Ambarella, Inc. Announces Third Quarter Fiscal 2013 Results
Revenue for the third quarter of fiscal 2013 was
Gross margin under U.S. generally accepted accounting principles (GAAP) for the third quarter of fiscal 2013 was 64.5%, compared with 64.9% for the same period in fiscal 2012. For the nine months ended
GAAP net income for the third quarter of fiscal 2013 was
Gross margin on a non-GAAP basis for the third quarter of fiscal 2013 was 64.5%, compared with 65.0% for the same period in fiscal 2012. For the nine months ended
Non-GAAP net income for the third quarter of fiscal 2013 was
Cash and cash equivalents at the end of the third fiscal quarter of 2013 were
"We are very pleased with our third fiscal quarter results, with total revenue up 24% over the third quarter a year ago," said Fermi Wang, president and CEO of
"In October, we completed our initial public offering, which represented a significant milestone for the company. We believe that
Quarterly Conference Call
A replay will be available approximately 30 minutes after the call, and can be accessed by dialing 855-859-2056 in the U.S. and 404-537-3406 internationally. The conference ID # is 72803808.
About
"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as "outlook," "projected," "intends," "will," "estimates," "anticipates," "expects," "believes," "could," or similar expressions, including the comments of our CEO relating to expected company growth, expansion of our target markets and anticipated design wins. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.
The risks and uncertainties referred to above include, but are not limited to, risks associated with our growth strategy; our ability to anticipate future market demands and future needs of our customers; our plans for future products; our ability to retain and expand customer relationships and to achieve design wins; our ability to successfully enter new markets; anticipated trends and challenges, including competition, in the markets in which we operate; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.
Further information on these and other factors that could affect our financial results is included in the company's final prospectus for its initial public offering, which is on file with the
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.
The company has provided below reconciliations between its non-GAAP financial measures to its most directly comparable GAAP financial measures.
|
||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(in thousands, except share and per share data) | ||||
Three Months Ended |
Nine Months Ended |
|||
2012 | 2011 | 2012 | 2011 | |
(unaudited) | ||||
Revenue | $ 35,669 | $ 28,778 | $ 89,548 | $ 72,686 |
Cost of revenue | 12,679 | 10,093 | 28,821 | 24,656 |
Gross profit | 22,990 | 18,685 | 60,727 | 48,030 |
Operating expenses: | ||||
Research and development | 10,802 | 9,169 | 31,631 | 27,611 |
Selling, general and administrative | 4,603 | 3,806 | 12,812 | 11,261 |
Total operating expenses | 15,405 | 12,975 | 44,443 | 38,872 |
Income from operations | 7,585 | 5,710 | 16,284 | 9,158 |
Other income (loss), net | 137 | 3 | 139 | (21) |
Income before income taxes | 7,722 | 5,713 | 16,423 | 9,137 |
Provision for income taxes | 1,005 | 665 | 1,878 | 1,093 |
Net income | $ 6,717 | $ 5,048 | $ 14,545 | $ 8,044 |
Net income per share attributable to ordinary shareholders: | ||||
Basic | $ 0.27 | $ 0.21 | $ 0.55 | $ 0.28 |
Diluted | $ 0.25 | $ 0.19 | $ 0.51 | $ 0.26 |
Weighted-average shares used to compute net income per share attributable to ordinary shareholders: | ||||
Basic | 12,068,819 | 8,046,362 | 9,049,864 | 7,946,206 |
Diluted | 13,415,091 | 9,513,055 | 10,506,293 | 9,465,640 |
The following table presents details of stock-based compensation expense included in each functional line item in the consolidated statements of operations above:
Three Months Ended |
Nine Months Ended |
|||
2012 | 2011 | 2012 | 2011 | |
(unaudited, in thousands) | ||||
Stock-based compensation: | ||||
Cost of revenue | $ 30 | $ 15 | $ 59 | $ 37 |
Research and development | 905 | 506 | 1,979 | 1,269 |
Selling, general and administrative | 550 | 398 | 1,403 | 1,339 |
Total stock-based compensation | $ 1,485 | $ 919 | $ 3,441 | $ 2,645 |
|
||||
RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS PER SHARE | ||||
(in thousands, except share and per share data) | ||||
Three Months Ended |
Nine Months Ended |
|||
2012 | 2011 | 2012 | 2011 | |
(unaudited) | ||||
GAAP net income | $ 6,717 | $ 5,048 | $ 14,545 | $ 8,044 |
Two-class method - allocation to preference shares basic net income | (3,474) | (3,377) | (9,570) | (5,832) |
Additional allocation to ordinary shares - treasury stock method | 155 | 173 | 432 | 240 |
GAAP net income - diluted | $ 3,398 | $ 1,844 | $ 5,407 | $ 2,452 |
Non-GAAP adjustments: | ||||
Stock-based compensation expense, net of tax effect | 1,388 | 835 | 3,166 | 2,408 |
Two-class method - additional allocation to preference shares | (595) | (473) | (1,708) | (1,368) |
Non-GAAP net income - diluted | $ 4,191 | $ 2,206 | $ 6,865 | $ 3,492 |
GAAP - diluted weighted average shares | 13,415,091 | 9,513,055 | 10,506,293 | 9,465,640 |
Non-GAAP - diluted weighted average shares | 13,415,091 | 9,513,055 | 10,506,293 | 9,465,640 |
GAAP - diluted net income per share | $ 0.25 | $ 0.19 | $ 0.51 | $ 0.26 |
Non-GAAP adjustments: | ||||
Stock-based compensation expense, net of tax effect | 0.10 | 0.09 | 0.30 | 0.25 |
Non-GAAP adjustment to two-class method diluted net income | (0.04) | (0.05) | (0.16) | (0.14) |
Non-GAAP - diluted net income per share | $ 0.31 | $ 0.23 | $ 0.65 | $ 0.37 |
For fiscal Q3 2012 and year-to-date fiscal 2013, the difference between GAAP and non-GAAP gross margin was 0.1%, or
|
||
CONSOLIDATED BALANCE SHEETS | ||
(in thousands) | ||
|
|
|
2012 | 2012 | |
ASSETS | (unaudited) | |
Current assets: | ||
Cash | $ 94,820 | $ 58,944 |
Accounts receivable, net | 18,243 | 9,485 |
Inventories | 9,141 | 6,786 |
Restricted cash | 270 | 517 |
Deferred tax assets, current | 1,333 | 861 |
Prepaid expenses and other current assets | 1,516 | 1,226 |
Total current assets | 125,323 | 77,819 |
Property and equipment, net | 2,283 | 1,686 |
Deferred tax assets, non-current | 426 | 426 |
Intangible assets, net | — | 270 |
Other assets | 1,520 | 1,538 |
Total assets | $ 129,552 | $ 81,739 |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERENCE SHARES AND SHAREHOLDERS' EQUITY | ||
Current liabilities: | ||
Accounts payable | 9,345 | 6,481 |
Accrued liabilities | 12,591 | 7,931 |
Income taxes payable | 1,115 | 530 |
Deferred revenue, current | 3,412 | 8,002 |
Total current liabilities | 26,463 | 22,944 |
Deferred revenue, non-current | -- | 200 |
Other long-term liabilities | 1,115 | 1,246 |
Total liabilities | 27,578 | 24,390 |
Shareholders' equity: | ||
Preference shares | — | 50,900 |
Ordinary shares | 12 | 3 |
Additional paid-in capital | 85,196 | 4,225 |
Retained earnings | 16,766 | 2,221 |
Total shareholders' equity | 101,974 | 6,449 |
Total liabilities, redeemable convertible preference shares and shareholders' equity | $ 129,552 | $ 81,739 |
CONTACT:Source:Deborah Stapleton 650.470.4200 deb@stapleton.com
News Provided by Acquire Media