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Mobileye's (MBLY) CEO Ziv Aviram on Q2 2015 Results - Earnings Call Transcript


[Abrupt start]

…2015 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. Yonah Lloyd, Chief Communication Officer and Senior Vice President of Business Development, you may begin your conference.

Yonah Lloyd - CCO and SVP of Business Development

Thank you, Amy. Good morning and welcome to Mobileye's second quarter 2015 earnings call. Today's call will consist of prepared remarks from Ziv Aviram, Co-Founder, President and CEO; and Ofer Maharshak, CFO and Senior Vice President.

We filed the 6-K this morning with the SEC that includes the earnings press release and financial tables. These are also available on our IR website at Following our remarks, we will open the call for questions.

I would like to remind everyone that certain statements will be made during today's conference call that are forward-looking within the meaning of the United States Federal Securities laws. Changes in business, competitive, technological, regulatory, and other factors, including changes in the general economy could cause Mobileye's actual results to differ materially from those expressed or implied by the forward-looking statements made today.

Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to their accuracy and we assume no obligation to update them except as required by law.

In addition, we will make reference to certain non-GAAP financial measures including non-GAAP net income. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in this morning's second quarter earnings press release.

For more detailed information about the factors and other risks that may impact our business as well as the non-GAAP financial measures, please review the paragraphs in this morning's press release that are entitled Forward-Looking Statements and Non-GAAP Financial Measures. The release is posted on the company's IR website.

And now it is my pleasure to turn the call over to Ziv.

Ziv Aviram - Co-founder, President and CEO

Thank you, Yonah. I would like to thank everyone for joining us on the call today. I'm pleased to highlight some of Mobileye's strategic achievements during the second quarter of 2015. We have continued the successful execution of EyeQ3 launches.

As reported in Q1, we expect nine launches of EyeQ3 with eight OEMs this year with two of those launches were executed during the first quarter of 2015. During the second quarter, we added three launches of EyeQ3 with two OEMs.

Specifically for HKMC, we launched two programs. The first with Mando as Tier 1 across a number of models including Hyundai Santa Fe and a second with TRW where we launched on the Kia Optima.

With GM, we launched the third new program across a wide range of car models as part of the E2xx and K2xx programs with TRW as the Tier 1. We are proud to confirm that the recent media reports about GM's plan to add camera on the low-cost pedestrian crash avoidance on to Chevy Malibu is based on the EyeQ3 as part of the GMs E2xx programs with TRW.

The Malibu is just one of a number of new EyeQ3 launches that continue the growing trend of came on the Autonomous Emergency Braking, which as you recall, started last quarter with the Audi Q7.

With respect to our autonomous driving activity, we can report an acceleration of plans among our OEM customers to shorten or in some cases even eliminate the phases from highway auto piloting to systems capable of full autonomy.

We've began accelerated development that goes beyond the trifocal front-sensing camera modules and includes modular functions that can run on cameras from any position and any alternative angle. This will support a multi-camera 360 degree coverage running on multiple EyeQ3s or single EyeQ4.