Ambarella Inc. Announces First Quarter Fiscal Year 2018 Financial Results
SANTA CLARA, Calif., June 06, 2017 (GLOBE NEWSWIRE) --
Ambarella, Inc. NASDAQ:AMBA, a leading developer of semiconductor processing solutions for video that enable HD video capture, analysis, sharing, and display, today announced financial results for its first quarter of fiscal year 2018 ended April 30, 2017.
Revenue for the first quarter of fiscal 2018 was $64.1 million, up 12.2% from $57.2 million in the same period in fiscal 2017.
Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2018 was 63.9%, compared with 64.2% for the same period in fiscal 2017.
GAAP net income for the first quarter of fiscal 2018 was $2.6 million, or $0.07 per diluted ordinary share, compared with GAAP net income of $1.8 million, or $0.05 per diluted ordinary share, for the same period in fiscal 2017.
Financial results on a non-GAAP basis for the first quarter 2018 are as follows:
Gross margin on a non-GAAP basis for the first quarter of fiscal 2018 was 64.3%, compared with 64.6% for the same period in fiscal 2017. Non-GAAP net income for the first quarter of fiscal 2018 was $13.4 million, or $0.39 per diluted ordinary share. This compares with non-GAAP net income of $11.4 million, or $0.34 per diluted ordinary share, for the same period in fiscal 2017.
Total of cash, cash equivalents and marketable securities on hand at the end of the first quarter of fiscal year 2018 was $420.2 million, compared with $323.8 million at the end of the same quarter a year ago.
Ambarella reports gross margin, net income and earnings per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information for the first quarter of fiscal year 2018 excludes the impact of stock-based compensation adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. A reconciliation of the GAAP to non-GAAP gross margin, net income and earnings per share numbers for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.
Based on information available as of today, Ambarella is offering the following guidance for the second quarter of fiscal year 2018, ending July 31, 2017:
Revenue is expected to be between $69.0 million and $72.0 million Gross margin on a non-GAAP basis is expected to be between 62.0% and 63.5% Operating expenses on a non-GAAP basis are expected to be between $26.0 million and $27.5 million
“Q1 revenue of $64.1 million reflects our continued push to diversify our markets and customers with strong growth in the quarter coming from IP security cameras, including both professional and home monitoring markets, and continued growth in other cameras markets including wearable and automotive cameras,” said Fermi Wang, President and CEO of Ambarella. “While our current markets continue to expand, we believe the combination of video with computer vision technology will be the real driver of new opportunities in both our current markets as well as emerging markets such as OEM automotive and robotics. We feel our investment in the development of a family of computer vision SoCs in support of our customers’ advanced video cameras will be the foundation for the future expansion of our business.” Stock Repurchase
Ambarella’s Board of Directors previously authorized the repurchase of up to an aggregate of $75 million of the company’s ordinary shares through June 30, 2017. In the first quarter of fiscal year 2018, the company repurchased a total of 162,738 shares for total consideration of approximately $8.77 million. Ambarella has repurchased a total of 567,827 shares from inception of the program for total cash consideration of approximately $29.0 million. While the previously authorized program will continue through June 30th, Ambarella’s Board of Directors has authorized the repurchase of up to an additional $50 million of its ordinary shares over a twelve-month period commencing July 1, 2017. Repurchases may be made from time-to-time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the company's discretion. The repurchase program will be funded using Ambarella's working capital. Quarterly Conference Call
Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, Chief Executive Officer, and George Laplante, Chief Financial Officer, to discuss the first quarter of fiscal year 2018 results. The call can be accessed by dialing 877-304-8963 in the USA; international callers should dial 760-666-4834. Participant passcode is “Ambarella.” Please dial in ten minutes prior to the scheduled conference call time. A live webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ and an archive will be available for up to 30 days after the call. About Ambarella
Ambarella, Inc. (NASDAQ:AMBA), is a leading developer of low-power, high-definition (HD) and Ultra HD video compression and image processing solutions. The company’s products are used in a variety of HD cameras including security IP-cameras, sports cameras, wearable cameras, flying cameras and automotive video camera recorders. Ambarella compression chips are also used in broadcasting TV programs worldwide.
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