Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2023

Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results

The difference between GAAP and non-GAAP gross margin was 3.9% and 1.3%, or $3.3 million and $1.2 million, for the three months ending January 31, 2023 and 2022, respectively. The difference between GAAP and non-GAAP gross margin was 2.0% and 0.7%, or $6.6 million and $2.4 million, for the fiscal years ending January 31, 2023 and 2022, respectively. The differences were due to the effect of stock-based compensation and the amortization of acquisition-related costs.

AMBARELLA, INC.
RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
(in thousands, except share and per share data)

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2023			2022			2023			2022
	(unaudited)
GAAP net loss	$	(11,105	)	$	(9,193	)	$	(65,386	)	$	(26,411	)

Non-GAAP adjustments:
Stock-based compensation expense		29,107			27,534			111,158			87,801
Acquisition-related costs		1,245			2,978			5,094			4,732
Income tax effect		(10,310	)		(3,445	)		(7,785	)		(3,971	)
Non-GAAP net income	$	8,937		$	17,874		$	43,081		$	62,151

GAAP - diluted weighted average shares		38,898,290			37,133,454			38,363,638			36,577,120
Non-GAAP - diluted weighted average shares		39,639,253			39,655,416			39,135,313			38,706,977

GAAP - diluted net loss per share	$	(0.29	)	$	(0.25	)	$	(1.70	)	$	(0.72	)
Non-GAAP adjustments:
Stock-based compensation expense		0.75			0.74			2.90			2.40
Acquisition-related costs		0.03			0.08			0.13			0.13
Income tax effect		(0.27	)		(0.09	)		(0.20	)		(0.11	)
Effect of Non-GAAP - diluted weighted average shares		0.01			(0.03	)		(0.03	)		(0.09	)
Non-GAAP - diluted net income per share	$	0.23		$	0.45		$	1.10		$	1.61

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