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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mobileye N.V. Ordinary Shares | NYSE:MBLY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.67 | 0 | 01:00:00 |
JERUSALEM, Feb. 22, 2017 /PRNewswire/ --
Fourth Quarter 2016 Highlights:
Fiscal Year 2016 Highlights:
(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, 2016.
"The fourth quarter marked a strong finish to 2016, which resulted in our ability to exceed revenue and profitability expectations for the full year," stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. "Strategically, we maintained our leadership position and extended visibility for Advanced Driver Assistance System technology with 12 new program wins across 11 automakers. The Aftermarket division more than doubled revenue in 2016 and we expect continued growth in 2017. Finally, our expanded product portfolio matched very well to customer demand for future vehicle technology, leading to five Level 3 and five Level 4 autonomous vehicle production program wins plus definitive REM™ mapping agreements with Volkswagen and BMW."
Fourth Quarter 2016 Financial Highlights
Fiscal Year 2016 Financial Highlights
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." Mobileye 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 Standard Time (U.S. time) today (Wednesday, February 22, 2017) to review the company's financial results for the fourth quarter and fiscal year ended December 31, 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 May 22, 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 more than 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.
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 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 reasons 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 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:
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 can allow us 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 fluctuations in our stock price, which impact share-based compensation. Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable efforts.
Company Contact: |
|
Dan Galves |
Seth Potter |
CCO / SVP |
ICR, Inc. |
Dan.Galves@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, | ||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||
Revenue |
$ |
358,162 |
240,872 |
$ |
104,581 |
71,819 | |||||
Cost of revenue |
87,307 |
61,420 |
25,071 |
17,657 | |||||||
Gross profit |
270,855 |
179,452 |
79,510 |
54,162 | |||||||
Operating costs and expenses |
|||||||||||
Research and development, net |
65,259 |
43,393 |
18,086 |
11,635 | |||||||
Sales and marketing |
17,416 |
12,811 |
6,034 |
3,020 | |||||||
General and administrative |
67,241 |
45,509 |
18,704 |
18,842 | |||||||
Total operating expenses |
149,916 |
101,713 |
42,824 |
33,497 | |||||||
Operating profit |
120,939 |
77,739 |
36,686 |
20,665 | |||||||
Interest income |
5,083 |
2,888 |
1,356 |
1,170 | |||||||
Financial income, net |
(582) |
(917) |
(359) |
(325) | |||||||
Profit before taxes on income |
125,440 |
79,710 |
37,683 |
21,510 | |||||||
Taxes on income |
(17,070) |
(11,260) |
(5,083) |
(2,686) | |||||||
Net income for the period |
$ |
108,370 |
68,450 |
32,600 |
18,824 | ||||||
Basic and diluted income per share: |
|||||||||||
Basic |
$ |
0.49 |
$ |
0.31 |
$ |
0.15 |
$ |
0.09 | |||
Diluted |
$ |
0.46 |
$ |
0.29 |
$ |
0.14 |
$ |
0.08 | |||
Weighted average number of ordinary shares (in thousands) |
|||||||||||
Basic |
220,124 |
217,362 |
221,150 |
218,679 | |||||||
Diluted |
238,018 |
237,857 |
237,951 |
238,054 |
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, | ||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||
GAAP net income as reported |
$ |
108,370 |
68,450 |
$ |
32,600 |
18,824 | |||||
Non-GAAP adjustment |
|||||||||||
Expenses recorded for share-based compensation |
|||||||||||
Cost of revenues |
46 |
26 |
13 |
8 | |||||||
Research and development |
12,216 |
8,016 |
3,491 |
2,145 | |||||||
Sales and marketing |
706 |
1,277 |
295 |
(107) | |||||||
General and administrative |
52,634 |
35,650 |
15,180 |
15,732 | |||||||
Total share-based compensation |
65,602 |
44,969 |
18,979 |
17,778 | |||||||
Income tax effect |
(647) |
(568) |
(198) |
(286) | |||||||
Total adjustment |
64,955 |
44,401 |
18,781 |
17,492 | |||||||
Non-GAAP net income |
173,325 |
112,851 |
51,381 |
36,316 | |||||||
Non-GAAP net income per share |
|||||||||||
Basic |
$ |
0.79 |
$ |
0.52 |
$ |
0.23 |
$ |
0.17 | |||
Diluted |
$ |
0.73 |
$ |
0.47 |
$ |
0.22 |
$ |
0.15 | |||
Weighted average number of shares (in thousands) |
|||||||||||
Basic |
220,124 |
217,362 |
221,150 |
218,679 | |||||||
Diluted |
238,018 |
237,857 |
237,951 |
238,054 |
MOBILEYE N.V. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||
(U.S. dollars in thousands) | |||||
December 31, |
December 31, | ||||
2016 |
2015 | ||||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ |
277,996 |
$ |
152,692 | |
Marketable securities |
121,534 |
59,394 | |||
Trade account receivables, net |
43,324 |
23,706 | |||
Inventories |
57,016 |
42,676 | |||
Other current assets |
15,998 |
14,817 | |||
Total current assets |
515,868 |
293,285 | |||
Long-term assets |
|||||
Marketable securities |
230,696 |
260,982 | |||
Property and equipment, net |
18,333 |
11,031 | |||
Severance pay fund |
12,606 |
9,863 | |||
Other assets |
2,877 |
2,453 | |||
Total long-term assets |
264,512 |
284,329 | |||
Total assets |
$ |
780,380 |
$ |
577,614 | |
Liabilities and shareholders' equity |
|||||
Current liabilities |
|||||
Accounts payable and accrued expenses |
$ |
39,415 |
$ |
24,593 | |
Employee related accrued expenses |
6,860 |
5,341 | |||
Other current liabilities |
12,374 |
13,322 | |||
Total current liabilities |
58,649 |
43,256 | |||
Long-term liabilities |
|||||
Accrued severance pay |
16,228 |
12,020 | |||
Long-term liabilities |
7,091 |
6,864 | |||
Total long-term liabilities |
23,319 |
18,884 | |||
Total liabilities |
81,968 |
62,140 | |||
Shareholders' equity |
|||||
Share capital |
2,590 |
2,558 | |||
Additional paid-in capital |
650,697 |
577,212 | |||
Accumulated other comprehensive income |
(724) |
(1,775) | |||
Accumulated (deficit) Surplus |
45,849 |
(62,521) | |||
Total shareholders' equity |
698,412 |
515,474 | |||
Total liabilities and shareholders' equity |
$ |
780,380 |
$ |
577,614 |
MOBILEYE N.V. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||
(in thousands) | |||||||||||
For the year ended |
For the three months ended | ||||||||||
December 31, |
December 31, | ||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||
Cash flows from operating activities |
|||||||||||
Net income for the period |
$ |
108,370 |
$ |
68,450 |
$ |
32,600 |
$ |
18,824 | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
Depreciation |
4,089 |
3,312 |
1,146 |
848 | |||||||
Exchange rate differences |
(162) |
(192) |
427 |
(171) | |||||||
Accrued severance pay |
4,208 |
2,670 |
955 |
1,062 | |||||||
Loss (gain) from marketable securities |
(78) |
311 |
(110) |
138 | |||||||
Share-based compensation |
65,602 |
44,969 |
18,979 |
17,778 | |||||||
Gain from severance pay fund |
(223) |
(87) |
(223) |
(87) | |||||||
Changes in assets and liabilities: |
|||||||||||
Trade accounts receivables, net |
(19,618) |
(7,900) |
1,683 |
2,506 | |||||||
Other current assets |
(1,116) |
(1,730) |
(975) |
(2,424) | |||||||
Inventories |
(14,340) |
(25,050) |
(3,201) |
(7,218) | |||||||
Other long-term assets |
(424) |
(1,146) |
505 |
(374) | |||||||
Account payables and accrued expenses |
14,448 |
6,232 |
4,129 |
(4,581) | |||||||
Employee-related accrued expenses |
1,519 |
1,380 |
309 |
651 | |||||||
Other current-liabilities |
(948) |
7,583 |
(3,173) |
816 | |||||||
Long-term liabilities |
227 |
2,052 |
(261) |
1,782 | |||||||
Net cash provided by operating activities |
161,554 |
100,854 |
52,790 |
29,550 | |||||||
Cash flows from investing activities |
|||||||||||
Change in restricted and short-term deposits |
(118) |
(700) |
2 |
(8) | |||||||
Proceeds from maturities / sales of marketable securities |
125,468 |
166,991 |
51,131 |
22,332 | |||||||
Purchase of marketable securities |
(156,193) |
(456,377) |
(54,517) |
(24,939) | |||||||
Severance pay fund |
(2,379) |
(1,807) |
(679) |
(564) | |||||||
Purchase of property and equipment |
(11,017) |
(5,065) |
(2,524) |
(924) | |||||||
Net cash used in investing activities |
(44,239) |
(296,958) |
(6,587) |
(4,103) | |||||||
Cash flows from financing activities |
|||||||||||
Grant of Non-recourse loan |
(1,450) |
- |
- |
- | |||||||
Repayment of Non-recourse loan |
1,450 |
- |
- |
- | |||||||
Exercise of options |
7,967 |
8,769 |
1,084 |
667 | |||||||
Net cash provided by financing activities |
7,967 |
8,769 |
1,084 |
667 | |||||||
Increase (decrease) in cash and cash equivalents |
125,282 |
(187,335) |
47,287 |
26,114 | |||||||
Balance of cash and cash equivalents at the beginning of the period |
152,692 |
339,881 |
230,890 |
126,476 | |||||||
Exchange rate differences on cash and cash equivalents |
22 |
146 |
(181) |
102 | |||||||
Balance of cash and cash equivalents at the end of the period |
$ |
277,996 |
$ |
152,692 |
$ |
277,996 |
$ |
152,692 | |||
MOBILEYE N.V. | |||||||||||
RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
For the year ended |
For the three months ended | ||||||||||
December 31, |
December 31, | ||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||
GAAP net cash from operating activities as reported |
$ |
161,554 |
$ |
100,854 |
$ |
52,790 |
$ |
29,550 | |||
Capital Expenditures |
(11,017) |
(5,065) |
(2,524) |
(924) | |||||||
Non-GAAP Free Cash Flow |
150,537 |
95,789 |
50,266 |
28,626 | |||||||
MOBILEYE N.V. | |||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) | |||||||||||
(in thousands) | |||||||||||
For the year ended |
For the three months ended | ||||||||||
December 31, |
December 31, | ||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||
OEM Revenue |
$ |
275,938 |
$ |
202,287 |
$ |
77,547 |
$ |
61,243 | |||
Aftermarket Revenue |
82,224 |
38,585 |
27,034 |
10,576 | |||||||
Total Revenue |
$ |
358,162 |
$ |
240,872 |
$ |
104,581 |
$ |
71,819 | |||
Number of EyeQ units (in thousand) |
5,963 |
4,445 |
1,679 |
1,308 | |||||||
EyeQ average selling price per unit |
$ |
45.0 |
$ |
43.9 |
$ |
45.5 |
$ |
44.7 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mobileye-announces-fourth-quarter-and-fiscal-year-2016-financial-results-300411388.html
SOURCE Mobileye N.V.
Copyright 2017 PR Newswire
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