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Mobileye

NIO and Mobileye Joining Forces to Deliver L4 Autonomy by 2019

— NIO and Mobileye sign MOU for a strategic partnership to jointly develop L4 autonomy using the Mobileye solution portfolio for NIO USA vehicles by 2019.
— As part of the partnership, NIO engineering will develop and deliver for NIO customers unique L4 features, built leveraging the Mobileye platform in conjunction with other sensors and technologies.

SAN JOSE, Calif. and JERUSALEM, Jan. 3, 2017 /PRNewswire/ — Today NIO and Mobileye N.V. (NYSE: MBLY), announced that they have signed a Memorandum of Understanding for a strategic partnership to jointly develop differentiated L4 autonomy for NIO US vehicles by 2019.

NIO USA vehicles will be built upon the Car 3.0 stack, a set of integrated modular technologies and infrastructure conceived from the ground up for L4 Autonomous Electric Vehicles.  In its entirety, the Car 3.0 stack will deliver transformational digitally immersive user experiences for their customers.  NIO USA plans to launch its first vehicles built fully in 2019.

As part of the engagement, Mobileye will provide an EyeQ®-based compute platform hosting Mobileye solutions for full 8-camera surround vision and sensor fusion.  These solutions will be deployed within the L4 Autonomy module of NIO USA’s Car 3.0 stack.  NIO USA will develop certain L4 AD features that augment the Mobileye system, and enable NIO’s Car 3.0 stack to deliver specific target experiences for vehicle users. 

“At NIO USA we are focused on delivering amazing digitally immersive user experiences in our vehicles, made possible only by our Car 3.0 stack,” said Padmasree Warrior, CEO of NIO USA. “Autonomy is an important module of our Car 3.0 stack.  We are delighted to be partnering with Mobileye on the L4-AD system module, which will interact with the rest of the Car 3.0 stack to deliver unique, purpose-built user experiences available only to our customers.”

“We look forward to having NIO as a strategic partner and to our joint global development for L4 autonomy by 2019,” said Professor Amnon Shashua, Chairman and CTO of Mobileye. “Mobileye will work with NIO on the EyeQ4 and later EyeQ5 from deployment of computer vision and fusion with radars and lidars, to REM™ mapping and driving policy algorithms.” 

If you have questions, please contact:

NIO
Annie Weckesser
+1 408 219 2408
annie.weckesser@nio.com

Mobileye Investor Relations
Dan Galves
+1 917 960 1525
Dan.galves@mobileye.com

Mobileye Media Relations
Alexis Blais
+1 203 682 8270
mobileyepr@icrinc.com

About NIO
NIO is a global start-up, designing and developing smart, high-performance, premium electric vehicles. NIO has recruited thousands of world-class R&D and design experts from around the world with significant technology and management background from leading automobile and high tech companies. It has more than 2,000 employees in San Jose, Shanghai, Munich, London and eight other locations.  In October it announced that it was issued an Autonomous Vehicle Testing Permit by the California DMV and it would begin testing on public roads under the Autonomous Vehicle Tester Program guidelines as it progresses on its path to bring autonomy to market. Investors include Tencent, Temasek, Sequoia Capital, Lenovo, TPG and other world-renowned investment institutions. The company is also involved in the FIA Formula Championship, the world’s first single-seater, all-electric racing series. The NextEV NIO Formula E team won the inaugural drivers’ championship title in 2015. Learn more at nio.com.

About Mobileye
Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. Our technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. Our proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. Mobileye’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a RoadBook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. Our products are or will be integrated into car models from more than 25 global automakers. Our products are also available in the aftermarket.

Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Many factors may cause our actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the public filings of each of the parties to this press release. Neither party undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nio-and-mobileye-joining-forces-to-deliver-l4-autonomy-by-2019-300386117.html

SOURCE Mobileye

Mobileye

Lucid Chooses Mobileye as Partner for Autonomous Vehicle Technology

MENLO PARK, Calif. and JERUSALEM, Dec. 30, 2016 /PRNewswire/ — Lucid Motors, the luxury mobility company, and Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, announced a collaboration to enable autonomous driving capability on Lucid vehicles.

Mobileye Logo

Lucid will launch its first car, the Lucid Air, with a complete sensor set for autonomous driving from day one, including camera, radar and lidar sensors.  Mobileye was chosen to provide the primary compute platform, full 8-camera surround view processing, sensor fusion software, Road Experience Management (REM™) crowd-based localization capability, and reinforcement learning algorithms for Driving Policy.  These technologies will enable a full Advanced Driver Assistance System (ADAS) suite at launch, and then enable a logical and safe transition to autonomous driving functionality through over-the-air software updates.

Mobileye is expected to provide a dual set of EyeQ®4 system-on-chips.  The chipset will process a full 8-camera surround view system, providing full 360-degree visual perception.  Consistent with other Mobileye programs, the camera set includes a forward-facing trifocal-lensed camera and an additional five cameras surrounding the vehicle.

In addition, Mobileye will offer sensor fusion software that incorporates data from radar and lidar sensors, along with the camera set, in order to build the critical environmental model necessary to facilitate autonomous driving.

To complete and strengthen the environmental model, Mobileye’s REM™ system is intended to provide the vehicle with highly accurate localization capability.  Lucid vehicles will benefit from the near real-time updating of the collaborative, dynamic global Roadbook™ high-definition mapping system.  Data generated from Lucid vehicles can be used to enhance the autonomous driving software and will also contribute to the aggregation of Mobileye’s Global Roadbook™.

“Mobileye’s suite of automated driving technologies represent key elements in the development of automated driving systems in the Lucid Air,” said Peter Rawlinson, CTO of Lucid. “Lucid is striving to take a leading position in safety and intuitive usability. We look forward to working with Mobileye on important aspects of achieving these goals.”

“We are looking forward to bringing our full suite of product offerings to enable ADAS and eventually Autonomous Driving on Lucid Motors vehicles,” said Professor Amnon Shashua, Chairman and CTO of Mobileye.  “The choice of Mobileye is further evidence of the unique capabilities and value we can add to a variety of automaker customers, both established and emerging.”

If you have any queries, please contact:

Lucid Media Relations
David Salguero
+1 650 980 7555
davidsalguero@lucidmotors.com

Mobileye Investor Relations
Dan Galves
+1 917 960 1525
Dan.galves@mobileye.com

Mobileye Media Relations
Alexis Blais
+1 203 682 8270
mobileyepr@icrinc.com

About Lucid
Lucid Motors is a luxury mobility company that is reimagining what a car can be. The company is applying innovative engineering, design and technology to define a new class of premium electric vehicle. Headquartered in Menlo Park, California, in the heart of Silicon Valley, the Lucid team brings deep expertise from the automotive and technology industries. Learn more at lucidmotors.com.

About Mobileye
Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving.  Our technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving.  Our proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles.  Mobileye’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving.  Our products are or will be integrated into car models from more than 25 global automakers.  Our products are also available in the aftermarket.

Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements.  Many factors may cause our actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the public filings of each of the parties to this press release. Neither party undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lucid-chooses-mobileye-as-partner-for-autonomous-vehicle-technology-300384168.html

SOURCE Mobileye N.V.

Mobileye

HERE and Mobileye to partner on REM™ and Open Location Platform technology to enable crowd-sourced HD mapping for automated driving

EINDHOVEN, Netherlands and JERUSALEM, Dec. 29, 2016 /PRNewswire/ — HERE and Mobileye, both leaders in providing technologies for intelligent vehicles, today announced plans for a strategic partnership that links their respective autonomous driving technologies into an enhanced industry-leading offering for automakers. 

The two companies intend to pursue the following collaborative initiatives:

  • Integration of Mobileye’s Roadbook™ with HERE HD Live Map
    Mobileye’s Roadbook™ will be integrated as a data layer in HERE HD Live Map, HERE’s real-time cloud service for partially, highly and fully automated vehicles. Roadbook™ information will provide an important additional layer of real-time contextual awareness by gathering landmark and roadway information to assist in making a vehicle more aware of – and better able to react to – its surroundings, as well as allow for more accurate vehicle positioning on the road.

  • Mobileye’s utilization of the HERE Open Location Platform
    Mobileye will utilize the HERE Open Location Platform for the ingestion and processing of raw sensor and observation data (Road Segment Data, RSD), and the creation and dynamic maintenance of its Roadbook™ products. The HERE Open Location Platform is the next generation of HERE’s location platform, developed to support the ingestion, enrichment and processing of real-time location-based data for multiple industries, including the automotive industry.

  • HERE to utilize raw sensor and observation data from Mobileye
    HERE will utilize RSD, as well as the Global Roadbook™ (GLRB), collected and aggregated from certain vehicle brands equipped with Mobileye technology to support change detection and the maintenance of HERE HD Live Map. Detecting changes in the real world and adjusting the map accordingly is critically important for automated vehicles to plan better driving strategies. With more sensor data available from car manufacturers equipped with Mobileye’s REM™ technology, the HERE HD Live Map will be updated even more quickly, achieving very short Time to Reflect Reality.

“We are building a state-of-the-art global HD map that is becoming the standard for autonomous driving and other IoT applications that need precise location-based information and services,” said Edzard Overbeek, CEO of HERE. “We are rapidly expanding this capability and I am very pleased that we can accelerate that work with Mobileye, a strategic partner which shares our view of where the automotive and other industries are going.”

“High-definition mapping is a key enabler for autonomous driving. Mobileye’s REM™ technology, enabling crowd-sourced data extraction, together with the backend processing of the Roadbook™ combined with HERE HD Live Map is critical to ensure dynamic, near real-time updates”, said Professor Amnon Shashua, Chairman and CTO of Mobileye.  “We are pleased to work with HERE to create a “world HD-map” standard, leveraging the combined fleet size of certain vehicle brands initially, with the objective of eventually launching an industry wide initiative.”

In parallel, the two companies also intend to explore other potential opportunities where their products and services are complementary to further support automotive companies in advancing their autonomous driving and mobility strategies generally.

About HERE
HERE, the Open Location Platform company, enables people, enterprises and cities to harness the power of location. By making sense of the world through the lens of location we empower our customers to achieve better outcomes – from helping a city manage its infrastructure or an enterprise optimize its assets to guiding drivers to their destination safely. To learn more about HERE, including our new generation of cloud-based location platform services, visit http://360.here.com and www.here.com.

For enquiries, please contact:

HERE media relations                                       
James Etheridge                                              
+49 151 1004 1241                                           
james.etheridge@here.com

Dr. Sebastian Kurme                                                                             
+49 173 515 3549
sebastian.kurme@here.com

About Mobileye
Mobileye N.V. (NYSE: MBLY) is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The company’s products are or will be integrated into car models from more than 25 global automakers. The company’s products are also available in the aftermarket.

Mobileye investor relations
Dan Galves
+1 917 960 1525
Dan.galves@mobileye.com

Mobileye media relations
Alexis Blais
mobileyepr@icrinc.com

Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements.  Many factors may cause our actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the public filings of each of the parties to this press release. Neither party undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/here-and-mobileye-to-partner-on-rem-and-open-location-platform-technology-to-enable-crowd-sourced-hd-mapping-for-automated-driving-300383963.html

SOURCE Mobileye N.V.

Mobileye

Mobileye To Present At CES And Upcoming Investor Conferences

JERUSALEM, Dec. 28, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, announced its scheduled participation at the following upcoming conferences:

  • Professor Amnon Shashua, Co-founder, Chairman and CTO, is scheduled to present at the Consumer Electronic Show (CES) on Thursday, January 5, 2017 in Las Vegas, Nevada at 10:00 a.m. Pacific Standard Time (PST).
  • Dr. Itay Gat, Senior VP, Production Programs and Dan Galves, Chief Communication Officer are scheduled to present at the Morgan Stanley Autos and Shared Mobility Technology Summit in Las Vegas, Nevada on Thursday, January 5, 2016 at 1:40 p.m. PST.
  • Dr. Itay Gat, Senior VP, Production Programs and Dan Galves, Chief Communication Officer are scheduled to present at the J.P. Morgan Technology Forum at CES in Las Vegas, Nevada on Thursday, January 5, 2016 at 3:05 p.m. PST.
  • Professor Amnon Shashua, Co-founder, Chairman and CTO, is scheduled to present at the Deutsche Bank 2017 Global Automotive Industry Conference on Tuesday, January 10, 2017 in Detroit, Michigan at 11:05 a.m. Eastern Standard Time.

Live webcasts of these presentations will be available on the investor relations portion of the company’s website at ir.mobileye.com, and a replay of the webcast will be archived on the website for 90 days.

Listeners should login at least 20 minutes before the presentation is scheduled to begin in order to register, as well as download and install any necessary audio software.

About Mobileye

Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

Company Contact
Dan Galves 
CCO / SVP 
Dan.Galves@mobileye.com                       

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobileye-to-present-at-ces-and-upcoming-investor-conferences-300383680.html

SOURCE Mobileye N.V.

Mobileye

Mobileye Announces Third Quarter 2016 Financial Results

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JERUSALEM, Nov. 15, 2016 /PRNewswire/ —

Third Quarter 2016 Highlights:

  • Total revenue of $94.9 million
  • GAAP Net Income of $27 million; Non-GAAP Net Income of $46 million
  • GAAP fully diluted EPS of $0.11; Non-GAAP fully diluted EPS of $0.19
  • Generated GAAP net cash from operating activities of $38.6 million; Non-GAAP free cash flow of $36.9 million

(NYSE: MBLY) – Mobileye N.V., the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced financial results for the quarter ended September 30, 2016.

Mobileye Logo

“Our core business performed well in the third quarter,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. “Strategically, we continue to see rising interest for higher-level autonomous vehicle technology. Most new customer requirements for future programs now include a semi-autonomous feature-set in addition to Advanced Driver Assist System safety features. We have also seen an uptick in discussions relating to Fully Autonomous programs on the heels of our two recently-announced Level 4 programs with BMW and Delphi. I am pleased that our customers continue to recognize the value Mobileye provides across the entire driving spectrum – from Driver Assist to Fully Autonomous.”

Third Quarter 2016 Financial Highlights

  • Revenue: Total revenue for the third quarter of 2016 was $94.9 million, compared to $70.6 million in the prior-year period.  Within total revenue, original equipment manufacturing (OEM) revenue was $72.6 million, compared to $60.8 million in the prior-year period. EyeQ chip volume increased to 1,553 thousand EyeQ units, compared to 1,351 thousand units in the prior-year period.  The EyeQ Average Selling Price (ASP) per unit for the third quarter of 2016 was $45.50, up from $43.50 during the same period last year.  After market (AM) revenue contributed the remaining $22.3 million of total revenue for the third quarter of 2016 compared to $9.8 million in the prior-year period.

  • Net Income and Earnings per Share:  GAAP net income for the third quarter of 2016 was $27 million, or $0.11 per diluted share. This compares to GAAP net income of $24.2 million, or $0.10 per diluted share for the third quarter of 2015. GAAP results included share-based compensation expense, net of tax, of $19 million for the third quarter of 2016 compared to $10.6 million for the third quarter of 2015.

    Non-GAAP net income for the third quarter of 2016 was $46 million, or $0.19 per share, based on 238.5 million weighted average diluted shares outstanding.  This compares to non-GAAP net income of $34.8 million, or $0.15 per share, based on 238.5 million weighted average diluted shares outstanding during the third quarter of 2015. Non-GAAP net income excludes share-based compensation expense, and the applicable income tax effect. See the reconciliation information below for a more detailed discussion of this non-GAAP measure.

  • Cash and Cash Flow: At September 30, 2016, Mobileye had cash, cash equivalents, restricted cash and marketable securities of $584.4 million, compared to $543.1 million at June 30, 2016. 

    The company generated $38.6 million in net cash from operating activities for the third quarter of 2016 compared to $26.2 million for the third quarter of 2015. The company generated $36.9 million in non-GAAP free cash flow for the 2016 third quarter compared to $25.6 million for the comparable 2015 quarter. Non-GAAP free cash flow represents GAAP net cash provided by operating activities minus capital expenditures. See the reconciliation information below for a more detailed discussion of this non-GAAP measure.

A reconciliation of the non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading “Non-GAAP Financial Measures.” The Company has updated its reconciliation of GAAP to non-GAAP net income taking into account recent Securities and Exchange Commission (“SEC”) Staff guidance and added to the reconciliation the applicable tax effect on share-based compensation expense, for all presented periods.

Quarterly Conference Call
Mobileye will host a conference call at 8:00 a.m. Eastern Time (U.S. time) today (Tuesday, November 15, 2016) to review its financial results for the third quarter ended September 30, 2016.  A live Webcast of the conference call will be accessible from the Investor Relations section of Mobileye’s website at http://ir.mobileye.com.  An archive of the Webcast will be available through February 13, 2017.

About Mobileye
Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

Forward-Looking Statements
This press release contains certain forward-looking statements.  Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements.  These statements are only predictions based on the Company’s current expectations and projections about future events.  You should not place undue reliance on these statements.  Many factors may cause the Company’s actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the Company’s filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2015.  The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

Non-GAAP Financial Measures
In this release, we provide financial information that has not been prepared in accordance with GAAP. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors as a supplement to GAAP measures. We believe that these non-GAAP financial measures also provide additional tools for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with those of other companies in our industry, many of which release similar non-GAAP financial measures. 

Non-GAAP financial measures should not be considered in isolation from, or considered as an alternative to, operating income (loss), net income (loss), earnings per share or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP measure may not be comparable to similarly titled measures of other companies because other companies may not calculate non-GAAP measures in the same manner. You are encouraged to evaluate these adjustments and the reason we consider them appropriate.  A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below.

Non-GAAP net income (loss). To arrive at our non-GAAP net income (loss), we exclude share-based compensation expense and the applicable income tax effect from our GAAP net income (loss). We believe that this non-GAAP measure is useful to investors in evaluating our operating performance for the following reasons:

  • We believe that elimination of share-based compensation expense and the applicable income tax effect is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance. Our share-based compensation expense is mostly a non-deductible expense;
  • We use this non-GAAP measure in conjunction with our GAAP financial measure for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and
  • We believe that this non-GAAP measure provides better comparability with our past financial performance, facilitates better period-to-period comparisons of operating results and may facilitate comparisons with similar companies, many of which may also use similar non-GAAP financial measures to supplement their GAAP reporting.

Non-GAAP free cash flow. We define non-GAAP free cash flow as GAAP net cash provided by operating activities minus capital expenditures. Non-GAAP free cash flow is important to reflect the cash that we can use to pursue business strategies and opportunities and fulfill our goals. A limitation of using non-GAAP free cash flow versus the GAAP measure of net cash provided by operating activities as a means of evaluating our company is that non-GAAP free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period.  Management compensates for this limitation by providing information about our capital expenditures on the face of the cash flow statement.

From time to time, we may also provide guidance regarding projected non-GAAP Net Income (Loss) on an aggregate and per share basis.  We cannot provide a reconciliation of our projected non-GAAP Net Income (Loss) to projected GAAP Net Income (Loss) for any future period due to the fluctuations of our stock price, which impact share-based compensation.  Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable effort.

Company Contact:
Dan Galves                                        
CCO / SVP   
Dan.Galves@mobileye.com             

 

MOBILEYE N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

For the nine months ended

For the three  months ended

September 30,

September 30,

2016

2015

2016

2015

Revenue

$

253,581

169,053

$

94,896

70,645

Cost of revenue

62,236

43,763

23,283

18,158

Gross profit

191,345

125,290

71,613

52,487

Operating costs and expenses

Research and development, net

47,173

31,758

17,561

11,526

Sales and marketing

11,382

9,791

4,088

2,812

General and administrative

48,537

26,667

19,654

10,780

Total operating expenses

107,092

68,216

41,303

25,118

Operating profit

84,253

57,074

30,310

27,369

Interest income

3,727

1,718

1,339

1,030

Financial income (loss), net

(223)

(592)

39

(158)

Profit before taxes on income

87,757

58,200

31,688

28,241

Taxes on income

(11,987)

(8,574)

(4,703)

(4,028)

Net income for the period

$

75,770

49,626

$

26,985

24,213

Basic and diluted income per share:

Basic

$

0.35

$

0.23

$

0.12

$

0.11

Diluted

$

0.32

$

0.21

$

0.11

$

0.10

Weighted average number of  Ordinary shares (in thousands)

Basic

219,459

216,927

220,078

218,180

Diluted

237,719

237,795

238,502

238,522

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (UNAUDITED)

(in thousands, except per share data)

For the nine months ended

For the three months ended

September 30,

September 30,

2016

2015

2016

2015

GAAP net income (loss) as reported

$

75,770

49,626

$

26,985

24,213

Non-GAAP adjustment

Expenses recorded for Stock based compensation

Cost of revenues

33

18

14

8

Research and development

8,725

5,871

3,489

2,000

Sales and marketing

411

1,384

294

353

General and administrative

37,454

19,918

15,290

8,355

Total Stock based compensation

46,623

27,191

19,087

10,716

Income tax effect

(449)

(282)

(115)

(165)

Total adjustment

46,174

26,909

18,972

10,551

Non-GAAP net income

121,944

76,535

45,957

34,764

Non-GAAP net income per share

Basic

$

0.56

$

0.35

$

0.21

$

0.16

Diluted

$

0.51

$

0.32

$

0.19

$

0.15

Weighted average number of shares (in thousands)

Basic

219,459

216,927

220,078

218,180

Diluted

237,719

237,795

238,502

238,522

 

 

MOBILEYE N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(U.S. dollars in thousands)

September  30,

December 31,

2016

2015

Assets

Current assets

Cash and cash equivalents

$

230,890

$

152,692

Marketable securities

98,614

59,394

Trade account receivables, net

45,007

23,706

Inventories

53,815

42,676

Other current assets

14,874

14,817

Total current assets

443,200

293,285

Long-term assets

Marketable securities

251,691

260,982

Property and equipment, net

18,533

11,031

Severance pay fund

11,947

9,863

Other assets

3,382

2,453

Total long-term assets

285,553

284,329

Total assets

$

728,753

$

577,614

Liabilities and shareholders’ equity

Current liabilities

Accounts payable and accrued expenses

$

36,864

$

24,593

Employee related accrued expenses

6,551

5,341

Other current liabilities

15,547

13,322

Total current liabilities

58,962

43,256

Long-term liabilities

Accrued severance pay

15,273

12,020

Long-term liabilities

7,532

6,864

Total long-term liabilities

22,805

18,884

Total liabilities

81,767

62,140

Shareholders’ equity

Share capital

2,580

2,558

Additional paid-in capital

630,490

577,212

Accumulated other comprehensive income (loss)

667

(1,775)

Accumulated (deficit) Surplus

13,249

(62,521)

Total shareholders’ equity

646,986

515,474

Total liabilities and shareholders’ equity

$

728,753

$

577,614

 

 

MOBILEYE N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 (in thousands)

For the nine months ended

For the three months ended

September 30,

September 30,

2016

2015

2016

2015

Cash flows from operating activities

Net income for the period

$

75,770

$

49,626

$

26,985

$

24,213

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

2,943

2,464

1,076

846

Exchange rate differences

(589)

(21)

(327)

556

Accrued severance pay

3,253

1,608

1,193

80

Loss from marketable securities

32

173

60

5

Share-based compensation

46,623

27,191

19,087

10,716

Changes in assets and liabilities:

Trade accounts receivables, net

(21,301)

(10,406)

(6,397)

(2,797)

Other current assets

(141)

694

(955)

(1,145)

Inventories

(11,139)

(17,832)

(7,893)

(8,167)

Other long-term assets

(929)

(772)

(240)

(66)

Account payables and accrued expenses

10,319

10,813

7,463

1,737

Employee-related accrued expenses

1,210

729

(88)

(114)

Other current-liabilities

2,225

6,767

(1,693)

368

Long-term liabilities

488

270

279

(12)

Net cash provided by operating activities

108,764

71,304

38,550

26,220

Cash flows from investing activities

Change in restricted and short-term deposits

(120)

(692)

(113)

(717)

Proceeds from maturities / sales of marketable  
    securities

74,337

144,659

39,636

14,984

Purchase of marketable securities

(101,676)

(431,438)

(40,723)

(73,708)

Severance pay fund

(1,700)

(1,243)

(503)

(406)

Purchase of property and equipment

(8,493)

(4,141)

(1,688)

(620)

Net cash used in investing  activities

(37,652)

(292,855)

(3,391)

(60,467)

Cash flows from financing activities

Grant of Non-recourse loan

(1,450)

Repayment of Non-recourse loan

1,450

1,450

Exercise of options

6,883

8,102

3,733

1,236

Net cash provided by financing activities

6,883

8,102

5,183

1,236

Increase (decrease) in cash and cash equivalents

77,995

(213,449)

40,342

(33,011)

Balance of cash and cash equivalents at the beginning of the period

152,692

339,881

190,456

159,647

Exchange rate differences on cash and cash equivalents

203

44

92

(160)

Balance of cash and cash equivalents at the end of the period

$

230,890

$

126,476

$

230,890

$

126,476

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOWS (UNAUDITED)

(in thousands)

For the nine months ended

For the three  months ended

September 30,

September 30,

2016

2015

2016

2015

GAAP net cash from operating activities as reported

$

108,764

$

71,304

$

38,550

$

26,220

Capital Expenditures

(8,493)

(4,141)

(1,688)

(620)

Non-GAAP Free Cash Flow

100,271

67,163

36,862

25,600

MOBILEYE N.V.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(in thousands)

For the nine months ended

For the three  months ended

September  30,

September  30,

2016

2015

2016

2015

OEM Revenue

$

198,391

$

141,044

$

72,594

$

60,844

Aftermarket Revenue

55,190

28,009

22,302

9,801

Total Revenue

$

253,581

$

169,053

$

94,896

$

70,645

Number of EyeQ units (in thousand)

4,284

3,136

1,553

1,351

EyeQ average selling price per unit

$

44.8

$

43.6

$

45.5

$

43.5

 

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SOURCE Mobileye N.V.

Mobileye

Mobileye To Present At Barclays Global Automotive Conference

JERUSALEM, Nov. 10, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced that Dan Galves, Chief Communication Officer, is scheduled to present at the Barclays Global Automotive Conference in New York on Thursday, November 17, 2016 at 12:05 p.m. ET.

Mobileye Logo

A live webcast of this presentation will be available on the investor relations portion of the company’s website at ir.mobileye.com, and a replay of the webcast will be archived on the website for 90 days.

Listeners should login at least 20 minutes before the presentation is scheduled to begin in order to register, as well as download and install any necessary audio software.

About Mobileye

Mobileye` N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

Company Contact
Dan Galves  
CCO / SVP  
Dan.Galves@mobileye.com 

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SOURCE Mobileye N.V.

Mobileye

Mobileye Schedules its Third Quarter 2016 Financial Results Release for Tuesday, November 15, 2016

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JERUSALEM, Oct. 26, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced that it intends to release its financial results for the third quarter ended September 30, 2016 on Tuesday, November 15, 2016 at approximately 7:00 a.m. ET.

Mobileye Logo (PRNewsFoto/Mobileye)

In conjunction with the release, Mobileye will host a conference call at 8:00 a.m. ET on Tuesday, November 15, 2016 to review the company’s financial results for the third quarter 2016.  A live webcast of this conference call will be available on the investor relations portion of the company’s website at ir.mobileye.com, and a replay of the webcast will be archived on the website for 90 days.

Listeners should login at least 20 minutes before the conference call is scheduled to begin in order to register, as well as download and install any necessary audio software.

About Mobileye N.V.
Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

Forward-Looking Statements
This press release contains certain forward-looking statements.  Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements.  These statements are only predictions based on the Company’s current expectations and projections about future events.  You should not place undue reliance on these statements.  Many factors may cause the Company’s actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2015.  The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

Company Contact

Dan Galves

Seth Potter

CCO / SVP

ICR, Inc.

Dan.galves@mobileye.com

Investors@mobileye.com

 

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SOURCE Mobileye N.V.

Mobileye

WABCO and Mobileye Join Forces to Introduce Advanced Driver Assistance System Functionalities and Road Experience Management™ (REM™) Technology for Commercial Vehicles

BRUSSELS, HANOVER, Germany and JERUSALEM, Sept. 21, 2016 /PRNewswire/ – WABCO Holdings Inc. (NYSE: WBC), a leading global supplier of technologies that improve the safety, efficiency and connectivity of commercial vehicles, and Mobileye N.V. (NYSE: MBLY), a global leader in Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) technologies, today announced that they are joining forces to develop solutions for commercial vehicles that leverage advanced emergency braking ADAS functionalities and Mobileye’s REM technology that provides real-time data for precise localization and high-definition lane data.

Mobileye Logo

The solutions will combine Mobileye’s leading vision system and mapping technology with the control and actuation technologies from WABCO’s industry-leading portfolio of electronic braking, stability and emergency braking systems in combination with capability for active steering control. The WABCO-Mobileye solution will benefit commercial vehicle manufacturers and operators through more advanced safety capability to help reduce the risk of accidents.

Furthermore, it is expected that, through this cooperation, REM data from this vision system in vehicles will be integrated with real-time data gathered from WABCO’s rich onboard source of digital information about the vehicle’s systems and its performance – all of which will be streamed for cloud-based computing and off-vehicle data analytics support.

“Our partnership with industry-leading Mobileye exemplifies our continued technology leadership in advanced driver assistance systems, and it supports WABCO’s pole position to create a ‘cocoon of safety’ around the commercial vehicle through 360-degree sensor detection,” said Jacques Esculier, WABCO Chairman and Chief Executive Officer. “Mobileye provides major innovation for passenger cars, allowing us to bring this level of intelligence to support commercial vehicles.”

“We are excited to expand WABCO’s strategy to offer differentiated safety, efficiency and digital connectivity solutions that mobilize vehicle intelligence for real-time status insights and critical systems control, assisting drivers with higher levels of driving automation,” said Esculier.

“Our cooperation with WABCO, a world leader in safety enabling technologies for commercial vehicles, adds value to our systems by providing full actuation of the brakes and by leveraging WABCO’s sophistication in advanced braking systems for commercial vehicles,” said Ziv Aviram, Mobileye Co-founder, President and CEO. “The inclusion of our innovative REM technology into the WABCO-Mobileye system further enhances its capabilities and creates a system with a high degree of safety for the benefit of commercial vehicle manufacturers and operators.”

WABCO at IAA Commercial Vehicles 2016

WABCO will showcase at IAA Commercial Vehicles 2016 industry-leading technologies and services that improve the safety, efficiency and connectivity of commercial vehicles worldwide. This includes the latest technologies in braking, advanced driver assistance, fleet management solutions and aerodynamics.

WABCO in Hall 16 at Booth B10 
Hanover Exhibition Center; Hanover, Germany 
Press Days: September 21 and 22 
Public Days: September 22 through 29

For all information about WABCO at IAA Commercial Vehicles 2016, click on WABCO’s home page.

WABCO’s Live Demonstrations at IAA Innovation Stage 2016

WABCO will demonstrate daily its latest aerodynamics technologies for commercial vehicles as well as its fleet management security solution at the outdoor exhibition area, north of Hall 26.

Mobileye at at IAA Commercial Vehicles 2016

Mobileye plans to host test drives and showcase its aftermarket product portfolio for fleets at the IAA Commercial Vehicles. Mobileye’s technology acts as a driver’s third eye, constantly monitoring blind spots and the dynamic driving environment and providing drivers real-time visual and audible alerts as the risk of an imminent collision increases.

Mobileye in Hall 13 at Booth C21 
Hanover Exhibition Center; Hanover, Germany 
Press Days: September 21 and 22 
Public Days: September 22 through 29  

Click here for more information: http://lp.mobileye.com/en/iaa2016

About WABCO

WABCO (NYSE: WBC) is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. Founded nearly 150 years ago, WABCO continues to pioneer breakthrough innovations for advanced driver assistance, braking, stability control, suspension, transmission automation and aerodynamics. Partnering with the transportation industry as it maps a route toward autonomous driving, WABCO also uniquely connects trucks, trailers, drivers, cargo, and fleet operators through telematics, as well as advanced fleet management and mobile solutions. WABCO reported sales of $2.6 billion in 2015. Headquartered in Brussels, Belgium, WABCO has 12,000 employees in 39 countries. WABCO’s 2015 Annual Report is available at www.ar.wabco-auto.com. For more information, visit www.wabco-auto.com. 

About Mobileye

Mobileye N.V. (NYSE: MBLY) is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

WABCO media contact 
Tobias Mueller, +49 89 470 277 112, wabco@klenkhoursch.de

Mobileye media contact 
Casey Stickles, mobileye@diffusionpr.com

WABCO investors and analysts contact 
Christian Fife, +1 248 270 9290, christian.fife@wabco-auto.com

Mobileye investors and analysts contact 
Dan Galves, +1 917 960 1525, dan.galves@mobileye.com

Forward-Looking Statements

This press release contains certain forward-looking statements.  Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements.  These statements are only predictions based on the companies’ current expectations and projections about future events.  You should not place undue reliance on these statements.  Many factors may cause the companies’ actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the companies’ filings with the U.S. Securities and Exchange Commission, including Mobileye’s Annual Report on Form 20-F for the year ended December 31, 2015.  The companies undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

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SOURCE Mobileye N.V.

Mobileye

Mobileye Responds To False Allegations

JERUSALEM, Sept. 16, 2016 /PRNewswire/ — (NYSE: MBLY) – In response to inquiries received this morning, Mobileye N.V. notes that the allegations recently attributed to a spokesperson for Tesla regarding Mobileye’s position in respect of Tesla internal computer visions efforts are incorrect and can be refuted by the facts.

Mobileye Logo

It has long been Mobileye’s position that Tesla’s Autopilot should not be allowed to operate hands-free without proper and substantial technological restrictions and limitations.  In communications dating back to May 2015 between Mobileye Chairman and Tesla’s CEO, Mobileye expressed safety concerns regarding the use of Autopilot hands-free.  After a subsequent face to face meeting, Tesla’s CEO confirmed that activation of Autopilot would be “hands on.”  Despite this confirmation, Autopilot was rolled out in late 2015 with a hands-free activation mode.  Mobileye has made substantial efforts since then to take more control on how this project can be steered to a proper functional safety system.

Tesla’s response to the May 7 crash, wherein the company shifted blame to the camera, and later corrected and shifted blame to the radar, indicated to Mobileye that Mobileye’s relationship with Tesla could not continue.  Failing agreement on necessary changes in the relationship, Mobileye terminated its association with Tesla.  As for Tesla’s claim that Mobileye was threatened by Tesla’s internal computer vision efforts, the company has little knowledge of these efforts other than an awareness that Tesla had put together a small team. 

In any event, it is Mobileye’s policy not to respond to rumors or other spurious claims in the press.  Mobileye has commented fully on its relationship with Tesla and will not provide further comment.  Mobileye’s deeply held view is that the long-term potential for vehicle automation to reduce traffic injuries and fatalities significantly is too important to risk consumer and regulatory confusion or to create an environment of mistrust that puts in jeopardy technological advances that can save lives.

About Mobileye

Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company’s technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company’s proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company’s products are or will be integrated into car models from 25 global automakers. The Company’s products are also available in the aftermarket.

Forward-Looking Statements

This press release contains certain forward-looking statements.  Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements.  These statements are only predictions based on the Company’s current expectations and projections about future events.  You should not place undue reliance on these statements.  Many factors may cause the Company’s actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2015.  The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

Investor Contact:
Dan Galves
CCO / SVP
Tel. +1 917 960 1525
dan.galves@mobileye.com  
www.mobileye.com  

Media Contact:
Casey Stickles
Campaign Director
Tel. +1 (845) 235-2089
Mobileye@diffusionpr.com

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SOURCE Mobileye N.V.