price of $50.00 per share, generating net proceeds of $977.5 million[665]. Tax and Regulatory Matters - The payable to related parties under the Tax Receivable Agreement (TRA) was recorded at $718.2 million, which is 85% of the estimated cash tax savings from utilizing positive tax attributes contributed by pre-IPO owners[489]. - The company has no maximum term for the Tax Receivable Agreement (TRA), which will continue until all tax benefits have been utilized or expired[548]. - The company recognized a tax distribution to non-controlling interest holders amounting to $(150.065) million, reflecting the financial obligations to minority stakeholders[504].