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

The following table presents details of stock-based compensation expense included in each functional line item in the condensed consolidated statements of operations above:

  Three Months Ended October 31,  Nine Months Ended October 31,
   2020   2019   2020   2019
  
  (unaudited, in thousands)
Stock-based compensation:       
Cost of revenue$368 $335 $981 $922
Research and development 11,496  10,601  31,402  31,306
Selling, general and administrative 7,113  6,372  19,024  17,740
        
Total stock-based compensation$18,977 $17,308 $51,407 $49,968
        

The difference between GAAP and non-GAAP gross margin was 0.7% and 0.5%, or $368,000 and $335,000, for the three months ended October 31, 2020 and 2019, respectively. The difference between GAAP and non-GAAP gross margin was 0.6% and 0.6%, or $981,000 and $922,000, for the nine months ended October 31, 2020 and 2019, respectively. The differences were due to the effect of stock-based compensation.

AMBARELLA, INC.
RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
(in thousands, except share and per share data)
               
  Three Months Ended October 31,   Nine Months Ended October 31,
    2020       2019       2020       2019  
   
  (unaudited)
GAAP net loss $ (17,078 )   $ (4,309 )   $ (47,297 )   $ (31,811 )
               
Non-GAAP adjustments:              
Stock-based compensation expense   18,977       17,308       51,407       49,968  
Income tax effect   1,407       (1,737 )     2,605       634  
Non-GAAP net income $ 3,306     $ 11,262     $ 6,715     $ 18,791  
               
GAAP - diluted weighted average shares   34,819,880       33,304,171       34,460,172       32,885,729  
Non-GAAP - diluted weighted average shares   35,801,017       34,789,673       35,469,263       34,052,772  
               
GAAP - diluted net loss per share $ (0.49 )   $ (0.13 )   $ (1.37 )   $ (0.97 )
Non-GAAP adjustments:              
Stock-based compensation expense   0.55       0.52       1.49       1.52  
Income tax effect   0.04       (0.05 )     0.08       0.02  
Effect of Non-GAAP - diluted weighted average shares   (0.01 )     (0.02 )     (0.01 )     (0.02 )
Non-GAAP - diluted net income per share $ 0.09     $ 0.32     $ 0.19     $ 0.55  
               

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