10-Q 1 amba-10q_20211031.htm 10-Q amba-10q_20211031.htm
false 2022 Q3 0001280263 --01-31 2022 0 0 P5Y9M21D P5Y3M7D P5Y10M2D P6M P6M P6M P6M P4Y7M20D P3Y10M24D 0001280263 2021-02-01 2021-10-31 xbrli:shares 0001280263 2021-12-02 iso4217:USD 0001280263 2021-10-31 0001280263 2021-01-31 iso4217:USD xbrli:shares 0001280263 2021-08-01 2021-10-31 0001280263 2020-08-01 2020-10-31 0001280263 2020-02-01 2020-10-31 0001280263 us-gaap:CommonStockMember 2021-01-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0001280263 us-gaap:RetainedEarningsMember 2021-01-31 0001280263 us-gaap:CommonStockMember 2021-02-01 2021-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-02-01 2021-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-01 2021-04-30 0001280263 us-gaap:RetainedEarningsMember 2021-02-01 2021-04-30 0001280263 2021-02-01 2021-04-30 0001280263 us-gaap:CommonStockMember 2021-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-30 0001280263 us-gaap:RetainedEarningsMember 2021-04-30 0001280263 2021-04-30 0001280263 us-gaap:CommonStockMember 2021-05-01 2021-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-05-01 2021-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-01 2021-07-31 0001280263 us-gaap:RetainedEarningsMember 2021-05-01 2021-07-31 0001280263 2021-05-01 2021-07-31 0001280263 us-gaap:CommonStockMember 2021-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-31 0001280263 us-gaap:RetainedEarningsMember 2021-07-31 0001280263 2021-07-31 0001280263 us-gaap:CommonStockMember 2021-08-01 2021-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-08-01 2021-10-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-08-01 2021-10-31 0001280263 us-gaap:RetainedEarningsMember 2021-08-01 2021-10-31 0001280263 us-gaap:CommonStockMember 2021-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2021-10-31 0001280263 us-gaap:RetainedEarningsMember 2021-10-31 0001280263 us-gaap:CommonStockMember 2020-01-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-01-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-31 0001280263 us-gaap:RetainedEarningsMember 2020-01-31 0001280263 2020-01-31 0001280263 us-gaap:CommonStockMember 2020-02-01 2020-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-02-01 2020-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-02-01 2020-04-30 0001280263 us-gaap:RetainedEarningsMember 2020-02-01 2020-04-30 0001280263 2020-02-01 2020-04-30 0001280263 us-gaap:CommonStockMember 2020-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-30 0001280263 us-gaap:RetainedEarningsMember 2020-04-30 0001280263 2020-04-30 0001280263 us-gaap:CommonStockMember 2020-05-01 2020-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-05-01 2020-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-01 2020-07-31 0001280263 us-gaap:RetainedEarningsMember 2020-05-01 2020-07-31 0001280263 2020-05-01 2020-07-31 0001280263 us-gaap:CommonStockMember 2020-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-31 0001280263 us-gaap:RetainedEarningsMember 2020-07-31 0001280263 2020-07-31 0001280263 us-gaap:CommonStockMember 2020-08-01 2020-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-08-01 2020-10-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-08-01 2020-10-31 0001280263 us-gaap:RetainedEarningsMember 2020-08-01 2020-10-31 0001280263 us-gaap:CommonStockMember 2020-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2020-10-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-10-31 0001280263 us-gaap:RetainedEarningsMember 2020-10-31 0001280263 2020-10-31 0001280263 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2021-10-31 0001280263 us-gaap:OtherNoncurrentAssetsMember 2021-10-31 0001280263 us-gaap:MoneyMarketFundsMember 2021-10-31 0001280263 us-gaap:CommercialPaperMember 2021-10-31 0001280263 us-gaap:BondsMember 2021-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember 2021-10-31 0001280263 us-gaap:USTreasurySecuritiesMember 2021-10-31 0001280263 us-gaap:MoneyMarketFundsMember 2021-01-31 0001280263 us-gaap:CommercialPaperMember 2021-01-31 0001280263 us-gaap:BondsMember 2021-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember 2021-01-31 0001280263 us-gaap:USTreasurySecuritiesMember 2021-01-31 0001280263 us-gaap:CashEquivalentsMember 2021-10-31 0001280263 us-gaap:CashEquivalentsMember 2021-01-31 0001280263 us-gaap:AvailableforsaleSecuritiesMember 2021-10-31 0001280263 us-gaap:AvailableforsaleSecuritiesMember 2021-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:FairValueInputsLevel1Member 2021-10-31 0001280263 us-gaap:FairValueInputsLevel2Member 2021-10-31 0001280263 us-gaap:FairValueInputsLevel3Member 2021-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 us-gaap:FairValueInputsLevel1Member 2021-01-31 0001280263 us-gaap:FairValueInputsLevel2Member 2021-01-31 0001280263 us-gaap:FairValueInputsLevel3Member 2021-01-31 0001280263 amba:ComputerEquipmentAndSoftwareMember 2021-10-31 0001280263 amba:ComputerEquipmentAndSoftwareMember 2021-01-31 0001280263 us-gaap:MachineryAndEquipmentMember 2021-10-31 0001280263 us-gaap:MachineryAndEquipmentMember 2021-01-31 0001280263 us-gaap:FurnitureAndFixturesMember 2021-10-31 0001280263 us-gaap:FurnitureAndFixturesMember 2021-01-31 0001280263 us-gaap:LeaseholdImprovementsMember 2021-10-31 0001280263 us-gaap:LeaseholdImprovementsMember 2021-01-31 0001280263 us-gaap:ConstructionInProgressMember 2021-10-31 0001280263 us-gaap:ConstructionInProgressMember 2021-01-31 0001280263 us-gaap:DevelopedTechnologyRightsMember 2021-10-31 0001280263 amba:InternalUseSoftwareLicenseMember 2021-10-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember 2021-02-01 2021-10-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember 2021-10-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember 2021-01-31 0001280263 us-gaap:DevelopedTechnologyRightsMember 2021-01-31 0001280263 amba:InternalUseSoftwareLicenseMember 2021-01-31 0001280263 amba:ShanghaiMember amba:ExtendedOfficeLeaseMember 2021-02-01 2021-10-31 0001280263 amba:ShanghaiMember amba:ExtendedOfficeLeaseMember 2021-10-31 0001280263 country:HK amba:ExtendedOfficeLeaseMember 2021-02-01 2021-10-31 0001280263 country:HK amba:ExtendedOfficeLeaseMember 2021-10-31 0001280263 amba:ExtendedOfficeLeaseMember 2021-02-01 2021-10-31 0001280263 amba:ShanghaiMember amba:AdditionalOfficeSpaceMember 2021-02-01 2021-10-31 0001280263 amba:ShanghaiMember amba:AdditionalOfficeSpaceMember 2021-10-31 xbrli:pure 0001280263 amba:TwoThousandTwentyOneEquityIncentivePlanMember 2021-06-01 2021-06-30 0001280263 amba:TwoThousandTwentyOneEquityIncentivePlanMember 2021-06-30 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2021-02-01 2021-04-30 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2021-05-01 2021-06-30 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2021-02-01 2021-04-30 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember us-gaap:ScenarioPlanMember 2021-02-01 2021-04-30 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2021-10-31 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2021-01-31 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2021-10-31 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2021-01-31 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2019-05-29 2019-05-29 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember srt:MaximumMember 2019-05-29 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2021-02-01 2021-10-31 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2020-03-16 2020-03-16 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2020-05-29 2020-05-29 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2021-05-25 2021-05-25 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2021-10-31 0001280263 us-gaap:CostOfSalesMember 2021-08-01 2021-10-31 0001280263 us-gaap:CostOfSalesMember 2020-08-01 2020-10-31 0001280263 us-gaap:CostOfSalesMember 2021-02-01 2021-10-31 0001280263 us-gaap:CostOfSalesMember 2020-02-01 2020-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2021-08-01 2021-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2020-08-01 2020-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2021-02-01 2021-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2020-02-01 2020-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-08-01 2021-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-08-01 2020-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2021-02-01 2021-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-02-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2021-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2021-02-01 2021-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-02-01 2021-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-02-01 2020-10-31 0001280263 us-gaap:EmployeeStockMember 2021-08-01 2021-10-31 0001280263 us-gaap:EmployeeStockMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockMember 2021-02-01 2021-10-31 0001280263 us-gaap:EmployeeStockMember 2020-02-01 2020-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-01-31 0001280263 us-gaap:EmployeeStockOptionMember 2021-08-01 2021-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2021-10-31 0001280263 us-gaap:EmployeeStockMember 2021-08-01 2021-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2021-08-01 2021-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2021-02-01 2021-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-02-01 2020-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-08-01 2021-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2020-08-01 2020-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2021-02-01 2021-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2020-02-01 2020-10-31 0001280263 us-gaap:DomesticCountryMember us-gaap:EarliestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:DomesticCountryMember us-gaap:LatestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:StateAndLocalJurisdictionMember us-gaap:EarliestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:StateAndLocalJurisdictionMember us-gaap:LatestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:ForeignCountryMember us-gaap:EarliestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:ForeignCountryMember us-gaap:LatestTaxYearMember 2021-02-01 2021-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2021-02-01 2021-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2020-02-01 2021-01-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2021-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2021-01-31 amba:Segment 0001280263 country:TW 2021-08-01 2021-10-31 0001280263 country:TW 2020-08-01 2020-10-31 0001280263 country:TW 2021-02-01 2021-10-31 0001280263 country:TW 2020-02-01 2020-10-31 0001280263 srt:AsiaPacificMember 2021-08-01 2021-10-31 0001280263 srt:AsiaPacificMember 2020-08-01 2020-10-31 0001280263 srt:AsiaPacificMember 2021-02-01 2021-10-31 0001280263 srt:AsiaPacificMember 2020-02-01 2020-10-31 0001280263 srt:EuropeMember 2021-08-01 2021-10-31 0001280263 srt:EuropeMember 2020-08-01 2020-10-31 0001280263 srt:EuropeMember 2021-02-01 2021-10-31 0001280263 srt:EuropeMember 2020-02-01 2020-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2021-08-01 2021-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2020-08-01 2020-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2021-02-01 2021-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2020-02-01 2020-10-31 0001280263 country:US 2021-08-01 2021-10-31 0001280263 country:US 2020-08-01 2020-10-31 0001280263 country:US 2021-02-01 2021-10-31 0001280263 country:US 2020-02-01 2020-10-31 0001280263 country:US 2021-10-31 0001280263 srt:AsiaPacificMember 2021-10-31 0001280263 srt:EuropeMember 2021-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2021-08-01 2021-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2021-08-01 2021-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2021-02-01 2021-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2021-02-01 2021-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2020-08-01 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2020-08-01 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2020-02-01 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2020-02-01 2020-10-31 0001280263 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember amba:WintechMicroelectronicsCompanyLimitedMember 2021-10-31 0001280263 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember amba:ChiconyElectronicsCompanyLimitedMember 2021-10-31 0001280263 us-gaap:SubsequentEventMember amba:OculiiCorporationMember 2021-11-05 0001280263 us-gaap:SubsequentEventMember amba:OculiiCorporationMember 2021-11-05 2021-11-05 0001280263 amba:OculiiCorporationMember us-gaap:OperatingExpenseMember 2021-10-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended October 31, 2021

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             to             

Commission file number: 001-35667

 

AMBARELLA, INC.

(Exact name of registrant as specified in its charter)

 

 

Cayman Islands

 

98-0459628

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

3101 Jay Street

Santa Clara, California

 

95054

(Address of principal executive offices)

 

(Zip Code)

(408) 734-8888

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Ordinary Shares, $0.00045 Par Value Per Share

AMBA

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  

The number of ordinary shares of the Registrant outstanding as of December 2, 2021 was 37,003,100 shares.

 

 

 


 

AMBARELLA, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

 

Page

 

 

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets at October 31, 2021 and January 31, 2021

 

3

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended October 31, 2021 and 2020

 

4

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended October 31, 2021 and 2020

 

5

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended October 31, 2021 and 2020

 

6

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2021 and 2020

 

7

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

33

 

 

 

 

Item 4.

Controls and Procedures

 

33

 

 

 

 

PART II. OTHER INFORMATION

 

34

 

 

 

 

Item 1.

Legal Proceedings

 

34

 

 

 

 

Item 1A.

Risk Factors

 

34

 

 

 

 

Item 6.

Exhibits

 

62

 

 

 

 

Signatures

 

64

 

 

 

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

AMBARELLA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

 

As of

 

 

 

October 31,

 

 

January 31,

 

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

457,760

 

 

$

241,274

 

Marketable debt securities

 

 

 

 

 

199,434

 

Accounts receivable, net

 

 

44,776

 

 

 

24,974

 

Inventories

 

 

47,039

 

 

 

26,081

 

Restricted cash

 

 

10

 

 

 

10

 

Prepaid expenses and other current assets

 

 

5,789

 

 

 

5,531

 

Total current assets

 

 

555,374

 

 

 

497,304

 

Property and equipment, net

 

 

8,498

 

 

 

5,530

 

Deferred tax assets, non-current

 

 

11,467

 

 

 

10,914

 

Intangible assets, net

 

 

15,267

 

 

 

18,703

 

Operating lease right-of-use assets, net

 

 

11,958

 

 

 

9,659

 

Goodwill

 

 

26,601

 

 

 

26,601

 

Other non-current assets

 

 

4,190

 

 

 

4,569

 

Total assets

 

$

633,355

 

 

$

573,280

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

27,071

 

 

 

21,124

 

Accrued and other current liabilities

 

 

48,909

 

 

 

48,126

 

Operating lease liabilities, current

 

 

3,494

 

 

 

2,911

 

Income taxes payable

 

 

1,358

 

 

 

962

 

Deferred revenue, current

 

 

787

 

 

 

844

 

Total current liabilities

 

 

81,619

 

 

 

73,967

 

Operating lease liabilities, non-current

 

 

9,053

 

 

 

7,525

 

Other long-term liabilities

 

 

13,448

 

 

 

16,812

 

Total liabilities

 

 

104,120

 

 

 

98,304

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preference shares, $0.00045 par value per share, 20,000,000 shares

   authorized and no shares issued and outstanding at October 31, 2021 and

   January 31, 2021, respectively

 

 

 

 

 

 

Ordinary shares, $0.00045 par value per share, 200,000,000 shares

   authorized at October 31, 2021 and January 31, 2021, respectively;

   36,925,142 shares issued and outstanding at October 31, 2021; 35,547,440

   shares issued and outstanding at January 31, 2021

 

 

17

 

 

 

16

 

Additional paid-in capital

 

 

420,153

 

 

 

347,458

 

Accumulated other comprehensive income

 

 

 

 

 

1,219

 

Retained earnings

 

 

109,065

 

 

 

126,283

 

Total shareholders’ equity

 

 

529,235

 

 

 

474,976

 

Total liabilities and shareholders' equity

 

$

633,355

 

 

$

573,280

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

3


 

AMBARELLA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

92,167

 

 

$

56,090

 

 

$

241,627

 

 

$

160,848

 

Cost of revenue

 

 

34,541

 

 

 

21,298

 

 

 

90,817

 

 

 

63,078

 

Gross profit

 

 

57,626

 

 

 

34,792

 

 

 

150,810

 

 

 

97,770

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

41,362

 

 

 

36,573

 

 

 

118,794

 

 

 

103,575

 

Selling, general and administrative

 

 

17,475

 

 

 

14,468

 

 

 

49,323

 

 

 

41,348

 

Total operating expenses

 

 

58,837

 

 

 

51,041

 

 

 

168,117

 

 

 

144,923

 

Loss from operations

 

 

(1,211

)

 

 

(16,249

)

 

 

(17,307

)

 

 

(47,153

)

Other income, net

 

 

407

 

 

 

673

 

 

 

1,218

 

 

 

3,231

 

Loss before income taxes

 

 

(804

)

 

 

(15,576

)

 

 

(16,089

)

 

 

(43,922

)

Provision (benefit) for income taxes

 

 

(1,560

)

 

 

1,502

 

 

 

1,129

 

 

 

3,375

 

Net income (loss)

 

$

756

 

 

$

(17,078

)

 

$

(17,218

)

 

$

(47,297

)

Net income (loss) per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

(0.49

)

 

$

(0.47

)

 

$

(1.37

)

Diluted

 

$

0.02

 

 

$

(0.49

)

 

$

(0.47

)

 

$

(1.37

)

Weighted-average shares used to compute net income (loss) per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,792,187

 

 

 

34,819,880

 

 

 

36,391,676

 

 

 

34,460,172

 

Diluted

 

 

39,046,274

 

 

 

34,819,880

 

 

 

36,391,676

 

 

 

34,460,172

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

4


 

AMBARELLA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

756

 

 

$

(17,078

)

 

$

(17,218

)

 

$

(47,297

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change and reclassification of unrealized gains (losses) on investments

 

 

(608

)

 

 

(224

)

 

 

(1,219

)

 

 

595

 

Other comprehensive income (loss), net of tax

 

 

(608

)

 

 

(224

)

 

 

(1,219

)

 

 

595

 

Comprehensive income (loss)

 

$

148

 

 

$

(17,302

)

 

$

(18,437

)

 

$

(46,702

)

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

5


 

AMBARELLA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance--January 31, 2021

 

 

35,547,440

 

 

$

16

 

 

$

347,458

 

 

$

1,219

 

 

$

126,283

 

 

$

474,976

 

Issuance of shares through employee equity incentive plan

 

 

643,120

 

 

 

 

 

 

6,741

 

 

 

 

 

 

 

 

 

6,741

 

Issuance of shares through employee stock purchase plan

 

 

82,783

 

 

 

 

 

 

3,694

 

 

 

 

 

 

 

 

 

3,694

 

Stock-based compensation expense related to stock awards granted to employees and consultants

 

 

 

 

 

 

 

 

17,128

 

 

 

 

 

 

 

 

 

17,128

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

(427

)

 

 

 

 

 

(427

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,818

)

 

 

(10,818

)

Balance--April 30, 2021

 

 

36,273,343

 

 

 

16

 

 

 

375,021

 

 

 

792

 

 

 

115,465

 

 

 

491,294

 

Issuance of shares through employee equity incentive plan

 

 

371,293

 

 

 

 

 

 

1,461

 

 

 

 

 

 

 

 

 

1,461

 

Stock-based compensation expense related to stock awards granted to employees and consultants

 

 

 

 

 

 

 

 

17,639

 

 

 

 

 

 

 

 

 

17,639

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

(184

)

 

 

 

 

 

(184

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,156

)

 

 

(7,156

)

Balance--July 31, 2021

 

 

36,644,636

 

 

 

16

 

 

 

394,121

 

 

 

608

 

 

 

108,309

 

 

 

503,054

 

Issuance of shares through employee equity incentive plan

 

 

244,507

 

 

 

1

 

 

 

2,200

 

 

 

 

 

 

 

 

 

2,201

 

Issuance of shares through employee stock purchase plan

 

 

35,999

 

 

 

 

 

 

3,513

 

 

 

 

 

 

 

 

 

3,513

 

Stock-based compensation expense related to stock awards granted to employees and consultants

 

 

 

 

 

 

 

 

20,319

 

 

 

 

 

 

 

 

 

20,319

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

(608

)

 

 

 

 

 

(608

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

756

 

 

 

756

 

Balance--October 31, 2021

 

 

36,925,142

 

 

$

17

 

 

$

420,153

 

 

$

 

 

$

109,065

 

 

$

529,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance--January 31, 2020

 

 

33,805,609

 

 

$

15

 

 

$

261,220

 

 

$

768

 

 

$

186,069

 

 

$

448,072

 

Issuance of shares through employee equity incentive plan

 

 

478,643

 

 

 

 

 

 

6,463

 

 

 

 

 

 

 

 

 

6,463

 

Issuance of shares through employee stock purchase plan

 

 

83,564

 

 

 

 

 

 

2,660

 

 

 

 

 

 

 

 

 

2,660

 

Stock repurchase

 

 

(25,719

)

 

 

 

 

 

(1,000

)

 

 

 

 

 

 

 

 

(1,000

)

Stock-based compensation expense related to stock awards granted to employees and consultants

 

 

 

 

 

 

 

 

15,214

 

 

 

 

 

 

 

 

 

15,214

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

(363

)

 

 

 

 

 

(363

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,463

)

 

 

(15,463

)

Balance--April 30, 2020

 

 

34,342,097

 

 

 

15

 

 

 

284,557

 

 

 

405

 

 

 

170,606

 

 

 

455,583

 

Issuance of shares through employee equity incentive plan

 

 

268,739

 

 

 

 

 

 

344

 

 

 

 

 

 

 

 

 

344

 

Stock-based compensation expense related to stock awards granted to employees and consultants

 

 

 

 

 

 

 

 

16,294

 

 

 

 

 

 

 

 

 

16,294

 

Other comprehensive income (loss) - net of tax

 

 

 

 

 

 

 

 

 

 

 

1,182

 

 

 

 

 

 

1,182

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,756

)

 

 

(14,756

)

Balance--July 31, 2020

 

 

34,610,836

 

 

 

15

 

 

 

301,195

 

 

 

1,587

 

 

 

155,850

 

 

 

458,647

 

Issuance of shares through employee equity incentive plan

 

 

361,886

 

 

 

1

 

 

 

1,102

 

 

 

 

 

 

 

 

 

1,103

 

Issuance of shares through employee stock purchase plan

 

 

99,367

 

 

 

 

 

 

3,164