false 2021 Q3 0001280263 --01-31 0 0 P5Y9M21D P6Y1M2D P5Y10M2D P6Y7D P0Y6M0D P0Y6M0D P0Y6M0D P0Y6M0D P4Y5M1D P3Y9M 0001280263 2020-02-01 2020-10-31 xbrli:shares 0001280263 2020-12-02 iso4217:USD 0001280263 2020-10-31 0001280263 2020-01-31 iso4217:USD xbrli:shares 0001280263 2020-08-01 2020-10-31 0001280263 2019-08-01 2019-10-31 0001280263 2019-02-01 2019-10-31 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 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 us-gaap:CommonStockMember 2019-01-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-01-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-31 0001280263 us-gaap:RetainedEarningsMember 2019-01-31 0001280263 2019-01-31 0001280263 us-gaap:CommonStockMember 2019-02-01 2019-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-02-01 2019-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-02-01 2019-04-30 0001280263 us-gaap:RetainedEarningsMember 2019-02-01 2019-04-30 0001280263 2019-02-01 2019-04-30 0001280263 us-gaap:CommonStockMember 2019-04-30 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-04-30 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-30 0001280263 us-gaap:RetainedEarningsMember 2019-04-30 0001280263 2019-04-30 0001280263 us-gaap:CommonStockMember 2019-05-01 2019-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-05-01 2019-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-05-01 2019-07-31 0001280263 us-gaap:RetainedEarningsMember 2019-05-01 2019-07-31 0001280263 2019-05-01 2019-07-31 0001280263 us-gaap:CommonStockMember 2019-07-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-07-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-31 0001280263 us-gaap:RetainedEarningsMember 2019-07-31 0001280263 2019-07-31 0001280263 us-gaap:CommonStockMember 2019-08-01 2019-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-08-01 2019-10-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-08-01 2019-10-31 0001280263 us-gaap:RetainedEarningsMember 2019-08-01 2019-10-31 0001280263 us-gaap:CommonStockMember 2019-10-31 0001280263 us-gaap:AdditionalPaidInCapitalMember 2019-10-31 0001280263 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-10-31 0001280263 us-gaap:RetainedEarningsMember 2019-10-31 0001280263 2019-10-31 0001280263 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-10-31 0001280263 us-gaap:OtherNoncurrentAssetsMember 2020-10-31 0001280263 us-gaap:MoneyMarketFundsMember 2020-10-31 0001280263 us-gaap:CommercialPaperMember 2020-10-31 0001280263 us-gaap:BondsMember 2020-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember 2020-10-31 0001280263 us-gaap:USTreasurySecuritiesMember 2020-10-31 0001280263 us-gaap:MoneyMarketFundsMember 2020-01-31 0001280263 us-gaap:CommercialPaperMember 2020-01-31 0001280263 us-gaap:BondsMember 2020-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember 2020-01-31 0001280263 us-gaap:USTreasurySecuritiesMember 2020-01-31 amba:Security 0001280263 us-gaap:CashEquivalentsMember 2020-10-31 0001280263 us-gaap:CashEquivalentsMember 2020-01-31 0001280263 us-gaap:AvailableforsaleSecuritiesMember 2020-10-31 0001280263 us-gaap:AvailableforsaleSecuritiesMember 2020-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:FairValueInputsLevel1Member 2020-10-31 0001280263 us-gaap:FairValueInputsLevel2Member 2020-10-31 0001280263 us-gaap:FairValueInputsLevel3Member 2020-10-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:BondsMember us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 us-gaap:FairValueInputsLevel1Member 2020-01-31 0001280263 us-gaap:FairValueInputsLevel2Member 2020-01-31 0001280263 us-gaap:FairValueInputsLevel3Member 2020-01-31 0001280263 amba:ComputerEquipmentAndSoftwareMember 2020-10-31 0001280263 amba:ComputerEquipmentAndSoftwareMember 2020-01-31 0001280263 us-gaap:MachineryAndEquipmentMember 2020-10-31 0001280263 us-gaap:MachineryAndEquipmentMember 2020-01-31 0001280263 us-gaap:FurnitureAndFixturesMember 2020-10-31 0001280263 us-gaap:FurnitureAndFixturesMember 2020-01-31 0001280263 us-gaap:LeaseholdImprovementsMember 2020-10-31 0001280263 us-gaap:LeaseholdImprovementsMember 2020-01-31 0001280263 us-gaap:ConstructionInProgressMember 2020-10-31 0001280263 us-gaap:ConstructionInProgressMember 2020-01-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember amba:VisLabSRLMember 2015-06-25 0001280263 amba:InternalUseSoftwareLicenseMember 2020-10-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember 2020-10-31 0001280263 us-gaap:InProcessResearchAndDevelopmentMember 2020-01-31 0001280263 amba:InternalUseSoftwareLicenseMember 2020-01-31 0001280263 amba:InternalUseSoftwareLicenseMember 2020-02-01 2020-10-31 0001280263 amba:InternalUseSoftwareLicenseMember 2020-08-01 2020-10-31 0001280263 amba:InternalUseSoftwareLicenseMember 2019-08-01 2019-10-31 0001280263 amba:InternalUseSoftwareLicenseMember 2019-02-01 2019-10-31 xbrli:pure 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2020-02-01 2020-02-01 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember us-gaap:ScenarioPlanMember 2020-02-01 2020-02-01 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2020-02-01 2020-02-01 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember us-gaap:ScenarioPlanMember 2020-02-01 2020-02-01 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2020-10-31 0001280263 amba:TwoThousandTwelveEquityIncentivePlanMember 2020-01-31 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2020-10-31 0001280263 amba:AmendedAndRestatedTwoThousandTwelveEmployeeStockPurchasePlanMember 2020-01-31 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2019-05-29 2019-05-29 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember srt:MaximumMember 2019-05-29 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2020-05-29 2020-05-29 0001280263 2016-06-30 2016-06-30 0001280263 2016-06-01 2020-10-31 0001280263 amba:StockRepurchaseProgramFiftyMillionAuthorizationMember 2020-10-31 0001280263 us-gaap:CostOfSalesMember 2020-08-01 2020-10-31 0001280263 us-gaap:CostOfSalesMember 2019-08-01 2019-10-31 0001280263 us-gaap:CostOfSalesMember 2020-02-01 2020-10-31 0001280263 us-gaap:CostOfSalesMember 2019-02-01 2019-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2020-08-01 2020-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2019-08-01 2019-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2020-02-01 2020-10-31 0001280263 us-gaap:ResearchAndDevelopmentExpenseMember 2019-02-01 2019-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-08-01 2020-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-08-01 2019-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-02-01 2020-10-31 0001280263 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-02-01 2019-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-02-01 2020-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2020-02-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2019-08-01 2019-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2019-02-01 2019-10-31 0001280263 us-gaap:EmployeeStockMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockMember 2019-08-01 2019-10-31 0001280263 us-gaap:EmployeeStockMember 2020-02-01 2020-10-31 0001280263 us-gaap:EmployeeStockMember 2019-02-01 2019-10-31 0001280263 us-gaap:RestrictedStockUnitsRSUMember 2020-01-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-08-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2019-08-01 2019-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2020-02-01 2020-10-31 0001280263 us-gaap:EmployeeStockOptionMember 2019-02-01 2019-10-31 0001280263 amba:RestrictedStockAndRestrictedStockUnitsMember 2020-08-01 2020-10-31 0001280263 amba:RestrictedStockAndRestrictedStockUnitsMember 2019-08-01 2019-10-31 0001280263 amba:RestrictedStockAndRestrictedStockUnitsMember 2020-02-01 2020-10-31 0001280263 amba:RestrictedStockAndRestrictedStockUnitsMember 2019-02-01 2019-10-31 0001280263 us-gaap:DomesticCountryMember us-gaap:EarliestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:DomesticCountryMember us-gaap:LatestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:StateAndLocalJurisdictionMember us-gaap:EarliestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:StateAndLocalJurisdictionMember us-gaap:LatestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:ForeignCountryMember us-gaap:EarliestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:ForeignCountryMember us-gaap:LatestTaxYearMember 2020-02-01 2020-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2020-02-01 2020-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2019-02-01 2020-01-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2020-10-31 0001280263 us-gaap:IndemnificationGuaranteeMember 2020-01-31 amba:Segment 0001280263 country:TW 2020-08-01 2020-10-31 0001280263 country:TW 2019-08-01 2019-10-31 0001280263 country:TW 2020-02-01 2020-10-31 0001280263 country:TW 2019-02-01 2019-10-31 0001280263 srt:AsiaPacificMember 2020-08-01 2020-10-31 0001280263 srt:AsiaPacificMember 2019-08-01 2019-10-31 0001280263 srt:AsiaPacificMember 2020-02-01 2020-10-31 0001280263 srt:AsiaPacificMember 2019-02-01 2019-10-31 0001280263 srt:EuropeMember 2020-08-01 2020-10-31 0001280263 srt:EuropeMember 2019-08-01 2019-10-31 0001280263 srt:EuropeMember 2020-02-01 2020-10-31 0001280263 srt:EuropeMember 2019-02-01 2019-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2020-08-01 2020-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2019-08-01 2019-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2020-02-01 2020-10-31 0001280263 amba:NorthAmericaOtherThanUnitedStatesMember 2019-02-01 2019-10-31 0001280263 country:US 2020-08-01 2020-10-31 0001280263 country:US 2019-08-01 2019-10-31 0001280263 country:US 2020-02-01 2020-10-31 0001280263 country:US 2019-02-01 2019-10-31 0001280263 country:US 2020-10-31 0001280263 srt:AsiaPacificMember 2020-10-31 0001280263 srt:EuropeMember 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2020-08-01 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2020-02-01 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:ChiconyElectronicsCompanyLimitedMember 2020-02-01 2020-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2019-08-01 2019-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:WintechMicroelectronicsCompanyLimitedMember 2019-02-01 2019-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2019-08-01 2019-10-31 0001280263 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember amba:ChiconyElectronicsCompanyLimitedMember 2019-02-01 2019-10-31 0001280263 us-gaap:CreditConcentrationRiskMember amba:WintechMicroelectronicsCompanyLimitedMember 2020-10-31 0001280263 us-gaap:CreditConcentrationRiskMember amba:ChiconyElectronicsCompanyLimitedMember 2020-10-31

 

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, 2020

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, 2020 was 35,172,037 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, 2020 and January 31, 2020

 

3

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended October 31, 2020 and 2019

 

4

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended October 31, 2020 and 2019

 

5

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended October 31, 2020 and 2019

 

6

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2020 and 2019

 

7

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2.

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

 

22

 

 

 

 

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 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

 

 

 

 

Item 6.

Exhibits

 

60

 

 

 

 

Signatures

 

62

 

 

 

 

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,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

225,508

 

 

$

231,403

 

Marketable debt securities

 

 

198,129

 

 

 

173,345

 

Accounts receivable, net

 

 

24,111

 

 

 

18,487

 

Inventories

 

 

23,712

 

 

 

22,971

 

Restricted cash

 

 

10

 

 

 

9

 

Prepaid expenses and other current assets

 

 

4,777

 

 

 

4,975

 

Total current assets

 

 

476,247

 

 

 

451,190

 

Property and equipment, net

 

 

5,131

 

 

 

5,614

 

Deferred tax assets, non-current

 

 

10,463

 

 

 

10,400

 

Intangible assets, net

 

 

17,352

 

 

 

17,826

 

Operating lease right-of-use assets, net

 

 

8,734

 

 

 

9,935

 

Goodwill

 

 

26,601

 

 

 

26,601

 

Other non-current assets

 

 

5,027

 

 

 

5,710

 

Total assets

 

$

549,555

 

 

$

527,276

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

14,613

 

 

 

14,910

 

Accrued and other current liabilities

 

 

41,922

 

 

 

34,970

 

Operating lease liabilities, current

 

 

2,809

 

 

 

2,181

 

Income taxes payable

 

 

1,711

 

 

 

691

 

Deferred revenue, current

 

 

1,178

 

 

 

701

 

Total current liabilities

 

 

62,233

 

 

 

53,453

 

Operating lease liabilities, non-current

 

 

6,662

 

 

 

7,975

 

Other long-term liabilities

 

 

18,007

 

 

 

17,776

 

Total liabilities

 

 

86,902

 

 

 

79,204

 

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, 2020 and

   January 31, 2020, respectively

 

 

 

 

 

 

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

   authorized at October 31, 2020 and January 31, 2020, respectively;

   35,072,089 shares issued and outstanding at October 31, 2020; 33,805,609

   shares issued and outstanding at January 31, 2020

 

 

16

 

 

 

15

 

Additional paid-in capital

 

 

322,502

 

 

 

261,220

 

Accumulated other comprehensive income

 

 

1,363

 

 

 

768

 

Retained earnings

 

 

138,772

 

 

 

186,069

 

Total shareholders’ equity

 

 

462,653

 

 

 

448,072

 

Total liabilities and shareholders' equity

 

$

549,555

 

 

$

527,276

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

56,090

 

 

$

67,922

 

 

$

160,848

 

 

$

171,520

 

Cost of revenue

 

 

21,298

 

 

 

28,819

 

 

 

63,078

 

 

 

72,127

 

Gross profit

 

 

34,792

 

 

 

39,103

 

 

 

97,770

 

 

 

99,393

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

36,573

 

 

 

32,480

 

 

 

103,575

 

 

 

95,917

 

Selling, general and administrative

 

 

14,468

 

 

 

13,791

 

 

 

41,348

 

 

 

39,293

 

Total operating expenses

 

 

51,041

 

 

 

46,271

 

 

 

144,923

 

 

 

135,210

 

Loss from operations

 

 

(16,249

)

 

 

(7,168

)

 

 

(47,153

)

 

 

(35,817

)

Other income, net

 

 

673

 

 

 

1,917

 

 

 

3,231

 

 

 

6,308

 

Loss before income taxes

 

 

(15,576

)

 

 

(5,251

)

 

 

(43,922

)

 

 

(29,509

)

Provision (benefit) for income taxes

 

 

1,502

 

 

 

(942

)

 

 

3,375

 

 

 

2,302

 

Net loss

 

$

(17,078

)

 

$

(4,309

)

 

$

(47,297

)

 

$

(31,811

)

Net loss per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.49

)

 

$

(0.13

)

 

$

(1.37

)

 

$

(0.97

)

Diluted

 

$

(0.49

)

 

$

(0.13

)

 

$

(1.37

)

 

$

(0.97

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,819,880

 

 

 

33,304,171

 

 

 

34,460,172

 

 

 

32,885,729

 

Diluted

 

 

34,819,880

 

 

 

33,304,171

 

 

 

34,460,172

 

 

 

32,885,729

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

4


AMBARELLA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited, in thousands)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(17,078

)

 

$

(4,309

)

 

$

(47,297

)

 

$

(31,811

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on investments

 

 

(224

)

 

 

140

 

 

 

595

 

 

 

588

 

Other comprehensive income (loss), net of tax

 

 

(224

)

 

 

140

 

 

 

595

 

 

 

588

 

Comprehensive loss

 

$

(17,302

)

 

$

(4,169

)

 

$

(46,702

)

 

$

(31,223

)

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, 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

 

Net unrealized losses on investments - 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

 

Net unrealized gains on investments - 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

 

 

 

 

 

 

 

 

 

3,164

 

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

 

 

 

 

 

 

 

 

17,041

 

 

 

 

 

 

 

 

 

17,041

 

Net unrealized losses on investments - net of tax

 

 

 

 

 

 

 

 

 

 

 

(224

)

 

 

 

 

 

(224

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,078

)

 

 

(17,078

)

Balance--October 31, 2020

 

 

35,072,089

 

 

$

16

 

 

$

322,502

 

 

$

1,363

 

 

$

138,772

 

 

$

462,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Earnings

 

 

Total

 

Balance--January 31, 2019

 

 

32,303,540

 

 

$

15

 

 

$

188,516

 

 

$

97

 

 

$

230,861

 

 

$

419,489

 

Issuance of shares through employee equity incentive plan

 

 

335,301

 

 

 

 

 

 

1,520

 

 

 

 

 

 

 

 

 

1,520

 

Issuance of shares through employee stock purchase plan

 

 

99,759

 

 

 

 

 

 

3,063

 

 

 

 

 

 

 

 

 

3,063

 

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

 

 

 

 

 

 

 

 

15,423

 

 

 

 

 

 

 

 

 

15,423

 

Net unrealized gains on investments - net of tax

 

 

 

 

 

 

 

 

 

 

 

254

 

 

 

 

 

 

254

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,311

)

 

 

(17,311

)

Balance--April 30, 2019

 

 

32,738,600

 

 

 

15

 

 

 

208,522

 

 

 

351

 

 

 

213,550

 

 

 

422,438

 

Issuance of shares through employee equity incentive plan

 

 

295,019

 

 

 

 

 

 

988

 

 

 

 

 

 

 

 

 

988

 

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

 

 

 

 

 

 

 

 

15,032

 

 

 

 

 

 

 

 

 

15,032

 

Net unrealized gains on investments - net of tax

 

 

 

 

 

 

 

 

 

 

 

194

 

 

 

 

 

 

194

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,191

)

 

 

(10,191

)

Balance--July 31, 2019

 

 

33,033,619

 

 

 

15

 

 

 

224,542

 

 

 

545

 

 

 

203,359

 

 

 

428,461

 

Issuance of shares through employee equity incentive plan

 

 

428,600

 

 

 

 

 

 

2,711

 

 

 

 

 

 

 

 

 

2,711

 

Issuance of shares through employee stock purchase plan

 

 

78,105

 

 

 

 

 

 

2,904

 

 

 

 

 

 

 

 

 

2,904

 

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

 

 

 

 

 

 

 

 

15,333

 

 

 

 

 

 

 

 

 

15,333

 

Net unrealized gains on investments - net of tax

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

140

 

Net loss