JERUSALEM, Feb. 24, 2016 /PRNewswire/ --
Fourth Quarter 2015 Highlights:
Fiscal Year 2015 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, 2015.
"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
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.
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
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.
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'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.
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:
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. |
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.
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