Mobileye Releases Second Quarter 2024 Results, Updates Guidance and Provides Business Overview
- Revenue decreased 3% year over year to $439 million in thesecond quarter. Revenue increased 84% versus the first quarter of2024 due to reduced consumption of excess inventory at Tier 1customers compared to the first quarter.
- More than 110% increase in number of systems shipped ascompared to the first quarter of 2024 led to significantimprovement in Operating Loss and Adjusted Operating Profit.
- While we believe inventory of EyeQTM chips at ourTier 1 customers has almost fully normalized as of the end of thesecond quarter of 2024, we have reduced our expectation for secondhalf volume and revenue, primarily due to China-related macrofactors.
- We remain optimistic on the medium-term growth environmentgiven continued SuperVisionTM / ChauffeurTMprogress, a broadened relationship with Zeekr and Geely Group, andemerging traction for a high-ASP product serving mid-priced,high-volume segments.
- Diluted EPS (GAAP) was $(0.11) and Adjusted Diluted EPS(Non-GAAP) was $0.09 in the second quarter of 2024.
Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today releasedits financial results for the three months ended June 29, 2024.
“We are glad to report that the excess inventory at Tier 1customers that meaningfully impacted our business in the first halfof 2024 appears to be almost fully behind us, but a moresignificant than anticipated softening of business conditions inChina (affecting the industry as a whole) is expected to lead tochallenges in the second half. While the conditions in China arehighly volatile at the moment, we continue to invest in China forthe mid and long term as we see the potential of a lucrative marketover time, particularly in light of new initiatives that we believewill strengthen our positioning,” said Mobileye President and CEOProf. Amnon Shashua. “In global markets we continue to make steadyprogress on the full product portfolio line from base ADAS to L4autonomy. Moreover, we believe that our scalable portfolio iswell-positioned to capitalize on a recent, rapidly-developing OEMtrend towards advanced, higher-content ADAS for the mid-priced highvolume segments. Our main focus for the remainder of 2024 is tosuccessfully execute our current advanced programs and to convertthe unprecedented opportunity set we are currently pursuing intoseries production awards.”
Second Quarter 2024 Business Highlights
- On the business development front, our activities remain robustand we are tracking towards similar projected future volume andhigher projected future revenue from design wins as compared to2023, based on year-to-date program wins and the current customerengagements we are pursuing. SuperVision / Chauffeur developmentprograms have progressed and we believe we remain on-track forsignificant wins in the second half of 2024. 1
- In addition to SuperVision / Chauffeur traction for high-endvehicle segments, we have seen increased clarity on OEM plans forthe next generation of Level 2+ ADAS systems for mid-priced,high-volume vehicle segments. The stated goal of this new categoryis to reduce complexity, drive cost-efficiency, and assurecompliance with heightened future safety rating criteria. Webelieve that the versatility and compute-efficiency of ourportfolio positions us well to serve this market with amulti-camera, multi-radar, REMTM mapping setup,processed by a single EyeQ6 High chip. We are now pursuing multiplehigh-volume RFQ’s in this area. We further believe that successwould lead to a significant increase in visibility of ASP growth inthe single-chip ADAS segment.
- While the drivers of medium-term growth have continued tostrengthen, the near-term environment has recently become morechallenging, and according to our analysis, it is primarily relatedto China. First, we’ve seen meaningful reductions to 2nd half 2024production estimates for multiple global OEM customers which havefactored into our own expectations. Second, a decline in orders forthe 2nd half of 2024 from Chinese OEMs compared to what thesecustomers were indicating as of our last update. Finally, the delayof a high-volume ADAS launch outside of China is an additionalheadwind. As a result of these factors, we have reduced byapproximately 3.5 million units our EyeQ volume expectation for the2nd half of 2024, which in turn is affecting our guidance for theremainder of 2024.
- SuperVision volume expectations for 2024 have also beenreduced, primarily as a result of new tariffs in the US and Europe,which are expected to impact the delivery ramp-up ofSuperVision-equipped vehicles into those markets, and reducedexpectations for volume in China itself due to uncertainties aroundmarket dynamics and reduced forecasts from our customers.
- We are on-track with initiatives to bolster our medium- andlong-term prospects in China. In particular, the expandedcollaboration with Zeekr announced today is expected to accelerateSuperVision enhancements and adaptation to the China market throughDXP, secure SuperVision on the next-generation of Zeekr modelsdomestic and globally, and pave a path for Robotaxi collaboration,all of which we believe will accelerate deployments with othercustomers in China.
- We are announcing that Mobileye Capital Markets Day will takeplace on December 9th and 10th, 2024 in Munich. We are lookingforward to providing market landscape updates, illustrating newAI-based software developments integrated into the EyeQ6 Highplatform (as well as DXP), providing demonstration rides insideproduction vehicles, and more. Significant portions will be webcaston December 9th for investors and analysts who cannot attend inperson.
Second Quarter 2024 Financial Summary and Key Highlights(Unaudited)
GAAP | |||||||||||
U.S. dollars in millions | Q2 2024 | Q2 2023 | % Y/Y | ||||||||
Revenue | $ | 439 | $ | 454 | (3 | %) | |||||
Gross Profit | $ | 209 | $ | 224 | (7 | %) | |||||
Gross Margin | 48 | % | 49 | % | (173)bps | ||||||
Operating Income (Loss) | $ | (94 | ) | $ | (33 | ) | (181 | )% | |||
Operating Margin | (21 | )% | (7 | )% | (1,406)bps | ||||||
Net Income (Loss) | $ | (86 | ) | $ | (28 | ) | (203 | )% | |||
EPS - Basic | $ | (0.11 | ) | $ | (0.04 | ) | (202 | )% | |||
EPS - Diluted | $ | (0.11 | ) | $ | (0.04 | ) | (202 | )% | |||
Non-GAAP | |||||||||||
U.S. dollars in millions | Q2 2024 | Q2 2023 | % Y/Y | ||||||||
Revenue | $ | 439 | $ | 454 | (3 | %) | |||||
Adjusted Gross Profit | $ | 304 | $ | 326 | (7 | %) | |||||
Adjusted Gross Margin | 69 | % | 72 | % | (256)bps | ||||||
Adjusted Operating Income | $ | 79 | $ | 140 | (44 | )% | |||||
Adjusted Operating Margin | 18 | % | 31 | % | (1,284)bps | ||||||
Adjusted Net Income | $ | 76 | $ | 135 | (44 | %) | |||||
Adjusted EPS - Basic | $ | 0.09 | $ | 0.17 | (44 | %) | |||||
Adjusted EPS - Diluted | $ | 0.09 | $ | 0.17 | (44 | %) | |||||
- Revenue of $439 million decreased by 3% compared to the secondquarter of 2023, due to a 10% decrease in EyeQ SoC-related revenue.This was primarily attributable to usage of the remaining excessinventory at our Tier 1 customers to satisfy demand in Q2 of 2024.Most of this decrease was offset by a significant increase inSuperVision related revenue on a year-over-year basis.
- Average System Price2 was $54.4 in the secondquarter of 2024 as compared to $51.7 in the prior year periodprimarily due to the higher percentage of SuperVision-relatedrevenue as compared to the second quarter of 2023.
- Gross Margin declined by nearly 2 percentage points in thesecond quarter of 2024 as compared to the prior year period. Thedecrease was primarily due to the increase in percentage of revenueattributable to SuperVision, partially offset by the impact of thelower cost attributable to amortization of intangible assets as apercentage of revenue.
- Adjusted Gross Margin declined by nearly 3 percentage points inthe second quarter of 2024 as compared to the prior year period.The decrease was primarily due to the increase in percentage ofrevenue attributable to SuperVision.
- Operating Margin declined by 14 percentage points in the secondquarter of 2024 as compared to the prior year period. The decreasewas primarily due to higher operating expenses in second quarter of2024 on a similar revenue base, in addition to the lower GrossMargin.
- Adjusted Operating Margin declined by 13 percentage points inthe second quarter of 2024 as compared to the prior year period.The decrease was primarily due to higher operating expenses on asimilar revenue base, in addition to the lower Adjusted GrossMargin.
- Operating cash flow for the six months ended June 29, 2024 was$70 million. Cash used in purchases of property and equipment was$46 million for that same period.
1 Mobileye’s revenue for the periods presentedrepresent estimated volumes based on projections of futureproduction volumes that were provided by our current andprospective OEMs at the time of sourcing the design wins for themodels related to those design wins. Further, achievement of adesign win is subject to multiple factors, many of which areoutside of Mobileye’s control. Any statement on the timing ofdesign wins is an estimate only and subject to change.See thedisclaimer under the heading “Forward-Looking Statements” below forimportant limitations applicable to these estimates.
2 Average System Price is calculated as the sum ofrevenue related to EyeQTM and SuperVision systems,divided by the number of systems shipped.
Updated Financial Guidance for the 2024 Fiscal Year
We are updating our guidance for the 2024 fiscal year that welast provided on April 25, 2024:
Updated Guidance Full Year 2024 | Previous Guidance Full Year 2024 | |||||||||
U.S. dollars in millions | Low | High | Range | |||||||
Revenue | $ | 1,600 | $ | 1,680 | $1,830 - 1,960 | |||||
Operating Loss | $ | (580 | ) | $ | (531 | ) | $(468) - (378) | |||
Amortization of acquired intangibleassets | $ | 444 | $ | 444 | $444 | |||||
Share-based compensation expense | $ | 288 | $ | 288 | $294 | |||||
Adjusted Operating Income | $ | 152 | $ | 201 | $270 - 360 | |||||
Our updated guidance reflects a 13% reduction in expectedRevenue, at the midpoint, due to reductions in the outlook for bothEyeQ and SuperVision shipments for the remainder of 2024 as aresult of the previously discussed factors affecting ourexpectations for the second half of 2024. Our updated guidance alsoreflects an increase in Operating Loss (GAAP) and a reduction inAdjusted Operating Income (Non-GAAP), at the midpoint, of 31% and44%, respectively, due to the decremental margin on lower revenue,partially offset by modestly lower than expected operatingexpenses.
The following information reflects Mobileye’s expectations forRevenue, Operating Loss and Adjusted Operating Income results forthe year ending December 28, 2024. We believe Adjusted OperatingIncome (a non-GAAP metric) is an appropriate metric as it excludessignificant non-cash expenses including: 1) Amortization chargesrelated to intangible assets consisting of developed technology,customer relationships, and brands as a result of Intel’sacquisition of Mobileye in 2017 and the acquisition of Moovit in2020; and, 2) Share-based compensation expense. These statementsrepresent forward-looking information and may not represent afinancial outlook, and actual results may vary. Please see therisks and assumptions referred to in the Forward-Looking Statementssection of this release.
Earnings Conference Call Webcast Information
Mobileye will host a conference call today, August 1, 2024, at8:00am ET (3:00pm IT) to review its results and provide a generalbusiness update. The conference call will be accessible live via awebcast on Mobileye’s investor relations site, which can be foundat ir.mobileye.com, and a replay of the webcast will be madeavailable shortly after the event’s conclusion.
Non-GAAP Financial Measures
This press release contains Adjusted Gross Profit and Margin,Adjusted Operating Income and Margin, Adjusted Net Income andAdjusted EPS, which are financial measures not presented inaccordance with GAAP. We define Adjusted Gross Profit as grossprofit presented in accordance with GAAP, excluding amortization ofacquisition related intangibles and share-based compensationexpense. Adjusted Gross Margin is calculated as Adjusted GrossProfit divided by total revenue. We define Adjusted OperatingIncome (Loss) as operating loss presented in accordance with GAAP,adjusted to exclude amortization of acquisition relatedintangibles, share-based compensation expenses. Operating margin iscalculated as Operating Income (Loss) divided by total revenue, andAdjusted Operating Margin is calculated as Adjusted OperatingIncome divided by total revenue. We define Adjusted Net Income asnet loss presented in accordance with GAAP, adjusted to excludeamortization of acquisition related intangibles, share-basedcompensation expense, as well as the related income tax effects.Income tax effects have been calculated using the applicablestatutory tax rate for each adjustment taking into considerationthe associated valuation allowance impacts. The adjustment forincome tax effects consists primarily of the deferred tax impact ofthe amortization of acquired intangible assets. Adjusted Basic EPSis calculated by dividing Adjusted Net Income for the period by theweighted-average number of common shares outstanding during theperiod. Adjusted Diluted EPS is calculated by dividing Adjusted NetIncome (Loss) by the weighted-average number of common sharesoutstanding during the period, while giving effect to allpotentially dilutive common shares to the extent they aredilutive.
We use such non-GAAP financial measures to make strategicdecisions, establish business plans and forecasts, identify trendsaffecting our business, and evaluate performance. For example, weuse these non-GAAP financial measures to assess our pricing andsourcing strategy, in the preparation of our annual operatingbudget, and as a measure of our operating performance. We believethat these non-GAAP financial measures, when taken collectively,may be helpful to investors because they allow for greatertransparency into what measures our management uses in operatingour business and measuring our performance, and enable comparisonof financial trends and results between periods where items mayvary independent of business performance. The non-GAAP financialmeasures are presented for supplemental informational purposesonly, should not be considered a substitute for financialinformation presented in accordance with GAAP, and may be differentfrom similarly titled non-GAAP measures used by other companies. Areconciliation is provided below for each non-GAAP financialmeasure to the most directly comparable financial measure presentedin accordance with GAAP. Investors are encouraged to review therelated GAAP financial measures and the reconciliation of thesenon-GAAP financial measures to their most directly comparable GAAPfinancial measures.
About Mobileye Global Inc.
Mobileye (Nasdaq: MBLY) leads the mobility revolution with itsautonomous driving and driver-assistance technologies, harnessingworld-renowned expertise in computer vision, artificialintelligence, mapping, and data analysis. Since its founding in1999, Mobileye has pioneered such groundbreaking technologies asREM™ crowdsourced mapping, True Redundancy™ sensing, andResponsibility Sensitive Safety (RSS). These technologies aredriving the ADAS and AV fields towards the future of mobility –enabling self-driving vehicles and mobility solutions, poweringindustry-leading advanced driver-assistance systems and deliveringvaluable intelligence to optimize mobility infrastructure. To date,approximately 180 million vehicles worldwide have been built withMobileye technology inside. In 2022 Mobileye listed as anindependent company separate from Intel (Nasdaq: INTC), whichretains majority ownership. For more information, visithttps://www.mobileye.com.
“Mobileye,” the Mobileye logo and Mobileye product names areregistered trademarks of Mobileye Global. All other marks are theproperty of their respective owners.
Forward-Looking Statements
Mobileye’s business outlook, guidance and other statements inthis release that are not statements of historical fact, includingstatements about our beliefs and expectations, are forward-lookingstatements and should be evaluated as such. Forward-lookingstatements include information concerning possible or assumedfuture results of operations, including Mobileye’s 2024 full-yearguidance, projected future revenue and descriptions of our businessplan and strategies. These statements often include words such as“anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,”“estimates,” “targets,” “projects,” “should,” “could,” “would,”“may,” “will,” “forecast,” or the negative of these terms, andother similar expressions, although not all forward-lookingstatements contain these words. We base these forward-lookingstatements or projections, including Mobileye’s full-year guidance,on our current expectations, plans and assumptions that we havemade in light of our experience in the industry, as well as ourperceptions of historical trends, current conditions, expectedfuture developments and other factors we believe are appropriateunder the circ*mstances and at such time. You should understandthat these statements are not guarantees of performance or results.The forward-looking statements and projections are subject to andinvolve risks, uncertainties and assumptions and you should notplace undue reliance on these forward-looking statements orprojections. Although we believe that these forward-lookingstatements and projections are based on reasonable assumptions atthe time they are made, you should be aware that many factors couldaffect our actual financial results or results of operations andcould cause actual results to differ materially from thoseexpressed in the forward-looking statements and projections.
Important factors that may materially affect suchforward-looking statements and projections include the following:future business, social and environmental performance, goals andmeasures; our anticipated growth prospects and trends in marketsand industries relevant to our business; business and investmentplans; expectations about our ability to maintain or enhance ourleadership position in the markets in which we participate; futureconsumer demand and behavior, including expectations about excessinventory utilization by customers; our ability to effectivelycompete in the markets in which we operate; future products andtechnology, and the expected availability and benefits of suchproducts and technology; development of regulatory frameworks forcurrent and future technology; changes in regulation and tradepolicy, including increased tariffs, in regions in which weoperate, including the US, Europe and China; projected cost andpricing trends; future production capacity and product supply;potential future benefits and competitive advantages associatedwith our technologies and architecture and the data we haveaccumulated; the future purchase, use and availability of products,components and services supplied by third parties, includingthird-party IP and manufacturing services; uncertain events orassumptions, including statements relating to our estimated vehicleproduction and market opportunity, potential production volumesassociated with design wins and other characterizations of futureevents or circ*mstances; effects of the COVID-19 pandemic andresponses to future pandemics; adverse conditions in Israel,including as a result of war and geopolitical conflict, which mayaffect our operations and may limit our ability to produce and sellour solutions; any disruption in our operations by the obligationsof our personnel to perform military service as a result of currentor future military actions involving Israel; availability, uses,sufficiency and cost of capital and capital resources, includingexpected returns to stockholders such as dividends, and theexpected timing of future dividends; tax- and accounting-relatedexpectations.
The estimates included herein are based on projections of futureproduction volumes that were provided by our current andprospective OEMs at the time of sourcing the design wins for themodels related to those design wins. For the purpose of theseestimates, we estimated sales prices based on our management’sestimates for the applicable product bundles and periods. Achievingdesign wins is not a guarantee of revenue, and our sales may notcorrelate with the achievement of additional design wins. Moreover,our pricing estimates are made at the time of a request forquotation by an OEM (in the case of estimates related to contractedcustomers), so that worsening market or other conditions betweenthe time of a request for quotation and an order for our solutionsmay require us to sell our solutions for a lower price than weinitial expected. These estimates may deviate from actualproduction volumes and sale prices (which may be higher or lowerthan the estimates) and the amounts included for prospective butuncontracted production volumes may never be achieved. Accordingly,these estimations are subject to and involve risks, uncertaintiesand assumptions and you should not place undue reliance on theseforward-looking statements or projections.
Detailed information regarding these and other factors thatcould affect Mobileye’s business and results is included inMobileye’s SEC filings, including the company’s Annual Report onForm 10-K for the year ended December 30, 2023, particularly in thesection entitled “Item 1A. Risk Factors”. Copies of these filingsmay be obtained by visiting our Investor Relations website atir.mobileye.com or the SEC’s website at www.sec.gov.
Second Quarter 2024 Financial Results
Mobileye Global Inc.
Condensed ConsolidatedStatements of Operations (unaudited)
Three Months Ended | Six months Ended | |||||||||||||||
U.S. dollars in millions, except shareand per share amounts | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||||||||
Revenue | $ | 439 | $ | 454 | $ | 678 | $ | 912 | ||||||||
Cost of revenue | 230 | 230 | 415 | 481 | ||||||||||||
Gross profit | 209 | 224 | 263 | 431 | ||||||||||||
Research and development, net | 256 | 211 | 499 | 446 | ||||||||||||
Sales and marketing | 28 | 29 | 62 | 62 | ||||||||||||
General and administrative | 19 | 17 | 34 | 37 | ||||||||||||
Total operating expenses | 303 | 257 | 595 | 545 | ||||||||||||
Operating income (loss) | (94 | ) | (33 | ) | (332 | ) | (114 | ) | ||||||||
Other financial income (expense), net | 13 | 15 | 30 | 23 | ||||||||||||
Income (loss) before incometaxes | (81 | ) | (18 | ) | (302 | ) | (91 | ) | ||||||||
Benefit (provision) for income taxes | (5 | ) | (10 | ) | (2 | ) | (16 | ) | ||||||||
Net income (loss) | $ | (86 | ) | $ | (28 | ) | $ | (304 | ) | $ | (107 | ) | ||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.38 | ) | $ | (0.13 | ) | ||||
Diluted | $ | (0.11 | ) | $ | (0.04 | ) | $ | (0.38 | ) | $ | (0.13 | ) | ||||
Weighted-average number of shares usedin computation of earnings (loss) per share (in millions): | ||||||||||||||||
Basic | 806 | 805 | 806 | 803 | ||||||||||||
Diluted | 806 | 805 | 806 | 803 | ||||||||||||
Mobileye Global Inc.
Condensed ConsolidatedBalance sheets (unaudited)
U.S. dollars in millions | June 29, 2024 | December 30, 2023 | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,203 | $ | 1,212 | ||
Trade accounts receivable, net | 204 | 357 | ||||
Inventories | 485 | 391 | ||||
Other current assets | 115 | 106 | ||||
Total current assets | 2,007 | 2,066 | ||||
Non-current assets: | ||||||
Property and equipment, net | 456 | 447 | ||||
Intangible assets, net | 1,831 | 2,053 | ||||
Goodwill | 10,895 | 10,895 | ||||
Other long-term assets | 118 | 116 | ||||
Total non-current assets | 13,300 | 13,511 | ||||
TOTAL ASSETS | $ | 15,307 | $ | 15,577 | ||
Liabilities and Equity | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | $ | 171 | $ | 229 | ||
Employee related accrued expenses | 91 | 87 | ||||
Related party payable | 53 | 39 | ||||
Other current liabilities | 31 | 48 | ||||
Total current liabilities | 346 | 403 | ||||
Non-current liabilities: | ||||||
Long-term employee benefits | 55 | 56 | ||||
Deferred tax liabilities | 137 | 148 | ||||
Other long-term liabilities | 50 | 46 | ||||
Total non-current liabilities | 242 | 250 | ||||
TOTAL LIABILITIES | $ | 588 | $ | 653 | ||
TOTAL EQUITY | 14,719 | 14,924 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 15,307 | $ | 15,577 | ||
Mobileye Global Inc.
Condensed ConsolidatedCash Flows (unaudited)
Six months Ended | ||||||||
U.S. dollars in millions | June 29, 2024 | July 1, 2023 | ||||||
CASH FLOWS FROM OPERATINGACTIVITIES | ||||||||
Net income (loss) | $ | (304 | ) | $ | (107 | ) | ||
Adjustments to reconcile net income(loss) to net cash provided by operating activities: | ||||||||
Depreciation of property and equipment | 30 | 15 | ||||||
Share-based compensation | 124 | 127 | ||||||
Amortization of intangible assets | 222 | 251 | ||||||
Exchange rate differences on cash and cashequivalents | 5 | 5 | ||||||
Deferred income taxes | (11 | ) | (10 | ) | ||||
Interest with related party, net | — | 16 | ||||||
(Gains) losses on equity and debtinvestments, net | 1 | — | ||||||
Other | (1 | ) | — | |||||
Changes in operating assets andliabilities: | ||||||||
Decrease (increase) in trade accountsreceivable | 133 | 29 | ||||||
Decrease (increase) in other currentassets | 8 | 21 | ||||||
Decrease (increase) in inventories | (94 | ) | (150 | ) | ||||
Increase (decrease) in accounts payable,accrued expenses and related party payable | (52 | ) | 3 | |||||
Increase (decrease) in employee-relatedaccrued expenses and long term benefits | 3 | (2 | ) | |||||
Increase (decrease) in other currentliabilities | 5 | (2 | ) | |||||
Decrease (increase) in other long termassets | (2 | ) | 1 | |||||
Increase (decrease) in other long-termliabilities | 3 | — | ||||||
Net cash provided by (used in)operating activities | 70 | 197 | ||||||
CASH FLOWS FROM INVESTINGACTIVITIES | ||||||||
Purchase of property and equipment | (46 | ) | (58 | ) | ||||
Purchases of debt and equityinvestments | (18 | ) | — | |||||
Net cash provided by (used in)investing activities | (64 | ) | (58 | ) | ||||
CASH FLOWS FROM FINANCINGACTIVITIES | ||||||||
Share-based compensation recharge | (11 | ) | (12 | ) | ||||
Net cash provided by (used in)financing activities | (11 | ) | (12 | ) | ||||
Effect of foreign exchange rate changes oncash and cash equivalents | (5 | ) | (5 | ) | ||||
Increase (decrease) in cash, cashequivalents and restricted cash | (10 | ) | 122 | |||||
Balance of cash, cash equivalents andrestricted cash, at beginning of year | 1,226 | 1,035 | ||||||
Balance of cash, cash equivalents andrestricted cash, at end of period | $ | 1,216 | $ | 1,157 | ||||
Mobileye Global Inc.
Reconciliation of GAAPGross Profit and Margin to Non-GAAP Adjusted Gross Profit andMargin3 (unaudited)
Three Months Ended | Six months Ended | ||||||||||||||||||
U.S. dollars in millions | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | ||||||||||||
Gross Profit | $ | 209 | 48 | % | $ | 224 | 49 | % | $ | 263 | 39 | % | $ | 431 | 47 | % | |||
Add: Amortization of acquired intangibleassets | 94 | 21 | % | 101 | 22 | % | 188 | 28 | % | 217 | 24 | % | |||||||
Add: Share-based compensation expense | 1 | — | % | 1 | — | % | 1 | — | % | 2 | — | % | |||||||
Adjusted Gross Profit | $ | 304 | 69 | % | $ | 326 | 72 | % | $ | 452 | 67 | % | $ | 650 | 71 | % | |||
3Adjusted gross margin is calculated as adjustedgross profit as a percentage of revenue
Mobileye Global Inc.
Reconciliation of GAAPOperating Income (loss) and Margin to Non-GAAP Adjusted OperatingIncome and Margin4 (unaudited)
Three Months Ended | Six months Ended | ||||||||||||||||||||||
U.S. dollars in millions | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | ||||||||||||||||
Operating Income (Loss) | $ | (94 | ) | (21 | %) | $ | (33 | ) | (7 | %) | $ | (332 | ) | (49 | %) | $ | (114 | ) | (13 | %) | |||
Add: Amortization of acquired intangibleassets | 111 | 25 | % | 118 | 26 | % | 222 | 33 | % | 251 | 28 | % | |||||||||||
Add: Share-based compensation expense | 62 | 14 | % | 55 | 12 | % | 124 | 18 | % | 127 | 14 | % | |||||||||||
Adjusted Operating Income | $ | 79 | 18 | % | $ | 140 | 31 | % | $ | 14 | 2 | % | $ | 264 | 29 | % | |||||||
4Adjusted operating margin is calculated as adjustedoperating income as a percentage of revenue
Mobileye Global Inc.
Reconciliation of GAAP NetIncome (loss) to Non-GAAP Adjusted Net Income(unaudited)
Three Months Ended | Six months Ended | ||||||||||||||||||||||
U.S. dollars in millions | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | |||||||||||||||||||
Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue | ||||||||||||||||
Net Income (Loss) | $ | (86 | ) | (20 | %) | $ | (28 | ) | (6 | %) | $ | (304 | ) | (45 | %) | $ | (107 | ) | (12 | %) | |||
Add: Amortization of acquired intangibleassets | 111 | 25 | % | 118 | 26 | % | 222 | 33 | % | 251 | 28 | % | |||||||||||
Add: Share-based compensation expense | 62 | 14 | % | 55 | 12 | % | 124 | 18 | % | 127 | 14 | % | |||||||||||
Less: Income tax effects | (11 | ) | (2 | %) | (10 | ) | (2 | %) | (21 | ) | (3 | %) | (21 | ) | (2 | %) | |||||||
Adjusted Net Income | $ | 76 | 17 | % | $ | 135 | 30 | % | $ | 21 | 3 | % | $ | 250 | 27 | % | |||||||
Supplemental Information - Average System Price(unaudited)
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | ||||||||||
EyeQ and SuperVision revenue (U.S. dollarsin millions) | $ | 430 | $ | 507 | $ | 611 | $ | 219 | $ | 413 | ||||
Number of systems shipped (inmillions) | 8.3 | 9.4 | 11.6 | 3.6 | 7.6 | |||||||||
Average system price (U.S. dollars) | $ | 51.7 | $ | 53.8 | $ | 52.7 | $ | 61.0 | $ | 54.4 | ||||
View sourceversion on businesswire.com: https://www.businesswire.com/news/home/20240801746829/en/
Dan Galves
Investor Relations
investors@mobileye.com
Justin Hyde
Media Relations
justin.hyde@mobileye.com
Mobileye Global (NASDAQ:MBLY)
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