Ambarella, Inc. (NASDAQ:AMBA) Q2 2021 Earnings Conference Call - Final Transcript

Sep 02, 2020 • 04:30 pm ET

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Ambarella, Inc. (NASDAQ:AMBA) Q2 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ambarella Second Quarter Fiscal Year 2021 Conference Call. [Operator Instructions] Please be advised that today's conference is recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Louis Gerhardy. Thank you, and please go ahead, sir.

Executive
Louis Gerhardy

Thank you, Chris, and good afternoon. Thank you for joining our second quarter fiscal year 2021 financial results conference call. Our speakers will be Dr. Fermi Wang, President and CEO; and Casey Eichler, CFO.

The primary purpose of today's call is to provide you with information regarding the results for the second quarter of our fiscal year 2021. The discussion today and the responses to your questions will contain forward-looking statements regarding our projected financial results, financial prospects, market growth and demand for our solutions, among other things. These statements are subject to risks, uncertainties and assumptions. Should any of these risks or uncertainties materialize or should our assumptions prove to be incorrect, our actual results could differ materially from these forward-looking statements. We're under no obligation to update these statements. These risks, uncertainties and assumptions, as well as other information on potential risk factors that could affect our financial results are more fully described in the documents we file with the SEC, including the annual report on Form 10-K filed on March 27, 2020 for fiscal year 2020, ending January 31, 2020, and the Form 10-Q filed on June 8 for the first quarter of the fiscal year 2021, ending April 30, 2020. Access to our second quarter fiscal 2021 results press release, historical results, SEC filings and a replay of today's call can be found on the Investor Relations portion of our website.

With that, I'll turn the call over to Dr. Fermi Wang.

Executive
Fermi Wang

Thank you, Louis, and good afternoon, everyone. First of all, I would like to provide an update on how Ambarella is responding to the health pandemic. We are focused on ensuring the health and safety of our employees, their families and their communities and to safely and effectively serve our global base of customers. The majority of our global workforce has returned to their offices, although our U.S.

Employees continue to work for home. Ambarella's workforce has always been globally distributed and collaboratively. And we believe this culture and structure helped us adapt to remain highly engaged and productive during this global health crisis.

Our business is facing tremendous growth currents. On one hand, AI computer vision has become pervasive. We are embedding AI in all of our new products, and we have strong and growing evidence of market acceptance. On the other hand, the pandemic and geopolitical risks are high. The economic constraints of the pandemic remains, and we are managing the operational challenges.

Despite the challenges in Q2, we delivered results slightly above the midpoint of the guidance we provided three months ago. Q2 revenue of $50.1 million was down 8% sequentially and down 11% versus the same period