Else Nutrition

Mobileye Discloses Second Quarter 2023 Results, Updates Guidance and Provides Business Update

27 July 2023
  • Revenue decreased 1% year over year to $454 million in the second quarter.
  • Operating Margin and Adjusted Operating Margin both improved meaningfully versus the first quarter of 2023.
  • Diluted EPS (GAAP) was $(0.04) and Adjusted Diluted EPS (Non-GAAP) was $0.17 in the second quarter of 2023.
  • Continued to execute on strategic collaboration with VW Group in the second quarter. Expanded future cloud-enhanced ADAS volumes, announced SuperVision design win with Porsche, and shipped Mobileye Drive self-driving systems to VW Commercial Vehicles to support global testing.
  • Generated net cash from operating activities of $197 million in the six months ended July 1, 2023. Our balance sheet is strong with $1.1 billion of cash and cash equivalents and zero debt as of July 1, 2023.

JERUSALEM / Jul 27, 2023 / Business Wire / Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended July 1, 2023.

“The business again performed well in Q2. Operating margin improved as compared to the first quarter of 2023 despite relatively consistent revenue and we’re positioned well for the increased revenue growth in the 2nd half of 2023 indicated by our guidance,” said Mobileye President and CEO Prof. Amnon Shashua. “Future business highlights of the quarter included tangible evidence of the depth of our relationship with VW Group and an expansion of meaningful engagements for our advanced portfolio to 9 large OEMs. VW Group’s engagement across our entire product portfolio is quite encouraging as it underlines the scalability and flexibility of Mobileye’s technology platform and is a template we are pursuing with other key customers.”

Second Quarter 2023 Business Highlights

  • Overall business development pipeline activity remained robust in the quarter. Based on design wins achieved in the first half of 2023 and the current opportunity pipeline, we are on-track for 2023 to match or exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis1.
  • We continued to expand on our Basic ADAS leadership position including a design win with a key customer that extended our relationship through 2035 (including meaningful Cloud-Enhanced ADAS volumes). Additionally, we leveraged our computer vision expertise and massive video database to achieve European certification of the first vision-only solution for use by OEMs to efficiently comply with the European General Safety Regulation (GSR) for Intelligent Speed Assist.
  • Our first major SuperVision design win beyond Geely Automotive Group was announced by Porsche during Q2 and we see excellent potential for similarly timed launches across other VW Group brands. Additionally, VW of America announced a testing program of Mobileye Drive-equipped VW ID.Buzz vehicles in Austin, Texas after only months of development and integration activity.
  • Near-term SuperVision launches remain on-track and we expect to have SuperVision equipped on 5 production vehicle models (including 2 models sold outside of China) by the first quarter of 2024 as compared to 1 vehicle model at the beginning of 2023. Additionally, the software roll-out of Navigate-on-Pilot functions for Zeekr vehicles is proceeding well and garnering accolades from key China media influencers, particularly for its assertive, efficient driving style.

Second Quarter 2023 Financial Summary and Key Highlights (Unaudited)

GAAP

 

 

 

 

 

 

U.S. dollars in millions

 

Q2 2023

 

Q2 2022

 

% Y/Y

Revenue

 

$

454

 

$

460

 

(1%)

Gross Profit

 

$

224

 

$

229

 

(2%)

Gross Margin

 

 

49%

 

 

50%

 

(44)bps

Operating Income (Loss)

 

$

(33)

 

$

10

 

(434) %

Operating Margin

 

 

(7) %

 

 

2 %

 

(953)bps

Net Income (Loss)

 

$

(28)

 

$

(7)

 

(306) %

EPS - Basic

 

$

(0.04)

 

$

(0.01)

 

(278) %

EPS - Diluted

 

$

(0.04)

 

$

(0.01)

 

(278) %

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

U.S. dollars in millions

 

Q2 2023

 

Q2 2022

 

% Y/Y

Revenue

 

$

454

 

$

460

 

(1%)

Adjusted Gross Profit

 

$

326

 

$

344

 

(5%)

Adjusted Gross Margin

 

 

72%

 

 

75%

 

(299)bps

Adjusted Operating Income

 

$

140

 

$

182

 

(23) %

Adjusted Operating Margin

 

 

31%

 

 

40%

 

(884)bps

Adjusted Net Income

 

$

135

 

$

156

 

(14%)

Adjusted EPS - Basic

 

$

0.17

 

$

0.21

 

(20%)

Adjusted EPS - Diluted

 

$

0.17

 

$

0.21

 

(20%)

  • Revenue of $454 million decreased 1% compared to the second quarter of 2022. As noted on our prior earnings call, de-stocking of SuperVision units at our main customer was a headwind in the quarter.
  • Average System Price2 was $51.7 in the second quarter of 2023, which is largely flat on a year-over-year basis. Slightly higher core EyeQ prices were offset by slightly lower SuperVision volumes as a percentage of overall revenue.
  • Gross Margin in the second quarter of 2023 was largely consistent with the prior year period, as the downward impact of the increased cost of our EyeQ® chip (and associated price increase to customers), was mostly offset by lower impact of the cost attributable to amortization of intangible assets as a percentage of revenue.
  • Adjusted Gross Margin declined by 3 percentage points in the second quarter of 2023 as compared to the prior year period. The decrease was primarily due to the increased cost of our EyeQ® chip which was passed through as a price increase to customers as of the beginning of 2023 on a zero-margin basis.
  • Operating Margin declined by approximately 9 percentage points in the second quarter of 2023 as compared to the prior year period. The decrease was primarily due to an increase in research and development expenses which resulted in a year-over-year increase in operating expenses as a percentage of revenue.
  • Adjusted Operating Margin declined by approximately 9 percentage points in the second quarter of 2023 as compared to the prior year period. The decrease was mainly due to an increase in research and development expenses attributable to headcount, as well as lower Adjusted Gross Margin.
  • Operating cash flow for the six months ended July 1, 2023 was $197 million. This included significant outflows related to re-building our strategic inventory of EyeQ chips which had been significantly reduced during the semiconductor supply chain crisis in 2021 and 2022. Cash used in purchases of property and equipment was $58 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.

Updated Financial Guidance for the 2023 Fiscal Year

We are updating our guidance for the 2023 fiscal year we provided on April 27, 2023:

 

 

Updated Guidance

Full Year 2023

 

Previous Guidance

Full Year 2023

U.S. dollars in millions

 

Low

 

High

 

Range

Revenue

 

$

2,065

 

$

2,114

 

$2,065 - 2,114

Operating Loss

 

$

(129)

 

$

(98)

 

$ (195) - (166)

Amortization of acquired intangible assets

 

$

474

 

$

474

 

$ 474

Share-based compensation expense

 

$

255

 

$

255

 

$ 269

Adjusted Operating Income

 

$

600

 

$

631

 

$ 548 - 577

Our updated guidance reflects an improvement in expected Operating Loss (GAAP) and Adjusted Operating Income (Non-GAAP), at the midpoint, of 37% and 9%, respectively. Lower than expected operating expenses, both in Q2 and second half of 2023, are primarily being driven by certain macro factors, higher-than-expected non-recurring engineering (“NRE”) reimbursements, a modest shift in the timing of occupation of the new Jerusalem campus, and ongoing initiatives to improve the efficiency of R&D in certain areas. Our revenue guidance remains consistent with the guidance provided on April 27, 2023 and, at the midpoint, implies 16% growth in the 2nd half of 2023 as compared to the 2nd half of 2022.

This 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) 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.

Earnings Conference Call Webcast Information

Mobileye will host a conference call today, July 27, 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 (Earnings Per Share), 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 (the “Mobileye IPO”). Operating margin is calculated as operating 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 the Mobileye IPO, 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 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 150 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 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; 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; 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 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 31, 2022, 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.

Second Quarter 2023 Financial Results

Mobileye Global Inc.
Condensed Consolidated Statements of Operations (unaudited)

 

 

Three Months Ended

 

Six Months Ended

U.S. dollars in millions, except share and per share amounts

 

July 1, 2023

 

July 2, 2022

 

July 1, 2023

 

July 2, 2022

Revenue

 

$

454

 

$

460

 

$

912

 

$

854

Cost of revenue

 

 

230

 

 

231

 

 

481

 

 

449

Gross profit

 

 

224

 

 

229

 

 

431

 

 

405

Research and development, net

 

 

211

 

 

179

 

 

446

 

 

359

Sales and marketing

 

 

29

 

 

29

 

 

62

 

 

64

General and administrative

 

 

17

 

 

11

 

 

37

 

 

18

Total operating expenses

 

 

257

 

 

219

 

 

545

 

 

441

Operating income (loss)

 

 

(33)

 

 

10

 

 

(114)

 

 

(36)

Interest income with related party

 

 

 

 

3

 

 

 

 

4

Interest expense with related party

 

 

 

 

(9)

 

 

 

 

(9)

Other financial income (expense), net

 

 

15

 

 

4

 

 

23

 

 

5

Income (loss) before income taxes

 

 

(18)

 

 

8

 

 

(91)

 

 

(36)

Benefit (provision) for income taxes

 

 

(10)

 

 

(15)

 

 

(16)

 

 

(31)

Net income (loss)

 

$

(28)

 

$

(7)

 

$

(107)

 

$

(67)

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.04)

 

$

(0.01)

 

$

(0.13)

 

$

(0.09)

Weighted-average number of shares used in computation of earnings (loss) per share (in millions):

 

 

 

 

 

 

 

 

Basic and diluted

 

 

805

 

 

750

 

 

803

 

 

750

Mobileye Global Inc.
Condensed Consolidated Balance sheets (unaudited)

U.S. dollars in millions

 

July 1, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,142

 

$

1,024

Trade accounts receivable, net

 

 

240

 

 

269

Inventories

 

 

263

 

 

113

Other current assets

 

 

72

 

 

110

Total current assets

 

 

1,717

 

 

1,516

Non-current assets:

 

 

 

 

Property and equipment, net

 

 

422

 

 

384

Intangible assets, net

 

 

2,276

 

 

2,527

Goodwill

 

 

10,895

 

 

10,895

Other long-term assets

 

 

120

 

 

119

Total non-current assets

 

 

13,713

 

 

13,925

TOTAL ASSETS

 

$

15,430

 

$

15,441

Liabilities and Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued expenses

 

$

208

 

$

189

Employee related accrued expenses

 

 

87

 

 

88

Related party payable

 

 

54

 

 

73

Other current liabilities

 

 

32

 

 

34

Total current liabilities

 

 

381

 

 

384

Non-current liabilities:

 

 

 

 

Long-term employee benefits

 

 

55

 

 

56

Deferred tax liabilities

 

 

152

 

 

162

Other long-term liabilities

 

 

42

 

 

45

Total non-current liabilities

 

 

249

 

 

263

TOTAL LIABILITIES

 

$

630

 

$

647

TOTAL EQUITY

 

 

14,800

 

 

14,794

TOTAL LIABILITIES AND EQUITY

 

$

15,430

 

$

15,441

Mobileye Global Inc.
Condensed Consolidated Cash Flows (unaudited)

 

 

Six Months Ended

U.S. dollars in millions

 

July 1, 2023

 

July 2, 2022

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Net income (loss)

 

$

(107)

 

$

(67)

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Depreciation of property and equipment

 

 

15

 

 

10

 

Share-based compensation

 

 

127

 

 

76

 

Amortization of intangible assets

 

 

251

 

 

282

 

Exchange rate differences on cash and cash equivalents

 

 

5

 

 

3

 

Deferred income taxes

 

 

(10)

 

 

2

 

Interest on Dividend Note to related party, net

 

 

 

 

9

 

Interest with related party, net

 

 

16

 

 

27

 

Other

 

 

 

 

(3)

 

Changes in operating assets and liabilities:

 

 

 

 

 

Decrease (increase) in trade accounts receivable

 

 

29

 

 

(59)

 

Decrease (increase) in other current assets

 

 

21

 

 

29

 

Decrease (increase) in inventories

 

 

(150)

 

 

(1)

 

Increase (decrease) in accounts payable, accrued expenses and related party payable

 

 

3

 

 

(5)

 

Increase (decrease) in employee-related accrued expenses and long term benefits

 

 

(2)

 

 

(81)

 

Increase (decrease) in other current liabilities

 

 

(2)

 

 

(3)

 

Decrease (increase) in other long term assets

 

 

1

 

 

17

 

Increase (decrease) in long-term liabilities

 

 

 

 

(3)

 

Net cash provided by operating activities

 

 

197

 

 

233

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

Purchase of property and equipment

 

 

(58)

 

 

(53)

 

Repayment of loan due from related party

 

 

 

 

733

 

Issuance of loan to related party

 

 

 

 

(336)

 

Net cash provided by (used in) investing activities

 

 

(58)

 

 

344

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

Net transfers from Parent

 

 

 

 

121

 

Dividend paid

 

 

 

 

(336)

 

Share-based compensation recharge

 

 

(12)

 

 

(186)

 

Deferred offering costs

 

 

 

 

(14)

 

Net cash provided by (used in) financing activities

 

 

(12)

 

 

(415)

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(5)

 

 

(3)

 

Increase in cash, cash equivalents and restricted cash

 

 

122

 

 

159

 

Balance of cash, cash equivalents and restricted cash, at beginning of year

 

 

1,035

 

 

625

 

Balance of cash, cash equivalents and restricted cash, at end of period

 

$

1,157

 

$

784

 

Mobileye Global Inc.
Reconciliation of GAAP Gross Profit and Margin to Non-GAAP Adjusted Gross Profit and Margin3 (unaudited)

 

Three Months Ended

 

Six Months Ended

U.S. dollars in millions

July 1, 2023

 

July 2, 2022

 

July 1, 2023

 

July 2, 2022

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

Gross Profit

$

224

49 %

 

$

229

50 %

 

$

431

47 %

 

$

405

47 %

Add: Amortization of acquired intangible assets

 

101

22 %

 

 

115

25 %

 

 

217

24 %

 

 

240

28 %

Add: Share-based compensation expense

 

1

— %

 

 

— %

 

 

2

— %

 

 

— %

Adjusted Gross Profit

$

326

72 %

 

$

344

75 %

 

$

650

71 %

 

$

645

76 %

3Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue

Mobileye Global Inc.

Reconciliation of GAAP Operating Income (loss) and Margin to Non-GAAP Adjusted Operating Income and Margin4 (unaudited)

 

Three Months Ended

 

Six Months Ended

U.S. dollars in millions

July 1, 2023

 

July 2, 2022

 

July 1, 2023

 

July 2, 2022

 

Amount

% of Revenue

 

Amount

% of Revenue

 

Amount

% of Revenue

 

Amount

% of Revenue

Operating Income (Loss)

$

(33)

(7%)

 

$

10

2%

 

$

(114)

(13%)

 

$

(36)

(4%)

Add: Amortization of acquired intangible assets

 

118

26%

 

 

133

29%

 

 

251

28%

 

 

282

33%

Add: Share-based compensation expense

 

55

12%

 

 

36

8%

 

 

127

14%

 

 

76

9%

Add: Expenses related to the IPO

 

—%

 

 

3

1%

 

 

—%

 

 

3

—%

Adjusted Operating Income

$

140

31%

 

$

182

40%

 

$

264

29%

 

$

325

38%

4Adjusted operating margin is calculated as adjusted operating income as a percentage of revenue

Mobileye Global Inc.
Reconciliation of GAAP Net Income (loss) to Non-GAAP Adjusted Net Income (unaudited)

 

Three Months Ended

 

Six Months Ended

U.S. dollars in millions

July 1, 2023

 

July 2, 2022

 

July 1, 2023

 

July 2, 2022

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

Net Income (Loss)

$

(28)

(6%)

 

$

(7)

(2%)

 

$

(107)

(12%)

 

$

(67)

(8%)

Add: Amortization of acquired intangible assets

 

118

26%

 

 

133

29%

 

 

251

28%

 

 

282

33%

Add: Share-based compensation expense

 

55

12%

 

 

36

8%

 

 

127

14%

 

 

76

9%

Add: Expenses related to the Mobileye IPO

 

—%

 

 

3

1%

 

 

—%

 

 

3

—%

Less: Income tax effects

 

(10)

(2%)

 

 

(9)

(2%)

 

 

(21)

(2%)

 

 

(18)

(2%)

Adjusted Net Income

$

135

30%

 

$

156

34%

 

$

250

27%

 

$

276

32%

Supplemental Information - Average System Price (unaudited)

 

Q2 2022

 

Q3 2022

 

Q4 2022

 

Q1 2023

 

Q2 2023

EyeQ and SuperVision revenue (U.S. dollars in millions)

$

441

 

$

432

 

$

543

 

$

438

 

$

430

Number of systems shipped (in millions)

 

8.5

 

 

8.2

 

 

9.7

 

 

8.1

 

 

8.3

Average system price (U.S. dollars)

$

52.0

 

$

53.0

 

$

56.2

 

$

53.9

 

$

51.7

 

Sign Up To Get Daily Green Stock News In Your Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

STOCK QUOTE

FEATURED GREEN STOCK

Hillcrest Energy Technologies

Hillcrest Energy Technologies is a clean technology company developing high value, high performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable...

CLICK TO LEARN MORE

FEATURED GREEN STOCK

GreenPower Motor

GreenPower Motor designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis...

CLICK TO LEARN MORE

COPYRIGHT ©2022 GREEN STOCK NEWS