Mobileye (US:MBLY)2024-10-31 10:42Financial Performance - Revenue for Q3 2024 was $486 million, an 8% decrease year-over-year from $530 million in Q3 2023, but an 11% increase compared to Q2 2024[1][10] - Diluted EPS (GAAP) was $(3.35) in Q3 2024, significantly impacted by a non-cash goodwill impairment loss of approximately $2,613 million[2][14] - Gross profit decreased to $237 million in Q3 2024, down 13% from $272 million in Q3 2023, resulting in a gross margin of 49%[10][12] - Adjusted operating income for Q3 2024 was $78 million, a 57% decline from $182 million in Q3 2023, with an adjusted operating margin of 16%[10][15] - Net loss for Q3 2024 was $2.715 billion, compared to a net income of $17 million in Q3 2023[31] - Basic and diluted earnings per share for Q3 2024 were both $(3.35), compared to $0.02 in Q3 2023[31] - Mobileye reported a net loss of $3,019 million for the nine months ended September 28, 2024, compared to a loss of $90 million for the same period in 2023[33] - The adjusted gross profit for the nine months ended September 28, 2024, was $783 million, representing a 67% margin, compared to $1,016 million and a 70% margin for the same period in 2023[34] - The adjusted operating income for the nine months ended September 28, 2024, was $92 million, with an 8% margin, compared to $446 million and a 31% margin for the same period in 2023[35] - Mobileye's adjusted net income for the nine months ended September 28, 2024, was $98 million, representing an 8% margin, compared to $431 million and a 30% margin for the same period in 2023[36] Assets and Liabilities - Total assets decreased to $12.603 billion in 2024 from $15.577 billion in 2023[32] - Cash and cash equivalents increased to $1.293 billion in 2024 from $1.212 billion in 2023[32] - Total liabilities decreased to $525 million in 2024 from $653 million in 2023[32] - Total equity decreased to $12.078 billion in 2024 from $14.924 billion in 2023[32] Cash Flow - Operating cash flow for the nine months ended September 28, 2024, was $196 million, with $68 million used for property and equipment purchases[16] - Cash provided by operating activities for the nine months ended September 28, 2024, was $196 million, down from $285 million for the same period in 2023[33] - The balance of cash, cash equivalents, and restricted cash at the end of the period was $1,306 million, compared to $1,207 million at the end of the same period in 2023[33] Research and Development - Research and development expenses increased to $303 million in Q3 2024, compared to $218 million in Q3 2023, reflecting a 38.9% rise[31] Goodwill Impairment - Goodwill impairment recorded was $2.695 billion in Q3 2024[31] - The company experienced a goodwill impairment of $2,695 million for the nine months ended September 28, 2024[35] Customer and Market Insights - Mobileye's top ten customers account for over 80% of its volume, with design wins extending into the early 2030s, indicating strong long-term visibility in the ADAS market[5] - The company is progressing with Volkswagen Group on production programs for SuperVision and Chauffeur, including the installation of EyeQ6-based technology in test vehicles[6] Future Guidance - Full year 2024 revenue guidance remains unchanged, with expectations set at a range of $1.620 billion to $1.660 billion[19][21] - Mobileye plans to maintain adjusted operating expenses at or below Q3 2024 levels on average in 2025 following the wind-down of internal FMCW Lidar development[8] System Shipments and Pricing - Mobileye shipped 9.4 million systems in Q3 2023, with revenue of $507 million, and expects to ship 11.6 million systems in Q4 2023, with projected revenue of $611 million[37] - The average system price was $53.3 in Q3 2024, slightly down from $53.8 in the prior year, primarily due to an unfavorable mix of EyeQ feature bundles[11] - The average system price for Q3 2023 was $53.8, slightly decreasing to $52.7 in Q4 2023[37]