- Revenue decreased 48% year over year to $239 million in the
first quarter due to the significant drawdown of inventory at our
Tier 1 customers announced earlier this year.
- Diluted EPS (GAAP) was $(0.27) and Adjusted Diluted EPS
(Non-GAAP) was $(0.07) in the first quarter.
- Inventory consumption and the expected quarterly cadence of
EyeQTM SoC deliveries over the course of 2024 remains on-track with
our prior guidance.
- Announcement by Volkswagen Group of a wide-ranging production
award for our advanced products in the first quarter led to an
expansion of the pipeline of advanced discussions with other global
OEMs.
- Generated net cash from operating activities of $40 million in
the first quarter. Our balance sheet is strong with $1.2 billion of
cash and cash equivalents and zero debt as of March 30, 2024.
Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released
its financial results for the three months ended March 30,
2024.
“The financial results in the first quarter reflect a supply
chain reset as the excess inventory held by our customers is
consumed. We are encouraged that the inventory draw-down and
associated recovery in revenue appears to be on-track to what we
laid out in January,” said Mobileye President and CEO Prof. Amnon
Shashua. “From a business development and strategy perspective, Q1
was very productive in generating traction across our multiple
waves of future growth. In base and cloud-enhanced ADAS, we
achieved a record level of design wins in terms of future projected
volume, in part due to new features and technology embedded in the
EyeQ6L product. Our SuperVisionTM and ChauffeurTM development
pipeline expanded during the quarter, reflecting 1) the key
announcement of the Volkswagen Group design win and 2) an
increasing consensus across automotive OEMs that eyes-on /
hands-off systems (on a scalable path to eyes-off) are critical
features necessary for mainstream vehicles of the near future. For
Mobileye DriveTM, we continue to build an eco-system of vehicle
manufacturers and network operators that view our self-driving
system as the enabler of more convenient and efficient modes of
transportation. Our main focus in 2024 is to successfully execute
our current advanced programs and to convert the unprecedented
opportunity set currently on the table into series production
awards.”
First Quarter 2024 Business Highlights
- Our core ADAS and Cloud-Enhanced ADAS offerings are now
bolstered by the EyeQ6L System-on-Chip, which recently achieved the
milestone of first production-candidate shipments to global
customers. This system includes incremental advanced features and
technology for a similar price to prior generations, and will be in
production vehicles during 2024. Our core ADAS business remains
strong, as projected future volume for design wins awarded in Q1
totaled over 26 million units, a record amount that is
approximately 80% of the EyeQ unit volume we project to deliver in
all of 2024.1
- Announcement by Volkswagen Group of our wide-ranging production
award for SuperVision, Chauffeur, and Drive products, a potential
multi-billion dollar nomination, was a milestone achievement for
Mobileye. Importantly, we believe this was a key driver of the Q1
expansion of our pipeline of advanced discussions with OEMs from
around the globe. Overall, we are seeing a solidified consensus
view among many OEMs, including mainstream brands, that a
SuperVision-type feature set is critical to being competitive over
the medium and long-term in a software-defined, recurring revenue
world. As well as that Mobileye’s SuperVision technology supports
an optimized balance of performance and cost while providing a
scalable platform to pursue Level 3 eyes-off and beyond.
- On the Mobility-as-a-Service front, we continue to make
progress creating an ecosystem of multiple vehicle platforms
pre-engineered to integrate our self-driving system and a set of
customers to deploy the vehicles in transportation networks. This
includes production awards from Volkswagen and P3 announced this
quarter, in addition to existing programs with Schaeffler / VDL and
Holon. On the technical side, we expect to deliver first samples of
the Drive 64 ECU during 2024. This represents a meaningful step
forward from previous EyeQ5-based systems on the path to a scalable
self-driving system.
- We are on track to deploy B-samples of our EyeQ6H-based ECUs
for the next generation SuperVision and for Chauffeur and Drive
products during the third quarter of this year. The software stack
to be embedded in these systems includes state-of-the-art novel
Artificial Intelligence (AI) systems including end-to-end
perception and end-to-end actuation running in parallel, for
purposes of redundancy, to the networks powering our current
generation of SuperVision.
First Quarter 2024 Financial Summary and Key Explanations
(Unaudited)
GAAP
U.S. dollars in millions
Q1 2024
Q1 2023
% Y/Y
Revenue
$
239
$
458
(48
%)
Gross Profit
$
54
$
207
(74
%)
Gross Margin
23
%
45
%
(2,260)bps
Operating Income (Loss)
$
(238
)
$
(81
)
(194
)%
Operating Margin
(100
)%
(18
)%
(8,190)bps
Net Income (Loss)
$
(218
)
$
(79
)
(176
)%
EPS - Basic
$
(0.27
)
$
(0.10
)
(174
)%
EPS - Diluted
$
(0.27
)
$
(0.10
)
(174
)%
Non-GAAP
U.S. dollars in millions
Q1 2024
Q1 2023
% Y/Y
Revenue
$
239
$
458
(48
%)
Adjusted Gross Profit
$
148
$
324
(54
%)
Adjusted Gross Margin
62
%
71
%
(876)bps
Adjusted Operating Income (Loss)
$
(65
)
$
124
*NM
Adjusted Operating Margin
(27
%)
27
%
*NM
Adjusted Net Income (Loss)
$
(55
)
$
115
*NM
Adjusted EPS - Basic
$
(0.07
)
$
0.14
*NM
Adjusted EPS - Diluted
$
(0.07
)
$
0.14
*NM
*Not Meaningful
- All key operating metrics in the first quarter of 2024 were
impacted by significantly lower volume of EyeQ shipments which was
the result of the expected large drawdown of inventory at our Tier
1 customers, as reflected in our guidance provided earlier this
year. In addition to the revenue impact, gross margin was impacted
by the higher percentage of revenue attributed to our SuperVision
product which was not impacted by the inventory drawdown. While
SuperVision generates significantly more gross profit dollars per
unit, it carries lower percentage gross margin than basic ADAS
products due to higher hardware content. Operating margin was
impacted by lower gross profit without an associated reduction in
operating expenses as we remain confident in our business outlook
and continue to execute on our long-term strategy. Given our
expectation that volumes and revenue will normalize over the course
of 2024 we would expect all these metrics to improve significantly
as compared to the first quarter of 2024.
- Revenue of $239 million decreased 48% compared to the first
quarter of 2023 due to a 58% decrease in EyeQ SoC-related revenue
primarily attributable to the usage of meaningful inventory at our
Tier 1 customers to satisfy demand. This was partially offset by an
increase in SuperVision related revenue.
- Average System Price2 was $61.0 in first quarter of 2024 as
compared to $53.9 in the prior year period primarily due to the
higher percentage of SuperVision-related revenue as compared to the
first quarter of 2023.
- Gross Margin declined by nearly 23 percentage points in the
first quarter of 2024 as compared to the prior year period. The
decrease was primarily due to the increase in percentage of revenue
attributable to SuperVision, as well as similar levels of
amortization of intangible assets cost on a significantly lower
revenue base.
- Adjusted Gross Margin declined by nearly 9 percentage points in
the first quarter of 2024 as compared to the prior year period. The
decrease was primarily due to the increase in percentage of revenue
attributable to SuperVision.
- Operating Margin declined to a negative margin in the first
quarter of 2024 as compared to the prior year period. The decrease
was primarily due to lower Gross Margin and operating expenses that
were similar to the prior year but on a significantly lower revenue
base.
- Adjusted Operating Margin declined to a negative margin in the
first quarter of 2024 as compared to the prior year period. In
addition to lower Adjusted Gross Margin, the most significant
impact was higher operating expenses as a percentage of revenue due
to the unusually low revenue base.
- Operating cash flow for the three months ended March 30, 2024
was $40 million. Cash used in purchases of property and equipment
was $22 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 2024 Fiscal Year
The following information reflects Mobileye’s expectations for
Revenue, Operating Loss and Adjusted Operating Income results for
the year ending December 28, 2024 which is unchanged from the
expectations first disclosed on January 4, 2024 and reaffirmed in
our January 25, 2024 press release.
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) Share-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 2024
U.S. dollars in millions
Low
High
Revenue
$
1,830
$
1,960
Operating Loss
$
(468
)
$
(378
)
Amortization of acquired intangible
assets
$
444
$
444
Share-based compensation expense
$
294
$
294
Adjusted Operating Income
$
270
$
360
Earnings Conference Call Webcast Information
Mobileye will host a conference call today, April 25, 2024, 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 (Loss) as operating loss presented in accordance with GAAP,
adjusted to exclude amortization of acquisition related
intangibles, share-based compensation expenses. 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, 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
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 (Loss) 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,
approximately 170 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, guidance 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 2024 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, including expectations about excess
inventory utilization by customers; 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; 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 estimated vehicle production and market
opportunity, potential production volumes associated with design
wins and other characterizations of future events or circumstances;
effects of the COVID-19 pandemic and responses to future pandemics;
adverse conditions in Israel, including as a result of war and
geopolitical conflict, which may affect our operations and may
limit our ability to produce and sell our solutions; any disruption
in our operations by the obligations of our personnel to perform
military service as a result of current or future military actions
involving Israel; 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 expectations.
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 Annual Report on
Form 10-K for the year ended December 30, 2023, particularly in the
section entitled “Item 1A. 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.
First Quarter 2024 Financial Results
Mobileye Global Inc. Condensed Consolidated Statements
of Operations (unaudited)
Three Months Ended
U.S. dollars in millions, except share
and per share amounts
March 30, 2024
April 1, 2023
Revenue
$
239
$
458
Cost of revenue
185
251
Gross profit
54
207
Research and development, net
243
235
Sales and marketing
34
33
General and administrative
15
20
Total operating expenses
292
288
Operating income (loss)
(238
)
(81
)
Other financial income (expense), net
17
8
Income (loss) before income
taxes
(221
)
(73
)
Benefit (provision) for income taxes
3
(6
)
Net income (loss)
$
(218
)
$
(79
)
Earnings (loss) per share:
Basic and diluted
$
(0.27
)
$
(0.10
)
Weighted-average number of shares used
in computation of earnings (loss) per share (in millions):
Basic and diluted
806
802
Mobileye Global Inc. Condensed Consolidated Balance
sheets (unaudited)
U.S. dollars in millions
March 30, 2024
December 30, 2023
Assets
Current assets:
Cash and cash equivalents
$
1,223
$
1,212
Trade accounts receivable, net
120
357
Inventories
456
391
Other current assets
132
106
Total current assets
1,931
2,066
Non-current assets:
Property and equipment, net
454
447
Intangible assets, net
1,942
2,053
Goodwill
10,895
10,895
Other long-term assets
120
116
Total non-current assets
13,411
13,511
TOTAL ASSETS
$
15,342
$
15,577
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses
$
166
$
229
Employee related accrued expenses
91
87
Related party payable
39
39
Other current liabilities
33
48
Total current liabilities
329
403
Non-current liabilities:
Long-term employee benefits
57
56
Deferred tax liabilities
142
148
Other long-term liabilities
51
46
Total non-current liabilities
250
250
TOTAL LIABILITIES
$
579
$
653
TOTAL EQUITY
14,763
14,924
TOTAL LIABILITIES AND EQUITY
$
15,342
$
15,577
Mobileye Global Inc. Condensed Consolidated Cash Flows
(unaudited)
Three Months Ended
U.S. dollars in millions
March 30, 2024
April 1, 2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss)
$
(218
)
$
(79
)
Adjustments to reconcile net income
(loss) to net cash provided by operating activities:
Depreciation of property and equipment
14
7
Share-based compensation
62
72
Amortization of intangible assets
111
133
Exchange rate differences on cash and cash
equivalents
2
4
Deferred income taxes
(6
)
(3
)
Interest with related party, net
—
16
Changes in operating assets and
liabilities:
Decrease (increase) in trade accounts
receivable
216
30
Decrease (increase) in other current
assets
(25
)
14
Decrease (increase) in inventories
(65
)
(60
)
Increase (decrease) in accounts payable,
accrued expenses and related party payable
(62
)
29
Increase (decrease) in employee-related
accrued expenses and long term benefits
5
4
Increase (decrease) in other current
liabilities
6
2
Decrease (increase) in other long term
assets
(2
)
2
Increase (decrease) in long-term
liabilities
2
—
Net cash provided by operating
activities
40
171
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and equipment
(22
)
(26
)
Net cash used in investing
activities
(22
)
(26
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Share-based compensation recharge
(4
)
(3
)
Net cash used in financing
activities
(4
)
(3
)
Effect of foreign exchange rate changes on
cash and cash equivalents
(2
)
(4
)
Increase in cash, cash equivalents and
restricted cash
12
138
Balance of cash, cash equivalents and
restricted cash, at beginning of year
1,226
1,035
Balance of cash, cash equivalents and
restricted cash, at end of period
$
1,238
$
1,173
Mobileye Global Inc. Reconciliation of GAAP Gross
Profit and Margin to Non-GAAP Adjusted Gross Profit and Margin3
(unaudited)
Three Months Ended
U.S. dollars in millions
March 30, 2024
April 1, 2023
Amount
% of Revenue
Amount
% of Revenue
Gross Profit
$
54
23
%
$
207
45
%
Add: Amortization of acquired intangible
assets
94
39
%
116
25
%
Add: Share-based compensation expense
—
—
%
1
—
%
Adjusted Gross Profit
$
148
62
%
$
324
71
%
3Adjusted gross margin is calculated as adjusted gross profit as
a percentage of revenue
Mobileye Global Inc. Reconciliation of GAAP Operating
Income and Margin to Non-GAAP Adjusted Operating Income and
Margin4 (unaudited)
Three Months Ended
U.S. dollars in millions
March 30, 2024
April 1, 2023
Amount
% of Revenue
Amount
% of Revenue
Operating Income (Loss)
$
(238
)
(100
%)
$
(81
)
(18
%)
Add: Amortization of acquired intangible
assets
111
46
%
133
29
%
Add: Share-based compensation expense
62
26
%
72
16
%
Adjusted Operating Income
(Loss)
$
(65
)
(27
%)
$
124
27
%
4Adjusted operating margin is calculated as adjusted operating
income as a percentage of revenue
Mobileye Global Inc. Reconciliation of GAAP Net Income
to Non-GAAP Adjusted Net Income (unaudited)
Three Months Ended
U.S. dollars in millions
March 30, 2024
April 1, 2023
Amount
% of Revenue
Amount
% of Revenue
Net Income (Loss)
$
(218
)
(91
%)
$
(79
)
(17
%)
Add: Amortization of acquired intangible
assets
111
46
%
133
29
%
Add: Share-based compensation expense
62
26
%
72
16
%
Less: Income tax effects
(10
)
(4
%)
(11
)
(2
%)
Adjusted Net Income (Loss)
$
(55
)
(23
%)
$
115
25
%
Supplemental Information - Average System Price
(unaudited)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
EyeQ and SuperVision revenue (U.S. dollars
in millions)
$
438
$
430
$
507
$
611
$
219
Number of systems shipped (in
millions)
8.1
8.3
9.4
11.6
3.6
Average system price (U.S. dollars)
$
53.9
$
51.7
$
53.8
$
52.7
$
61.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425742846/en/
Dan Galves Investor Relations investors@mobileye.com
Justin Hyde Media Relations justin.hyde@mobileye.com
Mobileye Global (NASDAQ:MBLY)
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