Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2016 Financial Results

With respect to its financial results for the fourth quarter and fiscal year 2016, 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 first quarter of fiscal year 2017, a reconciliation of non-GAAP gross margin and non-GAAP net income 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 this non-GAAP measure.  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,  
    2016    2015    2016    2015 
      
Revenue $  67,967  $  64,700  $  316,373  $  218,278 
         
Cost of revenue    24,651     23,255     111,029     79,142 
Gross profit    43,316     41,445     205,344     139,136 
         
Operating expenses:        
Research and development    23,442     15,983     82,927     57,978 
Selling, general and administrative    10,768     8,343     37,738     29,297 
         
Total operating expenses     34,210     24,326     120,665     87,275 
            
Income from operations       9,106         17,119         84,679         51,861  
                 
Other income       207         47         530         175  
                 
Income before income taxes       9,313         17,166         85,209         52,036  
                 
Provision for income taxes       4,217         (508 )       8,701         1,465  
                 
Net income   $   5,096     $   17,674     $   76,508     $   50,571  
                 
Net income per share attributable to ordinary shareholders:                
Basic    $   0.16     $   0.58     $   2.42     $   1.70  
Diluted    $   0.15     $   0.53     $   2.27     $   1.57  
Weighted-average shares used to compute net income per share               
attributable to ordinary shareholders:                
Basic        32,105,797         30,573,724         31,633,936         29,742,653  
Diluted        33,747,273         33,074,033         33,755,709         32,278,127  
                 

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