0001104659-23-116324 | 10-Q | XBRL Viewer

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

$ (45)

^[1]

$ (90)

^[1]

$ (112)

^[1]

Depreciation of property and equipment

Share-based compensation

190

112

Amortization of intangible assets

131

362

413

Exchange rate differences on cash and cash equivalents

Deferred income taxes

(13)

(8)

Interest on Dividend Note to related party, net

Interest with related party, net

Other

(1)

(3)

Changes in operating assets and liabilities:

Decrease (increase) in trade accounts receivable

(67)

Decrease (increase) in other current assets

Decrease (increase) in inventories

(241)

(8)

Increase (decrease) in accounts payable, accrued expenses and related party payable

Increase (decrease) in employee-related accrued expenses and long term benefits

(12)

(67)

Increase (decrease) in other current liabilities

(5)

Decrease (increase) in other long term assets

Increase (decrease) in long term liabilities

(3)

Net cash provided by operating activities

285

395

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

(75)

(79)

Repayment of loan due from related party

734

Issuance of loan to related party

(336)

Net cash provided by (used in) investing activities

(75)

319

CASH FLOWS FROM FINANCING ACTIVITIES

Net transfers from Parent

Dividend paid

(336)

Share-based compensation recharge

(29)

(200)

Deferred offering costs

(14)

Net cash provided by (used in) financing activities

(29)

(451)

Effect of foreign exchange rate changes on cash and cash equivalents

(9)

(6)

Increase in cash, cash equivalents and restricted cash

172

257

Balance of cash, cash equivalents and restricted cash, at beginning of year

1,035

Balance of cash, cash equivalents and restricted cash, at end of period

882

1,207

882

Supplementary non-cash investing and financing activities:

Non-cash purchase of property and equipment

Non-cash share based compensation recharge

Equity transaction in connection with the legal purchase of Moovit entities

900

Dividend Note with related party

3,500

^[1]

Non cash deferred offering costs

$ 1

Tax sharing agreement with Parent

Supplemental cash flow information:

Cash received (paid) for income taxes, net of refunds

(45)

(40)

Interest received from related party

$ 16

$ 29

[1]	Rounding of Class A and Class B share amounts due to Secondary offering.

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2023

EARNINGS (LOSS) PER SHARE

NOTE 5 - EARNINGS (LOSS) PER SHARE

Before the Mobileye IPO, Intel held directly or indirectly the 100 shares of common stock of Mobileye, with a par value of $0.01 per share, that were issued and outstanding. Immediately prior to the Mobileye 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 Mobileye IPO, we had 750,000,000 Class B shares, all held by Intel. Per ASC 260-10-55-12, this share amount is being retroactively utilized for the calculation of basic and diluted earnings (loss) per share (“EPS”) for all periods presented.

In connection with the Mobileye IPO, we issued 41,000,000 shares of our Class A common stock to the public at a public offering price of $21 per share and an additional 4,761,905 Class A shares at a private placement. The Mobileye 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’ over-allotment option. In accordance with ASC 260, the Class A shares issued in connection with the Mobileye IPO are included in earnings (loss) per share calculations for periods subsequent to the closing of the Mobileye IPO and are not included in the earnings (loss) per share calculations for periods prior to the closing of the Mobileye IPO.

On June 12, 2023, we completed the Secondary Offering, pursuant to which 38,500,000 shares of Class B common stock held by Intel were converted into an equal number of shares of Class A common stock. Accordingly, as of September 30, 2023, we have 711,500,000 Class B shares, all held by Intel, and 94,164,300 Class A shares, both of which are utilized for the calculation of basic and diluted EPS. The outstanding Class A shares also include shares issued upon vesting of outstanding RSUs, see note 4.

For the three and nine months ended September 30, 2023, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 5.5 million and 14.9 million potential common shares, respectively, related to restricted stock units granted under the 2022 Plan to the Company’s employees, as the effect of their inclusion would have been anti-dilutive.

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


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
In millions, except per share amounts	2023		2022		2023		2022
Numerator:
Net income (loss)	$	17	$	(45)	$	(90)	$	(112)
Denominator:
Weighted average common shares - basic		806		750		804		750
Dilutive effect of unvested RSU awards		4		—		—		—
Weighted average common shares - diluted		810		750		804		750
Earnings (loss) per share:
Basic		0.02		(0.06)		(0.11)		(0.15)
Diluted	$	0.02	$	(0.06)	$	(0.11)	$	(0.15)

RELATED PARTIES TRANSACTIONS

9 Months Ended

Sep. 30, 2023

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS

NOTE 7 - RELATED PARTIES TRANSACTIONS

The Company has entered into a series of related party arrangements with Intel. For further description of the arrangements refer to Note 9 of the notes to consolidated financial statement for the year ended December 31, 2022.

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 consolidated balance sheets, under related party payable was approximately $1 million and $1 million as of September 30, 2023 and December 31, 2022, respectively. The reimbursement amounts recorded as an adjustment to additional paid-in capital (and to parent net investment prior to the Mobileye IPO) in the condensed consolidated statement of changes in equity were $7 million and $5 million for the three months ended September 30, 2023 and October 1, 2022, respectively and $29 million and $45 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

Lease agreements

Under lease agreements with Intel, the Company leases office space in Intel’s buildings. The costs are included in the condensed consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis. The leasing costs for the three months ended September 30, 2023 and October 1, 2022, were $1.2 million and $1.3 million, respectively and $3.6 million and $2.0 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

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 related reimbursements totaled $0.5 million and $0.5 million for the three months ended September 30, 2023 and October 1, 2022, respectively and $1.7 million and $0.8 million for the nine months ended September 30, 2023 and October 1, 2022, respectively.

Administrative Services Agreement

Under the Administrative Services Agreement, effective as of the completion of the Mobileye IPO, Intel provides the Company with administrative, financial, legal, tax, and other services. The Company pays fees to Intel for the services rendered based on pricing per service agreed between the Company and Intel.

The costs incurred under this agreement for the three and nine months ended September 30, 2023 were $1.7 million and $2.9 million, respectively.

Technology and Services Agreement

The Technology and Services Agreement, effective as of the completion of the Mobileye IPO, provides a framework for the collaboration on technology projects and services between the Company and Intel (“Technology Projects”), and sets out the licenses granted by each party to its respective technology for the conduct of the Technology Projects, provisions relating to the ownership of certain existing technology, the allocation of rights in any new technology created in the course of the Technology Projects, and certain provisions applicable to the development of a certain radar product of the Company. The Technology and Services Agreement does not apply to projects for the development and manufacture of a Lidar sensor system for automobiles, for which the LiDAR Product Collaboration Agreement applies. Pursuant to the Technology and Services Agreement, the Company and Intel will agree to statements of work with additional terms for Technology Projects.

The amount incurred under this agreement for the three and nine months ended September 30, 2023 were $1.4 million and $3.8 million, respectively.

LiDAR Product Collaboration Agreement

The LiDAR Product Collaboration Agreement, effective as of the completion of the Mobileye IPO, provides the terms that will apply to the Company’s collaboration with Intel for the development and manufacture of a Lidar sensor system for ADAS and AV in automobiles (“LiDAR Projects”). On some of the LiDAR programs joint funding will apply between Intel and Mobileye until the end of 2027 whereby Mobileye will bear its own Lidar sensor system development costs up to the first $40 million per year and Intel will bear up to $20 million per year of Mobileye’s Lidar sensor system development costs that are greater than $40 million per year.

The LiDAR Product Collaboration Agreement further provides that Intel will manufacture certain components for the Company to market and sell as part of a FMCW (frequency-modulated continuous wave) Lidar sensor system solely for external environment sensing for ADAS and AV in automobiles. The price for the components Intel will manufacture for the Company will be based on a cost-plus model. In addition, the agreement also includes a profit-sharing model under which Mobileye will pay Intel a share of the gross profit for each LiDAR sensor system or components thereof, based on Intel technology, sold by Mobileye.

There were no amounts received or receivable from Intel under this agreement for the three and nine months ended September 30, 2023.

Tax Sharing Agreement

The Tax Sharing Agreement establishes the respective rights, responsibilities and obligations of the Company and Intel after the completion of the Mobileye IPO with respect to tax matters, including the amount of cash the Company will pay to Intel for its share of the tax liability owed on the consolidated filings in which the Company or any of the Company’s subsidiaries are included, audit or other tax proceedings. As of September 30, 2023 and December 31, 2022, the related party payable to Intel, pursuant to the Tax Sharing Agreement was $34 million.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.01
Common stock, shares issued	100,000,000
Common stock, shares outstanding	100,000,000
Class A common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	94,164,300	51,911,905
Common stock, shares outstanding	94,164,300	51,911,905
Class B common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	711,500,000	750,000,000
Common stock, shares outstanding	711,500,000	750,000,000

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Property and equipment, net
Total property and equipment, gross	$ 531		$ 531		$ 465
Less: accumulated depreciation	(105)		(105)		(81)
Total property and equipment, net	426		426		384
Depreciation expenses	9	$ 7	24	$ 17
Computers, electronic equipment and software
Property and equipment, net
Total property and equipment, gross	148		148		124
Vehicles
Property and equipment, net
Total property and equipment, gross	14		14		13
Office furniture and equipment
Property and equipment, net
Total property and equipment, gross	4		4		4
Leasehold improvements
Property and equipment, net
Total property and equipment, gross	42		42		22
Construction on process
Property and equipment, net
Total property and equipment, gross	$ 323		$ 323		$ 302

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 01, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2017
EQUITY
Outstanding, Number of options	2,252	148	148	2,270
Outstanding, Weighted average remaining contractual life (In years)	4 months 24 days	3 years 6 months	3 years 6 months	9 months 18 days
Outstanding, Weighted average exercise price	$ 27.1	$ 30.9	$ 30.9	$ 27.1
Exercisable, Number of options		141	141
Exercisable, Weighted average exercise price		$ 31.4	$ 31.4
Intel's plan
EQUITY
Vesting period					3 years
Outstanding, Number of options		148	148
Outstanding, Weighted average remaining contractual life (In years)			3 years 6 months
Outstanding, Weighted average exercise price		$ 30.9	$ 30.9
Exercisable, Number of options		141	141
Exercisable, Weighted average exercise price		$ 31.4	$ 31.4
$ 4.0 - 21.6 \| Intel's plan
EQUITY
Exercise price, minimum			4.0
Exercise price, maximum			$ 21.6
Outstanding, Number of options		59	59
Outstanding, Weighted average remaining contractual life (In years)			2 years 3 months 18 days
Outstanding, Weighted average exercise price		$ 6.2	$ 6.2
Exercisable, Number of options		52	52
Exercisable, Weighted average exercise price		$ 4.1	$ 4.1
$ 22.4 - 24.3 \| Intel's plan
EQUITY
Exercise price, minimum			22.4
Exercise price, maximum			$ 24.3
Outstanding, Number of options		21	21
Outstanding, Weighted average remaining contractual life (In years)			3 months 18 days
Outstanding, Weighted average exercise price		$ 22.9	$ 22.9
Exercisable, Number of options		21	21
Exercisable, Weighted average exercise price		$ 22.9	$ 22.9
$55.2 \| Intel's plan
EQUITY
Exercise price			$ 55.2
Outstanding, Number of options		68	68
Outstanding, Weighted average remaining contractual life (In years)			5 years 6 months
Outstanding, Weighted average exercise price		$ 55.2	$ 55.2
Exercisable, Number of options		68	68
Exercisable, Weighted average exercise price		$ 55.2	$ 55.2

GENERAL

9 Months Ended

Sep. 30, 2023

GENERAL

GENERAL

NOTE 1 - GENERAL

Background

Mobileye Global Inc. (“Mobileye”, “the Company” or “we”) is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions, aimed to provide the capabilities required for the future of autonomous driving, leveraging a comprehensive suite of purpose-built software and hardware technologies. Mobileye combines the operations of its consolidated subsidiaries, which include the Mobileye Group, as defined below.

Mobileye operates as a subsidiary of Intel Corporation (“Intel” or the “Parent”), 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 in 2018.

Before the completion of the Mobileye IPO and the Reorganization (both as defined below) in October 2022, the Company consisted of the “Mobileye Group”, which combined the operations of Cyclops Holdings LLC (“Cyclops”), Mobileye B.V. and its subsidiaries, GG Acquisition Ltd. and Moovit App Global Ltd. and its subsidiaries (“Moovit”) and certain Intel employees mainly in research and development (the “Intel Aligned Groups”).

The Mobileye IPO

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

On October 28, 2022, the initial public offering of Mobileye (the “Mobileye IPO”) was completed and we issued 41,000,000 shares of our Class A common stock, at $21 per share, before underwriting discounts and commissions. Concurrently with the closing of the Mobileye IPO, the Company issued an additional 4,761,905 shares of its Class A common stock to General Atlantic (ME), L.P., a Delaware limited partnership, at $21 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”). On November 1, 2022, we closed the sale of an additional 6,150,000 Class A shares pursuant to the exercise of the underwriters’ over-allotment option.

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 the amount of $41 million and offering costs in the amount of $18 million.

Prior to the completion of the Mobileye IPO, we were a wholly-owned business of Intel Corporation. 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. Upon completion of the Mobileye IPO, we completed the legal entity reorganization (“Reorganization”) of the 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. The Reorganization was accomplished through a series of transactions and agreements with Intel, including the legal purchase of 100% of the issued and outstanding equity interests of the Moovit entities from Intel.

Secondary Offering

On June 7, 2023, the Company announced the pricing of a public secondary offering of 38,500,000 shares of its Class A common stock (which shares were received upon the conversion of 38,500,000 shares of Class B common stock into Class A common stock) by Intel at a public offering price of $42.00 per share, which closed on June 12, 2023 (the “Secondary Offering”). The Company did not receive any proceeds from this offering. The Company paid the costs associated with the registration of shares in connection with the Secondary Offering in the amount of $1 million, other than underwriting discounts, fees and commissions. These costs were expensed as incurred within general and administrative expenses. Upon the completion of the Secondary Offering, Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye, which represents approximately 88.3% of our outstanding common stock and 98.7% of the voting power of our common stock.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 10 - SUBSEQUENT EVENTS

In October 2023, the Company’s compensation committee approved the issuance of restricted stock units to be issued under our 2022 Equity Incentive Plan. The total aggregate fair value of RSUs granted was $20.8 million, which consisted of 582 thousand RSUs, which will vest over a service period of three years.

EQUITY - Stock-based compensation plans (Details)	9 Months Ended
EQUITY - Stock-based compensation plans (Details)	Sep. 30, 2023
EQUITY
Service period	3 years

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 01, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Number of options
Options outstanding at beginning		2,252	2,270
Exercised		(5)	(23)
Expired		(2,099)	(2,099)
Options outstanding at ending	2,252	148	148	2,270
Exercisable, Number of options		141	141
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	4 months 24 days	3 years 6 months	3 years 6 months	9 months 18 days
Options exercisable		3 years 7 months 6 days	3 years 7 months 6 days
Weighted average exercise price
Options outstanding at beginning		$ 27.1	$ 27.1
Exercised		21.9	22.2
Expired		26.9	26.9
Options outstanding at ending	$ 27.1	30.9	30.9	$ 27.1
Exercisable, Weighted average exercise price		$ 31.4	$ 31.4
Aggregated intrinsic value
Options outstanding	$ 16	$ 2	$ 2	$ 1
Options exercisable		$ 2	$ 2
Share price		$ 35.6	$ 35.6
Number of options expected to vest		7	7
Average weighted exercise price of options expected to vest		$ 21.6	$ 21.6

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 02, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
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, 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, Country	IL
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	Yes
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		94,647,954
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

SEGMENT INFORMATION

Schedule of segment results


	Three months ended September 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	521	$	9	$	—	$	530
Cost of revenues		163		1		94		258
Research and development, net		208		10		—		218
Sales and marketing		8		3		17		28
General and administrative		15		3		—		18
Segment performance	$	127	$	(8)	$	(111)	$	8
Other financial income (expense), net		—		—		—		15
Income (loss) before taxes on income		—		—		—		23
Share-based compensation		59		4		—		63
Depreciation of property and equipment		9		—		—		9


	Three months ended October 1, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
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 income (expense) with related party, net		—		—		—		(6)
Other financial income (expense), net		—		—		—		1
Income (loss) before taxes on income		—		—		—		(30)
Share-based compensation		32		4		—		36
Depreciation of property and equipment		7		—		—		7


	Nine months ended September 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,417	$	25	$	—	$	1,442
Cost of revenues		424		4		311		739
Research and development, net		633		31		—		664
Sales and marketing		30		9		51		90
General and administrative		47		8		—		55
Segment performance	$	283	$	(27)	$	(362)	$	(106)
Other financial income (expense), net		—		—		—		38
Income (loss) before taxes on income		—		—		—		(68)
Share-based compensation		175		15		—		190
Depreciation of property and equipment		24		—		—		24


	Nine months ended October 1, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
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 income (expense) with related party, net		—		—		—		(11)
Other financial income (expense), net		—		—		—		6
Income (loss) before taxes on income		—		—		—		(66)
Share-based compensation		101		11		—		112
Depreciation of property and equipment		17		—		—		17

Schedule of total revenues based on country


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
U.S. dollars in millions	2023		2022		2023		2022
China		154		126		423		360
USA		122		113		295		342
Germany		98		72		267		174
South Korea		37		31		118		86
United Kingdom		31		52		108		165
Poland		22		14		64		58
Czech Republic		11		—		41		—
Hungary		30		25		64		62
Rest of World		25		17		62		57
Total	$	530	$	450	$	1,442	$	1,304

Schedule of concentration of risk


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
	2023		2022		2023		2022
Percent of total revenues:
Customer A	27	%	31	%	28	%	39	%
Customer B	26	%	19	%	26	%	17	%
Customer C	15	%	16	%	14	%	15	%


	As of
	September 30,		December 31,
	2023		2022
Percent of total accounts receivables balance:
Customer A	32	%	32	%
Customer B	16	%	19	%
Customer C	22	%	25	%

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022	Dec. 31, 2022
RELATED PARTIES TRANSACTIONS
Leasing costs	$ 1.2	$ 1.3	$ 3.6	$ 2.0
Travel reimbursements cost	0.5	0.5	1.7	0.8
Amount payable under tax sharing agreement		9.0		16.0
Intel
RELATED PARTIES TRANSACTIONS
Amount payable under tax sharing agreement			34.0		$ 34.0
Stock Compensation Recharge Agreement
RELATED PARTIES TRANSACTIONS
Related party payable	1.0		1.0		$ 1.0	$ 1.0
Adjustment to additional paid-in capital for reimbursement amount	7.0	$ 5.0	29.0	$ 45.0
Administrative Services Agreement
RELATED PARTIES TRANSACTIONS
Costs incurred	1.7		2.9
Technology and Services Agreement
RELATED PARTIES TRANSACTIONS
Costs incurred	1.4		3.8
LiDAR Product Collaboration Agreement
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs						40.0
LiDAR Product Collaboration Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs						$ 20.0
Amount received or receivable	$ 0.0		$ 0.0

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These condensed consolidated 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 U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual audited consolidated 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.

We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2022 was a 53-week fiscal year; fiscal year 2023 is a 52-week fiscal year. The additional week in fiscal year 2022 was added in the first quarter, which consisted of 14 weeks.

The results of operations for the three and nine months ended September 30, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2023. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2022.

The financial statements and accompanying notes that include periods ending or as of dates prior to the completion of the Mobileye IPO 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. 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 consolidated financial statements on a historical cost basis, as included in the consolidated financial statements of Intel.

As Mobileye Group was not historically held by a single legal entity, total parent net investment is shown in lieu of equity in the periods prior to the completion of the Mobileye IPO and represents Intel’s total interest in the recorded net assets of Mobileye Group. All intercompany transactions within the previously 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 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 and within net transfers from Parent as a financing activity in the periods prior to the completion of the Mobileye IPO, unless otherwise noted.

Following the completion of the Mobileye IPO, the condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.

There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 31, 2022. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 31, 2022.

Use of estimates

Use of estimates

The preparation of condensed consolidated 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 condensed consolidated 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 useful lives of intangible assets, impairment assessment of goodwill and income taxes.

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Cash	$	60	$	188
Short term deposits		115		285
Money market funds		1,018		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,207	$	1,035

Fair value measurement

The carrying value of short term deposits classified as cash equivalents approximates their fair value due to the short maturity of these items.

The Company’s investment in money market funds is measured at fair value and consists of financial assets for which quoted prices are available in an active market. Interest income related to money market funds for the three and nine months ended September 30, 2023 amounted to $15 million and $35 million, respectively.

The carrying amounts of trade accounts receivable and accounts payable approximate fair value because of their generally short maturities.

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 consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $24 million and $15 million were offset against research and development costs in the three months ended September 30, 2023 and October 1, 2022, respectively; and $57 million and $40 million were offset in the nine months ended September 30, 2023 and October 1, 2022, respectively.

Derivatives and hedging

Beginning in 2021, as part of Intel’s corporate hedging program, Intel hedges forecasted 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 consolidated financial statements are recorded under accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects the statement of operations.

During the fourth quarter of 2022, the Company de-designated its remaining cash flow hedges for forecasted operating expenses denominated in ILS. As the hedged transactions and cash flows related to the outstanding instruments were expected to occur as originally forecasted, the associated gains and losses deferred in accumulated other comprehensive income (loss) on the Company’s consolidated balance sheet were reclassified into earnings in the same period or periods during which the originally hedged transactions affect earnings. Any subsequent changes in the fair value of the outstanding derivative instruments after the de-designation and termination of hedge accounting were immediately reflected in operating expenses. As of September 30, 2023, there are no outstanding hedging instruments and all of the related accumulated other comprehensive income (loss) was reclassified into the statement of operations and comprehensive income (loss).

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


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Notional amount of derivatives	$	—	$	93
Fair value of derivatives receivable from (payable to) Intel	$	—	$	(9)

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
U.S. dollars in millions	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Other comprehensive income (loss) before reclassifications	$	—	$	1	$	—	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		—		6		10		6
Tax effects		—		(1)		(1)		1
Other comprehensive income (loss), net	$	—	$	6	$	9	$	(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 or benefit for those jurisdictions is recorded separately.

During the periods presented in the condensed consolidated financial statements, certain components of the Company’s business operations were included in the consolidated U.S. domestic income tax return filed by the Company’s Parent. The Company also files various foreign income tax returns on a separate basis, distinct from its Parent. The income tax provision included in the Company’s condensed consolidated financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns.

The Company has entered into a Tax Sharing Agreement with its Parent that establishes the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. Any differences between taxes payable to the Company’s Parent under the Tax Sharing Agreement and the current tax provision computed on a separate return basis, is reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows.

The Company reflects tax loss and tax credit carry-forward attributes under the separate return method approach. Such tax attributes may not be benefited in the same period as the Company’s Parent on a consolidated tax return.

Loss contingencies

Management believes that there are no current matters that would have a material effect on the Company’s condensed consolidated balance sheets, statements 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 money market funds, and also trade accounts receivable.

The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash. Accordingly, management believes that these bank deposits and money market funds, 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 for 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 September 30, 2023 and December 31, 2022, the credit losses for accounts receivable were not material. The Company writes off accounts receivable when they are deemed uncollectible. For the three and nine months ended September 30, 2023 and October 1, 2022, 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 9 related to customers that accounted for more than 10% of the Company’s total revenue and more than 10% of the total accounts receivable balance for each of the periods presented in these condensed consolidated 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® SoCs that the Company experienced during 2022 and may experience in the future, including in ECUs for SuperVision™ and other components for our products.

Supply chain risk

Supply chain risk

During the fiscal year ended December 31, 2022, due to global supply chain constraints and shortage of semiconductors, the Company’s sole supplier was not able to meet demand of the Company for EyeQ® SoCs, causing a significant reduction in the Company’s inventory levels. We may experience a shortfall of EyeQ® SoCs, ECUs for SuperVision™ and other components for our products. The reoccurrence of shortages and supply chain constraints in EyeQ® SoCs and ECUs for SuperVision™ and in components of our other products, 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 a global semiconductor shortage results in reduced production or production delays by automakers, those delays could result in reduced or delayed demand for the Company’s products. In addition, issues relating to the COVID-19 pandemic led to port congestion and intermittent supplier shutdowns and delays in the delivery of critical components, which resulted in additional expenses to expedite delivery of critical parts. Sustaining the Company’s production trajectory requires 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 governments may restrict. Although we cannot fully predict the length and the severity of the impact these pressures would have on a long-term basis, we do not anticipate that short-term supply chain constraints would materially adversely affect our results of operations, capital resources, sales, profits, and liquidity.

OTHER FINANCIAL STATEMENT DETAILS (Tables)

9 Months Ended

Sep. 30, 2023

OTHER FINANCIAL STATEMENT DETAILS

Schedule of inventories


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Raw materials	$	52	$	41
Work in process		2		—
Finished goods		300		72
Total inventories	$	354	$	113

Schedule of property and equipment, net


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Computers, electronic equipment and software	$	148	$	124
Vehicles		14		13
Office furniture and equipment		4		4
Leasehold improvements		42		22
Construction in process		323		302
Total property and equipment, gross	$	531	$	465
Less: accumulated depreciation		(105)		(81)
Total property and equipment, net	$	426	$	384

EQUITY - RSU activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Number of RSUs
Outstanding at beginning \| shares	9,354
Granted \| shares	5,524
Vested \| shares	(2)
Forfeited \| shares	(114)
Outstanding at ending \| shares	14,762	14,762
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 22.2
Granted \| $ / shares	40.4
Vested \| $ / shares	35.1
Forfeited \| $ / shares	26.7
Outstanding at ending \| $ / shares	$ 29.0	$ 29.0
Unrecognized compensation cost \| $	$ 327	$ 327
weighted average period	2 years 4 months 24 days
RSUs
Number of RSUs
Outstanding at beginning \| shares		12,564
Granted \| shares		6,180
Vested \| shares		(3,752)
Forfeited \| shares		(230)
Outstanding at ending \| shares	14,762	14,762
Weighted average grant date fair value
Outstanding at beginning \| $ / shares		$ 21.0
Granted \| $ / shares		40.2
Vested \| $ / shares		21.0
Forfeited \| $ / shares		24.4
Outstanding at ending \| $ / shares	$ 29.0	$ 29.0
Intel 2006 Plan
Weighted average grant date fair value
Unrecognized compensation cost \| $	$ 108	$ 108
weighted average period		1 year 1 month 6 days
Intel 2006 Plan \| RSUs
Number of RSUs
Outstanding at beginning \| shares	4,848	5,692
Vested \| shares	(178)	(881)
Forfeited \| shares	(75)	(216)
Outstanding at ending \| shares	4,595	4,595
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 44.5	$ 44.8
Vested \| $ / shares	40.7	45.5
Forfeited \| $ / shares	45.0	45.7
Outstanding at ending \| $ / shares	$ 44.6	$ 44.6

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
SIGNIFICANT ACCOUNTING POLICIES
Interest income related to money market funds	$ 15		$ 35
Research and development reimbursements	$ 24	$ 15	$ 57	$ 40
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	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 60	$ 188
Short term deposits	115	285
Money market funds	1,018	551
Restricted cash (within other current and other long-term assets)	14	11
Cash, cash equivalents and restricted cash	$ 1,207	$ 1,035	$ 882	$ 625
Restricted cash, noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 9 - 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. 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 consolidated financial statements for the fiscal year ended December 31, 2022.

The following are segment results for each period as follows:


	Three months ended September 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	521	$	9	$	—	$	530
Cost of revenues		163		1		94		258
Research and development, net		208		10		—		218
Sales and marketing		8		3		17		28
General and administrative		15		3		—		18
Segment performance	$	127	$	(8)	$	(111)	$	8
Other financial income (expense), net		—		—		—		15
Income (loss) before taxes on income		—		—		—		23
Share-based compensation		59		4		—		63
Depreciation of property and equipment		9		—		—		9


	Three months ended October 1, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
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 income (expense) with related party, net		—		—		—		(6)
Other financial income (expense), net		—		—		—		1
Income (loss) before taxes on income		—		—		—		(30)
Share-based compensation		32		4		—		36
Depreciation of property and equipment		7		—		—		7


	Nine months ended September 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,417	$	25	$	—	$	1,442
Cost of revenues		424		4		311		739
Research and development, net		633		31		—		664
Sales and marketing		30		9		51		90
General and administrative		47		8		—		55
Segment performance	$	283	$	(27)	$	(362)	$	(106)
Other financial income (expense), net		—		—		—		38
Income (loss) before taxes on income		—		—		—		(68)
Share-based compensation		175		15		—		190
Depreciation of property and equipment		24		—		—		24


	Nine months ended October 1, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
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 income (expense) with related party, net		—		—		—		(11)
Other financial income (expense), net		—		—		—		6
Income (loss) before taxes on income		—		—		—		(66)
Share-based compensation		101		11		—		112
Depreciation of property and equipment		17		—		—		17

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


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
U.S. dollars in millions	2023		2022		2023		2022
China		154		126		423		360
USA		122		113		295		342
Germany		98		72		267		174
South Korea		37		31		118		86
United Kingdom		31		52		108		165
Poland		22		14		64		58
Czech Republic		11		—		41		—
Hungary		30		25		64		62
Rest of World		25		17		62		57
Total	$	530	$	450	$	1,442	$	1,304

We generate the majority of our revenue from the sale of our EyeQ® SoCs to OEMs through sales to Tier 1 automotive suppliers. EyeQ® SoC sales represented approximately 89% and 88% of our revenue for each of the three months ended September 30, 2023 and October 1, 2022, respectively and 90% and 90% of our revenue for each of the nine months ended September 30, 2023 and October 1, 2022, respectively.

Major Customers

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


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
	2023		2022		2023		2022
Percent of total revenues:
Customer A	27	%	31	%	28	%	39	%
Customer B	26	%	19	%	26	%	17	%
Customer C	15	%	16	%	14	%	15	%

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


	As of
	September 30,		December 31,
	2023		2022
Percent of total accounts receivables balance:
Customer A	32	%	32	%
Customer B	16	%	19	%
Customer C	22	%	25	%

- 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

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Following the completion of the Mobileye IPO, the condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.

Use of estimates

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Cash	$	60	$	188
Short term deposits		115		285
Money market funds		1,018		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,207	$	1,035

Fair value measurement

The carrying value of short term deposits classified as cash equivalents approximates their fair value due to the short maturity of these items.

The carrying amounts of trade accounts receivable and accounts payable approximate fair value because of their generally short maturities.

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:


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Notional amount of derivatives	$	—	$	93
Fair value of derivatives receivable from (payable to) Intel	$	—	$	(9)

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
U.S. dollars in millions	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Other comprehensive income (loss) before reclassifications	$	—	$	1	$	—	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		—		6		10		6
Tax effects		—		(1)		(1)		1
Other comprehensive income (loss), net	$	—	$	6	$	9	$	(23)

Income Tax

Loss contingencies

Concentration of credit risk

Customer concentration risk

Dependence on a single supplier risk

Supply chain risk

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
SEGMENT INFORMATION
Revenues	$ 530	$ 450	$ 1,442	$ 1,304
Cost of revenues	258	233	739	682
Research and development, net	218	206	664	565
Sales and Marketing	28	27	90	91
General and administrative	18	9	55	27
Operating income (loss)	8	(25)	(106)	(61)
Interest income (expense) with a related party, net		(6)		(11)
Other financial income (expense), net	15	1	38	6
Income (loss) before taxes on income	23	(30)	(68)	(66)
Share-based compensation	63	36	190	112
Depreciation of property and equipment	9	7	24	17
Operating Segments \| Mobileye
SEGMENT INFORMATION
Revenues	521	443	1,417	1,286
Cost of revenues	163	117	424	324
Research and development, net	208	196	633	534
Sales and Marketing	8	8	30	24
General and administrative	15	5	47	14
Operating income (loss)	127	117	283	390
Share-based compensation	59	32	175	101
Depreciation of property and equipment	9	7	24	17
Operating Segments \| Other
SEGMENT INFORMATION
Revenues	9	7	25	18
Cost of revenues	1	1	4	3
Research and development, net	10	10	31	31
Sales and Marketing	3	3	9	9
General and administrative	3	3	8	9
Operating income (loss)	(8)	(10)	(27)	(34)
Share-based compensation	4	4	15	11
Amounts not allocated to segments
SEGMENT INFORMATION
Cost of revenues	94	115	311	355
Sales and Marketing	17	16	51	58
General and administrative		1		4
Operating income (loss)	$ (111)	$ (132)	$ (362)	$ (417)

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 111	$ 131	$ 362	$ 413
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	94	115	$ 311	355
Developed technology \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Useful Life			10 years
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 17	$ 16	$ 51	$ 58
Customer relationships & brands \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Useful Life			12 years

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions

Sep. 30, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 1,193

$ 1,024

Trade accounts receivable, net

281

269

Inventories

354

113

Other current assets

110

Total current assets

1,908

1,516

Non-current assets

Property and equipment, net

426

384

Intangible assets, net

2,165

2,527

Goodwill

10,895

Other long-term assets

111

119

Total non-current assets

13,597

13,925

TOTAL ASSETS

15,505

15,441

Current liabilities

Accounts payable and accrued expenses

221

189

Employee related accrued expenses

Related party payable

Other current liabilities

Total current liabilities

391

384

Non-current liabilities

Long-term employee benefits

Deferred tax liabilities

149

162

Other long-term liabilities

Total non-current liabilities

241

263

TOTAL LIABILITIES

632

647

Equity

Additional paid-in capital

14,898

14,737

Accumulated other comprehensive income (loss)

(9)

Retained earnings (accumulated deficit)

(33)

TOTAL EQUITY

^[1]

14,873

14,794

TOTAL LIABILITIES AND EQUITY

15,505

15,441

Equity

Equity

$ 7

$ 8

[1]	Rounding of Class A and Class B share amounts due to Secondary offering.

SEGMENT INFORMATION (Details)	9 Months Ended
SEGMENT INFORMATION (Details)	Sep. 30, 2023 segment
SEGMENT INFORMATION
Number of operating segments	2

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of calculation of basic earnings (loss) per share


	Three months ended				Nine months ended
	September 30,		October 1,		September 30,		October 1,
In millions, except per share amounts	2023		2022		2023		2022
Numerator:
Net income (loss)	$	17	$	(45)	$	(90)	$	(112)
Denominator:
Weighted average common shares - basic		806		750		804		750
Dilutive effect of unvested RSU awards		4		—		—		—
Weighted average common shares - diluted		810		750		804		750
Earnings (loss) per share:
Basic		0.02		(0.06)		(0.11)		(0.15)
Diluted	$	0.02	$	(0.06)	$	(0.11)	$	(0.15)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
shares in Millions

Common Stock

Additional paid-in capital

Parent Net Investment

Accumulated Other Comprehensive Income (Loss)

Retained Earnings (Accumulated deficit)

Total

^[1]

Beginning balance at Dec. 25, 2021

$ 0

^[1]

$ 0

$ 15,884,000,000

$ 5,000,000

$ 0

$ 15,889,000,000

Tax sharing agreement with Parent

^[1]

(112,000,000)

^[1]

(16,000,000)

Other comprehensive income (loss), net

^[1]

(23,000,000)

Equity transaction in connection with the legal purchase of Moovit entities

^[1]

(900,000,000)

Dividend Note with related party

^[1]

(3,500,000,000)

Dividend distribution

^[1]

(336,000,000)

Net transfer from (to) Parent

$ 0

^[1]

158,000,000

Ending balance (in shares) at Oct. 01, 2022

Ending balance at Oct. 01, 2022

$ 0

^[1]

11,178,000,000

(18,000,000)

11,160,000,000

Beginning balance at Jul. 02, 2022

^[1]

11,223,000,000

(24,000,000)

11,199,000,000

Tax sharing agreement with Parent

^[1]

(45,000,000)

^[1]

(9,000,000)

Other comprehensive income (loss), net

^[1]

6,000,000

Net transfer from (to) Parent

$ 0

^[1]

9,000,000

Ending balance (in shares) at Oct. 01, 2022

Ending balance at Oct. 01, 2022

$ 0

^[1]

11,178,000,000

(18,000,000)

11,160,000,000

Beginning balance (in shares) at Dec. 31, 2022

802

Beginning balance at Dec. 31, 2022

$ 9,000,000

^[1]

14,737,000,000

(9,000,000)

57,000,000

14,794,000,000

Share-based compensation expense

^[1]

(90,000,000)

^[1]

190,000,000

Recharge to Parent for Share-based compensation

^[1]

(29,000,000)

Issuance of common stock under employee share-based compensation plans

$ 0

^[1]

Issuance of common stock under employee share-based compensation plans (Shares)

Secondary offering

Other comprehensive income (loss), net

$ 0

^[1]

9,000,000

Ending balance (in shares) at Sep. 30, 2023

806

Ending balance at Sep. 30, 2023

$ 8,000,000

^[1]

14,898,000,000

(33,000,000)

14,873,000,000

Beginning balance (in shares) at Jul. 01, 2023

806

Beginning balance at Jul. 01, 2023

$ 8,000,000

^[1]

14,842,000,000

(50,000,000)

14,800,000,000

Share-based compensation expense

^[1]

17,000,000

^[1]

63,000,000

Recharge to Parent for Share-based compensation

$ 0

^[1]

(7,000,000)

Ending balance (in shares) at Sep. 30, 2023

806

Ending balance at Sep. 30, 2023

$ 8,000,000

^[1]

$ 14,898,000,000

$ 0

$ (33,000,000)

$ 14,873,000,000

[1]	Rounding of Class A and Class B share amounts due to Secondary offering.

EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

EQUITY

Schedule of RSUs activity


			Weighted average grant
	Number of RSUs		date fair value
	In thousands		U.S. dollars
Outstanding as of December 31, 2022		12,564	$	21.0
Granted		6,180		40.2
Vested		(3,752)		21.0
Forfeited		(230)		24.4
Outstanding as of September 30, 2023		14,762	$	29.0


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Options outstanding as of July 1, 2023	9,354	$	22.2
Granted	5,524		40.4
Vested	(2)		35.1
Forfeited	(114)		26.7
Outstanding as of September 30, 2023	14,762	$	29.0

Schedule of outstanding and exercisable options

Outstanding and exercisable options for Intel’s common stock under Intel’s plan as of September 30, 2023 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
$ 4.0 - 21.6	59	2.3	$	6.2	52	$	4.1
$ 22.4 - 24.3	21	0.3		22.9	21		22.9
$55.2	68	5.5		55.2	68		55.2
Total	148	3.5	$	30.9	141	$	31.4

Schedule of option activity


		Weighted average	Weighted		Aggregated
	Number of	remaining	average		intrinsic
	options	contractual Life	exercise price		value(1)
	In thousands	In years	U.S. dollars		U.S. dollars in millions
Options outstanding as of December 31, 2022	2,270	0.8	$	27.1	$	1
Exercised	(23)	—		22.2		—
Expired	(2,099)	—		26.9		—
Options outstanding as of September 30, 2023	148	3.5	$	30.9	$	2
Options exercisable as of September 30, 2023	141	3.6	$	31.4	$	2


		Weighted average	Weighted		Aggregated
	Number of	remaining	average		intrinsic
	options	contractual Life	exercise price		value(1)
	In thousands	In years	U.S. dollars		U.S. dollars in millions
Options outstanding as of July 1, 2023	2,252	0.4	$	27.1	$	16
Exercised	(5)	—		21.9		—
Expired	(2,099)	—		26.9		—
Options outstanding as of September 30, 2023	148	3.5	$	30.9	$	2
Options exercisable as of September 30, 2023	141	3.6	$	31.4	$	2

(2)The remaining options expected to vest as of September 30, 2023 are 7 thousand options with an average weighted exercise price of $21.6.

Schedule of share-based compensation expenses


	Three months ended				Nine months ended
U.S. dollars in millions	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Cost of revenue	$	—	$	—	$	2	$	—
Research and development, net		53		32		158		101
Sales and marketing		2		1		6		3
General and administrative		8		3		24		8
Total share-based compensation	$	63	$	36	$	190	$	112

Intel

EQUITY

Schedule of RSUs activity

The RSUs activity for the nine months ended September 30, 2023 for RSUs granted to the Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number of RSUs	grant date fair value
	In thousands	U.S. dollars
Outstanding as of December 31, 2022	5,692	$	44.8
Vested	(881)		45.5
Forfeited	(216)		45.7
Outstanding as of September 30, 2023	4,595	$	44.6

The RSUs activity for the three months ended September 30, 2023 for RSUs granted to the Company’s employees for Intel’s common stock was as follows:


			Weighted average
	Number of RSUs		grant date fair value
	In thousands	U.S. dollars
Outstanding as of July 1, 2023	4,848	$	44.5
Vested	(178)		40.7
Forfeited	(75)		45.0
Outstanding as of September 30, 2023	4,595	$	44.6

IDENTIFIED INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

IDENTIFIED INTANGIBLE ASSETS

Schedule of components of identified intangible assets


	As of
U.S. dollars in millions	September 30, 2023						December 31, 2022
			Accumulated						Accumulated
	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	1,913	$	1,792	$	3,973	$	1,870	$	2,103
Customer relationships & brands		786		413		373		786		362		424
Total	$	4,491	$	2,326	$	2,165	$	4,759	$	2,232	$	2,527

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


	Three months ended				Nine months ended
									Weighted
	September 30,		October 1,		September 30,		October 1,		Average
U.S. dollars in millions	2023		2022		2023		2022		Useful Life
Developed technology	$	94	$	115	$	311	$	355	10
Customer relationships & brands		17		16		51		58	12
Total amortization expenses	$	111	$	131	$	362	$	413

Schedule of expected future amortization expenses for the next five years


	Remainder
U.S. dollars in millions	of 2023		2024		2025		2026		2027		Thereafter		Total
Future amortization expenses	$	112	$	445	$	443	$	332	$	179	$	654	$	2,165

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 52	$ 41
Work in process	2
Finished goods	300	72
Total inventories	$ 354	$ 113

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents and restricted cash


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Cash	$	60	$	188
Short term deposits		115		285
Money market funds		1,018		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,207	$	1,035

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


	As of
U.S. dollars in millions	September 30, 2023		December 31, 2022
Notional amount of derivatives	$	—	$	93
Fair value of derivatives receivable from (payable to) Intel	$	—	$	(9)

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


	Three Months Ended				Nine Months Ended
U.S. dollars in millions	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Other comprehensive income (loss) before reclassifications	$	—	$	1	$	—	$	(30)
Amounts reclassified out of accumulated other comprehensive income (loss)		—		6		10		6
Tax effects		—		(1)		(1)		1
Other comprehensive income (loss), net	$	—	$	6	$	9	$	(23)

SIGNIFICANT ACCOUNTING POLICIES - Notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye (Details) $ in Millions	Dec. 31, 2022 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Notional amount of derivatives	$ 93
Fair value of derivatives receivable from (payable to) Intel	$ (9)

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Customer A
SEGMENT INFORMATION
Concentration risk percentage	27.00%	31.00%	28.00%	39.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	26.00%	19.00%	26.00%	17.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	15.00%	16.00%	14.00%	15.00%

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. 30, 2023	Oct. 01, 2022
SIGNIFICANT ACCOUNTING POLICIES
Other comprehensive income (loss) before reclassifications	$ 1		$ (30)
Amounts reclassified out of accumulated other comprehensive income (loss)	6	$ 10	6
Tax effects	(1)	(1)	1
Other comprehensive income (loss), net	$ 6	$ 9	$ (23)

EARNINGS (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Jun. 12, 2023

Nov. 01, 2022

Oct. 28, 2022

Sep. 30, 2023

Oct. 01, 2022

Sep. 30, 2023

Oct. 01, 2022

^[1]

Dec. 31, 2022

Par value (in dollars per share)

100,000,000

$ 0.01

Dilutive effect of equity incentive awards

100,000,000

5,500,000

14,900,000

Numerator:

Weighted average common shares - basic

$ 17

^[1]

$ (45)

^[1]

$ (90)

^[1]

$ (112)

Denominator:

806,000,000

750,000,000

804,000,000

750,000,000

Dilutive effect of unvested RSU awards

4,000,000

Weighted average common shares - diluted

810,000,000

750,000,000

804,000,000

750,000,000

Basic

$ 0.02

$ (0.06)

$ (0.11)

$ (0.15)

Diluted

$ 0.02

$ (0.06)

$ (0.11)

$ (0.15)

Class B common stock

Par value (in dollars per share)

711,500,000

750,000,000

$ 0.01

Number of shares converted into Class A common stock

711,500,000

750,000,000

38,500,000

Class B common stock | Cyclops holdings corporation

750,000,000

749,999,900

Class A common stock

Par value (in dollars per share)

94,164,300

51,911,905

$ 0.01

94,164,300

51,911,905

IPO | Class B common stock

6,150,000

IPO | Class A common stock

100,000,000

Private placement | Class A common stock

41,000,000

Offering price per share

$ 21

Over allotment option | Class A common stock

4,761,905

Offering price per share

$ 21

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

6,150,000

[1]	Rounding of Class A and Class B share amounts due to Secondary offering.

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
SEGMENT INFORMATION
Revenue	$ 530	$ 450	$ 1,442	$ 1,304
Product concentration \| Revenue \| EyeQ SoC
SEGMENT INFORMATION
Concentration risk percentage	89.00%	88.00%	90.00%	90.00%
China
SEGMENT INFORMATION
Revenue	$ 154	$ 126	$ 423	$ 360
USA
SEGMENT INFORMATION
Revenue	122	113	295	342
Germany
SEGMENT INFORMATION
Revenue	98	72	267	174
South Korea
SEGMENT INFORMATION
Revenue	37	31	118	86
United Kingdom
SEGMENT INFORMATION
Revenue	31	52	108	165
Poland
SEGMENT INFORMATION
Revenue	22	14	64	58
Czech Republic
SEGMENT INFORMATION
Revenue	11		41
Hungary
SEGMENT INFORMATION
Revenue	30	25	64	62
Rest of World
SEGMENT INFORMATION
Revenue	$ 25	$ 17	$ 62	$ 57

GENERAL (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 12, 2023	Jun. 07, 2023	Nov. 01, 2022	Oct. 28, 2022	May 31, 2022
GENERAL
Amount of secondary offering		$ 1
Class A
GENERAL
Number of shares issued during the period			6,150,000
Class B
GENERAL
Number of shares converted into Class A common stock	38,500,000
IPO
GENERAL
Net proceeds from IPO				$ 1,000
Underwriting discounts and commissions				41
Offering costs				$ 18
IPO \| Class A
GENERAL
Number of shares issued during the period				41,000,000
Offering price per share				$ 21
Private placement
GENERAL
Gross proceeds from private placement				$ 100
Private placement \| Class A
GENERAL
Number of shares issued during the period				4,761,905
Offering price per share				$ 21
Secondary Offering \| Class A
GENERAL
Number of shares issued during the period		38,500,000
Offering price per share		$ 42.00
Secondary Offering \| Class B
GENERAL
Number of shares converted into Class A common stock		38,500,000
Moovit
GENERAL
Equity interests percentage					100.00%
Intel
GENERAL
Percentage of voting power of common stock		98.70%
Intel \| Secondary Offering
GENERAL
Percentage of outstanding common stock		88.30%

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Customer A
SEGMENT INFORMATION
Concentration risk percentage	32.00%	32.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	16.00%	19.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	22.00%	25.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Oct. 01, 2022

Sep. 30, 2023

Oct. 01, 2022

Revenue

$ 530

$ 450

$ 1,442

$ 1,304

Cost of revenue

258

233

739

682

Gross profit

272

217

703

622

Research and development, net

218

206

664

565

Sales and marketing

General and administrative

Total operating expenses

264

242

809

683

Operating income (loss)

(25)

(106)

(61)

Interest income with related party

Interest expense with related party

(11)

(20)

Other financial income (expense), net

Income (loss) before income taxes

(30)

(68)

(66)

Benefit (provision) for income taxes

(6)

(15)

(22)

(46)