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Ambarella, Inc. Announces First Quarter Fiscal 2014 Results

The company has provided below reconciliations between its non-GAAP financial measures to its most directly comparable GAAP financial measures.

AMBARELLA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
     
  Three Months Ended April 30,
  2013 2012
     
Revenue  $ 33,941  $ 25,921
     
Cost of revenue  12,248  7,516
Gross profit  21,693  18,405
     
Operating expenses:    
Research and development  11,317  11,473
Selling, general and administrative  5,157  4,025
     
Total operating expenses   16,474  15,498
     
Income from operations  5,219  2,907
     
Other expense  (5)  (2)
     
Income before income taxes  5,214  2,905
     
Provision for income taxes  473  303
     
Net income  $ 4,741  $ 2,602
     
Net income per share attributable to ordinary shareholders:    
Basic   $ 0.17  $ 0.08
Diluted   $ 0.16  $ 0.07
Weighted-average shares used to compute net income per share attributable to ordinary shareholders:  
Basic   27,056,932  7,519,360
Diluted   29,066,062  9,031,710

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 April 30,
  2013 2012
  (in thousands)
Stock-based compensation:    
Cost of revenue  $ 34  $ 14
Research and development  974  532
Selling, general and administrative  598  397
     
Total stock-based compensation  $ 1,606  $ 943
     
AMBARELLA, INC.
RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS PER SHARE
(in thousands, except share and per share data)
     
  Three Months Ended April 30,
  2013 2012
  (unaudited)
GAAP net income  $ 4,741  $ 2,602
Two-class method - allocation to participating securities  (9)  (2,036)
Treasury stock method - additional allocation to ordinary shares  1  68
GAAP net income - diluted  $ 4,733  $ 634
     
Non-GAAP adjustments:    
Stock-based compensation expense, net of tax effect  1,463  854
Two-class method - additional allocation to participating securities  (3)  (547)
Treasury stock method - additional allocation to ordinary shares  --   37
Non-GAAP net income - diluted  $ 6,193  $ 978
     
GAAP - diluted weighted average shares  29,066,062  9,031,710
Non-GAAP - diluted weighted average shares  29,066,062  9,031,710
     
GAAP - diluted net income per share  $ 0.16  $ 0.07
Non-GAAP adjustments:    
Stock-based compensation expense, net of tax effect  0.05  0.10
Non-GAAP adjustment to two-class method diluted net income  (0.06)
Non-GAAP adjustment to treasury stock method diluted net income
Non-GAAP - diluted net income per share  $ 0.21  $ 0.11

For fiscal Q1 2014 and Q1 2013, the difference between GAAP and non-GAAP gross margin was 0.1%, or $34,000 and $14,000, respectively.   The difference was due to the effect of stock-based compensation recorded for GAAP purposes.
AMBARELLA, INC. 
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
     
  April 30, 2013 January 31, 2013
  (unaudited)  
ASSETS    
Current assets:    
Cash  $ 104,277  $ 100,494
Accounts receivable, net  23,467  20,153
Inventories  9,325  8,918
Restricted cash  3  3
Deferred tax assets, current  1,219  1,220
Prepaid expenses and other current assets  1,839  2,360
Total current assets  140,130  133,148
     
Property and equipment, net  2,976  2,536
Deferred tax assets, non-current  1,079  938
Other assets  2,054  1,981
     
Total assets  $ 146,239  $ 138,603
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  9,987  6,674
Accrued liabilities  11,184  14,419
Income taxes payable  171  286
Deferred revenue, current  4,024  3,451
Total current liabilities  25,366  24,830
     
Other long-term liabilities  1,470  1,441
     
Total liabilities  26,836  26,271
     
Preference shares
Shareholders' equity:    
Ordinary shares  12  12
Additional paid-in capital  94,241  91,911
Retained earnings  25,150  20,409
Total shareholders' equity  119,403  112,332
     
Total liabilities and shareholders' equity  $ 146,239  $ 138,603
CONTACT: Deborah Stapleton
         650.470.4200
         deb@stapleton.com

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