0001104659-22-125052 | 10-Q | XBRL Viewer

October 1, 2022

December 25, 2021

U.S. dollars in millions

Notional amount of derivatives

Fair value of derivatives receivable from (payable to) Intel

Print Document View Excel Document

Document and Entity Information	9 Months Ended
Document and Entity Information	Oct. 01, 2022 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 01, 2022
Entity File Number	001-41541
Entity Registrant Name	Mobileye Global Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0666433
Entity Address, Country	IL
Entity Address, Address Line One	Har Hotzvim, 13 Hartom Street
Entity Address, Address Line Two	P.O. Box 45157
Entity Address, City or Town	Jerusalem
Entity Address, Postal Zip Code	9777513
City Area Code	972
Local Phone Number	2-541-7333
Title of 12(b) Security	Class A common stock, par value $0.01
Trading Symbol	MBLY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	51,911,905
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED COMBINED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021
Current assets
Cash and cash equivalents	$ 871	$ 616
Trade account receivables, net	222	155
Inventories	105	97
Related party loan	901	1,326
Other current assets	63	76
Total current assets	2,162	2,270
Non-current assets
Property and equipment, net	354	304
Intangible assets, net	2,658	3,071
Goodwill	10,895	10,895
Other long-term assets	95	115
Total non-current assets	14,002	14,385
TOTAL ASSETS	16,164	16,655
Current liabilities
Accounts payable and accrued expenses	160	160
Employee related accrued expenses	75	102
Related party payable	966	163
Dividend Note with related party	3,520
Other current liabilities	59	49
Total current liabilities	4,780	474
Non-current liabilities
Long-term employee benefits	54	94
Deferred tax liabilities	162	181
Other long-term liabilities	8	17
Total non-current liabilities	224	292
TOTAL LIABILITIES	5,004	766
Equity
Parent net investment	11,178	15,884
Accumulated other comprehensive income (loss)	(18)	5
TOTAL EQUITY	11,160	15,889
TOTAL LIABILITIES AND EQUITY	$ 16,164	$ 16,655

CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenue	$ 450.0	$ 326.0	$ 1,304.0	$ 1,030.0
Cost of revenue	233.0	173.0	682.0	529.0
Gross profit	217.0	153.0	622.0	501.0
Research and development, net	206.0	132.0	565.0	390.0
Sales and marketing	27.0	33.0	91.0	98.0
General and administrative	9.0	8.0	27.0	26.0
Total operating expenses	242.0	173.0	683.0	514.0
Operating income (loss)	(25.0)	(20.0)	(61.0)	(13.0)
Interest income with related party	5.0	0.6	9.0	2.0
Interest expense with related party	(11.0)		(20.0)
Other income (expense), net	1.0		6.0
Income (loss) before income taxes	(30.0)	(20.0)	(66.0)	(11.0)
Benefit (provision) for income taxes	(15.0)	(6.0)	(46.0)	(11.0)
Net income (loss)	$ (45.0)	$ (26.0)	$ (112.0)	$ (22.0)
Earnings (loss) per share:
Basic	$ (0.06)	$ (0.03)	$ (0.15)	$ (0.03)
Diluted	$ (0.06)	$ (0.03)	$ (0.15)	$ (0.03)
Weighted-average number of shares used in computation of earnings (loss) per share (in millions):
Basic	750	750	750	750
Diluted	750	750	750	750
Other comprehensive income (loss), net of tax	$ 6.0	$ 2.0	$ (23.0)	$ 4.0
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (39.0)	$ (24.0)	$ (135.0)	$ (18.0)

CONDENSED COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Parent Net Investment	Accumulated other comprehensive income (loss)	Total
Beginning Balance at Dec. 26, 2020	$ 15,842		$ 15,842
Other comprehensive income (loss), net		$ 4	4
Net income (loss)	(22)		(22)
Net transfer from (to) Parent	37		37
Ending Balance at Sep. 25, 2021	15,857	4	15,861
Beginning Balance at Jun. 26, 2021	15,845	2	15,847
Other comprehensive income (loss), net		2	2
Net income (loss)	(26)		(26)
Net transfer from (to) Parent	38		38
Ending Balance at Sep. 25, 2021	15,857	4	15,861
Beginning Balance at Dec. 25, 2021	15,884	5	15,889
Other comprehensive income (loss), net		(23)	(23)
Net income (loss)	(112)		(112)
Tax sharing agreement with Parent	(16)		(16)
Net transfer from (to) Parent	158		158
Equity transaction in connection with the legal purchase of Moovit entities	(900)		(900)
Dividend Note with related party	(3,500)		(3,500)
Dividend distribution	(336)		(336)
Ending Balance at Oct. 01, 2022	11,178	(18)	11,160
Beginning Balance at Jul. 02, 2022	11,223	(24)	11,199
Other comprehensive income (loss), net		6	6
Net income (loss)	(45)		(45)
Tax sharing agreement with Parent	(9)		(9)
Net transfer from (to) Parent	9		9
Ending Balance at Oct. 01, 2022	$ 11,178	$ (18)	$ 11,160

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

CONDENSED COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (112)	$ (22)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	17	12
Share-based compensation	112	73
Amortization of intangible assets	413	368
Exchange rate differences on cash and cash equivalents	6
Deferred income taxes	(8)	(24)
Interest on Dividend Note	20
Interest with related party, net	20	(2)
Other	(3)	(1)
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivables	(67)	(57)
Decrease (increase) in other current assets	28	(4)
Decrease (increase) in inventories	(8)	30
Increase (decrease) in account payables and accrued expenses	22	31
Increase (decrease) in employee-related accrued expenses and long term benefits	(67)	20
Increase (decrease) in other current-liabilities	10	15
Decrease (increase) in other long term assets	15	(1)
Increase (decrease) in long-term liabilities	(3)
Net cash provided by operating activities	395	438
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(79)	(98)
Repayments of loan due from related party	734
Issuance of loan to related party	(336)	(390)
Net cash provided by (used in) investing activities	319	(488)
CASH FLOWS FROM FINANCING ACTIVITIES
Net transfers from Parent	99	69
Dividend paid	(336)
Share-based compensation recharge	(200)
Deferred offering costs	(14)
Changes in withholding tax related to employee stock plans		(2)
Net cash provided by (used in) financing activities	(451)	67
Effect of foreign exchange rate changes on cash and cash equivalents	(6)
Increase in cash, cash equivalents and restricted cash	257	17
Balance of cash, cash equivalents and restricted cash, at beginning of year	625	93
Balance of cash, cash equivalents and restricted cash, at end of period	882	110
Supplementary non-cash investing and financing activities:
Non cash purchase of property and equipment	9	28
Non-cash share based compensation recharge	9	105
Equity transaction in connection with the legal purchase of Moovit entities	900
Dividend Note with related party	3,500
Non cash deferred offering costs	1
Tax sharing agreement with Parent	16
Supplemental cash flow information:
Cash (paid) for income taxes, net of refunds	(40)	$ (35)
Interest received from related party	$ 29

GENERAL

9 Months Ended

Oct. 01, 2022

GENERAL

GENERAL

NOTE 1 - GENERAL

Background

Mobileye Group is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions. Mobileye Group combines the operations of Cyclops Holdings LLC (“Cyclops”), Mobileye B.V. and its subsidiaries (“Mobileye”) GG Acquisition Ltd. and the Moovit App Global Ltd. and its subsidiaries (“Moovit”) and certain Intel employees mainly in research and development (the “Intel Aligned Groups”) (collectively, unless the context otherwise requires, the “Company”, “we”, and “our”).

Mobileye operates as a component of Intel, which acquired a majority stake in Mobileye in August 2017 (the “Mobileye Acquisition”). The remaining issued and outstanding shares of Mobileye were acquired by Intel during 2018. The Company is building a robust portfolio of end-to-end ADAS and autonomous driving solutions to provide the capabilities required for the future of autonomous driving, leveraging a comprehensive suite of purpose-built software and hardware technologies.

Moovit, a leading urban mobility app and mobility-as-a-service (“MaaS”) solutions provider also operates as a component of Intel upon acquisition of the issued and outstanding equity interests of Moovit in May 2020 (the “Moovit Acquisition”). On May 31, 2022, we legally purchased from Intel 100% of the issued and outstanding equity interests of the Moovit entities. For further detail see Note 6.

In December 2021, Intel announced plans to pursue an initial public offering (“IPO”) of Mobileye Group. In January 2022, Intel incorporated a new legal entity, Mobileye Global Inc., with the intent to contribute the Company to Mobileye Global Inc. and be able to offer newly issued shares of common stock of Mobileye Global Inc. in an IPO.

In October 2022, the initial public offering of Mobileye (the “Mobileye IPO”) was completed. The registration statement related to the Mobileye IPO was declared effective on October 25, 2022, and our Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol “MBLY” on October 26, 2022.

Prior to the completion of the Mobileye IPO, we were a wholly-owned business of Intel Corporation (“Intel” or the “Parent”). Upon the closing of the Mobileye IPO (after giving effect to the exercise of the underwriters’ over-allotment option), Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye, which represents approximately 99.3% of the voting power of our common stock. Upon completion of the IPO, we completed the legal entity reorganization of our operations comprising the Mobileye Group business so that they are all under the single parent entity, Mobileye Global Inc., and the filing and effectiveness of our amended and restated certificate of incorporation.

Refer to Note 9, Subsequent Events, for details relating to the Company’s IPO and related transactions.

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Oct. 01, 2022

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These condensed combined financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed combined financial statements have been prepared on the same basis as the Company’s annual audited combined financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information.

The results of operations for the three and nine months ended October 1, 2022 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2022. The condensed combined financial statements should be read in conjunction with the audited combined financial statements for the fiscal year ended December 25, 2021.

The condensed combined financial statements and accompanying notes have been derived from the consolidated financial statements and accounting records of Intel and are presented as if the Company had been operating as a stand-alone company for all periods presented. The assets, liabilities, revenue, and expenses directly attributable to the Company’s operations, including the acquired goodwill and intangible assets, have been reflected in these condensed combined financial statements on a historical cost basis, as included in the consolidated financial statements of Intel.

The Company utilized the Intel Aligned Groups mainly in research and development activities. The associated costs of the Intel Aligned Groups are reflected on a specific attribution basis in the condensed combined statements of operations and comprehensive income (loss). Intel Aligned Groups also participated in various Intel compensation and benefit plans. Portions of those plans’ costs were based on actual headcount and included in these condensed combined financial statements. These costs are not necessarily indicative of costs that would have been incurred had the Company operated on a stand-alone basis.

The condensed combined statements of operations and comprehensive income (loss) also include allocations of general corporate expenses from Intel. These expenses have been allocated to the Company on the basis of direct usage when identifiable or allocated on the basis of headcount. Management of the Company and Parent considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of the services provided to or the benefit received by the Company during the periods presented.

Mobileye largely continued to operate as a standalone operation and had not been fully integrated into Intel, with limited use of corporate overhead functions. The allocated costs for the periods presented in the statement of operations and comprehensive income (loss) were not material. The allocations may not be reflective of the expenses that would have incurred had the Company operated as a stand-alone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Actual costs that may have been incurred if the Company had operated as a stand-alone company would depend on a number of factors, including the chosen organizational structure, the outsourcing of certain functions, and other strategic decisions.

As Mobileye Group was not historically held by a single legal entity, total parent net investment is shown in lieu of equity in the condensed combined financial statements and represents Intel’s total interest in the recorded net assets of Mobileye Group. All intercompany transactions within the combined businesses of the Company have been eliminated. Transactions between the Company and Intel, arising from arrangements with Intel and other similar related-party transactions, were considered to be effectively settled in the condensed combined financial statements at the time the transactions were recorded, unless otherwise noted. The total net effect of the settlement of these transactions was reflected within parent net investment as a component of equity in the condensed combined balance sheets and within net transfers from Parent as a financing activity in the condensed combined statements of cash flows, unless otherwise noted.

There have been no material changes in our significant accounting policies as described in our combined financial statements for the fiscal year ended December 25, 2021, other than described below regarding deferred offering costs and income tax and regarding earnings per share as described in Note 4. For further detail, see Note 2 in the audited combined financial statements for the fiscal year ended December 25, 2021.

Deferred Offering Costs

Deferred offering costs consisting of legal, accounting and other fees and costs incurred that are directly related to the IPO, are capitalized and recorded on the condensed combined balance sheet. These deferred costs will be reclassified to shareholders’ equity upon the consummation of the IPO, which was completed in October 2022, and recorded against the proceeds received. If the IPO would have been aborted, all the deferred offering costs would have been expensed. The Company capitalized $15 million and $0 million of deferred offering costs within other long-term assets, in the condensed combined balance sheet as of October 1, 2022, and December 25, 2021, respectively. Transaction costs which are not directly related to the IPO, are expensed as incurred within general and administrative expenses. The Company recognized $1 million and $4 million of offering costs as an expense in the three and nine months ended October 1, 2022, respectively.

Cash, cash equivalents, and restricted cash

The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end:


U.S. dollars In millions	October 1, 2022		December 25, 2021
Cash and cash equivalents	$	871	$	616
Restricted cash (within other long-term assets)		11		9
Cash, cash equivalents and restricted cash	$	882	$	625

Fair value measurement

The carrying amounts of the related party loan, trade accounts receivable, Dividend Note with related party, accounts payable and investments in short term deposits classified as cash equivalents, approximate their respective fair value because of their generally short maturities.

Short term deposits included in cash and cash equivalents were $770 million and $209 million as of October 1, 2022 and December 25, 2021, respectively.

The Company also has goodwill and acquisition-related in-process research and development assets that are required to be recorded at fair value only if an impairment is recognized in the current period.

Research and development, net

Research and development expenses are expensed as incurred, and consist primarily of personnel, facilities, equipment, and supplies for research and development activities.

The Company occasionally enters into best-efforts nonrefundable, non-recurring engineering (“NRE”) arrangements pursuant to which the Company is reimbursed for a portion of the research and development expenses attributable to specific development programs. The Company does not receive any additional compensation or royalties upon completion of such projects and the potential customer does not commit to purchase the resulting product in the future. The participation reimbursement received by the Company does not depend on whether there are future benefits from the project. All intellectual property generated from these arrangements is exclusively owned by the Company.

Participation in expenses for research and development projects are recognized on the basis of the costs incurred and are netted against research and development expenses in the condensed combined statements of operations and comprehensive income (loss). Research and development reimbursements of $15 million, and $17 million were offset against research and development costs in the three months ended October 1, 2022 and September 25, 2021, respectively; and $40 million and $39 million were offset in the nine months ended October 1, 2022 and September 25, 2021, respectively.

Derivatives and hedging

Beginning in 2021, as part of Intel’s corporate hedging program, Intel is hedging forecast cash flows denominated in Israel Shekels (“ILS”) related to the Company. ILS is the largest operating expense currency of the Company. Intel combines all of its ILS exposures, and as part of Intel’s hedging program enters into hedging contracts to hedge Intel’s combined ILS exposure. Derivative gains and losses attributed to these condensed combined financial statements are recorded under accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

The notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye were:

The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows:


	Three Months Ended		Nine Months Ended
	October 1, 2022		October 1, 2022

	U.S. dollars in millions
Other comprehensive income (loss) before reclassifications	$	1	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		6		6
Tax effects		(1)		1
Other comprehensive income (loss), net	$	6	$	(23)

Income Tax

The provision for income tax consists of income taxes in the various jurisdictions where the Company is subject to taxation, primarily the United States and Israel. For interim periods, the Company recognizes an income tax benefit (provision) based on the estimated annual effective tax rate, calculated on a worldwide consolidated basis, expected for the entire year. The Company applies this rate to the year-to-date pre-tax income. The overall effective tax rate is influenced by valuation allowances on tax assets for which no benefit can be recognized due to the Company’s recent history of pretax losses sustained. Tax jurisdictions with forecasted pretax losses for the year for which no benefit can be recognized are excluded from the calculation of the worldwide estimated annual effective tax rate, and any associated tax expense for those jurisdiction is recorded separately.

Certain legal entities of Mobileye file tax returns on a consolidated basis with our parent Intel Corporation. We have entered into a tax sharing agreement with Intel Corporation that establishes the amount of cash we will pay to our parent for our share of the tax liability owed on these consolidated filings. The income tax provision included in these combined financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns. This method can limit our ability to benefit losses that may have been used by Intel in the consolidated tax returns. To the extent the tax sharing agreement and the separate return method differ, an adjustment to our net parent investment balance is recorded.

Use of estimates

The preparation of condensed combined financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts and events reported and disclosed in the combined financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions and factors, including the current economic environment, that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

On an on-going basis, management evaluates its estimates, judgments, and assumptions. The most significant estimates and assumptions relate to recognition and useful lives of intangible assets, impairment assessment of intangible assets and goodwill, and income taxes.

Loss contingencies

Management believes that there are no current matters that would have a material effect on the Company’s condensed combined balance sheets, statement of operations or cash flows. Legal fees are expensed as incurred.

Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, which include short-term deposits, and trade accounts receivable.

The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S., as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short term bank deposits, included in cash and cash equivalents, are held in the aforementioned banks. Accordingly, management believes that these bank deposits have minimal credit risk.

The Company’s accounts receivables are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivables is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days. The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company establishes credit losses accounts receivable by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history from such customers, and the customers’ current ability to pay its obligation to the Company. As of October 1, 2022 and December 25, 2021, the credit losses in respect of accounts receivable, which are determined with respect to specific debts that are doubtful of collection and netted against accounts receivable, were not material. The Company writes off accounts receivable when they are deemed uncollectible. For the three and nine months ended October 1, 2022 and September 25, 2021, the charge-offs and recoveries in relation to the credit losses accounts were not material.

Customer concentration risk

The Company’s business, results of operations, and financial condition for the foreseeable future will likely continue to depend on sales to a relatively small number of customers. In the future, these customers may decide not to purchase the Company’s products, may purchase fewer products than in previous years, or may alter their purchasing patterns. Further, the amount of revenue attributable to any single customer or customer concentration generally may fluctuate in any given period. In addition, a decline in the production levels of one or more of the Company’s major customers, particularly with respect to vehicle models for which the Company is a significant supplier, could reduce revenue. The loss of one or more key customers, a reduction in sales to any key customer or the Company’s inability to attract new significant customers could negatively impact revenue and adversely affect the Company’s business, results of operations, and financial condition. See Note 8 related to customers that accounted for more than 10% of the Company’s total revenue and accounts receivable for each of the periods presented in these condensed combined financial statements.

Dependence on a single supplier risk

The Company purchases all its System on Chip (“EyeQ® SoC”) from a single supplier. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could have a material adverse effect on the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ® SoC that the Company has been experiencing during 2021 and through the nine months ended October 1, 2022.

COVID-19

The COVID-19 pandemic has adversely affected significant portions of the Company’s business and could have a continued adverse effect on the Company’s business, results of operations, and financial condition. There is a significant constraint in the global supply of semiconductors. The COVID-19 pandemic led to an increase in the demand for consumer electronics and global semiconductor manufacturers allocated significant capacity to meet such demand. As global automakers resumed production in 2020 following shutdowns resulting from the COVID-19 pandemic, semiconductor supply became further strained, and these factors, combined with the long lead times associated with the Company, have contributed to a shortage of semiconductors.

During the fiscal year ended December 25, 2021, and through nine months ended October 1, 2022, the Company’s sole supplier was not able to meet demand of the Company for the EyeQ® SoC, causing a significant reduction in the Company’s inventory levels. We expect to continue to experience a shortfall of EyeQ® SoC which has already caused certain delays and may continue to cause further delays in our ability to fulfil customers’ orders. Since the EyeQ® SoC is the core of the ADAS and AV products, continued shortages in the supply of sufficient EyeQ® SoC to meet production needs may impair the Company’s ability to meet its customers’ requirements in a timely manner and may adversely affect the Company’s business, results of operations and financial condition. Moreover, to the extent that the global semiconductor shortage results in reduced production or production delays by automakers, those delays could result in reduced or delayed demand for the Company products. In addition, issues relating to the COVID-19 pandemic have led to port congestion and intermittent supplier shutdowns and delays in the delivery of critical components, resulting in additional expenses to expedite delivery of critical parts. Sustaining the Company’s production trajectory will require the readiness and solvency of its suppliers and vendors, a stable and motivated production workforce and ongoing government cooperation, including for travel and visa allowances, which many governments have restricted in connection with efforts to address the COVID-19 pandemic. Although we cannot fully predict the length and the severity of the impact these pressures will have on a long-term basis, we do not anticipate that our current supply chain constraints would materially adversely affect our results of operations, capital resources, sales, profits, and liquidity.

New Accounting pronouncements:

Recently Adopted Accounting Pronouncements

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s condensed combined financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard which can be applied prospectively or retrospectively, was adopted by the Company, and only impacts annual financial statement footnote disclosures. The impact of adoption of this standard is immaterial.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU No. 2020-04 is effective and can be applied prospectively through December 31, 2022. The Company has completed its evaluation of significant contracts. The Company has adopted the ASU in these unaudited condensed combined financial statements. There was no material impact on these unaudited condensed combined financial statements. For further information, see Note 6 regarding related party transactions.

OTHER FINANCIAL STATEMENT DETAILS

9 Months Ended

Oct. 01, 2022

OTHER FINANCIAL STATEMENT DETAILS

OTHER FINANCIAL STATEMENT DETAILS

NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS

Inventories:


	October 1,		December 25,
	2022		2021

	U.S. dollars in millions
Raw materials	$	39	$	24
Work in process		1		—
Finished goods		65		73
	$	105	$	97

Inventory write-downs and write-offs were not material for the periods presented in these condensed combined financial statements.

Property and equipment, net:


	October 1,		December 25,
	2022		2021

	U.S. dollars in millions
Computers, electronic equipment and software	$	110	$	85
Vehicles		11		11
Office furniture and equipment		4		2
Leasehold improvements		20		15
Construction on process		284		249
Total property, plant and equipment, gross		429		362
Less: accumulated depreciation		(75)		(58)
Total property, plant and equipment, net	$	354	$	304

Depreciation expenses totaled $7 million and $5 million for the three months ended October 1, 2022 and September 25, 2021, respectively; and $17 million and $12 million for the nine months ended October 1, 2022 and September 25, 2021, respectively.

EQUITY

9 Months Ended

Oct. 01, 2022

EQUITY

EQUITY

NOTE 4 - EQUITY

A.Stock-based compensation plans

The Company’s equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees. The Company’s employees participate in Intel’s equity incentive plan. All references to share and per share data in the tables below refer to Intel’s common stock.

Options

Outstanding and exercisable options for Intel’s common stock under Intel’s plan as of October 1, 2022 were as follows:


	Outstanding			Exercisable
		Weighted average
	Number of	remaining	Weighted average	Number of	Weighted average
Exercise price	options	contractual life	exercise price	options	exercise price
(U.S. dollars)	In thousands	In years	U.S. dollars	In thousands	U.S. dollars
$ 4.01 - 21.59	69	3	7.8	32	6.5
$ 22.41 - 26.89	2,143	0.9	26.8	2,140	26.8
$55.17	68	6.5	55.2	45	55.2
Total	2,280	1.1	27.1	2,217	27.1

The option activity for the nine months ended October 1, 2022 for options granted to the Company’s employees for Intel’s common stock was as follows:


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregated
	Number	exercise price		Life	intrinsic value(1)
	In thousands	U.S. dollars		In Years	U.S. dollars in millions
Options outstanding at December 25, 2021	3,578	$	29.2	1.5	$	79
Granted	—		—
Exercised	(1,298)	$	32.9
Forfeited	—		—
Options outstanding at October 1, 2022	2,280	$	27.1	1.1	$	1
Options exercisable as of October 1, 2022	2,217	$	27.1	1	$	1

The option activity for the three months ended October 1, 2022 for options granted to the Company’s employees for Intel’s common stock was as follows:


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregated
	Number	exercise price		Life	intrinsic value(1)
	In thousands	U.S. dollars		In Years	U.S. dollars in millions
Options outstanding at July 2, 2022	2,290	$	27.1	1.4	$	21
Granted	—	$	—
Exercised	(10)	$	24.1
Forfeited	—	$	—
Options outstanding at October 1, 2022	2,280	$	27.1	1.1	$	1
Options exercisable at October 1, 2022	2,217	$	27.1	1	$	1

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of the Intel’s ordinary share. On October 1, 2022 and December 25, 2021, Intel’s ordinary share prices were $25.77, and $51.31, respectively. This represents the potential pre-tax amount receivable by the option holders had all option holders exercised their options as of such date.

(2)The remaining options expected to vest as of October 1, 2022 are 63 thousand options with an average weighted exercise price of $26.49.

RSUs

The RSU activity for the nine months ended October 1, 2022 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number	grant fair value
	In thousands	U.S. dollars
Outstanding at December 25, 2021	5,278	46.49
Granted	3,752	43.65
Vested	(620)	49.58
Forfeited	(350)	48.53
Outstanding at October 1, 2022	8,060	44.84

The RSU activity for the three months ended October 1, 2022 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number	grant fair value
	In thousands	U.S. dollars
Outstanding at July 2, 2022	7,967	45.34
Granted	294	33.33
Vested	(127)	49.22
Forfeited	(74)	45.02
Outstanding at October 1, 2022	8,060	44.84

Share-based compensation expense summary

Share-based compensation expenses included in the condensed combined statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended				Nine Months Ended
	October 1, 2022		September 25, 2021		October 1, 2022		September 25, 2021

	U.S. dollars in millions
Cost of revenue	$	—	$	—	$	—	$	—
Research and development, net		32		20		101		57
Sales and marketing		1		1		3		3
General and administrative		3		3		8		13
Total share-based compensation	$	36	$	24	$	112	$	73

A.Dividends

On May 12, 2022, Mobileye Group declared and paid a dividend in an aggregate amount of $336 million to Intel, net of $14 million of cash paid to tax authorities to settle related tax obligations.

B.Earnings Per Share

Before the Mobileye IPO, Intel held directly or indirectly the 100 shares of common stock of Mobileye Global Inc. with a par value of $0.01 per share, that were issued and outstanding. Immediately prior to the IPO, those 100 shares of common stock held by Intel were reclassified into 100 shares of Class B common stock with a par value of $0.01 per share. Concurrently, we issued to Intel an additional 749,999,900 shares of our Class B common stock pursuant to an agreement with Intel. Accordingly, as of the completion of the IPO, we have 750,000,000 Class B shares, all held by Intel. This share amount is being utilized for the calculation of basic and diluted earnings

per share for all periods presented. Basic and diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period.

In connection with the IPO, we issued 41,000,000 shares of our Class A common stock to the public at a public offering price of $21.00 per share and an additional 4,761,905 Class A shares at a private placement. The IPO closed on October 28, 2022. On November 1, 2022, we closed the sale of an additional 6,150,000 shares pursuant to the exercise of the underwriters’ option. In accordance with ASC 260, the Class A shares issued in connection with the IPO will be included in earnings per share calculations for periods subsequent to the closing of the IPO and are not included in the earning per share calculations for periods prior to the closing of the IPO.

In October 2022, our board of directors approved the issuance of restricted stock units in connection with the IPO. These restricted stock units were not included in the computation of diluted earnings per share for the three and nine months ended October 1, 2022.

The following table summarizes the calculation of basic net income (loss) per share for the periods presented:

Three Months Ended

Nine Months Ended

October 1

September 25,

October 1

September 25,

2022

2021

2022

2021

in millions, except per share amounts

Numerator:

Net income (loss)

(45)

(26)

(112)

(22)

Denominator:

Weighted average common shares - basic and diluted

750

Net income (loss) per share:

Basic and diluted

(0.06)

(0.03)

(0.15)

(0.03)

INCOME TAXES

9 Months Ended

Oct. 01, 2022

INCOME TAXES

INCOME TAXES

NOTE 5 - INCOME TAXES

The Company’s quarterly benefit (provision) for income taxes and the estimates of its annual effective tax rate, are subject to fluctuation due to several factors, principally including variability in overall pre-tax income and the mix of paying for certain components to which such income relates.

The income tax provision included in these condensed combined financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns. This method can limit the Company’s ability to benefit from losses that may have been used by Intel in its consolidated tax returns. The Company has entered into a tax sharing agreement with Intel, which establishes the amount of cash payable to Intel for our share of the tax liability owed on a consolidated tax filing basis with Intel. To the extent the tax sharing agreement and the separate return method differ, and the liability to Intel is higher or lower than the amount that would have been payable if the Company had filed its own tax returns, an adjustment to the net parent investment balance is recorded within equity. The adjustment to the net parent investment for the nine months ended October 1, 2022 was an aggregate decrease in net parent investment of $16 million because amounts payable under the tax sharing agreement in respect of the nine-month period exceeded amounts calculated under the separate return method.

The tax expense for the nine months ended October 1, 2022, was unfavorably impacted by an accrued withholding tax expense and valuation allowances for certain jurisdictions. A withholding tax expense of $14 million related to a dividend distribution between entities within the Mobileye Group (see Note 4 regarding a dividend distribution to Intel) was recorded in the nine months ended October 1, 2022. As the Company has jurisdictions that have sustained recent losses based on the separate return method, a valuation allowance is required for deferred tax assets for which no benefit can be currently realized. The Company also estimates cash taxes for these jurisdictions this year due to unfavorable timing adjustments based upon tax law.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

RELATED PARTIES TRANSACTIONS

9 Months Ended

Oct. 01, 2022

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS

NOTE 6 - RELATED PARTIES TRANSACTIONS

The Company has entered into a series of related party arrangements with Intel. The arrangements were as follows:

Loan arrangements

The Company entered into a series of bilateral lending/borrowing arrangements with Intel. The purposes of the facilities are to enable bilateral cash movements between the parties. The arrangements are denominated in U.S dollars.

In 2017, Intel along with the Company, entered into a bilateral lending/borrowing arrangement (“Arrangement 1”) to make available to either party up to an aggregate principal amount of $1.5 billion. Arrangement 1 has a mechanism of automatic renewal for additional periods of one year. In 2021, Arrangement 1 was amended to increase the capacity from $1.5 billion to $1.8 billion, and was automatically renewed to December 2022.

In 2017, Intel along with the Company, entered into a bilateral lending/borrowing arrangement (“Arrangement 2”) to make cash available to either party up to an aggregate principal amount of $750 million. Arrangement 2 has a mechanism for automatic renewal for additional periods of one year each. In March 2022, Arrangement 2 was amended to increase the aggregate principal amount from $750 million to $1.0 billion and the maturity date was extended to March 2023.

In 2021, the Company and Intel entered into a bilateral lending/borrowing arrangement (“Arrangement 3” and together with Arrangement 1 and Arrangement 2, the “Bilateral Loan Arrangements”) to make cash available to either party up to an aggregate principal amount of $100 million. Arrangement 3 has a maturity date of July 2022 with a mechanism of automatic renewal for additional periods of one year. In March 2022, Arrangement 3 was amended to increase the aggregate principal amount available to draw from $100 million to $500 million. The interest rate is based on an applicable margin of 0.0% with an option for Intel to elect to increase or decrease the applicable margin on or after the first day of the 2022 fiscal year. If the election to increase the applicable margin is applied, the spread adjustment would be reflective of the difference between three-month LIBOR and the term Secured Overnight Financing Rate (“SOFR”).

In March 2022, due to reference rate reform, Arrangement 1 and Arrangement 2 were amended to change the interest rate from LIBOR based to SOFR based. The modification was accounted for as if it is not substantial in accordance with the expedient for ASC 470 and an updated effective interest rate was calculated to reflect the change in terms. There was no gain or loss recognized for the nine months ended October 1, 2022.

The total outstanding balance under the Bilateral Loan Arrangements was approximately $901 million and $1.3 billion as of October 1, 2022 and December 25, 2021 respectively, and is reflected in current assets as a related party loan based on the maturity date as of each balance sheet period (accumulated interest is presented within other current assets). Interest income recognized by the Company totaled $5 million, and $0.6 million for the three months ended October 1, 2022 and September 25, 2021, respectively; and $9 million and $2 million for the nine months ended October 1, 2022 and September 25, 2021, respectively.

Stock Compensation Recharge Agreement

The Company entered into a stock compensation recharge agreement with Intel, which requires the Company to reimburse Intel for certain amounts relating to the value of share-based compensation provided to the Company’s employees for RSUs or stock options exercisable in Intel stock. The liability associated with the stock compensation recharge agreement that is reflected on the condensed combined balance sheets, under related party payable was approximately $14 million and $162 million as of October 1, 2022 and December 25, 2021, respectively. As for the inclusion of the Company’s employees in Intel’s equity incentive plan, see Note 4.

Hedging services

Intel centrally hedges its exposure to changes in foreign exchange rates. At the beginning of 2021, the Company entered into a hedging services agreement with Intel, pursuant to which the Company is entitled to a certain allocation of the gains and obligated to a

certain allocation of the losses arising from the execution of the hedging contracts. For further information, see Note 2, Derivatives and hedging.

Development Services and Lease

Intel entered into agreements with the Company to provide certain development services, including research, technical work on technology, products and solutions, construction and ancillary administrative services and use of space in Intel’s building in Israel. The Company paid for these services on a quarterly basis. These costs are included in the condensed combined statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis.

Other services to a related party

The Company reimbursed its Chief Executive Officer for reasonable travel related expenses incurred while conducting business on behalf of the Company. Travel expenses totaled $0.8 million and $0.6 million for nine months ended October 1, 2022 and September 25, 2021, respectively.

Dividend Note

On April 21, 2022, Intel and Mobileye Group signed a loan agreement whereby Mobileye Group agreed to issue a promissory note to Intel in an aggregate principal amount of $3.5 billion (the “Dividend Note”). The Dividend Note is scheduled to mature on April 21, 2025 and accrues interest at a rate equal to 1.26% per annum, such interest to accrue quarterly. Prior to June 30, 2024, such interest will be paid by being automatically added to the outstanding principal amount of the loan and will thereafter be payable quarterly in cash in arrears and shall also be payable upon any prepayment, whether in whole or in part, to the extent accrued on the amount being prepaid and upon maturity. Under the Dividend Note, Mobileye Group has the right, at its option, on any business day, to prepay the loan, including principal and any accrued interest thereon, in whole or in part without premium or penalty. As of October 1, 2022, accrued interest expense was $20 million. The aggregate principal amount plus related accrued interest is presented as Dividend Note with related party. Refer to Note 9 for the settlement of the Dividend Note.

Equity transaction in connection with the legal purchase of Moovit entities

On May 31, 2022, we entered into an agreement with Intel pursuant to which we legally purchased from Intel 100% of the issued and outstanding equity interests of the Moovit entities for an aggregate amount of $900 million that is payable in cash to Intel and presented within related party payable. Moovit’s operations are already reflected as part of the Mobileye Group in these condensed combined financial statements as further detailed in Note 1 and therefore the transaction is treated within equity.

IDENTIFIED INTANGIBLE ASSETS

9 Months Ended

Oct. 01, 2022

IDENTIFIED INTANGIBLE ASSETS

IDENTIFIED INTANGIBLE ASSETS

NOTE 7 - IDENTIFIED INTANGIBLE ASSETS


	October 1, 2022						December 25, 2021

	U.S. dollars in millions
			Accumulated						Accumulated
	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,973	$	1,756	$	2,217	$	3,991	$	1,419	$	2,572
Customer relationships & brands		786		345		441		831		332		499
Total	$	4,759	$	2,101	$	2,658	$	4,822	$	1,751	$	3,071

The following table presents the amortization expenses recorded for these identified intangible assets and their weighted average useful lives:


		Three Months Ended				Nine Months Ended
									Weighted
	October 1,		September 25,		October 1,		September 25,		Average
	2022		2021		2022		2021		Useful Life

	U.S. Dollars in millions
Developed technology	$	115	$	100	$	355	$	300	10
Customer relationships & brands		16		23		58		68	12
Total amortization expenses	$	131	$	123	$	413	$	368

The Company expects future amortization expenses for the next five years and thereafter to be as follows:


	Remainder of
	2022		2023		2024		2025		2026		Thereafter		Total

	U.S. dollars in millions
Future Amortization Expenses	$	131	$	474	$	445	$	443	$	332	$	833	$	2,658

SEGMENT INFORMATION

9 Months Ended

Oct. 01, 2022

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 8 - SEGMENT INFORMATION

An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision- making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer (“CEO”).

The Company’s organizational structure and management reporting supports two operating segments: Mobileye and Moovit. The CODM evaluates performance, makes operating decisions and allocates resources based on the financial data of these operating segments. Operating segments do not record inter-segment revenue.

Mobileye is the Company’s only reportable operating segment and Moovit is presented within “Other” as per ASC 280, Segment Reporting. Segment performance is the operating income reported excluding the amortization of acquisition-related intangible assets and IPO related expense. The measure of assets has not been disclosed for each segment as it is not regularly reviewed by the CODM.

The accounting policies of the individual segments are the same as those described in the summary of significant accounting policies in Note 2 to the audited combined financial statements for the fiscal year ended December 25, 2021.

The following are segment results for each period as follows:


	Three Months Ended October 1, 2022
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	443	$	7	$	—	$	450
Cost of revenues		117		1		115		233
Research and development, net		196		10		—		206
Sales and Marketing		8		3		16		27
General and administrative		5		3		1		9
Segment performance	$	117	$	(10)	$	(132)	$	(25)
Interest (expense) with a related party								(6)
Other income								1
Loss before taxes on income								(30)
Share-based compensation		32		4		—		36
Depreciation of property and equipment		7		—		—		7


	Three Months Ended September 25, 2021
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	321	$	5	$	—	$	326
Cost of revenues		72		1		100		173
Research and development, net		122		10		—		132
Sales and Marketing		7		3		23		33
General and administrative		5		3		—		8
Segment performance	$	115	$	(12)	$	(123)	$	(20)
Interest income with a related party								—
Other expense								—
Loss before taxes on income								(20)
Share-based compensation		20		4		—		24
Depreciation of property and equipment		5		—		—		5


	Nine Months Ended October 1, 2022
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	1,286	$	18	$	—	$	1,304
Cost of revenues		324		3		355		682
Research and development, net		534		31		—		565
Sales and Marketing		24		9		58		91
General and administrative		14		9		4		27
Segment performance	$	390	$	(34)	$	(417)	$	(61)
Interest (expenses) with a related party								(11)
Other income								6
Loss before taxes on income								(66)
Share-based compensation		101		11		—		112
Depreciation of property and equipment		17		—		—		17


	Nine Months Ended September 25, 2021
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	1,015	$	15	$	—	$	1,030
Cost of revenues		226		3		300		529
Research and development, net		361		29		—		390
Sales and Marketing		19		11		68		98
General and administrative		17		9		—		26
Segment performance	$	392	$	(37)	$	(368)	$	(13)
Interest income with a related party								2
Other expense								—
Loss before taxes on income								(11)
Share-based compensation		63		10		—		73
Depreciation of property and equipment		12		—		—		12

Total revenues based on the country that the product was shipped to were as follows:


	Three Months Ended				Nine Months Ended
	October 1,		September 25,		October 1,		September 25,
	2022		2021		2022		2021

	U.S. dollars in millions				U.S. dollars in millions
USA	$	113	$	94	$	342	$	276
China		126		61		360		180
Germany		72		54		174		190
United Kingdom		52		36		165		150
South Korea		31		28		86		83
Poland		14		6		58		14
Hungary		25		21		62		59
Singapore		4		14		19		37
Rest of World		13		12		38		41
Total	$	450	$	326	$	1,304	$	1,030

The Company generates the majority of its revenue from the sale of the EyeQ® SoCs to OEM customers through Tier 1 suppliers. Revenue generated by other product types was deemed to be not material.

Major Customers

Revenue from major customers that amount to 10% or more of total revenue:


	Three Months Ended				Nine Months Ended
	October 1,		September 25,		October 1,		September 25,
	2022		2021		2022		2021

	U.S. dollars in millions				U.S. dollars in millions
Percent of total revenues
Customer A	31	%	32	%	39	%	34	%
Customer B	19	%	18	%	17	%	20	%
Customer C	16	%	18	%	15	%	17	%

Accounts receivable balances of major customers that amount to 10% or more of total accounts receivable balance:


	October 1, 2022		December 25, 2021
Percent of total accounts receivables balance
Customer A	41	%	32	%
Customer B	11	%	30	%
Customer C	24	%	16	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

SUBSEQUENT EVENTS

9 Months Ended

Oct. 01, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

The condensed combined financial statements of the Company are derived from the consolidated financial statements of Intel, which were previously issued for the three and nine months ended October 1, 2022 on October 28, 2022. Accordingly, the Company has evaluated transactions or other events for consideration as recognized subsequent events in these condensed combined financial statements through October 28, 2022. Additionally, the Company has evaluated transactions and other events that occurred through December 7, 2022, the date these condensed combined financial statements were available to be issued, for purposes of disclosure of unrecognized subsequent events.

Initial Public Offering

On October 28, 2022, upon completion of Mobileye IPO, we issued 41,000,000 shares of our Class A common stock, at $21.00 per share, before underwriting discounts and commissions. On November 1, 2022, the underwriters exercised their option to purchase an additional 6,150,000 shares.

The offer and sale was pursuant to the registration statement on Form S-1 (File No. 333-267685), as amended, which was declared effective by the SEC on October 25, 2022. Mobileye’s Class A common stock began trading on the Nasdaq Global Select Market on October 26, 2022 under the ticker symbol “MBLY”.

Concurrently with the closing of the Mobileye IPO, we issued an additional 4,761,905 shares of our Class A common stock to General Atlantic (ME), L.P., a Delaware limited partnership, at $21.00 per share, pursuant to a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, for gross proceeds of $100 million (the “Concurrent Private Placement”).

In connection with the IPO, we have entered into certain agreements with Intel, including the Master Transaction Agreement, which provides that immediately after completion of the IPO, Intel agrees to ensure that we will have $1.0 billion in cash, cash equivalents, or marketable securities.

The Mobileye IPO generated proceeds to the Company of approximately $1.0 billion, including the proceeds from the underwriters exercise of their option and the Concurrent Private Placement, net of underwriting discounts and commissions. In November 2022, we used approximately $0.9 billion out of the net proceeds to repay a portion of the indebtedness under the Dividend Note and Intel has contributed to Mobileye the remaining portion of the Dividend Note such that no amounts under the Dividend Note remain owed by us to Intel. The portion of the net proceeds used to repay part of the Dividend note was such that we retain the $1.0 billion cash, cash equivalents, or marketable securities as stipulated by the Master Transaction Agreement.

Equity Incentive Plan

In October 2022, our board of directors approved issuance of restricted stock units to be issued under our equity incentive plan in an aggregate value of $264.5 million issuable upon the vesting of such restricted stock units.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Oct. 01, 2022

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Deferred Offering Costs

Cash, cash equivalents, and restricted cash

The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end:


U.S. dollars In millions	October 1, 2022		December 25, 2021
Cash and cash equivalents	$	871	$	616
Restricted cash (within other long-term assets)		11		9
Cash, cash equivalents and restricted cash	$	882	$	625

Fair value measurement

Short term deposits included in cash and cash equivalents were $770 million and $209 million as of October 1, 2022 and December 25, 2021, respectively.

Research and development, net

Research and development expenses are expensed as incurred, and consist primarily of personnel, facilities, equipment, and supplies for research and development activities.

Derivatives and hedging

The notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye were:

The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows:


	Three Months Ended		Nine Months Ended
	October 1, 2022		October 1, 2022

	U.S. dollars in millions
Other comprehensive income (loss) before reclassifications	$	1	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		6		6
Tax effects		(1)		1
Other comprehensive income (loss), net	$	6	$	(23)

Income Tax

Use of estimates

Loss contingencies

Concentration of credit risk

Customer concentration risk

Dependence on a single supplier risk

COVID19

COVID-19

New Accounting pronouncements

New Accounting pronouncements:

Recently Adopted Accounting Pronouncements

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Oct. 01, 2022

SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents and restricted cash


U.S. dollars In millions	October 1, 2022		December 25, 2021
Cash and cash equivalents	$	871	$	616
Restricted cash (within other long-term assets)		11		9
Cash, cash equivalents and restricted cash	$	882	$	625

Schedule of notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye

Schedule of change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging


	Three Months Ended		Nine Months Ended
	October 1, 2022		October 1, 2022

	U.S. dollars in millions
Other comprehensive income (loss) before reclassifications	$	1	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		6		6
Tax effects		(1)		1
Other comprehensive income (loss), net	$	6	$	(23)

OTHER FINANCIAL STATEMENT DETAILS (Tables)

9 Months Ended

Oct. 01, 2022

OTHER FINANCIAL STATEMENT DETAILS

Schedule of inventories


	October 1,		December 25,
	2022		2021

	U.S. dollars in millions
Raw materials	$	39	$	24
Work in process		1		—
Finished goods		65		73
	$	105	$	97

Schedule of property and equipment, net


	October 1,		December 25,
	2022		2021

	U.S. dollars in millions
Computers, electronic equipment and software	$	110	$	85
Vehicles		11		11
Office furniture and equipment		4		2
Leasehold improvements		20		15
Construction on process		284		249
Total property, plant and equipment, gross		429		362
Less: accumulated depreciation		(75)		(58)
Total property, plant and equipment, net	$	354	$	304

EQUITY (Tables)

9 Months Ended

Oct. 01, 2022

EQUITY

Schedule of outstanding and exercisable options


	Outstanding			Exercisable
		Weighted average
	Number of	remaining	Weighted average	Number of	Weighted average
Exercise price	options	contractual life	exercise price	options	exercise price
(U.S. dollars)	In thousands	In years	U.S. dollars	In thousands	U.S. dollars
$ 4.01 - 21.59	69	3	7.8	32	6.5
$ 22.41 - 26.89	2,143	0.9	26.8	2,140	26.8
$55.17	68	6.5	55.2	45	55.2
Total	2,280	1.1	27.1	2,217	27.1

Schedule of option activity

The option activity for the nine months ended October 1, 2022 for options granted to the Company’s employees for Intel’s common stock was as follows:


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregated
	Number	exercise price		Life	intrinsic value(1)
	In thousands	U.S. dollars		In Years	U.S. dollars in millions
Options outstanding at December 25, 2021	3,578	$	29.2	1.5	$	79
Granted	—		—
Exercised	(1,298)	$	32.9
Forfeited	—		—
Options outstanding at October 1, 2022	2,280	$	27.1	1.1	$	1
Options exercisable as of October 1, 2022	2,217	$	27.1	1	$	1

The option activity for the three months ended October 1, 2022 for options granted to the Company’s employees for Intel’s common stock was as follows:


				Weighted
				average
		Weighted		remaining
		average		contractual	Aggregated
	Number	exercise price		Life	intrinsic value(1)
	In thousands	U.S. dollars		In Years	U.S. dollars in millions
Options outstanding at July 2, 2022	2,290	$	27.1	1.4	$	21
Granted	—	$	—
Exercised	(10)	$	24.1
Forfeited	—	$	—
Options outstanding at October 1, 2022	2,280	$	27.1	1.1	$	1
Options exercisable at October 1, 2022	2,217	$	27.1	1	$	1

(2)The remaining options expected to vest as of October 1, 2022 are 63 thousand options with an average weighted exercise price of $26.49.

Schedule of RSU activity

The RSU activity for the nine months ended October 1, 2022 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number	grant fair value
	In thousands	U.S. dollars
Outstanding at December 25, 2021	5,278	46.49
Granted	3,752	43.65
Vested	(620)	49.58
Forfeited	(350)	48.53
Outstanding at October 1, 2022	8,060	44.84

The RSU activity for the three months ended October 1, 2022 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number	grant fair value
	In thousands	U.S. dollars
Outstanding at July 2, 2022	7,967	45.34
Granted	294	33.33
Vested	(127)	49.22
Forfeited	(74)	45.02
Outstanding at October 1, 2022	8,060	44.84

Schedule of share-based compensation expenses


	Three Months Ended				Nine Months Ended
	October 1, 2022		September 25, 2021		October 1, 2022		September 25, 2021

	U.S. dollars in millions
Cost of revenue	$	—	$	—	$	—	$	—
Research and development, net		32		20		101		57
Sales and marketing		1		1		3		3
General and administrative		3		3		8		13
Total share-based compensation	$	36	$	24	$	112	$	73

Schedule of calculation of basic net income (loss) per share

Three Months Ended

Nine Months Ended

October 1

September 25,

October 1

September 25,

2022

2021

2022

2021

in millions, except per share amounts

Numerator:

Net income (loss)

(45)

(26)

(112)

(22)

Denominator:

Weighted average common shares - basic and diluted

750

Net income (loss) per share:

Basic and diluted

(0.06)

(0.03)

(0.15)

(0.03)

IDENTIFIED INTANGIBLE ASSETS (Tables)

9 Months Ended

Oct. 01, 2022

IDENTIFIED INTANGIBLE ASSETS

Schedule of components of identified intangible assets


	October 1, 2022						December 25, 2021

	U.S. dollars in millions
			Accumulated						Accumulated
	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,973	$	1,756	$	2,217	$	3,991	$	1,419	$	2,572
Customer relationships & brands		786		345		441		831		332		499
Total	$	4,759	$	2,101	$	2,658	$	4,822	$	1,751	$	3,071

Schedule of amortization expenses recorded for these identified intangible assets and their weighted average useful lives


		Three Months Ended				Nine Months Ended
									Weighted
	October 1,		September 25,		October 1,		September 25,		Average
	2022		2021		2022		2021		Useful Life

	U.S. Dollars in millions
Developed technology	$	115	$	100	$	355	$	300	10
Customer relationships & brands		16		23		58		68	12
Total amortization expenses	$	131	$	123	$	413	$	368

Schedule of expected future amortization expenses for the next five years


	Remainder of
	2022		2023		2024		2025		2026		Thereafter		Total

	U.S. dollars in millions
Future Amortization Expenses	$	131	$	474	$	445	$	443	$	332	$	833	$	2,658

SEGMENT INFORMATION (Tables)

9 Months Ended

Oct. 01, 2022

SEGMENT INFORMATION

Summary of segment results


	Three Months Ended October 1, 2022
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	443	$	7	$	—	$	450
Cost of revenues		117		1		115		233
Research and development, net		196		10		—		206
Sales and Marketing		8		3		16		27
General and administrative		5		3		1		9
Segment performance	$	117	$	(10)	$	(132)	$	(25)
Interest (expense) with a related party								(6)
Other income								1
Loss before taxes on income								(30)
Share-based compensation		32		4		—		36
Depreciation of property and equipment		7		—		—		7


	Three Months Ended September 25, 2021
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	321	$	5	$	—	$	326
Cost of revenues		72		1		100		173
Research and development, net		122		10		—		132
Sales and Marketing		7		3		23		33
General and administrative		5		3		—		8
Segment performance	$	115	$	(12)	$	(123)	$	(20)
Interest income with a related party								—
Other expense								—
Loss before taxes on income								(20)
Share-based compensation		20		4		—		24
Depreciation of property and equipment		5		—		—		5


	Nine Months Ended October 1, 2022
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	1,286	$	18	$	—	$	1,304
Cost of revenues		324		3		355		682
Research and development, net		534		31		—		565
Sales and Marketing		24		9		58		91
General and administrative		14		9		4		27
Segment performance	$	390	$	(34)	$	(417)	$	(61)
Interest (expenses) with a related party								(11)
Other income								6
Loss before taxes on income								(66)
Share-based compensation		101		11		—		112
Depreciation of property and equipment		17		—		—		17


	Nine Months Ended September 25, 2021
					Amounts not
					allocated to
	Mobileye		Other		segments		Combined

	U.S. dollars in millions
Revenues	$	1,015	$	15	$	—	$	1,030
Cost of revenues		226		3		300		529
Research and development, net		361		29		—		390
Sales and Marketing		19		11		68		98
General and administrative		17		9		—		26
Segment performance	$	392	$	(37)	$	(368)	$	(13)
Interest income with a related party								2
Other expense								—
Loss before taxes on income								(11)
Share-based compensation		63		10		—		73
Depreciation of property and equipment		12		—		—		12

Summary of total revenues based on country


	Three Months Ended				Nine Months Ended
	October 1,		September 25,		October 1,		September 25,
	2022		2021		2022		2021

	U.S. dollars in millions				U.S. dollars in millions
USA	$	113	$	94	$	342	$	276
China		126		61		360		180
Germany		72		54		174		190
United Kingdom		52		36		165		150
South Korea		31		28		86		83
Poland		14		6		58		14
Hungary		25		21		62		59
Singapore		4		14		19		37
Rest of World		13		12		38		41
Total	$	450	$	326	$	1,304	$	1,030

Summary of concentration of risk


	Three Months Ended				Nine Months Ended
	October 1,		September 25,		October 1,		September 25,
	2022		2021		2022		2021

	U.S. dollars in millions				U.S. dollars in millions
Percent of total revenues
Customer A	31	%	32	%	39	%	34	%
Customer B	19	%	18	%	17	%	20	%
Customer C	16	%	18	%	15	%	17	%


	October 1, 2022		December 25, 2021
Percent of total accounts receivables balance
Customer A	41	%	32	%
Customer B	11	%	30	%
Customer C	24	%	16	%

GENERAL (Details)	9 Months Ended
GENERAL (Details)	Oct. 01, 2022	May 31, 2022
Moovit
GENERAL
Equity interests percentage		100.00%
Intel
GENERAL
Percentage of voting power of common stock	99.30%

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Dec. 25, 2021
SIGNIFICANT ACCOUNTING POLICIES
Deferred offering costs capitalized within other long-term assets	$ 15		$ 15		$ 0
Offering costs	1		4
Short term deposits included in cash and cash equivalents	770		770		$ 209
Research and development reimbursements	$ 15	$ 17	$ 40	$ 39
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term			30 days
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term			60 days

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021	Sep. 25, 2021	Dec. 26, 2020
SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 871	$ 616
Restricted cash (within other long-term assets)	11	9
Cash, cash equivalents and restricted cash	$ 882	$ 625	$ 110	$ 93

SIGNIFICANT ACCOUNTING POLICIES - Notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021
SIGNIFICANT ACCOUNTING POLICIES
Notional amount of derivatives	$ 192	$ 230
Fair value of derivatives receivable from (payable to) Intel	$ (19)	$ 5

SIGNIFICANT ACCOUNTING POLICIES - Change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
SIGNIFICANT ACCOUNTING POLICIES
Other comprehensive income (loss) before reclassifications	$ 1		$ (30)
Amounts reclassified out of accumulated other comprehensive income (loss)	6		6
Tax effects	(1)		1
Other comprehensive income (loss), net	$ 6	$ 2	$ (23)	$ 4

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 39	$ 24
Work in process	1
Finished goods	65	73
Total	$ 105	$ 97

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Dec. 25, 2021
Property and equipment, net
Total property, plant and equipment, gross	$ 429		$ 429		$ 362
Less: accumulated depreciation	(75)		(75)		(58)
Total property, plant and equipment, net	354		354		304
Depreciation expenses	7	$ 5	17	$ 12
Computers, electronic equipment and software
Property and equipment, net
Total property, plant and equipment, gross	110		110		85
Vehicles
Property and equipment, net
Total property, plant and equipment, gross	11		11		11
Office furniture and equipment
Property and equipment, net
Total property, plant and equipment, gross	4		4		2
Leasehold improvements
Property and equipment, net
Total property, plant and equipment, gross	20		20		15
Construction on process
Property and equipment, net
Total property, plant and equipment, gross	$ 284		$ 284		$ 249

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Oct. 01, 2022	Dec. 25, 2021
Outstanding and exercisable options
Outstanding, Number of options	2,280	2,290	2,280	3,578
Outstanding, Weighted average remaining contractual life (In years)	1 year 1 month 6 days	1 year 4 months 24 days	1 year 1 month 6 days	1 year 6 months
Outstanding, Weighted average exercise price	$ 27.1	$ 27.1	$ 27.1	$ 29.2
Exercisable, Number of options	2,217		2,217
Exercisable, Weighted average exercise price	$ 27.1		$ 27.1
$ 4.01 - 21.59
Outstanding and exercisable options
Exercise price, minimum			4.01
Exercise price, maximum			$ 21.59
Outstanding, Number of options	69		69
Outstanding, Weighted average remaining contractual life (In years)			3 years
Outstanding, Weighted average exercise price	$ 7.8		$ 7.8
Exercisable, Number of options	32		32
Exercisable, Weighted average exercise price	$ 6.5		$ 6.5
$ 22.41 - 26.89
Outstanding and exercisable options
Exercise price, minimum			22.41
Exercise price, maximum			$ 26.89
Outstanding, Number of options	2,143		2,143
Outstanding, Weighted average remaining contractual life (In years)			10 months 24 days
Outstanding, Weighted average exercise price	$ 26.8		$ 26.8
Exercisable, Number of options	2,140		2,140
Exercisable, Weighted average exercise price	$ 26.8		$ 26.8
$55.17
Outstanding and exercisable options
Exercise price			$ 55.17
Outstanding, Number of options	68		68
Outstanding, Weighted average remaining contractual life (In years)			6 years 6 months
Outstanding, Weighted average exercise price	$ 55.2		$ 55.2
Exercisable, Number of options	45		45
Exercisable, Weighted average exercise price	$ 55.2		$ 55.2

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Oct. 01, 2022	Dec. 25, 2021
Number
Options outstanding at beginning	2,290		3,578
Exercised	(10)		(1,298)
Options outstanding at ending	2,280	2,290	2,280	3,578
Exercisable, Number of options	2,217		2,217
Weighted average exercise price
Options outstanding at beginning	$ 27.1		$ 29.2
Exercised	24.1		32.9
Options outstanding at ending	27.1	$ 27.1	27.1	$ 29.2
Exercisable, Weighted average exercise price	$ 27.1		$ 27.1
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	1 year 1 month 6 days	1 year 4 months 24 days	1 year 1 month 6 days	1 year 6 months
Options exercisable	1 year		1 year
Aggregated intrinsic value
Options outstanding	$ 1	$ 21	$ 1	$ 79
Options exercisable	$ 1		$ 1
Share price	$ 25.77		$ 25.77	$ 51.31
Number of options expected to vest	63		63
Average weighted exercise price of options expected to vest	$ 26.49		$ 26.49

EQUITY - RSU activity (Details) - $ / shares shares in Thousands	3 Months Ended	9 Months Ended
	Oct. 01, 2022	Oct. 01, 2022
Number
Outstanding at beginning	7,967	5,278
Granted	294	3,752
Vested	(127)	(620)
Forfeited	(74)	(350)
Outstanding at ending	8,060	8,060
Weighted average grant fair value
Outstanding at beginning	$ 45.34	$ 46.49
Granted	33.33	43.65
Vested	49.22	49.58
Forfeited	45.02	48.53
Outstanding at ending	$ 44.84	$ 44.84

EQUITY - Share-based compensation expense summary (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Share-based compensation expense summary
Total share-based compensation	$ 36	$ 24	$ 112	$ 73
Research and development, net
Share-based compensation expense summary
Total share-based compensation	32	20	101	57
Sales and marketing
Share-based compensation expense summary
Total share-based compensation	1	1	3	3
General and administrative
Share-based compensation expense summary
Total share-based compensation	$ 3	$ 3	$ 8	$ 13

EQUITY - Dividends (Details) - USD ($) $ in Millions		9 Months Ended
EQUITY - Dividends (Details) - USD ($) $ in Millions	May 12, 2022	Oct. 01, 2022
EQUITY
Dividend paid	$ 336	$ 336
Cash paid to tax authorities to settle related tax obligations	$ 14	$ 14

EQUITY - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended				9 Months Ended
	Nov. 01, 2022	Oct. 28, 2022	Dec. 31, 2022	Oct. 01, 2022	Sep. 25, 2021	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Oct. 25, 2022	Sep. 30, 2022
EQUITY
Number of shares issued										100
Number of shares outstanding										100
Par value (in dollars per share)										$ 0.01
Offering price per share		$ 21.00
Numerator:
Net income (loss)				$ (45)	$ (26)	$ (26)	$ (112)	$ (22)
Denominator:
Weighted average common shares - basic				750,000,000	750,000,000		750,000,000	750,000,000
Weighted average common shares - diluted				750,000,000	750,000,000		750,000,000	750,000,000
Net income (loss) per share:
Basic				$ (0.06)	$ (0.03)		$ (0.15)	$ (0.03)
Diluted				$ (0.06)	$ (0.03)		$ (0.15)	$ (0.03)
Class B common stock
EQUITY
Number of shares issued										100
Par value (in dollars per share)										$ 0.01
Private Placement \| Class A common stock
EQUITY
Number of shares issued during the period							4,761,905
Subsequent Events \| Class B common stock \| Cyclops Holdings Corporation
EQUITY
Number of shares outstanding		750,000,000
Number of shares issued during the period			749,999,900
Subsequent Events \| IPO \| Class A common stock
EQUITY
Number of shares issued during the period		41,000,000
Offering price per share		$ 21.00
Subsequent Events \| Private Placement \| Class A common stock
EQUITY
Number of shares issued during the period		4,761,905
Offering price per share									$ 21.00
Subsequent Events \| Over Allotment Option \| Class A common stock
EQUITY
Number of shares issued during the period	6,150,000

INCOME TAXES (Details) - USD ($) $ in Millions		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	May 12, 2022	Oct. 01, 2022
INCOME TAXES
Amount payable under tax sharing agreement		$ 16
Cash paid to tax authorities to settle related tax obligations	$ 14	$ 14

RELATED PARTIES TRANSACTIONS (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 21, 2022	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Dec. 31, 2021	Dec. 31, 2017	May 31, 2022	Mar. 31, 2022	Dec. 25, 2021
RELATED PARTIES TRANSACTIONS
Gain or loss recognized for change in interest rate				$ 0.0
Related party loan		$ 901.0		901.0						$ 1,326.0
Interest income with related party		5.0	$ 0.6	9.0	$ 2.0
Accrued interest expense		11.0		20.0
Moovit
RELATED PARTIES TRANSACTIONS
Percentage of equity interest acquired								100.00%
Stock Compensation Recharge Agreement
RELATED PARTIES TRANSACTIONS
Related party payable		$ 14.0		14.0						$ 162.0
Dividend Note
RELATED PARTIES TRANSACTIONS
Aggregate principal amount	$ 3,500.0
Interest rate percentage	1.26%
Accrued interest expense				20.0
Equity transaction \| Moovit
RELATED PARTIES TRANSACTIONS
Aggregate principal amount								$ 900.0
Percentage of equity interest acquired								100.00%
Intel \| Arrangement 1
RELATED PARTIES TRANSACTIONS
Aggregate principal amount						$ 1,800.0	$ 1,500.0
Renewal period							1 year
Intel \| Arrangement 1 \| Maximum
RELATED PARTIES TRANSACTIONS
Aggregate principal amount							$ 1,500.0
Intel \| Arrangement 2
RELATED PARTIES TRANSACTIONS
Aggregate principal amount							$ 750.0		$ 1,000.0
Renewal period							1 year
Intel \| Arrangement 2 \| Maximum
RELATED PARTIES TRANSACTIONS
Aggregate principal amount							$ 750.0
Intel \| Arrangement 3
RELATED PARTIES TRANSACTIONS
Aggregate principal amount						$ 100.0			$ 500.0
Renewal period						1 year
Applicable margin						0.00%
Intel \| Arrangement 3 \| Maximum
RELATED PARTIES TRANSACTIONS
Aggregate principal amount						$ 100.0
Chief Executive Officer
RELATED PARTIES TRANSACTIONS
Travel expenses				$ 0.8	$ 0.6

IDENTIFIED INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	$ 4,759	$ 4,822
Accumulated Amortization	2,101	1,751
Net	2,658	3,071
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	3,973	3,991
Accumulated Amortization	1,756	1,419
Net	2,217	2,572
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	786	831
Accumulated Amortization	345	332
Net	$ 441	$ 499

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Dec. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 131	$ 123	$ 413	$ 368
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	115	100	355	300
Developed technology \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets			10
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 16	$ 23	58	$ 68
Customer relationships & brands \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets			$ 12

IDENTIFIED INTANGIBLE ASSETS - Future Amortization Expenses (Details) - USD ($) $ in Millions	Oct. 01, 2022	Dec. 25, 2021
IDENTIFIED INTANGIBLE ASSETS
Remainder of 2022	$ 131
2023	474
2024	445
2025	443
2026	332
Thereafter	833
Total	$ 2,658	$ 3,071

SEGMENT INFORMATION (Details)	9 Months Ended
SEGMENT INFORMATION (Details)	Oct. 01, 2022 segment
SEGMENT INFORMATION
Number of operating segments	2

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Segment Information
Revenues	$ 450	$ 326	$ 1,304	$ 1,030
Cost of revenues	233	173	682	529
Research and development, net	206	132	565	390
Sales and Marketing	27	33	91	98
General and administrative	9	8	27	26
Operating income (loss)	(25)	(20)	(61)	(13)
Interest income (expense) with a related party	(6)		(11)	2
Other income (expense)	1		6
Income (loss) before income taxes	(30)	(20)	(66)	(11)
Share-based compensation	36	24	112	73
Depreciation of property and equipment	7	5	17	12
Operating Segments \| Mobileye
Segment Information
Revenues	443	321	1,286	1,015
Cost of revenues	117	72	324	226
Research and development, net	196	122	534	361
Sales and Marketing	8	7	24	19
General and administrative	5	5	14	17
Operating income (loss)	117	115	390	392
Share-based compensation	32	20	101	63
Depreciation of property and equipment	7	5	17	12
Operating Segments \| Other
Segment Information
Revenues	7	5	18	15
Cost of revenues	1	1	3	3
Research and development, net	10	10	31	29
Sales and Marketing	3	3	9	11
General and administrative	3	3	9	9
Operating income (loss)	(10)	(12)	(34)	(37)
Share-based compensation	4	4	11	10
Amounts not allocated to segments
Segment Information
Cost of revenues	115	100	355	300
Sales and Marketing	16	23	58	68
General and administrative	1		4
Operating income (loss)	$ (132)	$ (123)	$ (417)	$ (368)

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Revenues based on the country
Revenue	$ 450	$ 326	$ 1,304	$ 1,030
USA
Revenues based on the country
Revenue	113	94	342	276
China
Revenues based on the country
Revenue	126	61	360	180
Germany
Revenues based on the country
Revenue	72	54	174	190
United Kingdom
Revenues based on the country
Revenue	52	36	165	150
South Korea
Revenues based on the country
Revenue	31	28	86	83
Poland
Revenues based on the country
Revenue	14	6	58	14
Hungary
Revenues based on the country
Revenue	25	21	62	59
Singapore
Revenues based on the country
Revenue	4	14	19	37
Rest of World
Revenues based on the country
Revenue	$ 13	$ 12	$ 38	$ 41

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Customer A
Percent of total revenues
Concentration risk percentage	31.00%	32.00%	39.00%	34.00%
Customer B
Percent of total revenues
Concentration risk percentage	19.00%	18.00%	17.00%	20.00%
Customer C
Percent of total revenues
Concentration risk percentage	16.00%	18.00%	15.00%	17.00%

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	9 Months Ended	12 Months Ended
	Oct. 01, 2022	Dec. 25, 2021
Customer A
Percent of total accounts receivables balance
Concentration risk percentage	41.00%	32.00%
Customer B
Percent of total accounts receivables balance
Concentration risk percentage	11.00%	30.00%
Customer C
Percent of total accounts receivables balance
Concentration risk percentage	24.00%	16.00%

SUBSEQUENT EVENTS - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	9 Months Ended
	Nov. 01, 2022	Oct. 28, 2022	Dec. 31, 2022	Oct. 01, 2022	Oct. 25, 2022
SUBSEQUENT EVENTS
Offering price per share		$ 21.00
Balance in cash, cash equivalents or marketable securities				$ 1,000.0
Net proceeds from IPO				1,000.0
Repayments of related party notes payable from proceeds of IPO				900.0
IPO \| Master Transaction Agreement
SUBSEQUENT EVENTS
Balance in cash, cash equivalents or marketable securities				$ 1,000.0
Private Placement \| Common Class A
SUBSEQUENT EVENTS
Number of shares issued during the period				4,761,905
Gross proceeds from private placement				$ 100.0
Subsequent Events \| IPO \| Common Class A
SUBSEQUENT EVENTS
Number of shares issued during the period		41,000,000
Offering price per share		$ 21.00
Subsequent Events \| Over Allotment Option \| Common Class A
SUBSEQUENT EVENTS
Number of shares issued during the period	6,150,000
Subsequent Events \| Private Placement \| Common Class A
SUBSEQUENT EVENTS
Number of shares issued during the period		4,761,905
Offering price per share					$ 21.00
Subsequent Events \| Restricted Stock Units (RSUs)
SUBSEQUENT EVENTS
Aggregate value of shares issuable upon vesting of restricted stock units			$ 264.5