Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2022 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, and earnings per share, as a supplement to the 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 fourth quarter of fiscal year 2022, 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 first quarter of fiscal year 2023, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
        
  Three Months Ended January 31,  Twelve Months Ended January 31,
   2022    2021    2022    2021 
    
Revenue$90,229  $62,142  $331,856  $222,990 
        
Cost of revenue 32,907    24,339       123,724       87,417  
Gross profit   57,322       37,803       208,132       135,573  
               
Operating expenses:              
Research and development   48,543       37,184       167,337       140,759  
Selling, general and administrative   21,115       14,632       70,438       55,980  
               
Total operating expenses   69,658       51,816       237,775       196,739  
               
Loss from operations   (12,336 )     (14,013 )     (29,643 )     (61,166 )
               
Other income (expense), net   (216 )     632       1,002       3,863  
               
Loss before income taxes   (12,552 )     (13,381 )     (28,641 )     (57,303 )
               
Provision (benefit) for income taxes   (3,359 )     (892 )     (2,230 )     2,483  
               
Net loss $ (9,193 )   $ (12,489 )   $ (26,411 )   $ (59,786 )
               
Net loss per share attributable to ordinary shareholders:              
Basic $ (0.25 )   $ (0.35 )   $ (0.72 )   $ (1.72 )
Diluted $ (0.25 )   $ (0.35 )   $ (0.72 )   $ (1.72 )
Weighted-average shares used to compute net loss per share              
attributable to ordinary shareholders:              
Basic   37,133,454       35,338,351       36,577,120       34,679,717  
Diluted   37,133,454       35,338,351       36,577,120       34,679,717  
               

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