<SEC-DOCUMENT>0001193125-22-294413.txt : 20230124
<SEC-HEADER>0001193125-22-294413.hdr.sgml : 20230124
<ACCEPTANCE-DATETIME>20221129165600
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-294413
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBARELLA INC
		CENTRAL INDEX KEY:			0001280263
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				980459628
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3101 JAY STREET
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054
		BUSINESS PHONE:		408-734-8888

	MAIL ADDRESS:	
		STREET 1:		3101 JAY STREET
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">November&nbsp;29, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Via EDGAR </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Andri Carpenter </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Martin James
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Ambarella, Inc.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended January&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;1, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35667</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ambarella, Inc.
(&#147;<B>we</B>&#148; or the &#147;<B>Company</B>&#148;) submits this letter in response to comments from the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) received by letter
dated November&nbsp;15, 2022, relating to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended January&nbsp;31, 2022 (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35667)</FONT> originally filed with
the Commission on April&nbsp;1, 2022 (the &#147;<B>Form <FONT STYLE="white-space:nowrap">10-K</FONT></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this letter, we have
recited the comments from the Staff in italicized, bold type and have followed each comment with the Company&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended January&nbsp;31, 2022 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations, page 54 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise the discussion in future filings to describe the impact of the supply chain issues your
company is having on your results of operations. Also, discuss any known trends or uncertainties on your results. Refer to Item 303(b)(2) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> In this regard, we note that your management has
been discussing the impact of supply chain issues during each of your last three quarterly earnings calls. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We
acknowledge the Staff&#146;s comment, and respectfully advise the Staff that we will revise the disclosures in future filings to provide additional description of the impact of supply chain constraints on the Company&#146;s results of operations and
discuss any known trends or uncertainties on its results. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light of recent developments on this issue, we intend to include the following discussion
in the Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations section (&#147;<B>MD&amp;A</B>&#148;) of our upcoming Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filing for the quarter
ended October&nbsp;31, 2022: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Factors Affecting Our Performance </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Impact of Global Supply Shortages on our Business. Global supply shortages, and uncertainty in customer demand as well as the worldwide
economy, in general, have continued as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, and may be further exacerbated by the impacts of higher inflation. Supply chain issues impact our business as they relate to both our
suppliers and our customers. With respect to our suppliers, we have in the past experienced supply constraints for certain chips from Samsung Electronics Corporation and we may in the future experience similar issues. With respect to our customers,
to the extent customers face supply chain issues with respect to other components needed to pair with our products in order to produce their end products, such customers may delay future orders of our products or hold inventory of our products for
longer periods of time. As a result, we may experience increased volatility in our sales and revenues in the near future, primarily owing to uncertainty around demand for semiconductor products, in general. In addition, recently, some customers have
indicated they are reducing their inventory levels, as some component lead times contract toward normal levels. This may reduce such customers&#146; demand for our products. The magnitude and duration of such volatility is uncertain and thus its
impact on our business cannot be reasonably estimated at this time.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We believe that these disclosures sufficiently provide the impact
of the ongoing macro-economic environment around supply chain constraints on our business. We will continue to update the disclosures in our future filings going forward, as the situation evolves. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Revise your future filings to also discuss the changes in your revenue (i.e., increase or decrease) by
volume and price. Refer to Item 303(b)(2)(iii) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> In this regard, we note that your management has been providing similar information during each of your last three quarterly earnings calls.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and respectfully submit that we have considered the guidance in Item
303(b)(2)(iii) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> in preparing our disclosures to explain material changes in revenue from period to period in MD&amp;A. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We respectfully advise the Staff that while management has provided certain additional qualitative information regarding volume and price on
the Company&#146;s quarterly earnings calls, the Company does not manage its business based on overall quantitative changes in volume and price, but rather focuses on revenue growth and gross margin. Additionally, various factors impact changes in
volume and price in any given period, such as seasonality and geographic region mix, and the Company believes its historical disclosure framework in MD&amp;A has focused on the information that will best enable an investor to understand the drivers
of the Company&#146;s business as a whole. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We confirm that in our future filings, to the extent relevant and attributable to a material
change in revenue, we will include discussion of volume or price, or both. In this regard, we have included below our draft disclosure regarding changes in revenue of our upcoming Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT>
filing for the quarter ended October&nbsp;31, 2022: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>We recorded revenue of $XX and $XX for the three and nine months ended
October&nbsp;31, 2022, respectively. This represented a decrease of XX% and an increase of XX%, respectively, as compared to the same periods in the prior fiscal year. Our revenue for the three months ended October&nbsp;31, 2022, has been primarily
impacted by fewer product unit shipments driven by customer efforts to revert their inventory closer to pre-pandemic levels, as component lead times contract. Continued adoption of our <FONT STYLE="white-space:nowrap">CV-based</FONT> solutions,
which have higher average selling prices, and increased nonrecurring engineering (NRE) project services partially offset this decrease from fewer product unit shipments.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>Our revenue for the nine months ended October&nbsp;31, 2022, increased compared to the corresponding period in prior fiscal year primarily
due to continued adoption of our <FONT STYLE="white-space:nowrap">CV-based</FONT> solutions which have higher average selling prices and increased NRE project services, partially offset by a marginal decline in product unit shipments driven by
customer efforts to revert their inventory closer to pre-pandemic levels, as component lead times contract.</I> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>In future filings, expand your disclosure to identify specific actions planned or taken, if any, to
mitigate inflationary pressures. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment and respectfully submit that we have
been monitoring the impact of inflationary pressures on our business and related disclosures. To date, inflation has not had a material impact on the Company&#146;s results of operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We are closely monitoring the changes from inflation and its impact on our business and financial position, and will update the disclosure in
future filings, as necessary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Revenue Recognition, page 81 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that during each of your last three quarterly earnings calls your management discussed your
revenues by products and <FONT STYLE="white-space:nowrap">end-market.</FONT> Please tell us your consideration of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT>
and <FONT STYLE="white-space:nowrap">50-6,</FONT> which call for disclosing disaggregated revenue by product or product families and <FONT STYLE="white-space:nowrap">end-market,</FONT> in concluding that similar information should not be provided in
this note. Otherwise, revise your future filings to comply. Similarly, revise your MD&amp;A in future filings to provide a more detailed discussion of revenues by products and <FONT STYLE="white-space:nowrap">end-market.</FONT>
</I></B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment, and respectfully submit that we have considered the
guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-6</FONT> with respect to disaggregated revenue disclosures in
our filings. Under the guidance, we note that disaggregated revenue disclosures are required if the nature, amount, timing, and uncertainty of revenue and cash flows are impacted by different economic factors. Further, we note that ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-55-89</FONT></FONT></FONT> provides that the extent to which the disaggregated revenue information is provided, depends on facts and circumstances
pertaining to the underlying contracts with customers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In this regard, we respectfully submit that, as disclosed in Note 1 to the
Consolidated Financial Statements in the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> a substantial majority of our revenue is derived from the sale of semiconductor products. Specifically, the Company sells <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">system-on-chip,</FONT></FONT> or SoC, semiconductors providing advanced image processing and high-resolution video compression. Our most recent generation of SoCs also integrate our artificial intelligence computer vision,
or CV, technology. The Company does not view the <FONT STYLE="white-space:nowrap">CV-based</FONT> SoCs as distinct product lines from <FONT STYLE="white-space:nowrap">non-CV</FONT> SoCs, but rather as the next generation of continuously evolving
image and video processors. The Company&#146;s chips are generally designed to address device requirements across the Company&#146;s existing markets. Thus, the same silicon mask may serve as the basis for SoC products that are utilized across <FONT
STYLE="white-space:nowrap">end-markets.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it has provided certain directional information related to
changes in revenue by <FONT STYLE="white-space:nowrap">end-markets,</FONT> as well as new product developments. The Company views this <FONT STYLE="white-space:nowrap">end-market</FONT> identification as helpful for illustrative purposes to provide
investors with an understanding of the <FONT STYLE="white-space:nowrap">end-markets</FONT> the Company&#146;s products are sold into, particularly as the Company&#146;s business has evolved in recent years, and to illustrate that the Company is not
concentrated in any one <FONT STYLE="white-space:nowrap">end-market.</FONT> References to <FONT STYLE="white-space:nowrap">end-markets</FONT> may be provided for directional purposes to give investors further information on our overall revenue
performance. These references are not meant to imply that there are different economic factors that would impact the nature, amount, timing and uncertainty of revenue and cash flows. The Company notes that a detailed breakdown is not necessary for
this purpose, and as such, the Company will limit discussion of revenues across its <FONT STYLE="white-space:nowrap">end-markets</FONT> to a more directional and qualitative manner in future earnings calls. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company generally does not enter into contracts by product or <FONT STYLE="white-space:nowrap">end-market,</FONT> and as such the
Company&#146;s working capital and payment and credit terms do not vary by product or <FONT STYLE="white-space:nowrap">end-</FONT> market. Contract terms and conditions with customers generally contain the same terms and conditions with respect to
payment, delivery, supply and other rights for products sold into the various <FONT STYLE="white-space:nowrap">end-markets</FONT> served by the Company. Sales are based on purchase orders and the substantial majority of product revenue recognition
is done at a point in time. In addition, sales agreements for SoCs containing CV technology are generally the same as sales agreements for older generation SoCs that do not contain CV technology. Further, the Company derives a substantial portion of
revenue from sales made through one distributor, WT Microelectronics Co., Ltd., and directly to one original design manufacturer customer, Chicony Electronics Co., Ltd., which buys multiple products and sells to multiple customers, across our
various <FONT STYLE="white-space:nowrap">end-markets.</FONT> Furthermore, demand risks for the Company&#146;s products/product families and <FONT STYLE="white-space:nowrap">end-markets</FONT> have similar characteristics in that they are impacted by
macro-economic factors such as general business and consumer spending, gross domestic product growth and other broad measures of economic activity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company has thus concluded that disaggregation of revenue by product/product families or
<FONT STYLE="white-space:nowrap">end-markets</FONT> are not required under the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and <FONT
STYLE="white-space:nowrap">50-6</FONT> because the nature, amount, timing and uncertainty of revenue and cash flows do not vary meaningfully by products/product families or by <FONT STYLE="white-space:nowrap">end-markets.</FONT> The Company believes
that the disclosure of revenues by the geographic regions of Taiwan, Asia Pacific, Europe, North American other than the United States, and United States appropriately depicts how the nature, amount, timing and uncertainty of revenue and cash flows
are affected by economic factors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In summary, we believe that our current presentation of revenues disaggregated by geographic regions
made as part of entity-wide disclosures under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-25-38,</FONT></FONT></FONT> comply with the disclosure objective described in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">50-6.</FONT> We regularly evaluate the most appropriate manner to disaggregate our
revenues based on changes in our business and will revise our disclosures in the future as appropriate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct your questions or comments regarding the Company&#146;s responses to me at (408)
<FONT STYLE="white-space:nowrap">400-1492.</FONT> Thank you for your assistance. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">/s/ Michael Morehead</TD></TR>
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<TD VALIGN="top">General Counsel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ambarella, Inc.</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brian White, Chief Financial Officer, Ambarella, Inc. </P></TD></TR></TABLE>
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