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Mobileye Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Third Quarter 2015 Highlights:

Total revenue of $70.6 million, up 104% year-over-year

Non-GAAP net income of $34.9 million

Non-GAAP fully diluted EPS of $0.15

Generated $25.6 million in free cash flow

JERUSALEM, Israel

(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 announ ced financial results for the quarter ended September 30, 2015.

“Our third quarter results highlight the growing interest from OEMs, consumers and regulatory agencies to include advanced safety features in vehicles,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. “We launched new programs with autonomous emergency braking, a feature being standardized around the world, and recently released semantic free-space and holistic path prediction, the most innovative vision technologies for road scene interpretation. Our commitment to innovation, ability to add successful program launches and provide best-in-class technologies for autonomous driving further strengthens our leadership in the ADAS and autonomous driving market.”

Third Quarter 2015 Financial Highlights

Revenue

: Total revenue for the third quarter of 2015 was $70.6 million, an increase of 104% compared to $34.7 million in the prior-year period. Within total revenue, original equipment manufacturing (OEM) revenue was $60.8 million, compared to $28.8 million in the prior-year period. After market (AM) revenue contributed the remaining $9.8 million of total revenue for the third quarter of 2015 compared to $5.9 million in the prior-year period.

Net Income (loss) and Earnings (loss) per Share:

GAAP net income for the third quarter of 2015 was $24.2 million, or $0.10 per diluted share. This compares to GAAP net loss of $(13.1) million or $(0.09) on a per share basis for the third quarter of 2014. GAAP results included share-based compensation expense of $10.7 million for the third quarter of 2015 and $22.8 million for the third quarter of 2014.

Non-GAAP net income for the third quarter of 2015 was $34.9 million, or $0.15 per share, based on 238.5 million weighted average diluted shares outstanding. This compares to non-GAAP net income of $9.7 million, or $0.04 per share, based on 232.9 million weighted average diluted shares outstanding during the third quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

Cash, restricted bank deposits, marketable securities and cash flow

: At September 30, 2015, Mobileye had cash and cash equivalents, restricted bank deposits, and marketable securities of $448.3 million, compared to $422.2 million at June 30, 2015.

The company generated $26.2 million in net cash from operating activities for the third quarter of 2015 compared to $10.9 million for the third quarter of 2014. The company generated $25.6 million in free cash flow for the 2015 third quarter compared to $10.4 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 8:00 a.m. Eastern Standard Time (U.S. time) today (Tuesday, November 3, 2015) to review the company’s financial results for the third quarter ended September 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 February 1, 2016.

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...


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