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Mobileye

Mobileye Files Fiscal 2015 Annual Report on Form 20-F

Download this Press Release (PDF)

JERUSALEM, April 13, 2016 /PRNewswire/ — (NYSE: MBLY) – Mobileye N.V., 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 technologies (the “Company”), has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2015 with the U.S. Securities and Exchange Commission.

The Form 20-F can be accessed on the Company’s website at www.mobileye.com.  Shareholders may receive a hard copy of the Company’s complete audited financial statements free of charge upon request to the Company’s investor relations department.

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:

Ofer Maharshak 

Seth Potter

CFO / SVP 

ICR, Inc.

Ofer.Maharshak@mobileye.com  

Investors@mobileye.com

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobileye-files-fiscal-2015-annual-report-on-form-20-f-300251272.html

SOURCE Mobileye N.V.

Mobileye

Mobileye To Present At Goldman Sachs Cars 2025 Conference

JERUSALEM, April 8, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced that Prof. Amnon Shashua, the Company’s co-founder, CTO and Chairman, is scheduled to present at the Goldman Sachs Cars 2025 Conference in New York City on Friday, April 15, 2016 at 2:00 p.m. ET.

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. 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’sproducts 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 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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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 

Ofer Maharshak 

Seth Potter

CFO / SVP 

ICR, Inc.

Ofer.Maharshak@mobileye.com  

Investors@mobileye.com

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobileye-to-present-at-goldman-sachs-cars-2025-conference-300248402.html

SOURCE Mobileye N.V.

Mobileye

Mobileye To Present At Raymond James & Associates’ 37th Annual Institutional Investors Conference

Download this Press Release (PDF)

JERUSALEM, Feb. 26, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving, today announced that Ofer Maharshak, the Company’s Chief Financial Officer and Senior Vice President, is scheduled to present at the Raymond James & Associates’ 37th AnnualInstitutional Investors Conference in Orlando, FL on Monday, March 7th, 2016 at 10:25am EST.

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. 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’sproducts 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 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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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

Ofer Maharshak 

Seth Potter

CFO / SVP

ICR, Inc.

Ofer.Maharshak@mobileye.com 

Investors@mobileye.com

 

Logo – http://photos.prnewswire.com/prnh/20140721/128803

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobileye-to-present-at-raymond-james–associates-37th-annual-institutional-investors-conference-300226804.html

SOURCE Mobileye N.V.

Mobileye

Mobileye Announces Fourth Quarter and Fiscal Year 2015 Financial Results

Download this Press Release (PDF)

JERUSALEM, Feb. 24, 2016 /PRNewswire/ —

Fourth Quarter 2015 Highlights:

  • Total revenue of $71.8 million, up 81% year-over-year
  • Non-GAAP Net Income of $36.6 million
  • Non-GAAP fully diluted EPS of $0.15
  • Generated $28.6 million in free cash flow

Fiscal Year 2015 Highlights:

  • Total revenue of $240.9 million, up 68% year-over-year
  • Non-GAAP Net Income of $113.4 million
  • Non-GAAP fully diluted EPS of $0.48, up 129% year-over-year
  • Generated $95.8 million in free cash flow

(NYSE: MBLY) – Mobileye N.V., the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced financial results for the fourth quarter and fiscal year ended December 31, 2015.

Mobileye Logo

“Our fourth quarter and full year 2015 results represent our continued successful execution in terms of growth, improved margins and robust free cash flow generation driven by ongoing NCAP and regulatory support that will secure our growth for years to come ,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. “During 2015, we successfully extended our technological leadership position evidenced by the recent launch of our new Road Experience Management (REM) mapping technology which enables safe autonomous driving and are proud of the endorsements from three of the world’s largest automakers.  We are also advancing our sensing technology and creating driving behavior capabilities, which we believe will further position Mobileye to remain at the forefront of the autonomous driving trend”

Fourth Quarter 2015 Financial Highlights

  • Revenue: Total revenue for the fourth quarter of 2015 was $71.8 million, compared to $39.7 million in the prior-year period.  Within total revenue, original equipment manufacturing (OEM) revenue was $61.2 million, compared to $32.3 million in the prior-year period.  EyeQ chip volume increased 83% year-over-year to 1,308 thousand EyeQ units, compared to 715 thousand units in the prior-year period.  The EyeQ Average Selling Price (ASP) per unit for the fourth quarter of 2015 was $44.70, up from $43.10 during the same period last year. After market (AM) revenue contributed the remaining $10.6 million of total revenue for the fourth quarter of 2015, compared to $7.4 million in the prior-year period.
  • Net Income and Earnings per Share: GAAP net income for the fourth quarter of 2015 was $18.8 million, or $0.08 per diluted share. This compares to GAAP net income of $2.4 million, or $0.01 per diluted share, for the fourth quarter of 2014. GAAP results included share-based compensation expense of $17.8 million for the fourth quarter of 2015 and $10.9 million for the fourth quarter of 2014.

Non-GAAP net income for the fourth quarter of 2015 was $36.6 million, or $0.15 per share based on 238.1 million weighted average diluted shares outstanding.  This compares to non-GAAP net income of $13.3 million, or $0.06 per share based on 237.5 million weighted average diluted shares outstanding during the fourth quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

  • Cash, restricted bank deposits, marketable securities and cash flow: As of December 31, 2015, Mobileye had cash and cash equivalents, restricted bank deposits, and marketable securities of $476.1 million, compared to $448.3 million as of September 30, 2015.

Mobileye generated $29.6 million in net cash from operating activities for the fourth quarter of 2015 compared to $16.9 million for the fourth quarter of 2014.  The company generated $28.6 million in free cash flow for the 2015 fourth quarter, compared to $15.4 million for the comparable 2014 quarter.  Free cash flow represents net cash provided by operating activities minus capital expenditures.

Fiscal Year 2015 Financial Highlights

  • Revenue: Total revenue for fiscal year 2015 was $240.9 million, an increase of 68% compared to $143.6 million in the prior-year period. Within total revenue, OEM revenue was $202.3 million, an increase of 66% compared to $121.8 million in the prior-year period. EyeQ chip volume for fiscal year 2015 increased 67% to 4,445 thousand EyeQ units, compared to 2,656 thousand units in the prior-year period.  EyeQ (ASP) per unit for 2015 was $43.90, up from $43.70 during the same period last year.  AM revenue contributed the remaining $38.6 million of total revenue for fiscal year 2015, compared to $21.8 million in the prior-year period.
  • Net Income (loss) and Earnings (loss) per Share: GAAP net income for the fiscal year 2015 was $68.5 million, or $0.29 per diluted share. This compares to a GAAP net loss of $(30.1) million, or $(0.28) per share during the fiscal year 2014.    GAAP results included share-based compensation expense of $45.0 million for fiscal year 2015 and $76.9 million for fiscal year 2014.

Non-GAAP net income for the fiscal year 2015 was $113.4 million, or $0.48 per share based on 237.9 million weighted average diluted shares outstanding.  This compares to non-GAAP net income of $46.8 million, or $0.21 per share, based on 224.6 million weighted average diluted shares outstanding during fiscal year 2014.  Non-GAAP net income excludes share-based compensation expenses.

  • Cash Flow: The company generated $100.9 million in net cash from operating activities for fiscal year 2015, compared to $56.1 million for fiscal year 2014.  The company generated $95.8 million in free cash flow for fiscal year 2015, an increase of 89% compared to $50.8 million for fiscal year 2014.  Free cash flow represents net cash provided by operating activities minus capital expenditures.

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.”

Quarterly Conference Call
Mobileye will host a conference call at 8:00 a.m. Eastern Standard Time (U.S. time) today (Wednesday, February 24, 2016) to review the company’s financial results for the fourth quarter and fiscal year ended December 31, 2015.  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 May 24, 2016.

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’sproducts 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 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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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
We have provided in this release 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 other companies in our industry, many of which present similar non-GAAP financial measures to investors.

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 organizations because other organizations 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 in this press release.

Non-GAAP net income. To arrive at our non-GAAP net income, we exclude share-based compensation expense 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 is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance;
  • 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 operational 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 EPS. To arrive at our non-GAAP EPS, we divided non-GAAP net income by the sum of the number of our outstanding ordinary shares during the relevant period and the number of ordinary shares resulting from the conversion of all of our outstanding class shares into ordinary shares with no liquidation preferences on a one-to-one basis as set forth in our articles of association. Immediately prior to our IPO on August 1, 2014, all outstanding class shares were so converted into ordinary shares.

Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. Free cash flow is important to reflect the cash that can allow us to pursue business strategies and opportunities and fulfill our goals. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating our company is that 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 fluctuations in our stock price since our IPO, which impact share based compensation.  Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable efforts.

Company Contact:

Ofer Maharshak 

Seth Potter

CFO / SVP 

ICR, Inc.

Ofer.Maharshak@mobileye.com  

Investors@mobileye.com

 

 

MOBILEYE N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

For the year ended

For the three months ended

December 31,

December 31,

2015

2014

2015

2014

Revenue

$

240,872

$

143,637

$

71,819

$

39,658

Cost of revenue

61,420

37,040

17,657

10,648

Gross profit

179,452

106,597

54,162

29,010

Operating costs and expenses

Research and development, net

43,393

36,930

11,635

10,005

Sales and marketing

12,811

12,912

3,020

1,002

General and administrative

45,509

71,437

18,842

11,752

Total operating expenses

101,713

121,279

33,497

22,759

Operating profit (loss)

77,739

(14,682)

20,665

6,251

Interest income

2,888

1,305

1,170

208

Financial loss, net

(917)

(4,442)

(325)

(1,469)

Profit (loss) before taxes on income

79,710

(17,819)

21,510

4,990

Taxes on income

(11,260)

(12,265)

(2,686)

(2,591)

Net income (loss) for the period

$

68,450

$

(30,084)

$

18,824

$

2,399

Basic and diluted income (loss) per share:

Basic

$

0.31

$

(0.28)

$

0.09

$

0.01

Diluted

$

0.29

$

(0.28)

$

0.08

$

0.01

Weighted average number of  ordinary shares (in thousands)

Basic

217,362

107,942

218,679

214,549

Diluted

237,857

107,942

238,054

237,488

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME

(UNAUDITED)

(in thousands, except per share data)

For the year ended

For the three months ended

December 31,

December 31,

2015

2014

2015

2014

GAAP  net income (loss) as reported

$

68,450

(30,084)

$

18,824

2,399

Non-GAAP adjustment

Expenses recorded for Stock-based compensation

Cost of revenues

26

27

8

6

Research and development

8,016

6,130

2,145

1,783

Sales and marketing

1,277

5,201

(107)

(793)

General and administrative

35,650

65,495

15,732

9,937

Total adjustment

44,969

76,853

17,778

10,933

Non-GAAP net income

113,419

46,769

36,602

13,332

Non-GAAP net income per share

Basic

$

0.52

$

0.23

$

0.17

$

0.06

Diluted

$

0.48

$

0.21

$

0.15

$

0.06

Weighted average number of shares (in thousands)

Basic

217,362

207,214

218,679

214,549

Diluted

237,857

224,608

238,054

237,488

 

 

MOBILEYE N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands)

December 31,

December 31,

2015

2014

Assets

Current assets

Cash and cash equivalents

$

152,692

$

339,881

Marketable securities

59,394

32,895

Trade account receivables, net

23,706

15,806

Inventories

42,676

17,626

Other current assets

14,817

12,135

Total current assets

293,285

418,343

Long-term assets

Marketable securities

260,982

Property, plant and equipment, net

11,031

8,787

Severance pay fund

9,863

7,969

Other assets

2,453

1,307

Total long-term assets

284,329

18,063

Total assets

$

577,614

$

436,406

Liabilities and shareholders’ equity

Current liabilities

Accounts payable and accrued expenses

$

24,593

$

17,870

Employee related accrued expenses

5,341

3,961

Other current liabilities

13,322

5,739

Total current liabilities

43,256

27,570

Long-term liabilities

Accrued severance pay

12,020

9,350

Long-term liabilities

6,864

4,812

Total long-term liabilities

18,884

14,162

Total liabilities

62,140

41,732

Shareholders’ equity

Share capital

2,558

2,511

Additional paid-in capital

577,212

523,315

Accumulated other comprehensive loss

(1,775)

(181)

Accumulated deficit

(62,521)

(130,971)

Total shareholders’ equity

515,474

394,674

Total liabilities and shareholders’ equity

$

577,614

$

436,406

 

 

MOBILEYE N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 (in thousands)

For the year ended

For the three months ended

December 31,

December 31,

2015

2014

2015

2014

Cash flows from operating activities

Net income (loss) for the period

$

68,450

$

(30,084)

$

18,824

$

2,399

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

Depreciation

3,312

2,551

848

695

Exchange rate differences

(192)

3,087

(171)

1,847

Accrued severance pay

2,670

1,037

1,062

195

Loss (gain)   from marketable securities

311

1,139

138

(343)

Loss (gain) from severance pay fund

(87)

510

(87)

510

Share-based compensation

44,969

76,853

17,778

10,933

Changes in asset and liabilities:

Trade accounts receivables, net

(7,900)

(3,316)

2,506

3,964

Other current assets

(1,730)

(2,795)

(2,424)

(1,067)

Inventories

(25,050)

(6,272)

(7,218)

663

Other long-term assets

(1,146)

(969)

(374)

(79)

Account payables and accrued expenses

6,232

6,056

(4,581)

(3,705)

Employee-related accrued expenses

1,380

623

651

16

Other current-liabilities

7,583

4,298

816

1,357

Long-term liabilities

2,052

3,410

1,782

(514)

Net cash provided by operating activities

100,854

56,128

29,550

16,871

Cash flows from investing activities

Change in restricted and short-term deposits

(700)

2,769

(8)

118

Proceeds from maturities / sales of marketable securities

166,991

31,252

22,332

15,267

Purchase of marketable securities

(456,377)

(19,361)

(24,939)

(376)

Short term loan granted

6,392

Severance pay fund

(1,807)

(1,517)

(564)

(810)

Purchase of property and equipment

(5,065)

(5,378)

(924)

(1,441)

Net cash provided by (used in) investing  activities

(296,958)

7,765

(4,103)

19,150

Cash flows from financing activities

Issuance of shares, net

196,364

(174)

Exercise of options

8,769

10,151

667

7,672

Net cash provided by financing activities

8,769

206,515

667

7,498

Increase (decrease) in cash and cash equivalents

(187,335)

270,408

26,114

43,519

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

339,881

72,560

126,476

298,209

Exchange rate differences on cash and cash equivalents

146

(3,087)

102

(1,847)

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

$

152,692

$

339,881

$

152,692

$

339,881

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOWS

(UNAUDITED)

(in thousands)

For the year ended

For the three months ended

December 31,

December 31,

2015

2014

2015

2014

GAAP net cash from operating activities as reported

$

100,854

$

56,128

$

29,550

$

16,871

Capital Expenditures

(5,065)

(5,378)

(924)

(1,441)

Free Cash Flow

95,789

50,750

28,626

15,430

 

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SOURCE Mobileye N.V.

Mobileye

Mobileye and Nissan Aim to Integrate Mobileye’s Road Experience Management™ Technology for Autonomous Driving

JERUSALEM, Feb. 23, 2016 /PRNewswire/ — Mobileye N.V. (NYSE: MBLY), the global leader in Advanced Driver Assistance Systems (ADAS) and autonomous driving technologies, today announced that it has signed a Memorandum of Understanding with Nissan aimed to integrate Mobileye’s new Road Experience Management™ (REM™) technology into Nissan’s fleets.  Nissan is the third large automaker to have partnered with Mobileye to integrate its new REM™ technology in addition to General Motors and Volkswagen.

“Adding Nissan and Renault as part of the Renault-Nissan alliance, as a REM technology customer is another important step in the creation of a continuously updated high-definition data for drivable paths with precise-localization that will meet the requirement for full redundancy to enable safe autonomous driving including city autonomous driving,” stated Prof. Amnon Shashua, co-founder, chairman and Chief Technology Officer of Mobileye. “Renault-Nissan alliance is one of the largest global automakers and a sizable OEM customer of Mobileye in both ADAS and autonomous driving.  We view the endorsement of three of the world’s largest global automakers as an acknowledgement of the importance of our innovative proprietary REM technology for autonomous driving.”

Mobileye REM technology shall provide real-time data for precise localization and high-definition lane data that forms an important layer of information to support fully autonomous driving.  The technology is based on software running on Mobileye’s EyeQ processing platforms that extracts landmarks and roadway information at extremely low bandwidths, approximately 10kb per kilometer of driving.

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 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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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:

Ofer Maharshak

Seth Potter

CFO / SVP 

ICR, Inc.

Ofer.Maharshak@mobileye.com  

Investors@mobileye.com

 

SOURCE Mobileye N.V.

Mobileye

MOBILEYE TO PRESENT AT RBC TECHNOLOGY CONFERENCE

JERUSALEM, Israel – October 27, 2015 – Mobileye N.V. (NYSE: MBLY), the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving, today announced that Ofer Maharshak, the Company’s Chief Financial Officer and Senior Vice President, is scheduled to present at the RBC Technology Conference in New York City on Tuesday, November 10, 2015 at 10:20 a.m. EST.

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 vision and data analysis 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, as well as to identify and read traffic signs and traffic lights. Our products are or will be integrated into car models from 23 global automakers including BMW, Ford, General Motors, Nissan, Volvo, Audi and Hyundai.  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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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

Yonah Lloyd
CCO / SVP
yonah.lloyd@mobileye.com

Mobileye

MOBILEYE TO PRESENT AT CITI 2015 GLOBAL TECHNOLOGY CONFERENCE

JERUSALEM, Israel – September 1, 2015 – Mobileye N.V. (NYSE: MBLY), the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving, today announced that Ziv Aviram, the Company’s co-founder, President and CEO, is scheduled to present at the Citi 2015 Global Technology Conference in New York City on Tuesday, September 8, 2015 at 11:45 a.m. EDT.

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 vision and data analysis 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, as well as to identify and read traffic signs and traffic lights. Our products are or will be integrated into car models from 23 global automakers including BMW, Ford, General Motors, Nissan and Volvo.  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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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

Yonah Lloyd
Chief Communications Officer / SVP Business Development
yonah.lloyd@mobileye.com

Mobileye

Mobileye Announces Second Quarter 2015 Financial Results

Second Quarter 2015 Highlights:

  • Total revenue of $52.8 million, up 57% year-over-year
  • Non-GAAP net income of $23.7 million
  • Non-GAAP fully diluted EPS of $0.10
  • Generated $22.8 million in free cash flow

 

JERUSALEM, Israel August 6, 2015 (NYSE: MBLY) – Mobileye N.V., the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving, today announced financial results for the quarter ended June 30, 2015.

“The second quarter demonstrated continued strong performance, highlighted by new EyeQ3 launches and increased demand for existing programs,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye.  “During the quarter, we saw further support for regulatory implementation of ADAS and continued customer interest in the adoption of autonomous driving.  Looking forward, Mobileye will continue to develop innovative technologies to maintain our leadership position and benefit from the accelerating autonomous industry trends.”

Second Quarter 2015 Financial Highlights

  • Revenue: Total revenue for the second quarter of 2015 was $52.8 million, an increase of 57% compared to $33.7 million in the prior-year period.  Within total revenue, original equipment manufacturing (OEM) revenue was $43.6 million, compared to $28.8 million in the prior-year period.  After market (AM) revenue contributed the remaining $9.2 million of total revenue for the second quarter of 2015 compared to $4.9 million in the prior-year period.
  • Net Income and Earnings per Share: GAAP net income for the second quarter of 2015 was $15.3 million, or $0.06 per diluted share. This compares to GAAP net income of $0.2 million or approximately breakeven on a per share basis for the second quarter of 2014. GAAP results included share-based compensation expense of $8.4 million for the second quarter of 2015 and $11.0 million for the second quarter of 2014.

Non-GAAP net income for the second quarter of 2015 was $23.7 million, or $0.10 per share, based on 237.8 million weighted average diluted shares outstanding.  This compares to non-GAAP net income of $11.2 million, or $0.05 per share, based on 216.5 million weighted average diluted shares outstanding during the second quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

  • Cash, restricted bank deposits, marketable securities and cash flow: At June 30, 2015, Mobileye had cash and cash equivalents, restricted bank deposits, and marketable securities of $422.2 million, compared to $426.2 million at March 31, 2015.

The company generated $23.6 million in net cash from operating activities for the second quarter of 2015 compared to $23.4 million for the second quarter of 2014.  The company generated $22.8 million in free cash flow for the 2015 second quarter compared to $20.0 million for the comparable 2014 quarter.  Free cash flow represents net cash provided by operating activities minus capital expenditures.

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.”

Quarterly Conference Call

Mobileye will host a conference call at 7:00 a.m. Eastern Daylight Time (U.S. time) today (Thursday, August 6, 2015) to review the company’s financial results for the second quarter ended June 30, 2015 and to provide guidance for the remainder of fiscal 2015.  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 November 4, 2015.

About Mobileye

Mobileye N.V. is the global leader in the development of vision and data analysis 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, as well as to identify and read traffic signs and traffic lights. Our products are or will be integrated into car models from 23 global automakers including BMW, Ford, General Motors, Nissan and Volvo.  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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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

We have provided in this release 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 present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or considered as an alternative to, operating income (loss), net income (loss), earnings (losses) 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 organizations because other organizations 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 in this press release.

Non-GAAP net income (loss). To arrive at our non-GAAP net income (loss), we exclude share-based compensation expense 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 is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance;
  • 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 EPS. To arrive at our non-GAAP EPS, we divided the non-GAAP net income by the sum of the number of our outstanding ordinary shares during the relevant period and the number of ordinary shares resulting from the conversion of all of our outstanding class shares into ordinary shares with no liquidation preference on a one-to-one basis as set forth in our articles of association. Immediately prior to our IPO on August 1, 2014, all outstanding class shares were converted into ordinary shares.

Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. Free cash flow is important to reflect the cash that can allow us to pursue business strategies and opportunities and fulfill our goals. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means of evaluating our company is that 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 and the limited availability of historical stock price information due to our recent IPO, which impact share-based compensation.  Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable efforts.

 

Company Contact:

Yonah Lloyd

Chief Communications Officer / SVP Business Development

yonah.lloyd@mobileye.com

 

MOBILEYE N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
For the six months endedFor the three months ended
June 30,June 30,
2015201420152014
Revenue$98,408$ 69,302$ 52,827$33,653
Cost of revenue25,605 17,375 13,5708,565
Gross profit72,803 51,927 39,25725,088
Operating costs and expenses
Research and development, net20,232 16,785 10,5058,164
Sales and marketing6,979 5,462 3,4832,620
General and administrative15,887 41,525 8,23010,674
Total operating expenses43,098 63,772 22,21821,458
Operating profit (loss)29,705 (11,845) 17,0393,630
Interest income688 718 513333
Financial income (loss), net (434) 33 160319
Profit (loss) before taxes on income29,959 (11,094) 17,7124,282
Taxes on income (4,546) (8,276) (2,437) (4,093)
Net income (loss) for the period$25,413$ (19,370)$ 15,275$189
Basic and diluted income (loss) per share:
Amount allocated to participating shareholders 

 

 

 (159)
Net income (loss) applicable to Ordinary shares 25,413 

(19,370)

 

15,275

 

30

Basic$0.12$ (0.60)$ 0.07$0.00
Diluted$0.11$ (0.60)$ 0.06$0.00
Weighted average number of  ordinary shares (in thousands)
Basic216,28732,071 217,36232,071
Diluted237,41732,071 237,83732,071

 

 

 

 

 

MOBILEYE N.V.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
(UNAUDITED)
(in thousands, except per share data)
For the six months endedFor the three months ended
June 30,June 30,
2015201420152014
    
GAAP  net income (loss) as reported$25,413$ (19,370)$ 15,275$189
Non-GAAP adjustment
Expenses recorded for Stock-based compensation
Cost of revenues10 15 57
Research and development3,871 2,359 2,0361,089
Sales and marketing1,031 1,803 608723
General and administrative11,563 38,969 5,7529,154
Total adjustment16,475 43,146 8,40110,973
Non-GAAP net income41,888 23,776 23,67611,162
Non-GAAP net income per share
Basic$ 0.19$ 0.12$ 0.11$0.06
Diluted$0.18$ 0.11$ 0.10$0.05
Weighted average number of shares (in thousands)
Basic216,287 202,513 217,362202,513
Diluted237,417 213,941 237,837216,485

 

 

 

 

 

MOBILEYE N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)
June 30,December 31,
20152014
Assets
Current assets
Cash and cash equivalents $ 159,647 $ 339,881
Restricted bank deposits 2,360 2,315
Marketable securities38,318 32,895
Trade account receivables, net 23,415 15,806
Inventories 27,291 17,626
Other current assets 8,004 9,820
Total current assets 259,035 418,343
Long-term assets
Marketable securities221,878
Property, plant and equipment, net 10,297 8,787
Funds in respect of employee rights upon retirement 9,109 7,969
Other assets 2,013 1,307
Total long-term assets 243,297 18,063
Total assets $ 502,332 $ 436,406
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 26,553 $ 17,870
Employee related accrued expenses 4,804 3,961
Other current liabilities 12,138 5,739
Total current liabilities 43,495 27,570
Long-term liabilities
Liability in respect of employee rights upon retirement 10,878 9,350
Long-term liabilities 5,094 4,812
Total long-term liabilities 15,972 14,162
Total liabilities 59,467 41,732
Shareholders’ equity
Share capital 2,547 2,511
Additional paid-in capital 546,643 523,315
Accumulated other comprehensive loss (767) (181)
Accumulated deficit (105,558) (130,971)
Total shareholders’ equity 442,865 394,674
Total liabilities and shareholders’ equity $ 502,332 $ 436,406

 

 

 

MOBILEYE N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 (in thousands)
For the six months endedFor the three months ended
June 30,June 30,
2015201420152014
Cash flows from operating activities
Net income (loss) for the period$25,413$ (19,370)$15,275$189
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation1,6181,179831663
Exchange rate differences (577)134 (1,241)25
Liability in respect of employee rights upon retirement1,5281,0331,208665
Loss (profit) from marketable securities16841135 (189)
Share-based compensation16,47543,1468,40110,973
Changes in asset and liabilities:
Trade accounts receivables, net (7,609) (8,481) (118)122
Other current assets1,8391,075332
Inventories (9,665) (4,238) (6,420) (3,711)
Other long-term assets (706) (216) (659) (134)
Account payables and accrued expenses9,0767,6644,26010,437
Employee-related accrued expenses843586 (765)206
Other current liabilities6,3991,7682,3181,906
Long-term liabilities2824,0743922,176
Net cash provided by operating activities45,08428,39523,62023,360
Cash flows from investing activities
Change in restricted and short-term deposits252,4752511,305
 Proceeds from maturities/sales of marketable securities 

129,675

 

11,975

 

126,443

 

7,763

Purchase of marketable securities (357,730) (18,656) (247,988) (9,818)
Funds in respect of employee right upon retirement (837) (813) (476) (526)
Purchase of property and equipment (3,521) (3,456) (809) (3,374)
Net cash provided by (used in) investing  activities (232,388) (8,475) (122,805)5,350
Cash flows from financing activities
Issuance expenses (303) (303)
 Cash paid in respect of withholding taxes related to exercise of options 

 – 

(28,000)

 

Exercise of options6,8666411,86328
Net cash provided by (used in) financing activities6,866338 (26,137) (275)
Increase (decrease) in cash and cash equivalents (180,438)20,258 (125,322)28,435
Balance of cash and cash equivalents at the beginning of the period 

339,881

 

72,560

 

284,331

 

64,274

Exchange rate differences on cash and cash equivalents204 (134)638 (25)
Balance of cash and cash equivalents at the end of the period$159,647$92,684$159,647$92,684

 

MOBILEYE N.V.
RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOWS
(UNAUDITED)
(in thousands)
For the six months endedFor the three months ended
June 30,June 30,
2015201420152014
    
GAAP net cash from operating activities as reported$45,084$28,395$23,620$23,360
 

Capital Expenditures

 (3,521) (3,456) 

(809)

 (3,374)
Free Cash Flow41,56324,93922,81119,986

 

 

 

Mobileye

Luxury One Corp Opens Brand New Facility for Mobileye Technology in Manhattan

NEW YORK, June 15, 2015 /PRNewswire/ — Luxury One Corp announces their new distribution and service facility located at 528 West 39th Street in Manhattan, New York. The new facility is 40,000 square feet of space and is open 24 hours a day, 7 days a week for installation and distribution of Mobileye’s new real-time collision avoidance technology.

Luxury One Corp by Boaz Bagbag and Tomer Zur offers a range of vehicles including being a leader in limos and black car industry leasing. Luxury One Corp is a North American distributor of the new Mobileye technology which brings a greater focus on safety for the company’s customers. The company will begin offering installation of this technology on new vehicles and as an aftermarket add-on for others, with a special focus on taxis, limos and other for-hire vehicles.

Mobileye is a technological leader in the area of software algorithms, system-on-chips and customer applications that are based on processing visual information for the market of driver assistance systems. Luxury One Corp is now offering Mobileye’s new black box technology, which uses sophisticated vision algorithms to provide driver’s with real-time collision avoidance technology with an immediate evaluation based on its analysis.

“Our new Mobileye distribution facility expands the company’s operations and provides more space and better access for our customers,” says Boaz Bagbag, vice president and co-owner of Luxury One Corp. “We are very proud of this new location, which will help us continue to provide the highest quality customer service.”

This technology is also highlighted in a new initiative by the NYC Taxi and Limousine Commission announced in June. This initiative will equip taxis and limos with this new ‘black box’ technology to monitor driving as well as providing data analytics to promote safer driving. The new devices will track speed, acceleration, hard braking and abrupt turns with the goal of making driving safer for both the driver and passengers and ultimately save lives.

This program is part of an initiative called for in Mayor de Blasio’s Vision Zero plan to reduce traffic fatalities and outlines actions the TLC, Department of Transportation, New York Police Department, other agencies, the public, and the private sector can take to end traffic-related deaths in New York City by 2020.

“If we can give you two seconds of warning, we can mitigate or completely avoid 90 percent of the rear-end crashes,” says Mark Medawar of Mobileye Inc.

As a distributor, Luxury One Corp has begun installing this technology in NYC taxis and limos and projects an increase in production as Vision Zero continues its ongoing initiative.

“I’ve been fortunate to use this technology myself because it saves lives and gives drivers a real safety advantage letting you know when you’re going to be in an accident and then you can take preventive measures,” adds Bagbag. “The technology also acts by teaching safety lessons, giving warnings before a crash, and as a result drivers are learning not to make the same mistakes over and over again.”

Serving individuals, businesses and government agencies, Luxury One Corp’s new facility can provide this new safety technology on any vehicle and has vehicles available for sale and lease to meet any budget and need.

ABOUT LUXURY ONE CORP

Luxury One Corp by Boaz Bagbag and Tomer Zur is a North American distributor of Mobileye technology and opened a new distribution facility located at 528 West 39th Street in Manhattan, New York. The new facility is 40,000 square feet of space and is open 24 hours a day, 7 days a week for installation of Mobileye’s new real-time collision avoidance technology. For more information, visit Luxury One Corp.

SOURCES

NYC Taxis Testing New Safety Technology, Including ‘Black Box’ Recorders

Vision Zero

 

SOURCE Luxury One Corp

Mobileye

Mobileye Announces First Quarter 2015 Financial Results

First Quarter 2015 Highlights:

  • Total revenue of $45.6 million
  • Non-GAAP Net Income of $18.2 million
  • Non-GAAP fully diluted EPS of $0.08
  • Generated $18.8 million in free cash flow

 

JERUSALEM, Israel May 11, 2015 (NYSE: MBLY) – Mobileye N.V., the global leader in the design and development of camera-based Advanced Driver Assistance Systems, today announced financial results for the quarter ended March 31, 2015.

“The first quarter marked a strong start to the year, highlighted by two significant new program wins that will include our EyeQ4 chip, demonstrating the ongoing demand for our state-of-the-art technology, which bundles multiple applications into a single package,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye.  “During the quarter we saw accelerating trends toward ADAS and autonomous vehicle adoption, driven by recent announcements by OEMs and regulatory agencies, to improve driver safety.  As a result, we believe the company is well positioned to benefit from increased global penetration.”

First Quarter 2015 Financial Highlights

  • Revenue: Total revenue for the first quarter of 2015 was $45.6 million, compared to $35.6 million in the prior-year period.  Within total revenue, original equipment manufacturing (OEM) revenue was $36.6 million, compared to $31.8 million in the prior-year period.  After market (AM) revenue contributed the remaining $9.0 million of total revenue for the first quarter of 2015 compared to $3.8 million in the prior-year period.
  • Net Income and Earnings per Share: GAAP net income for the first quarter of 2015 was $10.1 million, or $0.04 per diluted share. This compares to a GAAP net loss of $(19.6) million or $(0.61) per share for the first quarter of 2014. GAAP results included share-based compensation expense of $8.1 million for the first quarter of 2015 and $32.2 million for the first quarter of 2014.

Non-GAAP net income for the first quarter of 2015 was $18.2 million, or $0.08 per share, based on 237.0 million weighted average diluted shares outstanding.  This compares to non-GAAP net income of $12.6 million, or $0.06 per share, based on 211.4 million weighted average diluted shares outstanding during the first quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

  • Cash and Cash Flow: At March 31, 2015, Mobileye had cash, cash equivalents and short-term investments of $426.2 million, compared to $375.1 million at December 31, 2014.

The company generated $21.5 million in net cash from operating activities for the first quarter of 2015 compared to $5.0 million for the first quarter of 2014.  The company generated $18.8 million in free cash flow for the 2015 first quarter compared to $5.0 million for the comparable 2014 quarter.  Free cash flow represents net cash provided by operating activities minus capital expenditures.

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.”

Quarterly Conference Call

Mobileye will host a conference call at 8:30 a.m. Eastern Daylight Time (U.S. time) today (Monday, May 11, 2015) to review the company’s financial results for the first quarter ended March 31, 2015 and to provide guidance for the remainder of fiscal 2015.  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 August 11, 2015.

About Mobileye

Mobileye N.V. is the global leader in the design and development of software and related technologies for camera-based Advanced Driver Assistance Systems. 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, as well as to identify and read traffic signs and traffic lights. Our products are or will be integrated into car models from 23 global automakers including BMW, Ford, General Motors, Nissan and Volvo.  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 Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31, 2014.  Mobileye 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

We have provided in this release 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 present similar non-GAAP financial measures to investors.

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 organizations because other organizations 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 in this press release.

Non-GAAP net income (loss). To arrive at our non-GAAP net income (loss), we exclude share-based compensation expense 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 is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance;
  • 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 EPS. To arrive at our non-GAAP EPS, we divided the non-GAAP net income by the sum of the number of our outstanding ordinary shares during the relevant period and the number of ordinary shares resulting from the conversion of all of our outstanding class shares into ordinary shares with no liquidation preference on a one-to-one basis as set forth in our articles of association. Immediately prior to our IPO on August 1, 2014, all outstanding class shares were converted into ordinary shares.

Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. Free cash flow is important to reflect the cash that can allow us to pursue business strategies and opportunities and fulfill our goals. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means of evaluating our company is that 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 and the limited availability of historical stock price information due to our recent IPO, which impact share-based compensation.  Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable efforts.

Company Contact:

Yonah Lloyd

Chief Communications Officer / SVP Business Development

yonah.lloyd@mobileye.com

 

 

MOBILEYE N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
For the three months ended
March 31,
20152014
Revenue$ 45,581$ 35,649
Cost of revenue 12,035 8,810
Gross profit 33,546 26,839
Operating costs and expenses
Research and development, net 9,727 8,621
Sales and marketing 3,496 2,842
General and administrative 7,657 30,851
Total operating expenses 20,880 42,314
Operating profit (loss) 12,666 (15,475)
Interest income 175 385
Financial loss, net (594) (286)
Profit (loss) before taxes on income 12,247 (15,376)
Taxes on income (2,109) (4,183)
Net income (loss) for the period$ 10,138$ (19,559)
Basic and diluted income (loss) per share:
Basic$ 0.05$ (0.61)
Diluted$ 0.04$ (0.61)
Weighted average number of  ordinary shares (in thousands)
Basic 215,18232,071
Diluted 236,96932,071

 

 

 

MOBILEYE N.V.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
(UNAUDITED)
(in thousands, except per share data)
For the three months ended
March 31,
20152014
  
GAAP  net income (loss) as reported$ 10,138$ (19,559)
Non-GAAP adjustment
Expenses recorded for Stock-based compensation
Cost of revenues 5 8
Research and development 1,835 1,270
Sales and marketing 423 1,080
General and administrative 5,811 29,815
Total adjustment 8,074 32,173
Non-GAAP net income 18,212 12,614
Non-GAAP net income per share
Basic$ 0.08$ 0.06
Diluted$ 0.08$ 0.06
Weighted average number of shares (in thousands)
Basic 215,182 202,513
Diluted 236,969 211,397

 

 

 

MOBILEYE N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)
March 31,December 31,
20152014
Assets
Current assets
Cash and cash equivalents $ 284,331 $ 339,881
Restricted bank deposits 2,263 2,315
Marketable securities 139,557 32,895
Trade account receivables, net 23,297 15,806
Inventories 20,871 17,626
Other current assets 8,225 9,820
Total current assets 478,544 418,343
Long-term assets
Property, plant and equipment, net 10,674 8,787
Funds in respect of employee rights upon retirement 8,152 7,969
Other assets 1,354 1,307
Total long-term assets 20,180 18,063
Total assets $ 498,724 $ 436,406
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 22,648 $ 17,870
Employee related accrued expenses 5,569 3,961
Other current liabilities 37,820 5,739
Total current liabilities 66,037 27,570
Long-term liabilities
Liability in respect of employee rights upon retirement 9,670 9,350
Long-term liabilities 4,702 4,812
Total long-term liabilities 14,372 14,162
Total liabilities 80,409 41,732
Shareholders’ equity
Share capital 2,540 2,511
Additional paid-in capital 536,604 523,315
Accumulated other comprehensive income (loss) 4 (181)
Accumulated deficit (120,833) (130,971)
Total shareholders’ equity 418,315 394,674
Total liabilities and shareholders’ equity $ 498,724 $ 436,406

 

 

 

MOBILEYE N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 (in thousands)
For the three months ended
March 31,
20152014
Cash flows from operating activities
Net income (loss) for the period$ 10,138$ (19,559)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 787 516
Exchange rate differences 664 109
Liability in respect of employee rights upon retirement 320 368
Loss from marketable securities 33 230
Share-based compensation 8,074 32,173
Changes in asset and liabilities:
Trade accounts receivables, net (7,491) (8,603)
Other current assets 1,836 1,043
Inventories (3,245) (527)
Other long-term assets (47) (82)
Account payables and accrued expenses 4,816 (2,773)
Employee-related accrued expenses 1,608 380
Other current liabilities 4,081 (138)
Long-term liabilities (110) 1,898
Net cash from operating activities 21,464 5,035
Cash flows used in investing activities
Investment in short-term deposits and restricted cash – (32,990)
Proceeds from short-term deposits and restricted cash – 24,160
Proceeds from maturities/sales of marketable securities 3,232 4,212
Purchase of marketable securities (109,742) (8,838)
Funds in respect of employee right upon retirement (361) (287)
Purchase of property and equipment (2,712) (82)
Net cash used in investing  activities (109,583) (13,825)
Cash flows from financing activities
Cash received in respect of withholding taxes related to exercise of options 28,000 –
Exercise of options 5,003 613
Net cash from financing activities 33,003 613
Decrease in cash and cash equivalents (55,116) (8,177)
Balance of cash and cash equivalents at the beginning of the period 339,881 72,560
Exchange rate differences on cash and cash equivalents (434) (109)
Balance of cash and cash equivalents at the end of the period$ 284,331$ 64,274

 

MOBILEYE N.V.
RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOWS
(UNAUDITED)
(in thousands)
For the three months ended
March 31,
20152014
  
GAAP net cash from operating activities as reported$21,464$5,035
Capital Expenditures (2,712) (82)
Free Cash Flow18,7524,953