Ambarella, Inc. Announces Third Quarter Fiscal Year 2021 Financial Results

Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

Non-GAAP Financial Measures

The company has provided in this release non-GAAP financial information including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles ("GAAP"). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

With respect to its financial results for the third quarter of fiscal year 2021, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the fourth quarter of fiscal year 2021, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

AMBARELLA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
         
   Three Months Ended October 31,  Nine Months Ended October 31,
    2020    2019    2020    2019 
                 
Revenue $56,090  $67,922  $160,848  $171,520 
         
Cost of revenue  21,298       28,819       63,078       72,127  
Gross profit     34,792       39,103       97,770       99,393  
                 
Operating expenses:                
Research and development     36,573       32,480       103,575       95,917  
Selling, general and administrative     14,468       13,791       41,348       39,293  
                 
Total operating expenses     51,041       46,271       144,923       135,210  
                 
Loss from operations     (16,249 )     (7,168 )     (47,153 )     (35,817 )
                 
Other income, net     673       1,917       3,231       6,308  
                 
Loss before income taxes     (15,576 )     (5,251 )     (43,922 )     (29,509 )
                 
Provision (benefit) for income taxes     1,502       (942 )     3,375       2,302  
                 
Net loss   $ (17,078 )   $ (4,309 )   $ (47,297 )   $ (31,811 )
                 
Net loss per share attributable to ordinary shareholders:                
Basic   $ (0.49 )   $ (0.13 )   $ (1.37 )   $ (0.97 )
Diluted   $ (0.49 )   $ (0.13 )   $ (1.37 )   $ (0.97 )
Weighted-average shares used to compute net loss per share              
attributable to ordinary shareholders:                
Basic     34,819,880       33,304,171       34,460,172       32,885,729  
Diluted     34,819,880       33,304,171       34,460,172       32,885,729  
                 

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