0001104659-24-026792 | 10-K | XBRL Viewer

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Customer A
SEGMENT INFORMATION
Concentration risk percentage	30.00%	38.00%	35.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	24.00%	18.00%	19.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	14.00%	15.00%	17.00%

IDENTIFIED INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 30, 2023

IDENTIFIED INTANGIBLE ASSETS

Schedule of components of identified intangible assets


	As of
	December 30, 2023						December 31, 2022
	Gross		Accumulated				Gross		Accumulated
U.S. dollars in millions	Assets		Amortization		Net		Assets		Amortization		Net
Developed technology	$	3,705	$	2,008	$	1,697	$	3,973	$	1,870	$	2,103
Customer relationships & brands		786		430		356		786		362		424
Total	$	4,491	$	2,438	$	2,053	$	4,759	$	2,232	$	2,527

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


	Year ended
							Weighted Average
U.S. dollars in millions	December 30, 2023		December 31, 2022		December 25, 2021		Useful Life
Developed technology	$	406	$	469	$	419	10
Customer relationships & brands		68		75		90	12
Total amortization expenses	$	474	$	544	$	509

Schedule of expects future amortization expenses for the next five years


U.S. dollars in millions	2024		2025		2026		2027		2028		Thereafter		Total
Future Amortization Expenses	$	444	$	443	$	332	$	179	$	176	$	479	$	2,053

LEASES

12 Months Ended

Dec. 30, 2023

LEASES

LEASES

NOTE 5 LEASES

The Company’s operating leases consist of offices and vehicles and the lease term varies between 3-7 years. Some of the Company’s leases include options to extend the lease term for periods of up to five years each. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

During 2023 and 2022, the Company has entered into new, non-cancellable, operating lease agreements of offices and vehicles.

Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Certain operating leases provide for annual increases to lease payments based on an index or a rate. The Company calculates the present value of future lease payments based on the index or rate at the lease commencement date. Differences between the estimated lease liability and actual payments are expensed as incurred and are not material for all periods presented. The lease agreements generally do not contain any residual value guarantees or restrictive covenants.

Operating lease expense for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 were $19 million, $13 million, and $11 million, respectively. The Company does not have any finance leases.

The balances for the operating leases, which are presented on the consolidated balance sheets in other long-term assets, other current liabilities and long-term liabilities, were as follows:


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Operating lease right-of-use assets	$	49	$	57
Operating lease liabilities:
Current portion of lease liabilities		12		13
Long-term lease liabilities		39		45
Total operating lease liabilities	$	51	$	58

As of December 30, 2023 and December 31, 2022, the weighted average remaining lease term was 4.67 and 5.45 years, respectively, and the weighted average discount rate was 4.67% and 4.24%, respectively.

Supplemental information related to operating leases was as follows:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Operating cash outflows from operating leases	$	16	$	12	$	12
Right-of-use assets recognized in exchange for lease obligations	$	8	$	48	$	4

Maturities of operating lease liabilities were as follows:


	December 30,
U.S. Dollars in millions	2023
2024	$	14
2025		13
2026		10
2027		9
2028 and thereafter		10
Total operating lease payments		56
Imputed interest		(5)
Present value of lease liabilities	$	51

During 2017, the Company obtained the right to use land in Jerusalem from the Israeli government for the construction of a new research and development and innovation center that will also host the Company’s headquarters (the new Jerusalem Campus). This land lease was fully prepaid and no lease liability was recorded. This operating lease right of use asset is carried at cost and amortized using the straight-line method. This operating lease right of use asset, net of amortization, was $12 million and $11 million as of December 30, 2023 and December 31, 2022, respectively, and is included in other long-term assets on the consolidated balance sheets.

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 474	$ 544	$ 509
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 406	469	419
Developed technology \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Useful Life	10 years
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 68	$ 75	$ 90
Customer relationships & brands \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Useful Life	12 years

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 30, 2023	Feb. 23, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 30, 2023
Entity File Number	001-41501
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, Shlomo Momo HaLevi Street
Entity Address, Address Line Two	1
Entity Address, City or Town	Jerusalem
Entity Address, Country	IL
Entity Address, Postal Zip Code	9777015
City Area Code	972
Local Phone Number	2-541-7333
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	MBLY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,560
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Kesselman & Kesselman C.P.A.s
Auditor Location	Tel Aviv, Israel
Auditor Firm ID	1309
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		94,731,407
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		711,500,000

EQUITY - Common Stock and Dividends (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 12, 2022 USD ($)	Oct. 31, 2022 USD ($)	Dec. 30, 2023 Vote $ / shares	Dec. 31, 2022 $ / shares	Oct. 27, 2022 $ / shares
EQUITY
Common stock, par value \| $ / shares			$ 0.01	$ 0.01	$ 0.01
Dividend paid \| $	$ 336.0
Cash paid to tax authorities to settle tax obligations \| $	$ 14.0
Capital distribution paid \| $		$ 1.1
Intel \| Mobileye Global Inc
EQUITY
Ownership Percentage			88.30%
Class A
EQUITY
Common stock, par value \| $ / shares			$ 0.01
Number of votes per share \| Vote			1
Common stock conversion ratio			1
Class B
EQUITY
Common stock, par value \| $ / shares			$ 0.01	$ 0.01	$ 0.01
Number of votes per share \| Vote			10
Percentage of voting power of common stock of Mobileye			98.70%

IDENTIFIED INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	$ 4,491	$ 4,759
Accumulated Amortization	2,438	2,232
Net	2,053	2,527
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	3,705	3,973
Accumulated Amortization	2,008	1,870
Net	1,697	2,103
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	786	786
Accumulated Amortization	430	362
Net	$ 356	$ 424

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Customer A
SEGMENT INFORMATION
Concentration risk percentage	44.00%	32.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	10.00%	19.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	22.00%	25.00%

LEASES - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
LEASES
Operating lease term	5 years
Operating lease option to extend	true
Operating lease expense	$ 19	$ 13	$ 11
Weighted average remaining lease term	4 years 8 months 1 day	5 years 5 months 12 days
Weighted average discount rate	4.67%	4.24%
Operating lease right-of-use assets	$ 49	$ 57
Operating lease, Right-of-Use Asset, Statement of financial position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating cash outflows from operating leases	$ 16	$ 12	12
Right-of-use assets recognized in exchange for lease obligations	8	48	$ 4
Leased land
LEASES
Operating lease right-of-use assets	$ 12	$ 11
Minimum
LEASES
Operating lease term	3 years
Maximum
LEASES
Operating lease term	7 years

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (27)	$ (82)	$ (75)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 30, 2023

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 7 EARNINGS (LOSS) PER SHARE

Before the Mobileye IPO, Intel held directly or indirectly 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 periods prior to the Mobileye IPO.

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 $21.00 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 December 30, 2023, we have 711,500,000 Class B shares, all held by Intel, and 94,652,348 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 6.

For the years ended December 30, 2023 and December 31, 2022, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 5.9 million and 0.8 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 and diluted earnings (loss) per share for the periods presented:


	Year ended
	December 30,		December 31,		December 25,
In millions, except per share amounts	2023		2022		2021


Numerator:
Net income (loss)	$	(27)	$	(82)	$	(75)
Denominator:
Weighted average common shares - basic and diluted		805		759		750
Earnings (loss) per share:
Basic and diluted	$	(0.03)	$	(0.11)	$	(0.10)

GOODWILL

12 Months Ended

Dec. 30, 2023

GOODWILL

GOODWILL

NOTE 10 GOODWILL

The following table presents the carrying amount of goodwill by segment as of December 30, 2023 and December 31, 2022.


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Mobileye	$	10,784	$	10,784
Other		111		111
Total	$	10,895	$	10,895

During the fourth quarters of 2023 and 2022, we completed our annual impairment assessments. In 2023, we performed a detailed quantitative analysis for the “Other” reporting unit. The quantitative assessment was performed by measuring the reporting unit’s fair value, and showed that no impairment was required.

The fair value was estimated using the expected present value of future cash flows and is categorized as Level 3 within the fair value hierarchy due to the use of unobservable inputs. The Company did not record any impairment of goodwill for any of the periods presented.

EMPLOYEE BENEFITS

12 Months Ended

Dec. 30, 2023

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

NOTE 4 EMPLOYEE BENEFITS

In Israel

Severance

Israeli labor laws generally require severance payments upon dismissal of an employee or upon termination of employment in certain other circumstances. The following plans relate to the Company’s employees in Israel.

Severance pay liability with respect to Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees, multiplied by the number of years of employment as of the period-end date. The Company records an expense for the increase in its severance liability, net of earnings (losses) from the related severance pay funds. The liabilities are presented on an undiscounted basis and included on the consolidated balance sheets as a long-term employee benefit. Severance pay liabilities as of December 30, 2023 and December 31, 2022 were $56 million and $56 million, respectively.

The Company’s liability for all of its Israeli employees is covered by monthly deposits with severance pay funds. The value of the deposited funds is based on the cash surrender value of these policies and includes earnings (or losses) accumulated through the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligations pursuant to Israeli Severance Pay Law or labor agreements. Severance pay funds, which are included in other long-term assets, were $45 million and $42 million as of December 30, 2023 and December 31, 2022, respectively.

The majority of the Company’s liability for severance pay is covered by the provisions of Section 14 of the Israeli Severance Pay Law (“Section 14”). Under Section 14, employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, contributed by the Company on their behalf to their insurance funds. Payments by the Company in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees under Section 14 and the related deposits are not recorded as assets on the consolidated balance sheets.

Other long-term employee benefits

Intel has a defined benefit plan for an adaptation grant for certain Intel aligned employees. The adaptation grant includes a salary for three months and may be paid to those employees upon retirement. The benefits under the adaptation grant are calculated based on years of service and pensionable earnings. The vested benefit obligation for a defined benefit plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee’s expected date of separation or retirement.

The adaptation grant is not part of Mobileye’s compensation and benefit plans and therefore the related obligation was eliminated through parent net investment upon the recruitment of these Intel Aligned Employees into the Company during 2022.

For the year ended December 25, 2021 the periodic benefit costs were $2 million, the discount rate was 3.1%, and the assumed rate of compensation increase was 4.0%.

Non-Israeli Defined Contribution Plans

Most of the Company’s non-Israeli subsidiaries provide defined contribution plans for the benefit of their employees. The plans primarily provide for Company matching contributions based upon a percentage of the employees’ contributions. The Company’s contributions for each of the years presented under such plans were not material.

LEASES (Tables)

12 Months Ended

Dec. 30, 2023

LEASES

Schedule of operating leases presented on the consolidated balance sheets in other long-term assets, other current liabilities and long-term liabilities


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Operating lease right-of-use assets	$	49	$	57
Operating lease liabilities:
Current portion of lease liabilities		12		13
Long-term lease liabilities		39		45
Total operating lease liabilities	$	51	$	58

Schedule of supplemental information related to operating leases


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Operating cash outflows from operating leases	$	16	$	12	$	12
Right-of-use assets recognized in exchange for lease obligations	$	8	$	48	$	4

Schedule of maturities of future minimum lease payments


	December 30,
U.S. Dollars in millions	2023
2024	$	14
2025		13
2026		10
2027		9
2028 and thereafter		10
Total operating lease payments		56
Imputed interest		(5)
Present value of lease liabilities	$	51

INCOME TAXES - Uncertain tax positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Reconciliation of the beginning and ending amount of unrecognized tax benefits related to uncertain tax positions
Balance at the beginning of the year		$ 4	$ 4
Changes in balances related to tax positions taken during current period	$ 7
Settlements with taxing authorities			0
Lapse of statute of limitations		$ (4)
Balance at the end of the year	$ 7		$ 4

LEASES - Schedule of operating leases presented on the consolidated balance sheets in other long-term assets, other current liabilities and long-term liabilities (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
LEASES
Operating lease right-of-use assets	$ 49	$ 57
Operating lease, Right-of-Use Asset, Statement of financial position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating lease liabilities:
Current portion of lease liabilities	$ 12	$ 13
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Long-term operating lease liabilities	$ 39	$ 45
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 51	$ 58
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
SEGMENT INFORMATION
Revenue	$ 2,079	$ 1,869	$ 1,386
China
SEGMENT INFORMATION
Revenue	640	551	270
USA
SEGMENT INFORMATION
Revenue	437	472	363
Germany
SEGMENT INFORMATION
Revenue	353	268	263
South Korea
SEGMENT INFORMATION
Revenue	164	115	107
United Kingdom
SEGMENT INFORMATION
Revenue	150	221	198
Poland
SEGMENT INFORMATION
Revenue	97	69	24
Czech Republic
SEGMENT INFORMATION
Revenue	50	8
Hungary
SEGMENT INFORMATION
Revenue	94	87	66
Singapore
SEGMENT INFORMATION
Revenue	21	25	42
Rest of World
SEGMENT INFORMATION
Revenue	$ 73	$ 53	$ 53

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock	Additional paid-in capital	Parent Net Investment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Beginning balance at Dec. 26, 2020			$ 15,842			$ 15,842
Net Income (Loss)			(75)			(75)
Other comprehensive income (loss), net				$ 5		5
Net transfer from (to) Parent			117			117
Ending balance at Dec. 25, 2021			15,884	5		15,889
Net Income (Loss)			(139)		$ 57	(82)
Tax sharing agreement with Parent		$ (12)	(22)			(34)
Share-based compensation expense		50	124			174
Recharge to Parent for Share-based compensation		(66)	(52)			(118)
Other comprehensive income (loss), net				(14)		(14)
Equity transaction in connection with the legal purchase of Moovit entities			(900)			(900)
Dividend Note with related party			(3,500)			(3,500)
Dividend distribution			(337)			(337)
Net transfer from (to) Parent			84			84
Issuance of Class B common stock and reclassification of Parent Net Investment in connection with the Initial Public Offering	$ 8	11,134	$ (11,142)
Issuance of Class B common stock and reclassification of Parent Net Investment in connection with the Initial Public Offering (in shares)	750
Issuance of Class A common stock in Initial Public Offering, net of underwriting discounts, commissions and offering costs	$ 1	1,031				1,032
Issuance of Class A common stock in Initial Public Offering, net of underwriting discounts, commissions and offering costs (in shares)	52
Dividend Note contribution from related party		(2,600)				(2,600)
Ending balance (in shares) at Dec. 31, 2022	802
Ending balance at Dec. 31, 2022	$ 9	14,737		(9)	57	14,794
Net Income (Loss)					(27)	(27)
Tax sharing agreement with Parent		(3)				(3)
Share-based compensation expense		252				252
Recharge to Parent for Share-based compensation		(100)				(100)
Issuance of common stock under employee share-based compensation plans (Shares)	4
Other comprehensive income (loss), net				$ 9		9
Ending balance (in shares) at Dec. 30, 2023	806
Ending balance at Dec. 30, 2023	$ 8	$ 14,886			$ 30	$ 14,924

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 58	$ 188
Short term deposits	222	285
Money market funds	932	551
Restricted cash (within other current and other long-term assets)	14	11
Cash, cash equivalents and restricted cash	$ 1,226	$ 1,035	$ 625	$ 93

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

LEASES - Schedule of maturities of future minimum lease payments (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Schedule of maturities of future minimum lease payments
2024	$ 14
2025	13
2026	10
2027	9
2028 and thereafter	10
Total operating lease liabilities	56
Imputed interest	(5)
Present value of lease liabilities	$ 51	$ 58

EQUITY - Share-based compensation expense summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
EQUITY
Total share-based compensation	$ 252	$ 174	$ 97
Cost of revenue
EQUITY
Total share-based compensation	2	2	1
Research and development, net
EQUITY
Total share-based compensation	212	153	77
Sales and marketing
EQUITY
Total share-based compensation	7	5	4
General and administrative
EQUITY
Total share-based compensation	$ 31	$ 14	$ 15

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company operates on a 52-week or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2023 was a 52-week fiscal year. Fiscal years 2022 and 2021 were 53 and 52 weeks fiscal years.

Prior to the Mobileye IPO

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 consolidated 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 consolidated 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 consolidated 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 statements of operations and comprehensive income (loss) 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 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 Mobileye IPO

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

Following the legal entity reorganization and the completion of the Mobileye IPO, Intel continues to control the Company and holds all of the Company’s Class B common stock. Refer to Note 9 Related Party Transactions and Note 6 Equity for further information.

The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation.

Use of estimates

The preparation of 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 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 intangible assets and goodwill, and income taxes.

Functional currency

The majority of the Company and its subsidiaries revenue are denominated in the United States (“U.S.”) dollar, as are most purchases of materials and components. The Company’s financings and capitalization have also been denominated in the U.S. dollar. Management believes that the currency of the primary economic environment in which the Company and its subsidiaries operate is the U.S. dollar, and thus, the U.S. dollar is the functional and reporting currency of the Company and its subsidiaries.

Accordingly, transactions in currencies other than the U.S. dollar are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. Monetary assets and liabilities that are denominated in currencies other than the U.S. dollar are measured using the official exchange rate at the balance sheet date. Non-monetary assets and liabilities are remeasured into the functional currency using the historical exchange rate. The effects of foreign currency remeasurements are recorded in the consolidated statements of operations and comprehensive income (loss) as other financial income (expense), net.

Cash, cash equivalents and restricted cash

Cash equivalents consist of short term deposits and money market funds. The short term deposits are short-term unrestricted highly liquid investments that are readily convertible to cash and with original maturities of three months or less at acquisition. The money market funds consist of institutional investors money market funds and are readily redeemable to cash.

Restricted bank deposits are cash amounts related to bank guarantees mainly in connection with lease agreements and import of vehicles. Such deposits are stated at cost including accrued interest, which approximates market values. These amounts are included in other current and long-term assets on the consolidated balance sheets.

The following is a reconciliation of the cash, cash equivalents and restricted cash for each period presented:


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Cash	$	58	$	188
Short term deposits		222		285
Money market funds		932		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,226	$	1,035

Fair value measurement

When determining fair value, the Company considers the principal or most advantageous market in which it would transact, as well as assumptions that market participants would use when pricing the asset or liability. The Company assesses fair value hierarchy levels for its financial assets based on the underlying financial instrument.

Consistent with Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, the Company follows a three-tier fair value hierarchy as a basis for considering the assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable prices that are based on inputs not quoted on active markets but are corroborated by market data or active market data for similar, but not identical assets or liabilities.

Level 3: Unobservable inputs are used when little or no market data is available. The Company monitors and reviews the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers credit risk in its assessment of fair value.

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 are measured at fair value within Level 1 of the fair value hierarchy because they consist of financial assets for which quoted prices are available in an active market. Interest income related to money market funds for the years ended December 30, 2023 and December 31, 2022 amounted to $46 million and $1 million, respectively.

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

As described in further detail in Note 10, goodwill is evaluated for impairment at least once a year or more frequently if indicators of potential impairment exist. If a quantitative assessment is required, than the reporting unit’s fair value is measured.

Inventories

Inventories are stated at the lower of cost and net realizable value. The Company computes inventory cost on an average cost basis and adjusts for excess and obsolete inventories primarily based on future demand and market conditions, including product-specific facts and circumstances which considers the Company’s customer base and an assessment of selling price in relation to product cost. Once written-down, a new lower cost basis for that inventory is established.

Property and equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Property and equipment are depreciated on a straight-line basis over their estimated useful lives.

The estimated useful lives per asset type are as follows:


		Years
Computers, electronic equipment and software		3-7
Vehicles		7
Office furniture and equipment		14
Buildings		15-25

Leasehold improvements are amortized by the straight-line method over the shorter of the term of the lease and estimated useful life of the improvements.

Assets in construction are not depreciated until they are available for their intended use.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting. The Company includes the results of operations of the businesses that we acquire in the consolidated financial statements beginning on the date of acquisition. The Company allocates the purchase price paid for assets acquired and liabilities assumed in connection with the Company’s acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following:

●

intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, and growth rates, as well as the estimated useful life of intangible assets;

●

deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date;

●

inventory; property and equipment; pre-existing liabilities or legal claims; deferred revenue; and contingent consideration, each as may be applicable; and

●

goodwill measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed.

The Company’s assumptions and estimates are based on comparable market data and information obtained from the Company’s management and the management of the acquired companies. The Company allocates goodwill to the reporting units of the business that are expected to benefit from the acquisition.

Goodwill

The Company performs an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The analysis may include both qualitative and quantitative factors to assess the likelihood of impairment. In accordance with ASC 350, the Company initially assesses qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, it performs a quantitative goodwill impairment test by comparing the reporting unit’s fair value with its carrying amount. An impairment loss is recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value. The Company did not record any impairment of goodwill for any of the periods presented.

The Company’s quantitative impairment test may consider both the income approach and the market approach to estimate a reporting unit’s fair value. Significant estimates for the income approach include growth rates, estimated costs, and discount rates based on a reporting unit’s weighted average cost of capital. The estimated fair value using a market approach is based on a number of assumptions, including current market capitalization as corroboration of fair value.

Forecasts and estimates are based on assumptions that are consistent with the plans and estimates used to manage the business. Changes in these estimates could change the conclusion regarding an impairment of goodwill.

Intangible assets, net

The Company amortizes acquisition-related intangible assets that are subject to amortization over their estimated useful life.

The Company performs an annual review of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company’s business strategy and its forecasts for specific product lines.

Impairment of long-lived assets

Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Assets are categorized and evaluated for impairment at the lowest level of identifiable cash flows. In the event that the sum of the expected future undiscounted cash flows expected to be generated by the long-lived assets is less than the carrying amount of such assets, an impairment charge would be recognized and the assets would be written down to their estimated fair values. The Company did not record any impairment of long-lived assets for any of the periods presented.

Research and development, net

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

The Company follows the provisions of ASC 985, Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed, which requires that software development costs incurred in conjunction with development be charged to research and development expenses until technological feasibility is established. The technological feasibility is established upon completion of a working model. The costs incurred by the Company between technological feasibility and general release to the public have been insignificant. Accordingly, all research and development costs have been expensed as incurred.

The Company 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 consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $89 million, $58 million, and $54 million were offset against research and development costs in the years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively.

Derivatives and hedging

Beginning in 2021, as part of Intel’s corporate hedging program, Intel is hedging forecasted cash flows denominated in Israeli Shekel (“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 consolidated 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 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 and will no longer participate in the hedging services agreement with Intel. As the hedged transactions and cash flows related to the outstanding instruments are 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 December 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
	December 30,		December 31,
U.S. dollars in millions	2023		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:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Other comprehensive income (loss) before reclassifications	$	—	$	(33)	$	18
Amounts reclassified out of accumulated other comprehensive income (loss)		10		18		(13)
Tax effects		(1)		1		—
Other comprehensive income (loss), net	$	9	$	(14)	$	5

Revenue recognition

The Company recognizes revenue when performance obligations are satisfied as evidenced by the transfer of control of the Company’s products or services to customers. Substantially all of the Company’s revenue is derived from product sales. In accordance with contract terms, revenue for product sales is recognized at the time of product shipment from the Company’s facilities, as determined by the agreed upon ‘ex-works’ shipping terms which specify that title and risks will pass to the customer upon delivery at the Company’s warehouse. Revenue for product sales to resellers and distributors is recognized at the time of delivery of products to the resellers and distributors.

The Company measures revenue based on the amount of consideration the Company expects to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. The Company determines variable consideration, which consists primarily of various volume rebates, by estimating the most likely amount of consideration the Company expects to receive from the customer. Volume rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other current liabilities. Substantially all of the Company’s contracts do not include right of return or acceptance provisions. Revenue is recognized net of any taxes invoiced to customers, which are subsequently remitted to governmental authorities. Any shipping and handling costs related to the fulfillment of sales are included in cost of revenue.

Sales of the Company’s products regularly include warranties which provides the customer with assurance that the products delivered will perform in accordance with agreed-upon specifications. These standard warranties are assurance type warranties and do not offer any services in addition to the assurance that the product will continue working as specified. Therefore, the warranties are not considered separate performance obligations.

The Company is generally the principal in a transaction and, therefore, primarily records revenue on a gross basis. When the Company is a principal in a transaction, it has determined that it controls the ability to direct the use of the product prior to transfer to a customer, is primarily responsible for fulfilling the promise to provide the product or service to the customer, has discretion in establishing prices, and ultimately controls the transfer of the product or services provided to the customer.

Advertising expenses

Advertising expenses are charged to sales and marketing on the consolidated statements of operations and comprehensive income (loss) as incurred. Advertising expenses for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 amounted to $4 million, $3 million and $2 million, respectively.

Share-based compensation

Prior to the completion of the Mobileye IPO, the Company’s employees participated in Intel’s equity incentive plans and were granted options and restricted stock units (“RSUs”) on Intel’s common shares. In connection with the Mobileye IPO, the Company approved the Mobileye Global Inc. 2022 Equity Incentive Plan (the “2022 Plan”) which allows the compensation committee of the Company to make equity-based incentive awards to our employees, consultants and outside directors. Equity awards granted to employees are accounted for using the estimated grant date fair value. The Company estimates the fair value of employee stock options to purchase shares of Intel common stock with a service condition using an option pricing model at the date of grant and values RSUs based on the market value of the underlying share of Intel or Mobileye common stock (as applicable) at the date of grant. The Company recognizes share-based compensation expense for the value of its awards, which have graded vesting based on service conditions, using the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures.

Income Taxes

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.

The Company computes the provision for income taxes under the asset and liability method prescribed by the Financial Accounting Standards Board (“FASB”) Guidance ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in these consolidated financial statements. Under this method, deferred tax assets and liabilities, resulting from temporary differences between the financial reporting and tax bases of assets and liabilities, are measured as of the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The realization of deferred tax assets depends upon the existence of sufficient taxable income, of appropriate character, within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when the Company determines, based on available information, that it is more likely than not that deferred tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances.

The Company records accruals for uncertain tax positions when the Company believes that it is more likely than not that a tax position will not be sustained on examination by tax authorities based on the technical merits of the position. The Company adjusts these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate.

During the years presented in the consolidated financial statements, certain components of the Company’s business operations were included in the consolidated US 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 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 currently 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 consolidated statement of changes in equity and financing activities within the consolidated statement of cash flows. For additional information regarding the Tax Sharing Agreement, see Note 9 of the Notes to Consolidated Financial Statements.

The Company presents 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. As a result, there are inherent differences between the Company’s separate tax return method approach and certain actual tax returns filed on a consolidated basis with Intel.

For further detail regarding income tax, refer to Note 8 Income Taxes.

Provision for warranties

The Company provides warranties for its products, which vary with respect to each contract and in accordance with the nature of each specific product. The warranty terms vary from one to three years, with the vast majority of the Company’s products being subject to a warranty period of three years. The Company estimates the costs that may be incurred under its warranty and records a liability in the amount of such costs at the time revenue is recognized. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.

Provision for warranties is included in other current liabilities on the consolidated balance sheets. Provision for warranties as of December 30, 2023 and December 31, 2022, as well as warranty expenses for the each of the years presented were not material.

Loss contingencies

The Company is currently involved in commercial claims within the ordinary course of business. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the loss can be reasonably estimated, the Company accrues a liability for the estimated loss. When accruing these costs, the Company recognizes an accrual for an amount within a range of loss that is the best estimate within the range. When no amount within the range is a better estimate than any other, the Company accrues for the minimum estimated loss within the range. The Company discloses contingencies when it believes that a loss is not probable, but reasonably possible.

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

Leases

The Company accounts for leases in accordance with ASC 842, Leases, which requires lessees to recognize leases on the consolidated balance sheets and disclose key information about leasing arrangements.

Leases primarily consist of real estate property and vehicles and are classified as operating leases with fixed payment terms. Certain operating leases provide for annual increases to lease payments based on an index or a rate. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are included in other long-term assets, other current liabilities, and other long-term liabilities on the consolidated balance sheet. Lease expenses for the operating leases are recognized on a straight-line basis over the lease term and are included in operating expenses in the consolidated statements of operations and comprehensive income (loss). Options to extend or terminate the lease are taken into account when it is reasonably certain at the commencement date that such options will be exercised.

The Company elected to apply the short-term lease exemption for lease with a non-cancelable period of twelve months or less. Additionally, the Company has lease agreements with lease and non-lease components. The non-lease components are accounted for separately and not included in the leased assets and corresponding liabilities. On the commencement date, lease payments that include variable lease payments dependent on an index or a rate (such as the Consumer Price Index or a market interest rate), are initially measured using the index or rate at the commencement date.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate because the interest rate implicit in most of its leases is not readily determinable.

Earnings (loss) per share

Basic earnings (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. Undistributed earnings (loss) are allocated proportionally to Class A and Class B stockholders as both classes are entitled to share equally, on a per share basis, in dividends and other distributions. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, while giving effect to all potentially dilutive common shares to the extent they are dilutive. Potentially dilutive common shares result from the assumed vesting of RSUs under the 2022 Plan, using the “treasury stock” method. RSUs are not included in the computation of diluted earnings (loss) per share if the effect of their inclusion would have been anti-dilutive. Refer to Note 7 Earnings (Loss) Per Share as well as Share-based Compensation in Note 6 for further discussion on awards.

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. 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 receivable 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 receivable 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 recognizes an allowance for credit losses for any potential uncollectible amounts. The allowance is based on various factors, including historical experience, the age of the accounts receivable balances, credit quality of the customers, and other reasonable and supportable information. This allowance consists of an amount based on overall estimated exposure for the receivable portfolio and amounts identified for specific customers. Expected credit losses are recorded as general and administrative expenses in the Company’s consolidated statement of operations and comprehensive income. As of December 30, 2023 and December 31, 2022, the credit loss allowance of trade accounts receivable was not material. For each of the years presented, the charge-offs and recoveries in relation to the credit losses 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 12 Segment Information 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 years presented in these consolidated financial statements.

Dependence on a single supplier risk

The Company purchases all its System on Chip (“EyeQ^TM 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^TM SoCs that the Company experienced during 2021 and 2022 and may experience in the future, including in ECUs for SuperVision™ and other components for our products.

Supply chain risk

During the fiscal years 2022 and 2021, 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^TM SoCs, causing a significant reduction in the Company’s inventory levels. Starting in late 2022 and early 2023, such supply chain constraints and shortage abated and during 2023, we successfully increased levels of EyeQ^TM SoC inventory on hand, mitigating the potential for future supply constraints to cause a shortfall. However, in the event of a reoccurrence of supply chain constraints, and subject to the duration and severity thereof, we may be required to operate with minimal or no inventory of EyeQ^TM SoCs or SuperVision^TM ECUs on hand. The reoccurrence of shortages and supply chain constraints in EyeQ^TM 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 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. Sustaining the Company’s production trajectory 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 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.

New Accounting pronouncements

Accounting Pronouncements effective in future periods

In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is evaluating the potential impact of this guidance on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segments disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statements.

INCOME TAXES - Changes in valuation allowance for deferred tax assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Changes in valuation allowance for deferred tax assets
Valuation allowance at beginning of year	$ 533	$ 229
Additions			$ 185
Change in valuation allowance	46	304	44
Valuation allowance at end of year	$ 579	$ 533	$ 229

SEGMENT INFORMATION

12 Months Ended

Dec. 30, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 12 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 CODM uses segment performance to allocate resources (including employees and financial resources) to segments in the annual budget and forecasting process and also uses that measure to assess the segment performance. 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 Significant Accounting Policies in Note 2.

The following is segment results for each year:


	Year ended December 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	2,045	$	34	$	—	$	2,079
Cost of revenues		620		6		406		1,032
Research and development, net		848		41		—		889
Sales and marketing		38		12		68		118
General and administrative		62		11		—		73
Segment performance	$	477	$	(36)	$	(474)	$	(33)
Interest income (expense) with related party, net								—
Other financial income (expense), net								49
Income (loss) before taxes on income								16
Share-based compensation		233		19		—		252
Depreciation of property and equipment		39		—		—		39


	Year ended December 31, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,843	$	26	$	—	$	1,869
Cost of revenues		473		5		469		947
Research and development, net		747		42		—		789
Sales and marketing		34		11		75		120
General and administrative		34		12		4		50
Segment performance	$	555	$	(44)	$	(548)	$	(37)
Interest income (expense) with related party, net								(6)
Other financial income (expense), net								11
Income (loss) before taxes on income								(32)
Share-based compensation		158		16		—		174
Depreciation of property and equipment		23		—		—		23


	Year ended December 25, 2021
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,363	$	23	$	—	$	1,386
Cost of revenues		308		4		419		731
Research and development, net		505		39		—		544
Sales and marketing		30		14		90		134
General and administrative		21		13		—		34
Segment performance	$	499	$	(47)	$	(509)	$	(57)
Interest income (expense) with related party, net								3
Other financial income (expense), net								(3)
Income (loss) before taxes on income								(57)
Share-based compensation		85		12		—		97
Depreciation of property and equipment		17		—		—		17

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


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
China		640		551		270
USA		437		472		363
Germany		353		268		263
South Korea		164		115		107
United Kingdom		150		221		198
Poland		97		69		24
Hungary		94		87		66
Czech Republic		50		8		—
Singapore		21		25		42
Rest of World		73		53		53
Total	$	2,079	$	1,869	$	1,386

We generate the majority of our revenue from the sale of our EyeQ^TM SoCs to OEMs through sales to Tier 1 automotive suppliers. EyeQ^TM SoC sales represented approximately 89%, 89%, and 94% of our revenue for each of the years ended December 30, 2023, December 31, 2022 and December 25, 2021, respectively.

Major Customers

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


	Year ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Percent of total revenues
Customer A	30	%	38	%	35	%
Customer B	24	%	18	%	19	%
Customer C	14	%	15	%	17	%

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


	As of
	December 30,		December 31,
	2023		2022
Percent of total accounts receivables balance
Customer A	44	%	32	%
Customer B	10	%	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenue	$ 2,079	$ 1,869	$ 1,386
Cost of revenue	1,032	947	731
Gross profit	1,047	922	655
Research and development, net	889	789	544
Sales and marketing	118	120	134
General and administrative	73	50	34
Total operating expenses	1,080	959	712
Operating income (loss)	(33)	(37)	(57)
Interest income with related party	0	18	3
Interest expense with related party		(24)
Other financial income (expense), net	49	11	(3)
Income (loss) before income taxes	16	(32)	(57)
Benefit (provision) for income taxes	(43)	(50)	(18)
Net income (loss)	$ (27)	$ (82)	$ (75)
Earnings (loss) per share attributed to Class A and Class B stockholders:
Basic	$ (0.03)	$ (0.11)	$ (0.10)
Diluted	$ (0.03)	$ (0.11)	$ (0.10)
Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions):
Basic	805	759	750
Diluted	805	759	750
Other comprehensive income (loss), net of tax	$ 9	$ (14)	$ 5
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (18)	$ (96)	$ (70)

SIGNIFICANT ACCOUNTING POLICIES - Change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
SIGNIFICANT ACCOUNTING POLICIES
Other comprehensive income (loss) before reclassifications		$ (33)	$ 18
Amounts reclassified out of accumulated other comprehensive income (loss)	$ (10)	(18)	13
Tax effects	(1)	1
Other comprehensive income (loss), net	$ 9	$ (14)	$ 5

INCOME TAXES

12 Months Ended

Dec. 30, 2023

INCOME TAXES

INCOME TAXES

NOTE 8 INCOME TAXES

Loss before income taxes included in the consolidated statements of operations and comprehensive income (loss)


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Income (loss) before taxes:
U.S	$	(13)	$	(49)	$	(96)
Non-U.S		29		17		39
Total income (loss) before income taxes	$	16	$	(32)	$	(57)

Benefit (provision) for income taxes included in the consolidated statements of operations and comprehensive income (loss)

Benefit (provision) for income taxes for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 was comprised of the following:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Current income taxes:
U.S	$	—	$	—	$	—
Non-U.S		(58)		(67)		(47)
Total current provision for income taxes		(58)		(67)		(47)


Deferred income taxes:
U.S.		(28)		(28)		(30)
Non-U.S.		43		45		59
Total deferred benefit (provision) for income taxes		15		17		29
Total benefit (provision) for income taxes	$	(43)	$	(50)	$	(18)

Effective income tax rate reconciliation

The difference between the tax provision at the statutory federal income tax rate and the benefit (provision) for income taxes as a percentage of loss before income taxes (effective tax rate) for each year was as follows:


	Year ended
	December 30,	December 31,	December 25,
	2023	2022	2021

	%
Statutory federal income tax rate	21.0	21.0	21.0
Increase (reduction) in rate resulting from:
Foreign rate differential	2.7	(1.2)	(1.9)
Technology incentives – current	(568.7)	312.7	183.1
Technology incentives – deferred	461.5	(230.6)	(116.4)
U.S. branch taxation of foreign operations	243.9	(127.3)	(54.4)
Changes in uncertain tax position, net	42.1	16.1	(0.3)
Share-based compensation related adjustments	(2.4)	(0.5)	(13.7)
Changes in valuation allowance	43.1	(151.9)	(50.0)
Non-deductible expenses and other	25.4	(6.5)	1.0
Withholding taxes, net of credit	—	12.1	—
Effective tax rate	268.6	(156.1)	(31.6)

In fiscal years ended 2023 and 2022, certain Israeli operations are taxable in the U.S. as branch activities due to restructuring activities prior to Mobileye IPO. As a result, these operations are taxed both in the U.S. and locally in Israel. For U.S. tax purposes, due to cumulative losses, deferred tax assets have not been benefited which results in a residual tax expense associated with a deferred tax liability recorded for goodwill.

The increase in the effective tax rate for the year ended December 30, 2023, as compared to the year ended December 31, 2022, is primarily driven by the jurisdictional composition of our taxable earnings based on operational results and an increase in unbenefited U.S. deferred tax assets subject to a valuation allowance.

In Israel, the Company benefits from a reduced tax rate under the Special Preferred Technological Enterprise status under the Law for the Encouragement of Capital Investments, 1959, or the Investment Law.

Under the Investment Law, income derived by Preferred Companies from ‘Special Preferred Technological Enterprises’ (as defined in the 2017 Amendment), would be subject to 6% tax rate on income deriving from intellectual property, subject to a number of conditions being fulfilled, including a minimal amount or ratio of annual research and development expenditures and research and development employees, as well as having at least 25% of annual income derived from exports. Special Preferred Technological Enterprise is defined as an enterprise which meets the aforementioned conditions and for which total consolidated revenue of its parent company and all subsidiaries are more than ILS 10 billion.

Deferred income taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and increase in unbenefited U.S. deferred tax assets subject to a valuation allowance.

Due to the fact that certain Israeli operations were taxable in the U.S. as branch activities, the Company recognized in the years ended December 30, 2023 and December 31, 2022 the tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for U.S. income tax purposes which resulted in a net deferred tax liability after evaluation of deferred tax assets for realizability.

Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows:


	December 30,		December 31,
U.S. dollars in millions	2023		2022
Deferred tax assets:
Share-based compensation	$	105	$	89
Provisions for employee benefits		8		7
Net operating losses carryforward		103		142
Research and development expenses		455		283
Operating lease liabilities		12		13
Foreign tax credit and deferrals		13		33
Intangible assets		179		147
Other		15		3
Gross deferred tax assets		890		717
Valuation allowance		(579)		(533)
Total deferred tax assets		311		184
Deferred tax liabilities:
Intangible assets		(126)		(161)
Goodwill		(322)		(172)
Right of use assets		(11)		(13)
Total deferred tax liabilities		(459)		(346)
Net deferred tax liabilities	$	(148)	$	(162)

Changes in valuation allowance for deferred tax assets were as follows:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Valuation allowance at beginning of year	$	533	$	229	$	—
Additions		—		—		185
Change in valuation allowance		46		304		44
Valuation allowance at end of year	$	579	$	533	$	229

Realization of deferred tax assets is based on the Company’s judgment and various factors including reversal of deferred tax liabilities, the ability to generate future taxable income in jurisdictions where such assets have arisen, and potential tax planning strategies. A valuation allowance is recorded in order to reduce the deferred tax assets to the amount expected to be realized in the future. The valuation allowance for the years presented are primarily related to U.S. branch deferred tax assets not currently expected to be realized given that the Company has sustained recent losses based on the separate return method.

For purposes of these financial statements, the income tax expense and deferred tax balances have been prepared as if the Company filed income tax returns on the separate return method. As of December 30, 2023, the Company has U.S. net operating loss carryforwards of $144 million, subject to separate return limitation year rules, which were generated before the Company joined its Parent’s consolidated income tax return on July 17, 2021. The Company also has $139 million of separate return method net operating loss carryforwards that were generated after joining its Parent’s consolidated income tax filing group which have been utilized by its Parent. These net operating losses generated by the Company that have been utilized as part of the Parent consolidated income tax return filings but have not been utilized by the Company under the separate return method approach, have been reflected in these consolidated financial statements because the Company will recognize a benefit for the separate return method net operating losses when determined to be realizable.

The Company has a non-U.S. net operating loss carryforward of $183 million as of December 30, 2023. This net operating loss carryforward amount relates primarily to operations in Israel and has an indefinite carry-forward period.

The Company intends to indefinitely reinvest undistributed foreign earnings into foreign operations and expects future U.S. cash generated to be sufficient to meet future U.S. cash needs. Therefore, the Company has not provided for deferred income taxes on undistributed foreign earnings. In making this determination, the Company evaluates both near-term and long-term fiscal needs of its U.S. domestic operations and its foreign subsidiaries. The estimation of the unrecognized deferred tax liability on undistributed foreign earnings is not practicable for the consolidated balance sheets dates presented.

Uncertain tax positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits related to uncertain tax positions was as follows:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Balance at the beginning of the year	$	—	$	4	$	4
Changes in balances related to tax positions taken during current period		7		—		—
Settlements with taxing authorities		—		—		—
Lapse of statute of limitations		—		(4)		—
Balance at the end of the year	$	7	$	—	$	4

If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $7 million as of December 30, 2023. The balance of uncertain tax positions, which also includes accrued penalties and interest, is included in other long-term liabilities on the consolidated balance sheets. There are no material changes anticipated in the uncertain tax positions in the next twelve months.

The Company files income tax returns in the U.S., Israel, and in other certain foreign jurisdictions. The Company is no longer subject to U.S. and Israeli tax examinations for years prior to 2020 and 2018, respectively.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

IDENTIFIED INTANGIBLE ASSETS

12 Months Ended

Dec. 30, 2023

IDENTIFIED INTANGIBLE ASSETS

IDENTIFIED INTANGIBLE ASSETS

NOTE 11 IDENTIFIED INTANGIBLE ASSETS


	As of
	December 30, 2023						December 31, 2022
	Gross		Accumulated				Gross		Accumulated
U.S. dollars in millions	Assets		Amortization		Net		Assets		Amortization		Net
Developed technology	$	3,705	$	2,008	$	1,697	$	3,973	$	1,870	$	2,103
Customer relationships & brands		786		430		356		786		362		424
Total	$	4,491	$	2,438	$	2,053	$	4,759	$	2,232	$	2,527

Amortization expenses recorded for developed technology and customer relationships and brands were recorded in cost of revenue and sales and marketing, respectively, in the consolidated statements of operations and comprehensive income (loss) for each year presented. The Company did not record any impairment of intangible assets for any of the periods presented.

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


	Year ended
							Weighted Average
U.S. dollars in millions	December 30, 2023		December 31, 2022		December 25, 2021		Useful Life
Developed technology	$	406	$	469	$	419	10
Customer relationships & brands		68		75		90	12
Total amortization expenses	$	474	$	544	$	509

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


U.S. dollars in millions	2024		2025		2026		2027		2028		Thereafter		Total
Future Amortization Expenses	$	444	$	443	$	332	$	179	$	176	$	479	$	2,053

GENERAL (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2024	Dec. 30, 2023	Jun. 12, 2023	Jun. 07, 2023	Oct. 28, 2022
GENERAL
Underwriting discounts and commissions					$ 41
Offering costs					18
Amount of secondary offering				$ 1
Subsequent Events
GENERAL
Percentage of employees who have been called to reserve duty in the Israel Defense Forces	10.50%
Class A
GENERAL
Number of shares converted into Class A common stock			38,500,000
IPO
GENERAL
Net proceeds from IPO					$ 1,000
IPO \| Class A
GENERAL
Issuance of Class A common stock in Initial Public Offering, net of underwriting discounts, commissions and offering costs (in shares)					41,000,000
Offering price per share					$ 21.00
Private placement
GENERAL
Gross proceeds from private placement					$ 100
Private placement \| Class A
GENERAL
Issuance of Class A common stock in Initial Public Offering, net of underwriting discounts, commissions and offering costs (in shares)					4,761,905
Offering price per share					$ 21.00
Secondary Offering \| Class A
GENERAL
Issuance of Class A common stock in Initial Public Offering, net of underwriting discounts, commissions and offering costs (in shares)				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 \| Mobileye Global Inc
GENERAL
Percentage of outstanding common stock		88.30%

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 30, 2023

EARNINGS (LOSS) PER SHARE

Schedule of calculation of basic and diluted earnings (loss) per share


	Year ended
	December 30,		December 31,		December 25,
In millions, except per share amounts	2023		2022		2021


Numerator:
Net income (loss)	$	(27)	$	(82)	$	(75)
Denominator:
Weighted average common shares - basic and diluted		805		759		750
Earnings (loss) per share:
Basic and diluted	$	(0.03)	$	(0.11)	$	(0.10)

INCOME TAXES - Income taxes reconciliation (Details)	12 Months Ended
INCOME TAXES - Income taxes reconciliation (Details)	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Difference between the tax provision at the statutory federal income tax rate and the benefit (provision) for income taxes as a percentage of loss before income taxes (effective tax rate)
Statutory federal income tax rate	21.00%	21.00%	21.00%
Increase (reduction) in rate resulting from:
Foreign rate differential	2.70%	(1.20%)	(1.90%)
Technology incentives - current	(568.70%)	312.70%	183.10%
Technology incentives - deferred	461.50%	(230.60%)	(116.40%)
U.S. branch taxation of foreign operations	243.90%	(127.30%)	(54.40%)
Changes in uncertain tax position, net	42.10%	16.10%	(0.30%)
Share-based compensation related adjustments	(2.40%)	(0.50%)	(13.70%)
Changes in valuation allowance	43.10%	(151.90%)	(50.00%)
Non-deductible expenses and other	25.40%	(6.50%)	1.00%
Withholding taxes, net of credit		12.10%
Effective tax rate	268.60%	(156.10%)	(31.60%)
Tax rate on Special Preferred Technological Enterprises	6.00%
Percentage of annual income derived from exports for preferential tax rate	25.00%

EQUITY - Stock-based compensation plans (Details) - RSUs - Mobileye Plan - Chief Executive Officer - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
EQUITY
Number of shares issuable upon vesting of restricted stock units	0.4	2.1
Aggregate value of shares issuable upon vesting of restricted stock units	$ 14	$ 44
Service period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Property and equipment, net
Total property and equipment, gross	$ 544	$ 465
Less: accumulated depreciation	(97)	(81)
Total property and equipment, net	447	384
Depreciation expenses	39	23	$ 17
Cost and accumulated depreciation of fully depreciated assets	23
Royalty expense	9	8	$ 7
Computers, electronic equipment and software
Property and equipment, net
Total property and equipment, gross	167	124
Vehicles
Property and equipment, net
Total property and equipment, gross	14	13
Office furniture and equipment
Property and equipment, net
Total property and equipment, gross	11	4
Buildings
Property and equipment, net
Total property and equipment, gross	315
Leasehold improvements
Property and equipment, net
Total property and equipment, gross	$ 37	22
Construction on process
Property and equipment, net
Total property and equipment, gross		$ 302

INCOME TAXES - Benefit (provision) for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Current taxes:
Non-U.S	$ (58)	$ (67)	$ (47)
Total current provision for income taxes	(58)	(67)	(47)
Deferred taxes:
U.S.	(28)	(28)	(30)
Non-U.S.	43	45	59
Total deferred provision for income taxes	15	17	29
Total benefit (provision) for income taxes	$ (43)	$ (50)	$ (18)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

INCOME TAXES

Summary of loss before income taxes


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Income (loss) before taxes:
U.S	$	(13)	$	(49)	$	(96)
Non-U.S		29		17		39
Total income (loss) before income taxes	$	16	$	(32)	$	(57)

Summary of benefit (provision) for income taxes


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Current income taxes:
U.S	$	—	$	—	$	—
Non-U.S		(58)		(67)		(47)
Total current provision for income taxes		(58)		(67)		(47)


Deferred income taxes:
U.S.		(28)		(28)		(30)
Non-U.S.		43		45		59
Total deferred benefit (provision) for income taxes		15		17		29
Total benefit (provision) for income taxes	$	(43)	$	(50)	$	(18)

Summary of income taxes reconciliation


	Year ended
	December 30,	December 31,	December 25,
	2023	2022	2021

	%
Statutory federal income tax rate	21.0	21.0	21.0
Increase (reduction) in rate resulting from:
Foreign rate differential	2.7	(1.2)	(1.9)
Technology incentives – current	(568.7)	312.7	183.1
Technology incentives – deferred	461.5	(230.6)	(116.4)
U.S. branch taxation of foreign operations	243.9	(127.3)	(54.4)
Changes in uncertain tax position, net	42.1	16.1	(0.3)
Share-based compensation related adjustments	(2.4)	(0.5)	(13.7)
Changes in valuation allowance	43.1	(151.9)	(50.0)
Non-deductible expenses and other	25.4	(6.5)	1.0
Withholding taxes, net of credit	—	12.1	—
Effective tax rate	268.6	(156.1)	(31.6)

Summary of significant components of the Company's deferred tax assets and deferred tax liabilities


	December 30,		December 31,
U.S. dollars in millions	2023		2022
Deferred tax assets:
Share-based compensation	$	105	$	89
Provisions for employee benefits		8		7
Net operating losses carryforward		103		142
Research and development expenses		455		283
Operating lease liabilities		12		13
Foreign tax credit and deferrals		13		33
Intangible assets		179		147
Other		15		3
Gross deferred tax assets		890		717
Valuation allowance		(579)		(533)
Total deferred tax assets		311		184
Deferred tax liabilities:
Intangible assets		(126)		(161)
Goodwill		(322)		(172)
Right of use assets		(11)		(13)
Total deferred tax liabilities		(459)		(346)
Net deferred tax liabilities	$	(148)	$	(162)

Summary of changes in valuation allowance for deferred tax assets


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Valuation allowance at beginning of year	$	533	$	229	$	—
Additions		—		—		185
Change in valuation allowance		46		304		44
Valuation allowance at end of year	$	579	$	533	$	229

Summary of reconciliation of the beginning and ending amount of unrecognized tax benefits related to uncertain tax positions


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Balance at the beginning of the year	$	—	$	4	$	4
Changes in balances related to tax positions taken during current period		7		—		—
Settlements with taxing authorities		—		—		—
Lapse of statute of limitations		—		(4)		—
Balance at the end of the year	$	7	$	—	$	4

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Jun. 12, 2023	Nov. 01, 2022	Oct. 28, 2022	Oct. 25, 2022	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Oct. 27, 2022
EARNINGS (LOSS) PER SHARE
Number of shares issued					94,652,348	51,911,905		100
Par value (in dollars per share)					$ 0.01	$ 0.01		$ 0.01
Number of shares outstanding					94,652,348	51,911,905		100
Dilutive effect of equity incentive awards					5,900,000	800,000
Numerator:
Net Income (Loss)					$ (27)	$ (82)	$ (75)
Denominator:
Weighted average common shares - basic					805,000,000	759,000,000	750,000,000
Weighted average common shares - diluted					805,000,000	759,000,000	750,000,000
Earnings (loss) per share:
Basic					$ (0.03)	$ (0.11)	$ (0.10)
Diluted					$ (0.03)	$ (0.11)	$ (0.10)
Class B common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued					711,500,000	750,000,000
Par value (in dollars per share)					$ 0.01	$ 0.01		$ 0.01
Number of shares outstanding					711,500,000	750,000,000
Class B common stock \| Cyclops holdings corporation
EARNINGS (LOSS) PER SHARE
Number of shares outstanding			750,000,000
Number of shares issued during the period				749,999,900
Class A common stock
EARNINGS (LOSS) PER SHARE
Par value (in dollars per share)					$ 0.01
Number of shares outstanding					94,652,348
Number of shares converted into Class A common stock	38,500,000
IPO \| Class B common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued								100
IPO \| Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period			41,000,000
Offering price per share			$ 21.00
Private placement \| Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period			4,761,905
Offering price per share			$ 21.00
Over allotment option \| Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period		6,150,000

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

SEGMENT INFORMATION

Schedule of segment results


	Year ended December 30, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	2,045	$	34	$	—	$	2,079
Cost of revenues		620		6		406		1,032
Research and development, net		848		41		—		889
Sales and marketing		38		12		68		118
General and administrative		62		11		—		73
Segment performance	$	477	$	(36)	$	(474)	$	(33)
Interest income (expense) with related party, net								—
Other financial income (expense), net								49
Income (loss) before taxes on income								16
Share-based compensation		233		19		—		252
Depreciation of property and equipment		39		—		—		39


	Year ended December 31, 2022
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,843	$	26	$	—	$	1,869
Cost of revenues		473		5		469		947
Research and development, net		747		42		—		789
Sales and marketing		34		11		75		120
General and administrative		34		12		4		50
Segment performance	$	555	$	(44)	$	(548)	$	(37)
Interest income (expense) with related party, net								(6)
Other financial income (expense), net								11
Income (loss) before taxes on income								(32)
Share-based compensation		158		16		—		174
Depreciation of property and equipment		23		—		—		23


	Year ended December 25, 2021
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,363	$	23	$	—	$	1,386
Cost of revenues		308		4		419		731
Research and development, net		505		39		—		544
Sales and marketing		30		14		90		134
General and administrative		21		13		—		34
Segment performance	$	499	$	(47)	$	(509)	$	(57)
Interest income (expense) with related party, net								3
Other financial income (expense), net								(3)
Income (loss) before taxes on income								(57)
Share-based compensation		85		12		—		97
Depreciation of property and equipment		17		—		—		17

Schedule of total revenues based on country


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
China		640		551		270
USA		437		472		363
Germany		353		268		263
South Korea		164		115		107
United Kingdom		150		221		198
Poland		97		69		24
Hungary		94		87		66
Czech Republic		50		8		—
Singapore		21		25		42
Rest of World		73		53		53
Total	$	2,079	$	1,869	$	1,386

Schedule of concentration of risk


	Year ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Percent of total revenues
Customer A	30	%	38	%	35	%
Customer B	24	%	18	%	19	%
Customer C	14	%	15	%	17	%


	As of
	December 30,		December 31,
	2023		2022
Percent of total accounts receivables balance
Customer A	44	%	32	%
Customer B	10	%	19	%
Customer C	22	%	25	%

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
SEGMENT INFORMATION
Revenues	$ 2,079	$ 1,869	$ 1,386
Cost of revenues	1,032	947	731
Research and development, net	889	789	544
Sales and Marketing	118	120	134
General and administrative	73	50	34
Operating income (loss)	(33)	(37)	(57)
Interest income (expense) with related party, net		(6)	3
Other financial income (expense), net	49	11	(3)
Income (loss) before taxes on income	16	(32)	(57)
Share-based compensation	252	174	97
Depreciation of property and equipment	39	23	17
Operating Segments \| Mobileye
SEGMENT INFORMATION
Revenues	2,045	1,843	1,363
Cost of revenues	620	473	308
Research and development, net	848	747	505
Sales and Marketing	38	34	30
General and administrative	62	34	21
Operating income (loss)	477	555	499
Share-based compensation	233	158	85
Depreciation of property and equipment	39	23	17
Operating Segments \| Other
SEGMENT INFORMATION
Revenues	34	26	23
Cost of revenues	6	5	4
Research and development, net	41	42	39
Sales and Marketing	12	11	14
General and administrative	11	12	13
Operating income (loss)	(36)	(44)	(47)
Share-based compensation	19	16	12
Amounts not allocated to segments
SEGMENT INFORMATION
Cost of revenues	406	469	419
Sales and Marketing	68	75	90
General and administrative		4
Operating income (loss)	$ (474)	$ (548)	$ (509)

SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives per asset type (Details)	Dec. 30, 2023
Computers, electronic equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computers, electronic equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	14 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years

GOODWILL (Tables)

12 Months Ended

Dec. 30, 2023

GOODWILL

Schedule of goodwill


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Mobileye	$	10,784	$	10,784
Other		111		111
Total	$	10,895	$	10,895

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

OTHER FINANCIAL STATEMENT DETAILS (Tables)

12 Months Ended

Dec. 30, 2023

OTHER FINANCIAL STATEMENT DETAILS

Schedule of inventories


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Raw materials	$	46	$	41
Work in process		1		—
Finished goods		344		72
Total inventories	$	391	$	113

Schedule of property and equipment, net


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Computers, electronic equipment and software	$	167	$	124
Vehicles		14		13
Office furniture and equipment		11		4
Buildings		315		—
Leasehold improvements		37		22
Construction in process		—		302
Total property and equipment, gross		544		465
Less: accumulated depreciation		(97)		(81)
Total property and equipment, net	$	447	$	384

EQUITY (Tables)

12 Months Ended

Dec. 30, 2023

EQUITY

Schedule of RSUs activity

The RSU activity for the years ended December 30, 2023 and December 31, 2022 for RSUs granted to the Company’s employees under the 2022 Plan was as follows:


		Weighted average grant
	Number of RSUs	date fair value per share
	In thousands	U.S. dollars
Outstanding as of December 25, 2021	—	$	—
Granted	12,570		21
Forfeited	(6)		21
Outstanding as of December 31, 2022	12,564		21
Granted	6,782		40
Vested	(4,240)		21
Forfeited	(328)		26
Outstanding as of December 30, 2023	14,778	$	30

Schedule of outstanding and exercisable options

Outstanding and exercisable options for Intel’s common stock under Intel’s 2006 Plan as of December 30, 2023 were as follows:


	Outstanding				Exercisable
		Weighted average	Weighted			Weighted
	Number of	remaining	average		Number of	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	2.1	$	6.1	52	$	4.0
$ 22.4 - 24.3	8	0.1		23.5	8		23.5
$55.2	68	0.2		55.2	68		55.2
Total	135	1.0	$	31.7	128	$	32.2

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 26, 2020	6,391	2.4	$	29.2	$	114
Exercised	(2,807)	—		29.3		—
Forfeited	(6)	—		24.5		—
Options outstanding as of December 25, 2021	3,578	1.5		29.2		79
Exercised	(1,308)	—		32.8		—
Options outstanding as of December 31, 2022	2,270	0.8		27.1		1
Exercised	(36)	—		22.3		—
Expired	(2,099)	—		26.9		—
Options outstanding as of December 30, 2023	135	1.0	$	31.7	$	3
Options exercisable as of December 30, 2023	128	1.0	$	32.2	$	3

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of Intel’s common stock. On December 30, 2023, December 31, 2022, and December 25, 2021, the Intel share prices were $50.25, $26.43, 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 December 30, 2023 were 7 thousand options with an average weighted exercise price of $21.6.

Schedule of share-based compensation expenses


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Cost of revenue	$	2	$	2	$	1
Research and development, net		212		153		77
Sales and marketing		7		5		4
General and administrative		31		14		15
Total share-based compensation	$	252	$	174	$	97

Intel

EQUITY

Schedule of RSUs activity

The RSU activity for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average grant
	Number of RSUs	date fair value per share
	In thousands	U.S. dollars
Outstanding as of December 26, 2020	4,339	$	44.6
Granted	2,935		47.8
Vested	(1,761)		44.0
Forfeited	(235)		46.4
Outstanding as of December 25, 2021	5,278		46.5
Granted	3,758		43.7
Vested	(2,935)		45.9
Forfeited	(409)		48.1
Outstanding as of December 31, 2022	5,692		44.8
Vested	(2,690)		45.0
Forfeited	(291)		46.1
Outstanding as of December 30, 2023	2,711	$	44.4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ (27)	$ (82)	$ (75)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	39	23	17
Share-based compensation	252	174	97
Amortization of intangible assets	474	544	509
Exchange rate differences on cash and cash equivalents	5	6
Deferred income taxes	(14)	(9)	(29)
Interest on Dividend Note to related party, net		18
Interest with related party, net	16	12	20
Other	1	(2)
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable	(88)	(114)	(62)
Decrease (increase) in other current assets	8	(10)	(17)
Decrease (increase) in inventories	(278)	(16)	31
Increase (decrease) in accounts payable, accrued expenses and related party payable	10	58	59
Increase (decrease) in employee-related accrued expenses and long term benefits	(1)	(52)	36
Increase (decrease) in other current liabilities	(7)	(16)	20
Decrease (increase) in other long-term assets	(3)	17	(7)
Increase (decrease) in long-term liabilities	7	(5)
Net cash provided by operating activities	394	546	599
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(98)	(111)	(143)
Repayment of loan due from related party		1,635	460
Issuance of loan to related party		(336)	(474)
Other		(1)
Net cash provided by (used in) investing activities	(98)	1,187	(157)
CASH FLOWS FROM FINANCING ACTIVITIES
Business combination deferred consideration payment			(90)
Net transfers from Parent		84	181
Dividend paid	0	(337)	0
Share-based compensation recharge	(100)	(280)
Proceeds from initial public offering, net of offering costs	0	1,034	0
Equity transaction in connection with the legal purchase of Moovit entities		(900)
Repayment of Dividend Note with related party		(918)
Net cash provided by (used in) financing activities	(100)	(1,317)	91
Effect of foreign exchange rate changes on cash and cash equivalents	(5)	(6)	(1)
Increase in cash, cash equivalents and restricted cash	191	410	532
Balance of cash, cash equivalents and restricted cash, at beginning of year	1,035	625	93
Balance of cash, cash equivalents and restricted cash, at end of year	1,226	1,035	625
Supplementary non-cash investing and financing activities:
Non-cash purchase of property and equipment	17	13	21
Non-cash share based compensation recharge			162
Dividend Note with related party		3,500
Dividend Note contribution from related party		(2,600)
Unpaid offering costs		2
Tax sharing agreement with Parent	3	34
Supplemental cash flow information:
Cash received (paid) for income taxes, net of refunds	(64)	(57)	$ (44)
Interest paid to related party		$ (6)
Interest received from related party	$ 16

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	94,652,348	51,911,905
Common stock, shares outstanding	94,652,348	51,911,905
Class A common stock
Common stock, par value	$ 0.01
Common stock, shares outstanding	94,652,348
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

SUBSEQUENT EVENTS

12 Months Ended

Dec. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 13 SUBSEQUENT EVENTS

Share-based compensation

In January 2024, 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 $15.4 million, which constituted 596 thousand RSUs, which will vest over a service period of three years.

U.S. Class Action

Securities Litigation. On January 16, 2024, a putative class action captioned McAuliffe v. Mobileye Global Inc., et al., 1:24-CV-00310 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York against Mobileye and certain of its current and former officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with defendants’ alleged misstatements and omissions concerning the build-up of excess inventory by certain Tier 1 Mobileye customers. The complaint seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Mobileye securities between January 26, 2023 and January 3, 2024. We intend to defend the matter vigorously. No provision was recorded in the financial statements.

RELATED PARTIES TRANSACTIONS

12 Months Ended

Dec. 30, 2023

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS

NOTE 9 RELATED PARTY TRANSACTIONS

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

1.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. On October 25, 2022, Arrangement 1 was terminated.

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 March 2023, Arrangement 2 was terminated.

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 year ended December 31, 2022.

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”). On October 25, 2022, Arrangement 3 was terminated.

The total outstanding balance under the Bilateral Loan Arrangements was zero for both December 30, 2023 and December 31, 2022. Interest income recognized by the Company totaled $0 million, $18 million and $3 million for the years ended December 30, 2023, December 31, 2022 and December 25, 2021, respectively.

2.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 reimbursement amounts recorded as an adjustment to additional paid-in capital (and to parent net investment prior to the Mobileye IPO) in the consolidated statement of changes in equity were $100 million, $118 million and $162 million for the year ended December 30, 2023, December 31, 2022 and December 25, 2021, respectively. As for the inclusion of the Company’s employees in Intel’s equity incentive plan, see Note 6.

3.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. In October 2022, we de-designated our outstanding hedge instruments and will no longer participate in the hedging services agreement with Intel. As of October 25, 2022, the Company is no longer a party to this agreement. For further information, see Note 2, Significant Accounting Policies related to Derivatives and hedging.

4.Development services

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. The Company paid for these services on a quarterly basis. These costs are included in the consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis, as described in Note 2. Following our recruitment of certain employees relating to the Mobileye business from Intel during 2022, and the Intercompany Agreements that came into effect upon Mobileye IPO, this agreement was terminated on October 25, 2022.

5.Lease agreements

Under lease agreements with Intel, the Company leases office space in Intel’s buildings. The costs are included in the consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis, as described in Note 2. The leasing costs for the years ended December 30, 2023, December 31, 2022 and December 25, 2021 were $4 million, $3 million and $1.5 million, respectively.

6.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. For the years ended December 30, 2023, December 31, 2022, and December 25, 2021, travel related reimbursements were $1.7 million, $1.0 million and $1.1 million, respectively.

7.Reorganization and the Mobileye IPO

In connection with the Mobileye IPO, which was completed in October 2022, we have consummated the following transactions and agreements.

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 was paid in December 2022 to Intel using cash that we concurrently received from Intel’s payment of such amount it owed us under the Bilateral Loan Arrangements. Moovit’s operations were already reflected as part of the Mobileye Group as further detailed in Note 1 and, therefore the transaction was treated within equity.

Dividend Note

On April 21, 2022, Intel and Mobileye Group signed a loan agreement whereby Mobileye Group issued a promissory note to Intel in an aggregate principal amount of $3.5 billion (the “Dividend Note”). The Dividend Note was scheduled to mature on April 21, 2025 and accrued interest at a rate equal to 1.26% per annum, such interest to accrue quarterly. Prior to June 30, 2024, such interest would be paid by being automatically added to the outstanding principal amount of the loan and would 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 had 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. In November 2022, the Company used approximately $0.9 billion out of the net proceeds from the Mobileye IPO to repay a portion of the indebtedness under the Dividend Note and Intel has contributed to the Company the remaining portion of the Dividend Note (plus related accrued interest) in the amount of $2.6 billion such that no amounts under the Dividend Note remain owed by us to Intel as of December 31, 2022. Interest expense recognized by the Company totaled $24 million for the year ended December 31, 2022.

Contribution and Subscription Agreement

In connection with the Mobileye IPO, we entered into the Contribution and Subscription Agreement with Intel, pursuant to which Intel transferred to Mobileye Global Inc., collectively as a contribution on existing capital in exchange for 749,999,900 shares of our Class B common stock: (i) 100% of the equity interests of Cyclops Holdings Corporation, such that Cyclops Holdings Corporation became a direct, wholly owned subsidiary of Mobileye Global Inc.; and (ii) the Dividend Note with respect to any principal and accrued interest thereon in excess of the principal amount that we repaid out of the net proceeds that we received from the Mobileye IPO and the Concurrent Private Placement. After the completion of the Mobileye IPO and the Concurrent Private Placement, no amounts under the Dividend Note remain owed by us to Intel. The actual amount of the Dividend Note which was repaid was based upon the amount of net proceeds from the Mobileye IPO that were available after we retained the required $1.0 billion of cash, cash equivalents, or marketable securities that Intel agreed to ensure that we had immediately after completion of the IPO under the Master Transaction Agreement.

Intercompany Agreements

In connection with the Mobileye IPO, the Company entered into certain intercompany agreements (collectively, the “Intercompany Agreements”), including a Master Transaction Agreement, an Administrative Services Agreement, an Employee Matters Agreement, a Technology and Services Agreement, a LiDAR Product Collaboration Agreement, and a Tax Sharing Agreement, in each case with Intel and certain of its subsidiaries, to outline a framework for the Company’s ongoing relationship with Intel, whereby, among other matters, Intel will continue to provide certain administrative and operational services, including the supply and license of certain technologies, whereby the Company will supply Intel with certain technologies, and whereby Intel’s and the Company’s respective rights, responsibilities and obligations with respect to all tax matters will be governed (including tax liabilities, tax attributes, tax returns and tax audits). The Intercompany Agreements became effective as of the completion of the Mobileye IPO. See below for further detail.

Administrative Services Agreement

Under the Administrative Services Agreement, Intel provides the Company with administrative 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 initial term of the Administrative Services Agreement will expire two years from the completion of the Mobileye IPO and will be extended automatically for successive three-month terms unless one of the parties elects not to renew. We have the right to terminate any of the services provided by Intel under the Administrative Services Agreement at any time upon thirty days prior written notice of termination to Intel, or if Intel fails to perform any of its material obligations under the Administrative Services Agreement and such failure continues for at least thirty days after receipt by Intel of written notice of such failure from Mobileye.

The costs incurred under this agreement for the years ended December 30, 2023 and December 31, 2022 were $4 million and $3 million, respectively.

Technology and Services Agreement

The Technology and Services Agreement 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 will not apply to projects for the development and manufacture of a lidar sensor system for automobiles, for which the LiDAR Product Collaboration Agreement will apply. Pursuant to the Technology and Services Agreement, the Company and Intel will agree to statements of work with additional terms for Technology Projects.

The Technology and Services Agreement has a term of two years, and will automatically renew for one-year renewal periods, unless the agreement is terminated for a party’s material breach, a party’s bankruptcy or insolvency, or advance notice of non-renewal is given. The amount incurred under this agreement for the years ended December 30, 2023 and December 31, 2022 were $5 million and $0.4 million, respectively.

LiDAR Product Collaboration Agreement

The LiDAR Product Collaboration Agreement 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 Project”). 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 parties intend that for a limited period of up to 5 years, we will have certain exclusive rights for the marketing and selling of the initial FMCW lidar sensor system for defined uses, with annual plans for sales and marketing of the sensor system to be agreed by the parties.

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.

The LiDAR Product Collaboration Agreement has a term of ten years subject to automatic 24-month renewal periods unless notice of non-renewal is given. Either party may terminate the LiDAR Product Collaboration Agreement for any reason by giving 24-month notice to the other party, and additional termination rights arise if Intel shuts down, sells, or transfers the factory operations for silicon photonics or if we cease lidar development or sale, as well as for a party’s material breach or bankruptcy or insolvency.

In 2023, Mobileye opted to pursue a different lidar technology, and as a result, Mobileye and Intel are no longer actively working on developing the LiDAR Project under the LiDAR Product Collaboration Agreement. Mobileye and Intel have begun negotiation of an amendment to the LiDAR Product Collaboration Agreement which contemplates the parties’ cessation of lidar development work and Mobileye’s potential, continued use of certain licenses granted by Intel under the LiDAR Product Collaboration Agreement. In connection with the foregoing, Mobileye would no longer be obligated to share its profits associated with the LiDAR Project with Intel, and Intel would no longer be obligated to provide development services for the LiDAR Project and fund Mobileye’s lidar investments beyond the $40 million per year threshold set forth in the LiDAR Product Collaboration Agreement. Final commercial terms for this amendment remain subject to further negotiation by Mobileye and Intel.

There were no amounts received or receivable from Intel under this agreement for the years ended December 30, 2023 and December 31, 2022.

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, including audit or other tax proceedings. According to the terms of the Tax Sharing Agreement, the Company and Intel will calculate and agree to estimated amounts owed quarterly but final amounts will also be calculated and paid upon consolidated tax return filings. Amounts payable under the Tax Sharing Agreement will be recorded in the same manner as other contractual obligations entered into by the Company. As of December 30, 2023 and December 31, 2022, the related party payable to Intel, pursuant to the Tax Sharing Agreement, was $37 million and $34 million, respectively. The increase in the balance represents the net activity of estimating fiscal year 2023 amounts payable and finalizing 2022 amounts due upon filing of the US consolidated tax return with Intel.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,212	$ 1,024
Trade accounts receivable, net	357	269
Inventories	391	113
Other current assets	106	110
Total current assets	2,066	1,516
Non-current assets
Property and equipment, net	447	384
Intangible assets, net	2,053	2,527
Goodwill	10,895	10,895
Other long-term assets	116	119
Total non-current assets	13,511	13,925
TOTAL ASSETS	15,577	15,441
Current liabilities
Accounts payable and accrued expenses	229	189
Employee related accrued expenses	87	88
Related party payable	39	73
Other current liabilities	48	34
Total current liabilities	403	384
Non-current liabilities
Long-term employee benefits	56	56
Deferred tax liabilities	148	162
Other long-term liabilities	46	45
Total non-current liabilities	250	263
TOTAL LIABILITIES	653	647
Equity
Additional paid-in capital	14,886	14,737
Accumulated other comprehensive income (loss)		(9)
Retained earnings	30	57
TOTAL EQUITY	14,924	14,794
TOTAL LIABILITIES AND EQUITY	15,577	15,441
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	$ 7	$ 8

INCOME TAXES - Loss before income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Income (loss) before taxes:
U.S	$ (13)	$ (49)	$ (96)
Non-U.S	29	17	39
Income (loss) before income taxes	$ 16	$ (32)	$ (57)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

INCOME TAXES - Additional Information (Details) $ in Millions	Dec. 30, 2023 USD ($)
INCOME TAXES
Operating loss carryforwards before joining consolidated income tax filing	$ 144
Operating loss carryforwards before joining consolidated income tax filing	139
Operating loss carryforward	$ 183

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Number of options
Options outstanding at beginning	2,270	3,578	6,391
Exercised	(36)	(1,308)	(2,807)
Forfeited			(6)
Expired	(2,099)
Options outstanding at ending	135	2,270	3,578	6,391
Exercisable, Number of options	128
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	1 year	9 months 18 days	1 year 6 months	2 years 4 months 24 days
Options exercisable	1 year
Weighted average exercise price
Options outstanding at beginning	$ 27.1	$ 29.2	$ 29.2
Exercised	22.3	32.8	29.3
Forfeited			24.5
Expired	26.9
Options outstanding at ending	31.7	$ 27.1	$ 29.2	$ 29.2
Exercisable	$ 32.2
Aggregated intrinsic value
Options outstanding	$ 3	$ 1	$ 79	$ 114
Options exercisable	$ 3
Share price	$ 50.25	$ 26.43	$ 51.31
Number of options expected to vest	7
Average weighted exercise price of options expected to vest	$ 21.6

EQUITY

12 Months Ended

Dec. 30, 2023

EQUITY

EQUITY

NOTE 6 EQUITY

1.Common Stock and Voting Rights

We have two classes of authorized common stock: Class A common stock, which is listed on Nasdaq under the symbol “MBLY.”, and Class B common stock which is not listed or traded on any stock exchange and is held by Intel. Both classes of common stock have a par value of $0.01 per share. The rights of the holders of our Class A common stock and Class B common stock are identical, except with respect to voting, transfer, and conversion rights. Each share of our Class A common stock is entitled to one vote. Each share of our Class B common stock is entitled to ten votes and is convertible at any time into one share of our Class A common stock, subject to certain conditions. 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 as of December 30, 2023. For more information on the reorganization and the Mobileye IPO, see Note 1.

2.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.

In October 2022, the Company made a capital distribution in cash to Intel in the amount of $1.1 million.

3.Share-based compensation plans

Mobileye Plan

In connection with the Mobileye IPO, the Company approved the Mobileye Global Inc. 2022 Equity Incentive Plan (the “2022 Plan”). Equity awards under the 2022 Plan are granted for Class A shares and vest upon the satisfaction of a service-based vesting condition, mostly over a service periods of three years. The RSU granted during 2023 and 2022 also include 0.4 million and 2.1 million RSUs granted to the Company’s Chief Executive Officer, in a total value of $14 million and $44 million, respectively, which will vest over a service period of up to five years.

With respect to Israeli employees, the 2022 Plan is designed to grant awards pursuant to the provision of Section 102 of the Israeli Income Tax Ordinance. In accordance with the capital gains treatment elected by the Company, the Company is not allowed for tax purposes to deduct the amounts credited to employees. This includes amounts recorded as salary benefits in the Company’s consolidated financial statements, in respect of equity granted to employees under the 2022 Plan, with the exception of the benefit component, if any, on the grant date.

Restricted Stock Units

The RSU activity for the years ended December 30, 2023 and December 31, 2022 for RSUs granted to the Company’s employees under the 2022 Plan was as follows:


		Weighted average grant
	Number of RSUs	date fair value per share
	In thousands	U.S. dollars
Outstanding as of December 25, 2021	—	$	—
Granted	12,570		21
Forfeited	(6)		21
Outstanding as of December 31, 2022	12,564		21
Granted	6,782		40
Vested	(4,240)		21
Forfeited	(328)		26
Outstanding as of December 30, 2023	14,778	$	30

As of December 30, 2023, the unrecognized compensation cost related to all unvested RSUs granted under the Company’s 2022 Plan, was $313 million, which is expected to be recognized as expense over a weighted-average period of 2.18 years.

Intel Plan

Prior to the Mobileye IPO, since 2017, employees of the Company had been incentivized and rewarded through the grant of Intel equity awards under the Intel Corporation 2006 Equity Incentive Plan (the “2006 Plan”).

The 2006 Plan provides for the grant of equity awards covering Intel common stock to eligible employees of the Company and contain only a service condition. The equity awards granted generally vest over the course of three years from the grant date.

With respect to Israeli employees, the 2006 Plan is designed to grant awards pursuant to the provision of Section 102 of the Israeli Income Tax Ordinance. In accordance with the capital gains treatment elected by the Company, the Company is not allowed for tax purposes to deduct the amounts credited to employees. This includes amounts recorded as salary benefits in the Company’s consolidated financial statements, in respect of equity granted to employees under the 2006 Plan, with the exception of the benefit component, if any, on the grant date.

Options

Outstanding and exercisable options for Intel’s common stock under Intel’s 2006 Plan as of December 30, 2023 were as follows:


	Outstanding				Exercisable
		Weighted average	Weighted			Weighted
	Number of	remaining	average		Number of	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	2.1	$	6.1	52	$	4.0
$ 22.4 - 24.3	8	0.1		23.5	8		23.5
$55.2	68	0.2		55.2	68		55.2
Total	135	1.0	$	31.7	128	$	32.2

The option activity for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 for options granted to Company’s employees for Intel’s common stock was as follows:


		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 26, 2020	6,391	2.4	$	29.2	$	114
Exercised	(2,807)	—		29.3		—
Forfeited	(6)	—		24.5		—
Options outstanding as of December 25, 2021	3,578	1.5		29.2		79
Exercised	(1,308)	—		32.8		—
Options outstanding as of December 31, 2022	2,270	0.8		27.1		1
Exercised	(36)	—		22.3		—
Expired	(2,099)	—		26.9		—
Options outstanding as of December 30, 2023	135	1.0	$	31.7	$	3
Options exercisable as of December 30, 2023	128	1.0	$	32.2	$	3

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

RSUs

The RSU activity for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 for RSUs granted to Company’s employees for Intel’s common stock was as follows:


		Weighted average grant
	Number of RSUs	date fair value per share
	In thousands	U.S. dollars
Outstanding as of December 26, 2020	4,339	$	44.6
Granted	2,935		47.8
Vested	(1,761)		44.0
Forfeited	(235)		46.4
Outstanding as of December 25, 2021	5,278		46.5
Granted	3,758		43.7
Vested	(2,935)		45.9
Forfeited	(409)		48.1
Outstanding as of December 31, 2022	5,692		44.8
Vested	(2,690)		45.0
Forfeited	(291)		46.1
Outstanding as of December 30, 2023	2,711	$	44.4

Unrecognized expenses

As of December 30, 2023, the unrecognized compensation cost related to stock options and RSUs granted under the Intel 2006 Plan was $82 million, which will be recognized over a weighted average period of 1.02 years.

Share-based compensation expense summary (for both Mobileye and Intel Plans)

Expenses recognized

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


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Cost of revenue	$	2	$	2	$	1
Research and development, net		212		153		77
Sales and marketing		7		5		4
General and administrative		31		14		15
Total share-based compensation	$	252	$	174	$	97

OTHER FINANCIAL STATEMENT DETAILS

12 Months Ended

Dec. 30, 2023

OTHER FINANCIAL STATEMENT DETAILS

OTHER FINANCIAL STATEMENT DETAILS

NOTE 3 OTHER FINANCIAL STATEMENT DETAILS

Inventories


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Raw materials	$	46	$	41
Work in process		1		—
Finished goods		344		72
Total inventories	$	391	$	113

Inventory write-downs and write-offs totaled $2 million, $0 million and $1 million for the years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively.

Property and equipment, net


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Computers, electronic equipment and software	$	167	$	124
Vehicles		14		13
Office furniture and equipment		11		4
Buildings		315		—
Leasehold improvements		37		22
Construction in process		—		302
Total property and equipment, gross		544		465
Less: accumulated depreciation		(97)		(81)
Total property and equipment, net	$	447	$	384

Depreciation expenses totaled $39 million, $23 million, and $17 million for the years ended December 30, 2023, December 31, 2022, and December 25, 2021, respectively. During 2023, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of $23 million.

The construction of our new campus in Israel is substantially complete and therefore we have classified the related costs from ‘construction in process’ to the relevant asset types as well as commenced depreciation in the fourth quarter of 2023.

Substantially all of the Company’s property and equipment were located in Israel as of December 30, 2023 and December 31, 2022.

Royalty bearing agreements

The Company has entered into a number of license and technology transfer agreements with third parties. The agreements allow the Company to utilize and leverage the third parties’ technology in order to integrate it into the Company’s products. In consideration thereof, the Company is obligated to pay royalties to each of the third parties, for each unit of the applicable integrated product sold to other parties. As a result, during the years ended December 30, 2023, December 31, 2022, and December 25, 2021, the Company recorded expenses of approximately $9 million, $8 million, and $7 million, respectively. These expenses were classified as a component of cost of revenue.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents and restricted cash


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Cash	$	58	$	188
Short term deposits		222		285
Money market funds		932		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,226	$	1,035

Schedule of estimated useful lives per asset type


		Years
Computers, electronic equipment and software		3-7
Vehicles		7
Office furniture and equipment		14
Buildings		15-25

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


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Other comprehensive income (loss) before reclassifications	$	—	$	(33)	$	18
Amounts reclassified out of accumulated other comprehensive income (loss)		10		18		(13)
Tax effects		(1)		1		—
Other comprehensive income (loss), net	$	9	$	(14)	$	5

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


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

EQUITY - RSU activity on 2022 Equity Incentive Plan (Details) - 2022 Equity Incentive Plan - RSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Number of RSUs
Outstanding at beginning	12,564
Granted	6,782	12,570
Vested	(4,240)
Forfeited	(328)	(6)
Outstanding at ending	14,778	12,564
Weighted average grant date fair value
Outstanding at beginning	$ 21
Granted	40	$ 21
Vested	21
Forfeited	26	21
Outstanding at ending	$ 30	$ 21
Unrecognized compensation cost	$ 313
weighted average period	2 years 2 months 4 days

EQUITY - RSU activity (Details) - Intel 2006 Plan - RSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Number of RSUs
Outstanding at beginning	5,692	5,278	4,339
Granted		3,758	2,935
Vested	(2,690)	(2,935)	(1,761)
Forfeited	(291)	(409)	(235)
Outstanding at ending	2,711	5,692	5,278
Weighted average grant date fair value
Outstanding at beginning	$ 44.8	$ 46.5	$ 44.6
Granted		43.7	47.8
Vested	45.0	45.9	44.0
Forfeited	46.1	48.1	46.4
Outstanding at ending	$ 44.4	$ 44.8	$ 46.5
Unrecognized compensation cost	$ 82
weighted average period	1 year 7 days

GENERAL

12 Months Ended

Dec. 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 $21.00 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 $21.00 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”). Mobileye’s Class A common stock began trading on the Nasdaq Global Select Market on October 26, 2022 under the ticker symbol “MBLY”. 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.

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 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 as of December 30, 2023, represents approximately 88.3% of our outstanding common stock and 98.7% of the voting power of our common stock.

Operations in Israel

On October 7, 2023, Hamas launched a series of attacks on civilian and military targets in Southern and Central Israel, to which the Israel Defense Forces have responded. In addition, Hezbollah has attacked military and civilian targets in Northern Israel, to which Israel has responded. How long and how severe the current conflict in Gaza becomes is unknown at this time and any continued clash among Israel, Hamas or Hezbollah or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date our operations and financial results have not been negatively affected, although as of January 31, 2024 approximately 10.5% of our employees have been called to reserve duty in the Israel Defense Forces. However, any hostilities involving Israel, regional geopolitical instability or the interruption or curtailment of trade or diplomatic relations between Israel and its trading partners as a result thereof could adversely affect our business, results of operations, and financial condition.

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
SIGNIFICANT ACCOUNTING POLICIES
Interest income related to money market funds	$ 46	$ 1
Research and development reimbursements	89	58	$ 54
Advertising expenses	$ 4	$ 3	$ 2
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	30 days
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	60 days

IDENTIFIED INTANGIBLE ASSETS - Future amortization expenses (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
IDENTIFIED INTANGIBLE ASSETS
2024	$ 444
2025	443
2026	332
2027	179
2028	176
Thereafter	479
Total	$ 2,053	$ 2,527

GOODWILL (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
GOODWILL
Goodwill	$ 10,895	$ 10,895
Mobileye
GOODWILL
Goodwill	10,784	10,784
Other
GOODWILL
Goodwill	$ 111	$ 111

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Prior to the Mobileye IPO

Following the Mobileye IPO

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

Use of estimates

Use of estimates

Functional currency

Functional currency

Cash, cash equivalents and restricted cash

The following is a reconciliation of the cash, cash equivalents and restricted cash for each period presented:


	As of
	December 30,		December 31,
U.S. dollars in millions	2023		2022
Cash	$	58	$	188
Short term deposits		222		285
Money market funds		932		551
Restricted cash (within other current and other long-term assets)		14		11
Cash, cash equivalents and restricted cash	$	1,226	$	1,035

Fair value measurement

Level 2: Observable prices that are based on inputs not quoted on active markets but are corroborated by market data or active market data for similar, but not identical assets or liabilities.

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.

Inventories

Inventories

Property and equipment, net

Property and equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Property and equipment are depreciated on a straight-line basis over their estimated useful lives.

The estimated useful lives per asset type are as follows:


		Years
Computers, electronic equipment and software		3-7
Vehicles		7
Office furniture and equipment		14
Buildings		15-25

Leasehold improvements are amortized by the straight-line method over the shorter of the term of the lease and estimated useful life of the improvements.

Assets in construction are not depreciated until they are available for their intended use.

Business Combinations

Business Combinations

●

intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, and growth rates, as well as the estimated useful life of intangible assets;

●

deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date;

●

inventory; property and equipment; pre-existing liabilities or legal claims; deferred revenue; and contingent consideration, each as may be applicable; and

●

goodwill measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed.

Goodwill

Goodwill

Intangible assets, net

Intangible assets, net

The Company amortizes acquisition-related intangible assets that are subject to amortization over their estimated useful life.

Impairment of long-lived assets

Impairment of long-lived assets

Research and development, net

Research and development costs 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
	December 30,		December 31,
U.S. dollars in millions	2023		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:


	Year ended
	December 30,		December 31,		December 25,
U.S. dollars in millions	2023		2022		2021
Other comprehensive income (loss) before reclassifications	$	—	$	(33)	$	18
Amounts reclassified out of accumulated other comprehensive income (loss)		10		18		(13)
Tax effects		(1)		1		—
Other comprehensive income (loss), net	$	9	$	(14)	$	5

Revenue recognition

Revenue recognition

Advertising expenses

Advertising expenses

Share-based compensation

Share-based compensation

Income Tax

Income Taxes

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 further detail regarding income tax, refer to Note 8 Income Taxes.

Provision for warranties

Provision for warranties

Loss contingencies

Loss contingencies

Leases

Leases

Earnings (loss) per share

Earnings (loss) per share

Concentration of credit risk

Concentration of credit risk

Customer concentration risk

Dependence on a single supplier risk

Supply chain risk

Supply chain risk

New Accounting pronouncements

Accounting Pronouncements effective in future periods

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)				1 Months Ended		12 Months Ended
	Oct. 28, 2022	Oct. 25, 2022	Apr. 21, 2022	Nov. 30, 2022	Mar. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 31, 2017	May 31, 2022
RELATED PARTIES TRANSACTIONS
Aggregate principal amount									$ 1,500,000,000
Gain (loss) recognized from change in interest rate							$ 0
Related party loan						$ 0	0
Interest income with related party						0	18,000,000	$ 3,000,000
Leasing costs						4,000,000	3,000,000	1,500,000
Intel
RELATED PARTIES TRANSACTIONS
Dividend note remain owed	$ 0						0
Amount payable under tax sharing agreement						37,000,000	34,000,000
Amount of dividend note				$ 2,600,000,000
Cyclops holdings corporation \| Class B common stock
RELATED PARTIES TRANSACTIONS
Number of shares issued during the period		749,999,900
Arrangement 1 \| Intel
RELATED PARTIES TRANSACTIONS
Aggregate principal amount								1,800,000,000	$ 1,500,000,000
Renewal period									1 year
Arrangement 2 \| Intel
RELATED PARTIES TRANSACTIONS
Aggregate principal amount					$ 1,000,000,000.0				$ 750,000,000
Renewal period									1 year
Arrangement 2 \| Intel \| Maximum
RELATED PARTIES TRANSACTIONS
Aggregate principal amount									$ 750,000,000
Arrangement 3 \| Intel
RELATED PARTIES TRANSACTIONS
Aggregate principal amount					$ 500,000,000			$ 100,000,000
Renewal period								1 year
Interest rate based on applicable margin					0.00%
Arrangement 3 \| Intel \| Maximum
RELATED PARTIES TRANSACTIONS
Aggregate principal amount								$ 100,000,000
Stock Compensation Recharge Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Adjustment to additional paid-in capital for reimbursement amount						100,000,000	118,000,000	162,000,000
Dividend Note
RELATED PARTIES TRANSACTIONS
Aggregate principal amount			$ 3,500,000,000
Interest rate percentage			1.26%
Repayments of debt				$ 900,000,000
Contribution and Subscription Agreement \| Class B common stock
RELATED PARTIES TRANSACTIONS
Number of shares issued during the period		749,999,900
Threshold limit on cash, cash equivalents, or marketable securities	$ 1,000,000,000.0
Contribution and Subscription Agreement \| Cyclops holdings corporation \| Class B common stock
RELATED PARTIES TRANSACTIONS
Percentage of equity interest acquired		100.00%
Equity transaction \| Moovit
RELATED PARTIES TRANSACTIONS
Aggregate principal amount										$ 900,000,000
Percentage of equity interest acquired										100.00%
Chief Executive Officer
RELATED PARTIES TRANSACTIONS
Travel reimbursements cost						1,700,000	1,000,000.0	$ 1,100,000
Administrative Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred						4,000,000	3,000,000
Technology and Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred						5,000,000	$ 400,000
LiDAR Product Collaboration Agreement
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs						$ 40,000,000
Product collaboration agreement term						10 years
LiDAR Product Collaboration Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs						$ 20,000,000
Amount received or receivable						$ 0

EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions	Dec. 25, 2021	Dec. 30, 2023	Dec. 31, 2022
EMPLOYEE BENEFITS
Severance pay liability		$ 56	$ 56
Severance pay funds included in other long-term assets		$ 45	$ 42
Monthly deposits (in percent)		8.33%
Periodic benefit costs	$ 2
Discount rate	3.10%
Percentage of increase in assumed rates of compensation	4.00%

SEGMENT INFORMATION (Details) - segment	12 Months Ended
SEGMENT INFORMATION (Details) - segment	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
SEGMENT INFORMATION
Number of operating segments	2
Percentage of revenue from majority customers	89.00%	89.00%	94.00%

SUBSEQUENT EVENTS (Details) - Subsequent Events - RSUs shares in Thousands, $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($) shares
SUBSEQUENT EVENTS
Aggregate value of shares issuable upon vesting of restricted stock units \| $	$ 15.4
Granted shares \| shares	596
Service period	3 years

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 46	$ 41
Work in process	1
Finished goods	344	72
Total inventories	391	113
Inventory write-downs and write-offs	$ 2	$ 0	$ 1

INCOME TAXES - Deferred income taxes (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021
Deferred tax assets
Share-based compensation	$ 105	$ 89
Provisions for employee benefits	8	7
Net operating losses carryforward	103	142
Research and development expenses	455	283
Operating lease liabilities	12	13
Foreign tax credit and deferrals	13	33
Intangible assets	179	147
Other	15	3
Gross deferred tax assets	890	717
Valuation allowance	(579)	(533)	$ (229)
Total deferred tax assets	311	184
Deferred tax liabilities
Intangible assets	(126)	(161)
Goodwill	(322)	(172)
Right of use assets	11	13
Total deferred tax liabilities	(459)	(346)
Net deferred tax liabilities	$ (148)	$ (162)

SIGNIFICANT ACCOUNTING POLICIES - Notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye (Details) $ in Millions	Dec. 25, 2021 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Notional amount of derivatives	$ 93
Fair value of derivatives receivable from (payable to) Intel	$ (9)

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020	Dec. 31, 2017
EQUITY
Outstanding, Number of options	135	2,270	3,578	6,391
Outstanding, Weighted average remaining contractual life (In years)	1 year	9 months 18 days	1 year 6 months	2 years 4 months 24 days
Outstanding, Weighted average exercise price	$ 31.7	$ 27.1	$ 29.2	$ 29.2
Exercisable, Weighted average exercise price	$ 32.2
Intel's 2006 Plan
EQUITY
Outstanding, Number of options	135
Outstanding, Weighted average remaining contractual life (In years)	1 year
Outstanding, Weighted average exercise price	$ 31.7
Exercisable, Number of options	128
Exercisable, Weighted average exercise price	$ 32.2
Intel's plan
EQUITY
Vesting period					3 years
$ 4.0 - 21.6 \| Intel's 2006 Plan
EQUITY
Exercise price, minimum	4.0
Exercise price, maximum	$ 21.6
Outstanding, Number of options	59
Outstanding, Weighted average remaining contractual life (In years)	2 years 1 month 6 days
Outstanding, Weighted average exercise price	$ 6.1
Exercisable, Number of options	52
Exercisable, Weighted average exercise price	$ 4.0
$ 22.4 - 24.3 \| Intel's 2006 Plan
EQUITY
Exercise price, minimum	22.4
Exercise price, maximum	$ 24.3
Outstanding, Number of options	8
Outstanding, Weighted average remaining contractual life (In years)	1 month 6 days
Outstanding, Weighted average exercise price	$ 23.5
Exercisable, Number of options	8
Exercisable, Weighted average exercise price	$ 23.5
$55.2 \| Intel's 2006 Plan
EQUITY
Exercise price	$ 55.2
Outstanding, Number of options	68
Outstanding, Weighted average remaining contractual life (In years)	2 months 12 days
Outstanding, Weighted average exercise price	$ 55.2
Exercisable, Number of options	68
Exercisable, Weighted average exercise price	$ 55.2