0001410578-24-000632 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 30, 2024	Dec. 30, 2023
Class A common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	94,731,407	94,652,348
Common stock, shares outstanding	94,731,407	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	711,500,000
Common stock, shares outstanding	711,500,000	711,500,000

IDENTIFIED INTANGIBLE ASSETS

3 Months Ended

Mar. 30, 2024

IDENTIFIED INTANGIBLE ASSETS

IDENTIFIED INTANGIBLE ASSETS

NOTE 8 - IDENTIFIED INTANGIBLE ASSETS


	As of
U.S. dollars in millions	March 30, 2024						December 30, 2023
			Accumulated						Accumulated
	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	2,102	$	1,603	$	3,705	$	2,008	$	1,697
Customer relationships & brands		786		447		339		786		430		356
Total	$	4,491	$	2,549	$	1,942	$	4,491	$	2,438	$	2,053

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


	Three months ended
					Weighted
	March 30,		April 1,		Average
U.S. dollars in millions	2024		2023		Useful Life
Developed technology	$	94	$	116	10
Customer relationships & brands		17		17	12
Total amortization expenses	$	111	$	133

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


	Remainder
U.S. dollars in millions	of 2024		2025		2026		2027		2028		Thereafter		Total
Future amortization expenses	$	333	$	443	$	332	$	179	$	176	$	479	$	1,942

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 30, 2024

SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents and restricted cash


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Cash	$	57	$	58
Short term deposits		226		222
Money market funds		940		932
Restricted cash (within other current and other long-term assets)		15		14
Cash, cash equivalents and restricted cash	$	1,238	$	1,226

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


	Three Months Ended
U.S. dollars in millions	March 30, 2024		April 1, 2023
Amounts reclassified out of accumulated other comprehensive income (loss)	$	—	$	10
Tax effects		—		(1)
Other comprehensive income (loss), net	$	—	$	9

SIGNIFICANT ACCOUNTING POLICIES - Change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Amounts reclassified out of accumulated other comprehensive income (loss)	$ 10
Tax effects	(1)
Other comprehensive income (loss), net	$ 9

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Number of options
Options outstanding at beginning	135
Exercised	(5)
Expired	(71)
Options outstanding at ending	59	135
Exercisable, Number of options	52
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	1 year 9 months 18 days	1 year
Options exercisable	1 year 9 months 18 days
Weighted average exercise price
Options outstanding at beginning	$ 31.7
Exercised	24.3
Expired	53.6
Options outstanding at ending	6.1	$ 31.7
Exercisable, Weighted average exercise price	$ 4.0
Aggregated intrinsic value
Options outstanding	$ 2	$ 3
Options exercisable	$ 2
Share price	$ 44.17	$ 50.25
Number of options expected to vest	7
Average weighted exercise price of options expected to vest	$ 21.6

EQUITY - RSU activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($) $ / shares shares
Weighted average grant date fair value
Unrecognized compensation cost \| $	$ 291
weighted average period	1 year 11 months 15 days
Intel 2006 Plan \| RSUs
Number of RSUs
Outstanding at beginning \| shares	2,711
Vested \| shares	(101)
Forfeited \| shares	(35)
Outstanding at ending \| shares	2,575
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 44.4
Vested \| $ / shares	46.9
Forfeited \| $ / shares	45.2
Outstanding at ending \| $ / shares	$ 44.3
Unrecognized compensation cost \| $	$ 59
weighted average period	9 months 18 days
2022 Equity Incentive Plan \| RSUs
Number of RSUs
Outstanding at beginning \| shares	14,778
Granted \| shares	596
Vested \| shares	(79)
Forfeited \| shares	(125)
Outstanding at ending \| shares	15,170
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 29.5
Granted \| $ / shares	25.9
Vested \| $ / shares	38.6
Forfeited \| $ / shares	31.2
Outstanding at ending \| $ / shares	$ 29.3

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 111	$ 133
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 94	116
Developed technology \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Weighted Average Useful Life	10 years
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 17	$ 17
Customer relationships & brands \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Weighted Average Useful Life	12 years

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 30, 2024

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2023 was a 52-week fiscal year; fiscal year 2024 is also a 52-week fiscal year.

The results of operations for the three months ended March 30, 2024 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2024. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 30, 2023.

There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 30, 2023. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 30, 2023.

Use of estimates

Use of estimates

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

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

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Cash	$	57	$	58
Short term deposits		226		222
Money market funds		940		932
Restricted cash (within other current and other long-term assets)		15		14
Cash, cash equivalents and restricted cash	$	1,238	$	1,226

Fair value measurement

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

The Company’s investment in money market funds is measured at fair value 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 three months ended March 30, 2024 and April 1, 2023, amounted to $12 million and $8 million respectively.

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

Research and development, net

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

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

Participation in expenses for research and development projects are recognized on the basis of the costs incurred and are netted against research and development expenses in the condensed consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $36 million and $17 million were offset against research and development costs in the three months ended March 30, 2024 and April 1, 2023, respectively.

Derivatives and hedging

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

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

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


	Three Months Ended
U.S. dollars in millions	March 30, 2024		April 1, 2023
Amounts reclassified out of accumulated other comprehensive income (loss)	$	—	$	10
Tax effects		—		(1)
Other comprehensive income (loss), net	$	—	$	9

Income Tax

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

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

The Company has entered into a Tax Sharing Agreement with its Parent that establishes the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. Any differences between taxes payable to the Company’s Parent under the Tax Sharing Agreement and the current tax provision computed on a separate return basis, is reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows (see also Note 7).

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

Concentration of credit risk

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

The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash. Accordingly, management believes that these bank deposits and money market funds, have minimal credit risk.

The Company’s accounts receivables are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivables is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days.

The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company 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 condensed consolidated statement of operations and comprehensive income. As of March 30, 2024 and December 30, 2023, the credit loss allowance of trade accounts receivable was not material. For the three months ended March 30, 2024 and April 1, 2023 , 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 9 related to customers that accounted for more than 10% of the Company’s total revenue and more than 10% of the total accounts receivable balance for each of the periods presented in these condensed consolidated financial statements.

Dependence on a single supplier risk

The Company purchases all its System on Chip (“EyeQ™ SoC”) from a single supplier. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could have a material adverse effect on the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ™ SoC 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

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™ 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™ 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™ SoCs or SuperVision™ ECUs on hand. The reoccurrence of shortages and supply chain constraints in EyeQ™ SoCs and ECUs for SuperVision™ and in components of our other products, may impair the Company’s ability to meet its customers’ requirements in a timely manner and may adversely affect the Company’s business, results of operations and financial condition. Moreover, to the extent that 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

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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Revenue	$ 239	$ 458
Cost of revenue	185	251
Gross profit	54	207
Research and development, net	243	235
Sales and marketing	34	33
General and administrative	15	20
Total operating expenses	292	288
Operating income (loss)	(238)	(81)
Other financial income (expense), net	17	8
Income (loss) before income taxes	(221)	(73)
Benefit (provision) for income taxes	3	(6)
Net income (loss)	$ (218)	$ (79)
Earnings (loss) per share attributed to Class A and Class B stockholders:
Basic	$ (0.27)	$ (0.10)
Diluted	$ (0.27)	$ (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	806	802
Diluted	806	802
Other comprehensive income (loss), net of tax		$ 9
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (218)	$ (70)

IDENTIFIED INTANGIBLE ASSETS - Future amortization expenses (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
IDENTIFIED INTANGIBLE ASSETS
Remainder of 2024	$ 333
2025	443
2026	332
2027	179
2028	176
Thereafter	479
Total	$ 1,942	$ 2,053

SEGMENT INFORMATION

3 Months Ended

Mar. 30, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 9 - SEGMENT INFORMATION

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

The Company’s organizational structure and management reporting supports two operating segments: Mobileye and Moovit. The CODM evaluates performance, makes operating decisions and allocates resources based on the financial data of these operating segments. Operating segments do not record inter-segment revenue. Mobileye is the Company’s only reportable operating segment and Moovit is presented within “Other” as per ASC 280, Segment Reporting.

Segment performance is the operating income reported excluding the amortization of acquisition-related intangible assets. The 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 summary of significant accounting policies in Note 2 to the audited consolidated financial statements for the fiscal year ended December 30, 2023.

The following are segment results for each period as follows:


	Three months ended March 30, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	231	$	8	$	—	$	239
Cost of revenues		90		1		94		185
Research and development, net		234		9		—		243
Sales and marketing		15		2		17		34
General and administrative		12		3		—		15
Segment performance	$	(120)	$	(7)	$	(111)	$	(238)
Other financial income (expense), net								17
Income (loss) before taxes on income								(221)
Share-based compensation		58		4		—		62
Depreciation of property and equipment		14		—		—		14


	Three months ended April 1, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	450	$	8	$	—	$	458
Cost of revenues		134		1		116		251
Research and development, net		224		11		—		235
Sales and marketing		13		3		17		33
General and administrative		17		3		—		20
Segment performance	$	62	$	(10)	$	(133)	$	(81)
Other financial income (expense), net								8
Income (loss) before taxes on income								(73)
Share-based compensation		66		6		—		72
Depreciation of property and equipment		7		—		—		7

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


	Three months ended
	Mrach 30,		April 1,
U.S. dollars in millions	2024		2023
China		86		159
South Korea		47		40
Germany		39		83
USA		18		80
United Kingdom		13		31
Hungary		12		9
Czech Republic		5		16
Slovakia		5		—
Poland		4		22
Rest of World		10		18
Total	$	239	$	458

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 72% and 88% of our revenue for each of the three months ended March 30, 2024 and April 1, 2023, respectively.

Major Customers

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


	Three months ended
	March 30,		April 1,
	2024		2023
Percent of total revenues:
Customer A	*		24	%
Customer B	20	%	30	%
Customer C	*		12	%
Customer D	14	%	*
Customer E	19	%	*
Customer F	19	%	*
*Less than 10%

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


	As of
	March 30,		December 30,
	2024		2023
Percent of total accounts receivables balance:
Customer A	11	%	44	%
Customer B	13	%	10	%
Customer C	11	%	22	%
Customer D	13	%	*
Customer F	25	%	*
*Less than 10%

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023
INCOME TAXES
Benefit (provision) for income taxes	$ (3)	$ 6

- Definition

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

+ References + Details

GENERAL

3 Months Ended

Mar. 30, 2024

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.

Intel Corporation (“Intel” or the “Parent”) directly or indirectly hold all of the Class B common stock of Mobileye, which as of March 30, 2024, 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. Further, on April 13, 2024, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. How long and how severe the current conflict in Gaza, Northern Israel or the broader region becomes is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran 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 materially affected, although as of May 1, 2024 approximately 4% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip and the security escalation in Israel will not have a material impact on our business results in the short term. However, since this is an event beyond our control, its continuation or cessation may affect our expectations. We continue to monitor political and military developments closely and examine the consequences for our business, results of operations and financial condition.

Other events during the reporting period

On March 18, 2024, the Company announced the winding down of the Aftermarket Solutions Unit that provides retrofitted advanced driver assistance technology. This decision was made following a thorough review of this unit’s business prospects and investment needs showing that since automakers and other vehicle manufacturers have steadily increased the rate at which integrated ADAS solutions are installed on new vehicles, the demand and future addressable market for retrofitted ADAS solutions has declined. As a result, this division has seen its revenues decline meaningfully, and in recent years has not positively contributed to Mobileye’s profitability. The plan for winding down of the Aftermarket Solutions Unit includes a reduction in workforce of over 100 employees worldwide. The affected employees will be entitled to additional termination costs in the amount of approximately $4 million, which was recognized as an expense in the three months ended March 30, 2024.

SUBSEQUENT EVENTS - Equity Incentive Plan (Details) - shares shares in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 30, 2024
SUBSEQUENT EVENTS
Service period		3 years
Subsequent Events \| RSUs
SUBSEQUENT EVENTS
Granted shares	26,600
Granted	967
Service period	3 years

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 30, 2024

EARNINGS (LOSS) PER SHARE

Schedule of calculation of basic earnings (loss) per share


	Three months ended
	March 30,		April 1,
In millions, except per share amounts	2024		2023
Numerator:
Net income (loss)	$	(218)	$	(79)
Denominator:
Weighted average common shares - basic and diluted		806		802
Earnings (loss) per share:
Basic and diluted	$	(0.27)	$	(0.10)

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Property and equipment, net
Total property and equipment, gross	$ 559.0		$ 544.0
Less: accumulated depreciation	(105.0)		(97.0)
Total property and equipment, net	454.0		447.0
Depreciation expenses	14.0	$ 7.0
Cost and accumulated depreciation of fully depreciated assets	6.0
Computers, electronic equipment and software
Property and equipment, net
Total property and equipment, gross	179.0		167.0
Vehicles
Property and equipment, net
Total property and equipment, gross	15.0		14.0
Office furniture and equipment
Property and equipment, net
Total property and equipment, gross	11.0		11.0
Buildings
Property and equipment, net
Total property and equipment, gross	316.0		315.0
Leasehold improvements
Property and equipment, net
Total property and equipment, gross	$ 38.0		$ 37.0

OTHER FINANCIAL STATEMENT DETAILS (Tables)

3 Months Ended

Mar. 30, 2024

OTHER FINANCIAL STATEMENT DETAILS

Schedule of inventories


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Raw materials	$	44	$	46
Work in process		1		1
Finished goods		411		344
Total inventories	$	456	$	391

Schedule of property and equipment, net


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Computers, electronic equipment and software	$	179	$	167
Vehicles		15		14
Office furniture and equipment		11		11
Buildings		316		315
Leasehold improvements		38		37
Total property and equipment, gross	$	559	$	544
Less: accumulated depreciation		(105)		(97)
Total property and equipment, net	$	454	$	447

OTHER FINANCIAL STATEMENT DETAILS

3 Months Ended

Mar. 30, 2024

OTHER FINANCIAL STATEMENT DETAILS

OTHER FINANCIAL STATEMENT DETAILS

NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS

1.	Inventories


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Raw materials	$	44	$	46
Work in process		1		1
Finished goods		411		344
Total inventories	$	456	$	391

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

2.Property and equipment


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Computers, electronic equipment and software	$	179	$	167
Vehicles		15		14
Office furniture and equipment		11		11
Buildings		316		315
Leasehold improvements		38		37
Total property and equipment, gross	$	559	$	544
Less: accumulated depreciation		(105)		(97)
Total property and equipment, net	$	454	$	447

Depreciation expenses totaled $14 million and $7 million for the three months ended March 30, 2024 and April 1, 2023, respectively. During the three months ended March 30, 2024, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of $6 million.

CONTINGENCIES

3 Months Ended

Mar. 30, 2024

CONTINGENCIES

CONTINGENCIES

NOTE 10 - CONTINGENCIES

U.S. Class Action

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 as of March 30, 2024.

U.S. Derivative Action

On April 12, 2024, a derivative lawsuit was filed against the members of the Mobileye Board of Directors and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty and unjust enrichment based on alleged failures to take steps to prevent the Company from making allegedly false and misleading statements concerning the build-up of excess inventory by certain Tier 1 Mobileye customers. The complaint also asserts a claim for violation of Section 14(a) of the Securities Exchange Act of 1934 based on alleged misstatements and omissions in Mobileye’s 2023 proxy statement. The complaint seeks unspecified damages and other relief. We intend to defend the matter vigorously. No provision was recorded in the financial statements as of March 30, 2024.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

IDENTIFIED INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 30, 2024

IDENTIFIED INTANGIBLE ASSETS

Schedule of components of identified intangible assets


	As of
U.S. dollars in millions	March 30, 2024						December 30, 2023
			Accumulated						Accumulated
	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	2,102	$	1,603	$	3,705	$	2,008	$	1,697
Customer relationships & brands		786		447		339		786		430		356
Total	$	4,491	$	2,549	$	1,942	$	4,491	$	2,438	$	2,053

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


	Three months ended
					Weighted
	March 30,		April 1,		Average
U.S. dollars in millions	2024		2023		Useful Life
Developed technology	$	94	$	116	10
Customer relationships & brands		17		17	12
Total amortization expenses	$	111	$	133

Schedule of expected future amortization expenses for the next five years


	Remainder
U.S. dollars in millions	of 2024		2025		2026		2027		2028		Thereafter		Total
Future amortization expenses	$	333	$	443	$	332	$	179	$	176	$	479	$	1,942

INCOME TAXES

3 Months Ended

Mar. 30, 2024

INCOME TAXES

INCOME TAXES

NOTE 6 - INCOME TAXES

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

The income tax benefit (provision) included in these condensed consolidated financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns. Net operating losses generated by the Company that have been utilized as part of the Parent’s consolidated income tax return filings but have not been utilized by the Company under the separate return method approach, have been reflected in these condensed consolidated financial statements because the Company will recognize a benefit for the separate return method net operating losses when determined to be realizable, whether as a deduction against current taxable income in future periods or upon recognition of associated deferred tax assets based on valuation allowance assessments. As the Company has jurisdictions that have sustained recent losses based on the separate return method, a valuation allowance is required for deferred tax assets for which no benefit can be currently realized.

Benefit for income tax in the three months ended March 30, 2024, was $3 million compared to a provision for income tax of $(6) million in the three months ended April 1, 2023, mainly due to a higher loss before income taxes in the three months ended March 30, 2024 compared to prior year period.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
SEGMENT INFORMATION
Revenue	$ 239	$ 458
China
SEGMENT INFORMATION
Revenue	86	159
South Korea
SEGMENT INFORMATION
Revenue	47	40
Germany
SEGMENT INFORMATION
Revenue	39	83
USA
SEGMENT INFORMATION
Revenue	18	80
United Kingdom
SEGMENT INFORMATION
Revenue	13	31
Hungary
SEGMENT INFORMATION
Revenue	12	9
Czech Republic
SEGMENT INFORMATION
Revenue	5	16
Slovakia
SEGMENT INFORMATION
Revenue	5
Poland
SEGMENT INFORMATION
Revenue	4	22
Rest of World
SEGMENT INFORMATION
Revenue	$ 10	$ 18

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
RELATED PARTIES TRANSACTIONS
Leasing costs	$ 0.6	$ 1.3
Intel
RELATED PARTIES TRANSACTIONS
Amount payable under tax sharing agreement	37.0		$ 37.0
Chief Executive Officer
RELATED PARTIES TRANSACTIONS
Travel reimbursements cost	0.6	0.7
Stock Compensation Recharge Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Adjustment to additional paid-in capital for reimbursement amount	5.0	4.0
Administrative Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred	1.5	0.4
Technology and Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred	1.0	1.0
LiDAR Product Collaboration Agreement
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs	40.0		$ 40.0
LiDAR Product Collaboration Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs	20.0
Amount received or receivable	$ 0.0	$ 0.0

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Customer A
SEGMENT INFORMATION
Concentration risk percentage	11.00%	44.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	13.00%	10.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	11.00%	22.00%
Customer D
SEGMENT INFORMATION
Concentration risk percentage	13.00%
Customer F
SEGMENT INFORMATION
Concentration risk percentage	25.00%

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 44	$ 46
Work in process	1	1
Finished goods	411	344
Total inventories	$ 456	$ 391

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 30, 2024

SEGMENT INFORMATION

Schedule of segment results


	Three months ended March 30, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	231	$	8	$	—	$	239
Cost of revenues		90		1		94		185
Research and development, net		234		9		—		243
Sales and marketing		15		2		17		34
General and administrative		12		3		—		15
Segment performance	$	(120)	$	(7)	$	(111)	$	(238)
Other financial income (expense), net								17
Income (loss) before taxes on income								(221)
Share-based compensation		58		4		—		62
Depreciation of property and equipment		14		—		—		14


	Three months ended April 1, 2023
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	450	$	8	$	—	$	458
Cost of revenues		134		1		116		251
Research and development, net		224		11		—		235
Sales and marketing		13		3		17		33
General and administrative		17		3		—		20
Segment performance	$	62	$	(10)	$	(133)	$	(81)
Other financial income (expense), net								8
Income (loss) before taxes on income								(73)
Share-based compensation		66		6		—		72
Depreciation of property and equipment		7		—		—		7

Schedule of total revenues based on country


	Three months ended
	Mrach 30,		April 1,
U.S. dollars in millions	2024		2023
China		86		159
South Korea		47		40
Germany		39		83
USA		18		80
United Kingdom		13		31
Hungary		12		9
Czech Republic		5		16
Slovakia		5		—
Poland		4		22
Rest of World		10		18
Total	$	239	$	458

Schedule of concentration of risk


	Three months ended
	March 30,		April 1,
	2024		2023
Percent of total revenues:
Customer A	*		24	%
Customer B	20	%	30	%
Customer C	*		12	%
Customer D	14	%	*
Customer E	19	%	*
Customer F	19	%	*
*Less than 10%


	As of
	March 30,		December 30,
	2024		2023
Percent of total accounts receivables balance:
Customer A	11	%	44	%
Customer B	13	%	10	%
Customer C	11	%	22	%
Customer D	13	%	*
Customer F	25	%	*
*Less than 10%

EQUITY (Tables)

3 Months Ended

Mar. 30, 2024

EQUITY

Schedule of RSUs activity


			Weighted average grant
	Number of RSUs		date fair value
	In thousands		U.S. dollars
Outstanding as of December 30, 2023		14,778	$	29.5
Granted		596		25.9
Vested		(79)		38.6
Forfeited		(125)		31.2
Outstanding as of March 30, 2024		15,170	$	29.3

Schedule of outstanding and exercisable options

Outstanding and exercisable options for Intel’s common stock under Intel’s plan as of March 30, 2024 were as follows:

Outstanding

Exercisable

Weighted average

Number of

remaining

Weighted average

Number of

Weighted average

Exercise price

options

contractual life

exercise price

options

exercise price

U.S. dollars

In thousands

In years

U.S. dollars

In thousands

U.S. dollars

$ 4.0 - 21.6

1.8

6.1

4.0

Total

1.8

6.1

4.0

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 30, 2023	135	1.0	$	31.7	$	3
Exercised	(5)	—		24.3		—
Expired	(71)	—		53.6		—
Options outstanding as of March 30, 2024	59	1.8	$	6.1	$	2
Options exercisable as of March 30, 2024	52	1.8	$	4.0	$	2

(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 ordinary shares. On March 30, 2024 and December 30, 2023, the share price was $44.17 and $50.25. 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 March 30, 2024 are 7 thousand options with an average weighted exercise price of $21.6.

Schedule of share-based compensation expenses


	Three months ended
U.S. dollars in millions	March 30, 2024		April 1, 2023
Cost of revenue	$	—	$	1
Research and development, net		53		60
Sales and marketing		2		2
General and administrative		7		9
Total share-based compensation	$	62	$	72

Intel

EQUITY

Schedule of RSUs activity

The RSUs activity for the three months ended March 30, 2024 for RSUs granted to the Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number of RSUs	grant date fair value
	In thousands	U.S. dollars
Outstanding as of December 30, 2023	2,711	$	44.4
Vested	(101)		46.9
Forfeited	(35)		45.2
Outstanding as of March 30, 2024	2,575	$	44.3

RELATED PARTIES TRANSACTIONS

3 Months Ended

Mar. 30, 2024

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS

NOTE 7 - RELATED PARTIES TRANSACTIONS

The Company has entered into a series of related party arrangements with Intel. For further description of the arrangements refer to Note 9 of the notes to the consolidated financial statements for the year ended December 30, 2023.

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, net of any related withholding tax, 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 in the condensed consolidated statement of changes in equity were $5 million and $4 million for the three months ended March 30, 2024 and April 1, 2023, respectively.

Lease agreements

Under lease agreements with Intel, the Company leases office space in Intel’s buildings. The costs are included in the condensed consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis. The leasing costs for the three months ended March 30, 2024 and April 1, 2023, were $0.6 million and $1.3 million, respectively.

Other services to a related party

The Company reimbursed its Chief Executive Officer for reasonable travel related expenses incurred while conducting business on behalf of the Company. Travel related reimbursements totaled $0.6 million and $0.7 million for three months ended March 30, 2024 and April 1, 2023, respectively.

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 costs incurred under this agreement for the three months ended March 30, 2024 and April 1, 2023 were $1.5 million and $0.4 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 amount incurred under this agreement for the three months ended March 30, 2024 and April 1, 2023 was $1 million.

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 Projects”). On some of the LiDAR programs joint funding will apply between Intel and Mobileye until the end of 2027 whereby Mobileye will bear its own Lidar sensor system development costs up to the first $40 million per year and Intel will bear up to $20 million per year of Mobileye’s Lidar sensor system development costs that are greater than $40 million per year.

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

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 three months ended March 30, 2024 and April 1, 2023.

Tax Sharing Agreement

The Tax Sharing Agreement establishes the respective rights, responsibilities and obligations of the Company and Intel after the completion of the Mobileye IPO with respect to tax matters, including the amount of cash the Company will pay to Intel for its share of the tax liability owed on the consolidated filings in which the Company or any of the Company’s subsidiaries are included, audit or other tax proceedings. As of March 30, 2024 and December 30, 2023, the related party payable to Intel, pursuant to the Tax Sharing Agreement, was $37 million.

SEGMENT INFORMATION (Details) - segment	3 Months Ended
SEGMENT INFORMATION (Details) - segment	Mar. 30, 2024	Apr. 01, 2023
SEGMENT INFORMATION
Number of operating segments	2
Percentage of revenue from majority customers	72.00%	88.00%

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 30, 2024	Dec. 30, 2023	Dec. 31, 2017
EQUITY
Outstanding, Number of options	59	135
Outstanding, Weighted average remaining contractual life (In years)	1 year 9 months 18 days	1 year
Outstanding, Weighted average exercise price	$ 6.1	$ 31.7
Exercisable, Number of options	52
Exercisable, Weighted average exercise price	$ 4.0
Intel's plan
EQUITY
Vesting period			3 years
Outstanding, Number of options	59
Outstanding, Weighted average remaining contractual life (In years)	1 year 9 months 18 days
Outstanding, Weighted average exercise price	$ 6.1
Exercisable, Number of options	52
Exercisable, Weighted average exercise price	$ 4.0
$ 4.0 - 21.6 \| Intel's 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)	1 year 9 months 18 days
Outstanding, Weighted average exercise price	$ 6.1
Exercisable, Number of options	52
Exercisable, Weighted average exercise price	$ 4.0

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 30, 2024

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2023 was a 52-week fiscal year; fiscal year 2024 is also a 52-week fiscal year.

Use of estimates

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	March 30, 2024		December 30, 2023
Cash	$	57	$	58
Short term deposits		226		222
Money market funds		940		932
Restricted cash (within other current and other long-term assets)		15		14
Cash, cash equivalents and restricted cash	$	1,238	$	1,226

Fair value measurement

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

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

Research and development, net

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

Derivatives and hedging

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


	Three Months Ended
U.S. dollars in millions	March 30, 2024		April 1, 2023
Amounts reclassified out of accumulated other comprehensive income (loss)	$	—	$	10
Tax effects		—		(1)
Other comprehensive income (loss), net	$	—	$	9

Income Tax

Concentration of credit risk

Customer concentration risk

Dependence on a single supplier risk

Supply chain risk

New Accounting pronouncements

Accounting Pronouncements effective in future periods

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 30, 2024

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 5 - EARNINGS (LOSS) PER SHARE

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


	Three months ended
	March 30,		April 1,
In millions, except per share amounts	2024		2023
Numerator:
Net income (loss)	$	(218)	$	(79)
Denominator:
Weighted average common shares - basic and diluted		806		802
Earnings (loss) per share:
Basic and diluted	$	(0.27)	$	(0.10)

For the three months ended March 30, 2024 and April 1, 2023, the computation of diluted earnings (loss) per share attributable to common stockholders does not include potential common shares, 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 due to a net loss in the three months ended March 30, 2024 and April 1, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (218)	$ (79)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	14	7
Share-based compensation	62	72
Amortization of intangible assets	111	133
Exchange rate differences on cash and cash equivalents	2	4
Deferred income taxes	(6)	(3)
Interest with related party, net		16
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable	216	30
Decrease (increase) in other current assets	(25)	14
Decrease (increase) in inventories	(65)	(60)
Increase (decrease) in accounts payable, accrued expenses and related party payable	(62)	29
Increase (decrease) in employee-related accrued expenses and long term benefits	5	4
Increase (decrease) in other current liabilities	6	2
Decrease (increase) in other long term assets	(2)	2
Increase (decrease) in long-term liabilities	2
Net cash provided by operating activities	40	171
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(22)	(26)
Net cash used in investing activities	(22)	(26)
CASH FLOWS FROM FINANCING ACTIVITIES
Share-based compensation recharge	(4)	(3)
Net cash used in financing activities	(4)	(3)
Effect of foreign exchange rate changes on cash and cash equivalents	(2)	(4)
Increase in cash, cash equivalents and restricted cash	12	138
Balance of cash, cash equivalents and restricted cash, at beginning of year	1,226	1,035
Balance of cash, cash equivalents and restricted cash, at end of period	1,238	1,173
Supplementary non-cash investing and financing activities:
Non cash purchase of property and equipment	12	12
Non-cash share based compensation recharge	1	1
Tax sharing agreement with Parent		5
Supplemental cash flow information:
Cash received (paid) for income taxes, net of refunds	$ (13)	$ (15)

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
SIGNIFICANT ACCOUNTING POLICIES
Interest income related to money market funds	$ 12	$ 8
Research and development reimbursements	$ 36	$ 17
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	30 days
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	60 days

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 57	$ 58
Short term deposits	226	222
Money market funds	940	932
Restricted cash (within other current and other long-term assets)	15	14
Cash, cash equivalents and restricted cash	$ 1,238	$ 1,226	$ 1,173	$ 1,035
Restricted cash, noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Numerator:
Net income (loss)	$ (218)	$ (79)
Denominator:
Weighted average common shares - basic	806	802
Weighted average common shares - diluted	806	802
Basic	$ (0.27)	$ (0.10)
Diluted	$ (0.27)	$ (0.10)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

IDENTIFIED INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	$ 4,491	$ 4,491
Accumulated Amortization	2,549	2,438
Net	1,942	2,053
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	3,705	3,705
Accumulated Amortization	2,102	2,008
Net	1,603	1,697
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	786	786
Accumulated Amortization	447	430
Net	$ 339	$ 356

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Common Stock	Additional paid-in capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total
Beginning balance (in shares) at Dec. 31, 2022	802
Beginning balance at Dec. 31, 2022	$ 9	$ 14,737	$ (9)	$ 57	$ 14,794
Net income (loss)				(79)	(79)
Other comprehensive income (loss), net			$ 9		9
Tax sharing agreement with Parent		(5)			(5)
Share-based compensation expense		72			72
Recharge to Parent for Share-based compensation		(4)			(4)
Ending balance (in shares) at Apr. 01, 2023	802
Ending balance at Apr. 01, 2023	$ 9	14,800		(22)	14,787
Beginning balance (in shares) at Dec. 30, 2023	806
Beginning balance at Dec. 30, 2023	$ 8	14,886		30	14,924
Net income (loss)				(218)	(218)
Share-based compensation expense		62			62
Recharge to Parent for Share-based compensation		(5)			(5)
Ending balance (in shares) at Mar. 30, 2024	806
Ending balance at Mar. 30, 2024	$ 8	$ 14,943		$ (188)	$ 14,763

- Definition

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

+ References

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- Definition

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

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- Definition

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

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+ Details

EQUITY - Stock-based compensation plans (Details)	3 Months Ended
EQUITY - Stock-based compensation plans (Details)	Mar. 30, 2024
EQUITY
Service period	3 years

SUBSEQUENT EVENTS

3 Months Ended

Mar. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

In April 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 $26.6 million, which consisted of 967 thousand RSUs, which will vest over a service period of three years.

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
SEGMENT INFORMATION
Revenues	$ 239	$ 458
Cost of revenues	185	251
Research and development, net	243	235
Sales and marketing	34	33
General and administrative	15	20
Operating income (loss)	(238)	(81)
Other financial income (expense), net	17	8
Income (loss) before taxes on income	(221)	(73)
Share-based compensation	62	72
Depreciation of property and equipment	14	7
Operating Segments \| Mobileye
SEGMENT INFORMATION
Revenues	231	450
Cost of revenues	90	134
Research and development, net	234	224
Sales and marketing	15	13
General and administrative	12	17
Operating income (loss)	(120)	62
Share-based compensation	58	66
Depreciation of property and equipment	14	7
Operating Segments \| Other
SEGMENT INFORMATION
Revenues	8	8
Cost of revenues	1	1
Research and development, net	9	11
Sales and marketing	2	3
General and administrative	3	3
Operating income (loss)	(7)	(10)
Share-based compensation	4	6
Amounts not allocated to segments
SEGMENT INFORMATION
Cost of revenues	94	116
Sales and marketing	17	17
Operating income (loss)	$ (111)	$ (133)

EQUITY

3 Months Ended

Mar. 30, 2024

EQUITY

EQUITY

NOTE 4 - EQUITY

A.Share-based compensation plans

Mobileye Plan

Following the Mobileye IPO in October 2022, the Company’s employees are incentivized and rewarded through the grant of the Company’s equity awards under the Mobileye Global Inc. 2022 Equity Incentive Plan (“the 2022 Plan”), which are granted for Class A shares and vest upon the satisfaction of a service-based vesting condition, mostly over service periods of three years.

Restricted Stock Units

The RSUs activity for the three months ended March 30, 2024 for RSUs granted to Company’s employees under the 2022 Plan was as follows:


			Weighted average grant
	Number of RSUs		date fair value
	In thousands		U.S. dollars
Outstanding as of December 30, 2023		14,778	$	29.5
Granted		596		25.9
Vested		(79)		38.6
Forfeited		(125)		31.2
Outstanding as of March 30, 2024		15,170	$	29.3

As of March 30, 2024, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $291 million, which is expected to be recognized as expense over a weighted-average period of 1.96 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 Intel’s equity incentive plan which contains only a service condition. The equity awards granted generally vest over the course of three years from the grant date.

Options

Outstanding and exercisable options for Intel’s common stock under Intel’s plan as of March 30, 2024 were as follows:

Outstanding

Exercisable

Weighted average

Number of

remaining

Weighted average

Number of

Weighted average

Exercise price

options

contractual life

exercise price

options

exercise price

U.S. dollars

In thousands

In years

U.S. dollars

In thousands

U.S. dollars

$ 4.0 - 21.6

1.8

6.1

4.0

Total

1.8

6.1

4.0

The options activity for the three months ended March 30, 2024 for options granted to the 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 30, 2023	135	1.0	$	31.7	$	3
Exercised	(5)	—		24.3		—
Expired	(71)	—		53.6		—
Options outstanding as of March 30, 2024	59	1.8	$	6.1	$	2
Options exercisable as of March 30, 2024	52	1.8	$	4.0	$	2

(1)

(2)	The remaining options expected to vest as of March 30, 2024 are 7 thousand options with an average weighted exercise price of $21.6.

RSUs

The RSUs activity for the three months ended March 30, 2024 for RSUs granted to the Company’s employees for Intel’s common stock was as follows:


		Weighted average
	Number of RSUs	grant date fair value
	In thousands	U.S. dollars
Outstanding as of December 30, 2023	2,711	$	44.4
Vested	(101)		46.9
Forfeited	(35)		45.2
Outstanding as of March 30, 2024	2,575	$	44.3

Unrecognized expenses

As of March 30, 2024, the unrecognized compensation cost related to stock options and RSUs granted under the Intel 2006 Plan was $59 million, which will be recognized over a weighted average period of 0.8 years.

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

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


	Three months ended
U.S. dollars in millions	March 30, 2024		April 1, 2023
Cost of revenue	$	—	$	1
Research and development, net		53		60
Sales and marketing		2		2
General and administrative		7		9
Total share-based compensation	$	62	$	72

GENERAL (Details) - USD ($) $ in Millions		3 Months Ended
GENERAL (Details) - USD ($) $ in Millions	May 01, 2024	Mar. 30, 2024
GENERAL
Percentage of employees who have been called to reserve duty in the Israel Defense Forces	4.00%
Number of employees worldwide reduction in workforce approximately		100
Additional termination costs		$ 4
Intel
GENERAL
Percentage of voting power of common stock		98.70%
Intel \| Mobileye
GENERAL
Percentage of outstanding common stock		88.30%

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 30, 2024	May 02, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 30, 2024
Entity File Number	001-41541
Entity Registrant Name	Mobileye Global Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0666433
Entity Address, Address Line One	Har Hotzvim, 1 Shlomo Momo HaLevi Street
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, par value $0.01
Trading Symbol	MBLY
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,901,460
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Customer A
SEGMENT INFORMATION
Concentration risk percentage		24.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	20.00%	30.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage		12.00%
Customer D
SEGMENT INFORMATION
Concentration risk percentage	14.00%
Customer E
SEGMENT INFORMATION
Concentration risk percentage	19.00%
Customer F
SEGMENT INFORMATION
Concentration risk percentage	19.00%

EQUITY - Share-based compensation expense summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
EQUITY
Total share-based compensation	$ 62	$ 72
Cost of revenue
EQUITY
Total share-based compensation	0	1
Research and development, net
EQUITY
Total share-based compensation	53	60
Sales and marketing
EQUITY
Total share-based compensation	2	2
General and administrative
EQUITY
Total share-based compensation	$ 7	$ 9

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 1,223	$ 1,212
Trade accounts receivable, net	120	357
Inventories	456	391
Other current assets	132	106
Total current assets	1,931	2,066
Non-current assets
Property and equipment, net	454	447
Intangible assets, net	1,942	2,053
Goodwill	10,895	10,895
Other long-term assets	120	116
Total non-current assets	13,411	13,511
TOTAL ASSETS	15,342	15,577
Current liabilities
Accounts payable and accrued expenses	166	229
Employee related accrued expenses	91	87
Related party payable	39	39
Other current liabilities	33	48
Total current liabilities	329	403
Non-current liabilities
Long-term employee benefits	57	56
Deferred tax liabilities	142	148
Other long-term liabilities	51	46
Total non-current liabilities	250	250
TOTAL LIABILITIES	579	653
Equity
Additional paid-in capital	14,943	14,886
Retained earnings (accumulated deficit)	(188)	30
TOTAL EQUITY	14,763	14,924
TOTAL LIABILITIES AND EQUITY	15,342	15,577
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	$ 7	$ 7