מובילאיי חושפת את תוצאות הרבעון הרביעי והשנה כולה לשנת 2022 ואת העדכון העסקי
מובילאיי גלובל בע"מ (נאסד"ק: MBLY) ("Mobileye") פרסמה היום את תוצאותיה הכספיות לשלושת החודשים ולשנה שהסתיימה ביום 31 בדצמבר 2022.
Mobileye Discloses Fourth-Quarter and Full-Year 2022 Results and Business Update
JERUSALEM, 26 January, 2023, (BUSINESS WIRE):
Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months and for the year ended December 31, 2022.
“Our fourth quarter performance is an excellent example of how ramping volumes of our advanced solutions can impact financial performance, as higher average system price amplified strong volume growth, leading to 59% overall revenue growth,” said Mobileye President and CEO Prof. Amnon Shashua. “I’m also very pleased with our business development traction as our OEM customers are increasingly recognizing the scalability of our product portfolio for the following reasons: 1) Adopting SuperVisionTM, an eyes-on, hands-off ADAS system operating across a broad operational design domain (ODD) makes scaling to eyes-off autonomous systems an incremental step rather than a series of moonshots; 2) Mobileye’s EyeQ KitTM software development kit, developed over the last five years, enables OEMs to differentiate their systems on top of our core technology assets; and, 3) Regulatory and consumer proof-points will be increasingly important and Mobileye has a clear, multi-pronged approach for data-driven validation. As planned, we will continue to invest heavily (while maintaining strong profitability) during 2023 to productize and launch our advanced solutions as my confidence level on delivering high returns to all stakeholders has never been higher.”
Fourth Quarter and Full-Year 2022 Business Highlights
Fourth Quarter 2022 Financial Summary and Key Explanations (Unaudited)
|
GAAP |
|
|
|
|
|
|
||||
|
U.S. dollars in millions |
|
Q4 2022 |
|
Q4 2021 |
|
% Y/Y |
||||
|
Revenue |
|
$ |
565 |
|
|
$ |
356 |
|
|
59% |
|
Gross Profit |
|
$ |
300 |
|
|
$ |
154 |
|
|
95% |
|
Gross Margin |
|
|
53 |
% |
|
|
43 |
% |
|
+984bps |
|
Operating Income (Loss) |
|
$ |
24 |
|
|
$ |
(44 |
) |
|
*NM |
|
Operating Margin |
|
|
4 |
% |
|
|
(12 |
) % |
|
+1,661bps |
|
Net Income (Loss) |
|
$ |
30 |
|
|
$ |
(53 |
) |
|
*NM |
|
EPS - Basic |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
*NM |
|
EPS - Diluted |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
*NM |
*Not Meaningful
|
Non-GAAP |
|
|
|
|
|
|
||||
|
U.S. dollars in millions |
|
Q4 2022 |
|
Q4 2021 |
|
% Y/Y |
||||
|
Revenue |
|
$ |
565 |
|
|
$ |
356 |
|
|
59% |
|
Adjusted Gross Profit |
|
$ |
416 |
|
|
$ |
274 |
|
|
52% |
|
Adjusted Gross Margin |
|
|
74 |
% |
|
|
77 |
% |
|
(339)bps |
|
Adjusted Operating Income |
|
$ |
217 |
|
|
$ |
121 |
|
|
79% |
|
Adjusted Operating Margin |
|
|
38 |
% |
|
|
34 |
% |
|
+440bps |
|
Adjusted Net Income |
|
$ |
215 |
|
|
$ |
97 |
|
|
121% |
|
Adjusted EPS - Basic |
|
$ |
0.27 |
|
|
$ |
0.13 |
|
|
110% |
|
Adjusted EPS - Diluted |
|
$ |
0.27 |
|
|
$ |
0.13 |
|
|
110% |
1 Mobileye’s revenue for the periods presented represent estimated volumes based on projections of future production volumes that were provided by our current and prospective OEMs at the time of sourcing the design wins for the models related to those design wins. See the disclaimer under the heading “Forward-Looking Statements” below for important limitations applicable to these estimates.
2 Average System Price is calculated as the sum of revenue related to EyeQ and SuperVision systems, divided by the number of systems shipped.
Financial Guidance for the 2023 Fiscal Year
The following information reflects Mobileye’s expectations for Revenue, Operating Loss and Adjusted Operating Income results for the year ending December 30, 2023. We believe Adjusted Operating Income (a non-GAAP metric) is an appropriate metric as it excludes significant non-cash expenses including: 1) Amortization charges related to intangible assets consisting of developed technology, customer relationships, and brands as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Moovit in 2020; and, 2) Stock-based compensation expense. These statements represent forward-looking information and may not represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this release.
|
|
|
Full Year 2023 |
||||||
|
U.S. dollars in millions |
|
Low |
|
High |
||||
|
Revenue |
|
$ |
2,192 |
|
|
$ |
2,282 |
|
|
Operating loss |
|
$ |
(160 |
) |
|
$ |
(110 |
) |
|
Amortization of acquired intangible assets |
|
$ |
474 |
|
|
$ |
474 |
|
|
Share-based compensation expense |
|
$ |
263 |
|
|
$ |
263 |
|
|
Adjusted Operating Income |
|
$ |
577 |
|
|
$ |
627 |
|
Earnings Conference Call Webcast Information
Mobileye will host a conference call today, January 26, 2023, at 8:00am ET (3:00pm IT) to review its results and provide a general business update. The conference call will be accessible live via a webcast on Mobileye’s investor relations site, which can be found at ir.mobileye.com, and a replay of the webcast will be made available 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 and Adjusted EPS, which are financial measures not presented in accordance with GAAP. We define Adjusted Gross Profit as gross profit presented in accordance with GAAP, excluding amortization of acquisition related intangibles and share-based compensation expense. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by total revenue. We define Adjusted Operating Income as operating loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expenses and expenses related to our initial public offering that was completed on October 28, 2022, during the year ended December 31, 2022. Operating margin is calculated as operating income (loss) divided by total revenue, and Adjusted Operating Margin is calculated as Adjusted Operating Income divided by total revenue. We define Adjusted Net Income as net loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expense, and expenses related to our initial public offering that was completed on October 28, 2022, during the year ended December 31, 2022, as well as the related income tax effects. Income tax effects have been calculated using the applicable statutory tax rate for each adjustment taking into consideration the associated valuation allowance impacts. The adjustment for income tax effects consists primarily of the deferred tax impact of the amortization of acquired intangible assets. Adjusted Basic EPS (Earnings Per Share) is calculated by dividing Adjusted Net Income for the period by the weighted-average number of common shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding during the period, while giving effect to all potentially dilutive common shares to the extent they are dilutive.
We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate performance. For example, we use these non-GAAP financial measures to assess our pricing and sourcing strategy, in the preparation of our annual operating budget, and as a measure of our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures our management uses in operating our business and measuring our performance, and enable comparison of financial trends and results between periods where items may vary independent of business performance. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.
About Mobileye Global Inc.
Mobileye (Nasdaq: MBLY) leads the mobility revolution with its autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in computer vision, artificial intelligence, mapping, and data analysis. Since its founding in 1999, Mobileye has pioneered such groundbreaking technologies as REM™ crowdsourced mapping, True Redundancy™ sensing, and Responsibility Sensitive Safety (RSS). These technologies are driving the ADAS and AV fields towards the future of mobility – enabling self-driving vehicles and mobility solutions, powering industry-leading advanced driver-assistance systems and delivering valuable intelligence to optimize mobility infrastructure. To date, more than 125 million vehicles worldwide have been built with Mobileye technology inside. In 2022 Mobileye listed as an independent company separate from Intel (Nasdaq: INTC), which retains majority ownership. For more information, visit https://www.mobileye.com.
“Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners.
Forward-Looking Statements
Mobileye’s Business Outlook and other statements in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including Mobileye’s 2023 full-year guidance, projected future revenue and descriptions of our business plan 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, and other similar expressions, although not all forward-looking statements contain these words. We base these forward-looking statements or projections, including Mobileye’s full-year guidance, on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. You should understand that these statements are not guarantees of performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections.
Important factors that may materially affect such forward-looking statements and projections include the following: future business, social and environmental performance, goals and measures; our anticipated growth prospects and trends in markets and industries relevant to our business; business and investment plans; expectations about our ability to maintain or enhance our leadership position in the markets in which we participate; future consumer demand and behavior; future products and technology, and the expected availability and benefits of such products and technology; development of regulatory frameworks for current and future technology; projected cost and pricing trends; future production capacity and product supply, including our expectation that supply chain issues will ease in the second half of 2023; potential future benefits and competitive advantages associated with our technologies and architecture and the data we have accumulated; the future purchase, use and availability of products, components and services supplied by third parties, including third-party IP and manufacturing services; uncertain events or assumptions, including statements relating to our addressable markets, estimated vehicle production and market opportunity, potential production volumes associated with design wins and other characterizations of future events or circumstances; future responses to and effects of the COVID-19 pandemic; availability, uses, sufficiency and cost of capital and capital resources, including expected returns to stockholders such as dividends, and the expected timing of future dividends; tax- and accounting-related expectation
The estimates included herein are based on projections of future production volumes that were provided by our current and prospective OEMs at the time of sourcing the design wins for the models related to those design wins. For the purpose of these estimates, we estimated sales prices based on our management’s estimates for the applicable product bundles and periods. Achieving design wins is not a guarantee of revenue, and our sales may not correlate with the achievement of additional design wins. Moreover, our pricing estimates are made at the time of a request for quotation by an OEM (in the case of estimates related to contracted customers), so that worsening market or other conditions between the time of a request for quotation and an order for our solutions may require us to sell our solutions for a lower price than we initial expected. These estimates may deviate from actual production volumes and sale prices (which may be higher or lower than the estimates) and the amounts included for prospective but uncontracted production volumes may never be achieved. Accordingly, these estimations are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections.
Detailed information regarding these and other factors that could affect Mobileye’s business and results is included in Mobileye’s SEC filings, including the company’s Registration Statement (No. 333-267685) on Form S-1, particularly in the section entitled the “Risk Factors”. Copies of these filings may be obtained by visiting our Investor Relations website at ir.mobileye.com or the SEC’s website at www.sec.gov.
Full Year 2022 Financial Results
Mobileye Global Inc.
Consolidated Statements of Operations (unaudited)
|
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
U.S. dollars in millions, except share and per share amounts |
|
December 31, |
|
December 25, |
|
December 31, |
|
December 25, |
||||||||
|
Revenue |
|
$ |
565 |
|
|
$ |
356 |
|
|
$ |
1,869 |
|
|
$ |
1,386 |
|
|
Cost of revenue |
|
|
265 |
|
|
|
202 |
|
|
|
947 |
|
|
|
731 |
|
|
Gross profit |
|
|
300 |
|
|
|
154 |
|
|
|
922 |
|
|
|
655 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Research and development, net |
|
|
224 |
|
|
|
154 |
|
|
|
789 |
|
|
|
544 |
|
|
Sales and marketing |
|
|
29 |
|
|
|
36 |
|
|
|
120 |
|
|
|
134 |
|
|
General and administrative |
|
|
23 |
|
|
|
8 |
|
|
|
50 |
|
|
|
34 |
|
|
Total operating expenses |
|
|
276 |
|
|
|
198 |
|
|
|
959 |
|
|
|
712 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating income (loss) |
|
|
24 |
|
|
|
(44 |
) |
|
|
(37 |
) |
|
|
(57 |
) |
|
Interest income with related party |
|
|
9 |
|
|
|
1 |
|
|
|
18 |
|
|
|
3 |
|
|
Interest expense with related party |
|
|
(4 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
Other income (expense), net |
|
|
5 |
|
|
|
(3 |
) |
|
|
11 |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) before income taxes |
|
|
34 |
|
|
|
(46 |
) |
|
|
(32 |
) |
|
|
(57 |
) |
|
(Provision) for income taxes |
|
|
(4 |
) |
|
|
(7 |
) |
|
|
(50 |
) |
|
|
(18 |
) |
|
Net income (loss) |
|
$ |
30 |
|
|
$ |
(53 |
) |
|
$ |
(82 |
) |
|
$ |
(75 |
) |
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.10 |
) |
|
Diluted |
|
$ |
| |||||||||||||
