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

• Revenue increased59% year over year to $565 million in the fourth quarter.

• Diluted EPS (GAAP)was $0.04 and Adjusted Diluted EPS (Non-GAAP) was $0.27 in the fourthquarter.

• Future businessbacklog continues to grow, with 2022 ADAS (including SuperVision^TM)design wins projected to generate future revenue of $6.7 billion across 64million units by 2030.¹

• Advanced ADASproducts, such as SuperVision^TM contributed meaningfully to ourrevenue growth and resulted in Average System Price² increasingto $56.2 in fourth quarter 2022 from $48.3 in the prior year period.

• Generated net cashfrom operating activities of $546 million in the year ended December 31,2022. Our balance sheet is strong with $1.0 billion of cash and cash equivalentsand zero debt as of December 31, 2022.

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 SuperVision^TM, 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 Kit^TM 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

• Businessdevelopment activity was very robust in 2022. As disclosed in our CESpresentation, projected future revenue (through 2030) from design winsachieved in just 2022 alone totaled $6.7 billion across 63.6 millionincremental units. This is more than 3.5x the revenue we generated in 2022and the projected average system price indicates strong traction for ouradvanced solutions.¹

• We continue toexecute very well in our core ADAS business, as we launched systems into233 distinct vehicle models in 2022 and pricing and gross profit per unitremained consistent with historical levels.

• SuperVision^TM ECU shipments to ZEEKR were over 90,000 units in 2022 and we are preparedfor a series of launches on additional ZEEKR models as well as formultiple other brands under the Geely Holding Group umbrella during 2023.Demand for SuperVision^TM continues to run above our ability tosupply (certain ECU components are still somewhat constrained, particularlyin 1st half 2023). We expect volumes to more than double year over year in2023 but we expect shipments to be significantly higher in the 2nd half of2023 as compared to the first half.

• We recently kickedoff development with a premium European automaker for a SuperVision^TM program targeting delivery in 2025. Importantly, the scope of thisstrategic relationship expanded to include an eyes-off / hands-offChauffeur^TM program. This trend is consistent with other OEMswhere we are in advanced discussions and is a proof-point on our beliefthat SuperVision^TM, in addition to a near-term profitopportunity for our customers, also naturally serves as a scalablefoundation for Consumer AV.
• We continue tobuild strong relationships with Mobility-as-a-Service customers, both onthe demand and supply side, with our Mobileye Drive^TM self-driving system serving as the enabler. In a recent development, wesecured one such program with a leading EU light commercial vehicle OEM.

Fourth Quarter 2022 Financial Summary and Key Explanations (Unaudited)

*Not Meaningful

• Revenue of $565million increased 59% as compared to fourth quarter of 2021. EyeQ®SoC-related revenue grew 48% in the quarter due to a combination of volumeand ASP growth. The remaining growth was primarily generated bySuperVision^TM related revenue, despite this product being lessthan 1% of our overall unit volume.

• Average SystemPrice was $56.2 in fourth quarter 2022 as compared to $48.3 in the prioryear period, driven primarily by increased mix of advanced products. Priceincreases to offset the increased cost of our EyeQ chip due to globalinflationary pressures also contributed to the Average System Priceincrease but to a lesser extent.

• Gross Marginincreased by nearly 10 percentage points in the fourth quarter 2022 ascompared to the prior year period. This increase was primarily due to thelower impact of the cost attributable to amortization of intangible assetsas a percentage of revenue, partially offset by increased sales ofSuperVision^TM which contributes lower percentage gross margingiven the greater hardware content in this product.

• Adjusted GrossMargin (a non-GAAP measure) declined by 3 percentage points in the fourthquarter 2022 as compared to the prior year period. The year over yeardecrease was primarily due to increased sales of SuperVision^TM which contributes higher gross profit dollars per unit but lowerpercentage gross margin given the greater hardware content. Adjusted GrossMargin on our core EyeQ® SoC line of products remained stable in the high70% range.
• Operating Marginincreased by over 16 percentage points on a year over year basis. Theincrease was primarily driven by conversion of revenue growth into grossprofit that significantly outpaced year-over-year growth in operatingexpenses, as well as the lower impact of the cost attributable toamortization of intangible assets as a percentage of revenue.

• Adjusted OperatingMargin (a non-GAAP measure) increased by approximately 4 percentage pointsin the fourth quarter 2022 as compared to the prior year period. Theincrease was driven by conversion of revenue growth into gross profit thatsignificantly outpaced year-over-year growth in operating expenses.Adjusted Operating Margin in fourth quarter 2022 was higher than ourexpectations due to a number of expense items that were projected for 2022but shifted to 2023, primarily in the area of non-recurring engineering(NRE) development projects.

• Operating cashflow for the year ended December 31, 2022 was $546 million. Purchases ofproperty and equipment was $111 million for that same period.

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.

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.

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.

Contacts

Dan Galves
Investor Relations
[email protected]

Justin Hyde
Media Relations
[email protected]

Source: Mobileye Global Inc.

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