Ambarella, Inc. Announces Second Quarter Fiscal Year 2017 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 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 second quarter of fiscal year 2017, the company has provided below reconciliations between its non-GAAP financial measures to its most directly comparable GAAP financial measures.  With respect to the company’s expectations for the third quarter of fiscal year 2017, a reconciliation of non-GAAP gross margin, non-GAAP operating expenses and non-GAAP effective tax rate 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.

(in thousands, except share and per share data)
   Three Months Ended July 31,  Six Months Ended July 31,
    2016    2015    2016    2015 
Revenue $65,142  $84,193  $122,299  $155,206 
Cost of revenue  21,672   29,345   42,122   54,440 
Gross profit  43,470   54,848   80,177   100,766 
Operating expenses:        
Research and development  23,643   20,840   48,109   37,423 
Selling, general and administrative  10,565   9,087   21,458   18,097 
Total operating expenses     34,208       29,927       69,567       55,520  
Income from operations     9,262       24,921       10,610       45,246  
Other income     171       127       198       154  
Income before income taxes     9,433       25,048       10,808       45,400  
Provision for income taxes     801       1,951       393       3,449  
Net income   $ 8,632     $ 23,097     $ 10,415     $ 41,951  
Net income per share attributable to ordinary shareholders:                
Basic   $ 0.27     $ 0.73     $ 0.32     $ 1.34  
Diluted   $ 0.25     $ 0.68     $ 0.31     $ 1.25  
Weighted-average shares used to compute net income per share              
attributable to ordinary shareholders:                
Basic     32,557,398       31,515,446       32,492,723       31,307,236  
Diluted     34,175,466       33,904,222       34,063,103       33,688,239  

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