0001410578-24-001734 | 10-Q | XBRL Viewer

SEGMENT INFORMATION

9 Months Ended

Sep. 28, 2024

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/(loss) reported excluding the amortization of acquisition-related intangible assets and impairment of goodwill. 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 September 28, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	475	$	11	$	—	$	486
Cost of revenues		153		2		94		249
Research and development, net		295		8		—		303
Sales and marketing		7		4		17		28
General and administrative		17		1		—		18
Goodwill impairment		—		—		2,695		2,695
Segment performance	$	3	$	(4)	$	(2,806)	$	(2,807)
Other financial income (expense), net		—		—		—		14
Income (loss) before taxes on income		—		—		—		(2,793)
Share-based compensation		77		2		—		79
Depreciation of property and equipment		16		—		—		16


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


	Nine months ended September 28, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,134	$	30	$	—	$	1,164
Cost of revenues		377		5		282		664
Research and development, net		775		27		—		802
Sales and marketing		27		12		51		90
General and administrative		46		6		—		52
Goodwill impairment		—		—		2,695		2,695
Segment performance	$	(91)	$	(20)	$	(3,028)	$	(3,139)
Other financial income (expense), net		—		—		—		44
Income (loss) before taxes on income		—		—		—		(3,095)
Share-based compensation		194		9		—		203
Depreciation of property and equipment		46		—		—		46


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

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


	Three months ended				Nine months ended
	September 28,		September 30,		September 28,		September 30,
U.S. dollars in millions	2024		2023		2024		2023
China		108		154		307		423
USA		114		122		223		295
Germany		88		98		184		267
South Korea		58		37		150		118
United Kingdom		32		31		87		108
Poland		21		22		52		64
Hungary		25		30		60		64
Czech Republic		11		11		27		41
Portugal		10		—		19		—
Rest of World		19		25		55		62
Total	$	486	$	530	$	1,164	$	1,442

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 86% and 89% of our revenue for each of the three months ended September 28, 2024 and September 30, 2023, respectively and 83% and 90% of our revenue for each of the nine months ended September 28, 2024 and September 30, 2023, respectively.

Major Customers

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


	Three months ended				Nine months ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Percent of total revenues:
Customer A	28	%	27	%	26	%	28	%
Customer B	19	%	26	%	18	%	26	%
Customer C	17	%	15	%	15	%	14	%
Customer D	*		*		10	%	*
Customer E	11	%	*		12	%	*
Customer F	*		*		10	%	*
*Less than 10%

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


	As of
	September 28,		December 30,
	2024		2023
Percent of total accounts receivables balance:
Customer A	38	%	44	%
Customer B	15	%	10	%
Customer C	21	%	22	%
Customer D	10	%	*
*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
-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

EQUITY (Tables)

9 Months Ended

Sep. 28, 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	11,957		26.8
Vested	(4,896)		29.0
Forfeited	(618)		30.2
Outstanding as of September 28, 2024	21,221	$	28.1


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Outstanding as of June 29, 2024	12,881	$	30.9
Granted	10,386		26.8
Vested	(1,812)		40.4
Forfeited	(234)		29.3
Outstanding as of September 28, 2024	21,221	$	28.1

Schedule of outstanding and exercisable options

Outstanding

Exercisable

Weighted average

Number of

remaining

Weighted average

Number of

Weighted average

Exercise price

options

contractual life

exercise price

options

exercise price

U.S. dollars

In thousands

In years

U.S. dollars

In thousands

U.S. dollars

$ 4.0 - 21.6

1.3

5.8

4.8

Total

1.3

5.8

4.8

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	(6)		—		23.9		—
Expired	(71)		—		53.6		—
Options outstanding as of September 28, 2024	58		1.3	$	5.8	$	1
Options exercisable as of September 28, 2024	55		1.3	$	4.8	$	1


		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 June 29, 2024	59	$	1.6	$	6.1	$	1
Exercised	(1)		—		21.6		—
Expired	—		—		—		—
Options outstanding as of September 28, 2024	58		1.3	$	5.8	$	1
Options exercisable as of September 28, 2024	55		1.3	$	4.8	$	1

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of Intel’s ordinary share. On September 28, 2024, Intel’s ordinary share price was $23.9. 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 September 28, 2024 are 3 thousand options with an average weighted exercise price of $21.6.

Schedule of share-based compensation expenses


	Three months ended				Nine months ended
U.S. dollars in millions	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenue	$	—	$	—	$	1	$	2
Research and development, net		70		53		178		158
Sales and marketing		2		2		4		6
General and administrative		7		8		20		24
Total share-based compensation	$	79	$	63	$	203	$	190

Intel

EQUITY

Schedule of RSUs activity


		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	(886)		43.9
Forfeited	(92)		44.5
Outstanding as of September 28, 2024	1,733	$	44.7


		Weighted average
	Number of RSUs	grant date fair value
	In thousands	U.S. dollars
Outstanding as of June 29, 2024	1,913	$	44.3
Vested	(151)		40.2
Forfeited	(29)		42.8
Outstanding as of September 28, 2024	1,733	$	44.7

GOODWILL (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
GOODWILL (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 28, 2024
GOODWILL
Goodwill, beginning balance		$ 10,895
Impairment	$ (2,695)	(2,695)
Goodwill, ending balance	8,200	8,200
Goodwill impairment net of tax		2,613
Other
GOODWILL
Impairment		0
Mobileye \| Operating Segments
GOODWILL
Goodwill, beginning balance		10,784
Impairment		(2,695)
Goodwill, ending balance	8,089	8,089
Other
GOODWILL
Goodwill, beginning balance		111
Goodwill, ending balance	$ 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (3,019)	$ (90)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	46	24
Share-based compensation	203	190
Amortization of intangible assets	333	362
Goodwill impairment	2,695
Exchange rate differences on cash and cash equivalents	2	9
Deferred income taxes	(98)	(13)
Interest with related party, net		16
Other	1	(1)
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable	113	6
Decrease (increase) in other current assets	7	16
Decrease (increase) in inventories	(66)	(241)
Increase (decrease) in accounts payable, accrued expenses and related party payable	(55)	21
Increase (decrease) in employee-related accrued expenses and long term benefits	24	(12)
Increase (decrease) in other current liabilities	10	(5)
Decrease (increase) in other long term assets	(5)	3
Increase (decrease) in other long term liabilities	5
Net cash provided by (used in) operating activities	196	285
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(68)	(75)
Purchases of debt and equity investments	(32)
Maturities and sales of debt and equity investments	2
Net cash provided by (used in) investing activities	(98)	(75)
CASH FLOWS FROM FINANCING ACTIVITIES
Share-based compensation recharge	(16)	(29)
Net cash provided by (used in) financing activities	(16)	(29)
Effect of foreign exchange rate changes on cash and cash equivalents	(2)	(9)
Increase (decrease) in cash, cash equivalents and restricted cash	80	172
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	1,306	1,207
Supplementary non-cash investing and financing activities:
Non-cash purchase of property and equipment	9	5
Non-cash share based compensation recharge	14
Supplemental cash flow information:
Cash received (paid) for income taxes, net of refunds	$ (20)	(45)
Interest received from related party		$ 16

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 28, 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 and nine months ended September 28, 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, except as detailed below regarding accounting for investments. 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. A change in estimates, including a change in the overall market value of the Company, could require reassessments of the items noted above.

Investments

Debt Investments

Marketable debt securities consist of highly liquid U.S. government bonds with maturities of up to six months when purchased. These debt investments are classified as Available For Sale investments and measured at fair value with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive income (loss). We consider all highly liquid debt investments that are readily convertible into cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Debt investments with original maturities of greater than three months and less than one year, are classified within other current assets.

Available for sale debt investments are subject to a periodic impairment review. For investments in an unrealized loss position, we determine whether a credit loss exists. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis.

Equity Investments

Equity investments consist of investments in marketable equity securities. Equity investments are measured and recorded at fair value with changes in fair value, whether realized or unrealized, recorded in the statement of operations. Equity investments are classified within other current assets.

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Cash	$	65	$	58
Short term deposits		294		222
Money market funds		934		932
Restricted cash (within other current and other long-term assets)		13		14
Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	1,306	$	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 September 28, 2024 and September 30, 2023 amounted to $12 million and $15 million, respectively; and $36 million and $35 million for the nine months ended September 28, 2024 and September 30, 2023, respectively.

The Company’s investment in U.S. government bonds is measured at fair value within Level 1 of the fair value hierarchy because they consist of U.S. government bonds for which quoted prices are available in an active market.

The Company’s marketable equity investments are measured at fair value within Level 1 of the fair value hierarchy because they consist of investments in marketable equity securities for which quoted prices are available in an active market.

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

Research and development, net

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

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

Participation in expenses for research and development projects are recognized on the basis of the costs incurred and are netted against research and development expenses in the condensed consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $24 million and $24 million were offset against research and development costs in the three months ended September 28, 2024 and September 30, 2023, respectively; and $72 million and $57 million were offset in the nine months ended September 28, 2024 and September 30, 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				Nine Months Ended
U.S. dollars in millions	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 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 condensed consolidated financial statements, certain components of the Company’s business operations were included in the consolidated U.S. domestic income tax return filed by the Company’s Parent. The Company also files various foreign income tax returns on a separate basis, distinct from its Parent. The income tax provision included in the Company’s condensed consolidated financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns.

The Company has entered into a Tax Sharing Agreement with its Parent that establishes the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. Any differences between taxes payable to the Company’s Parent under the Tax Sharing Agreement and the current tax provision computed on a separate return basis, is reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows (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, money market funds and U.S. government bonds; 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 investor money market funds and are readily redeemable to cash, and the U.S. government bonds are also highly liquid. Accordingly, management believes that these bank deposits, money market funds and U.S. government bonds, 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 September 28, 2024 and December 30, 2023, the credit loss allowance of trade accounts receivable was not material. For the three and nine months ended September 28, 2024 and September 30, 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™ 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

Supply chain risk

During the fiscal years 2022 and 2021, the semiconductor industry experienced widespread shortages of substrates and other components and available foundry manufacturing capacity. Furthermore, STMicroelectronics, the Company’s sole supplier, was not able to meet our demand for EyeQ™ SoCs during 2022, causing a significant reduction in the Company’s inventory levels. Starting in late 2022 and early 2023, such supply chain disruptions, raw material shortages and manufacturing limitations 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 of chips. 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. As a result, we are substantially reliant on timely shipments of EyeQ^TM SoCs from STMicroelectronics and ECUs from Quanta Computer (or other suppliers) to fulfill customer orders and if such a shortfall of chips or ECUs were to occur, we may be unable to offset future supply constraints through the use of inventory on hand. 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 our current supply chain constraints would materially adversely affect our results of operations, capital resources, sales, profits, and liquidity on a long-term basis.

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.

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Dec. 30, 2023
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 39	$ 39	$ 46
Work in process			1
Finished goods	418	418	344
Total inventories	457	457	$ 391
Inventory write-downs and write-offs	$ 1	$ 2

GOODWILL

9 Months Ended

Sep. 28, 2024

GOODWILL

GOODWILL

NOTE 12 - GOODWILL

The following table presents the carrying amount of goodwill by segment as of September 28, 2024 and December 30, 2023.


U.S. dollars in millions	Mobileye		Other		Total
December 30, 2023	$	10,784	$	111	$	10,895
Impairment		(2,695)		—		(2,695)
September 28, 2024	$	8,089	$	111	$	8,200

During the third quarter of 2024, the Company performed an interim quantitative goodwill impairment analysis for the “Mobileye” reporting unit, due to a recent decline (from August) in the price of the Company’s Class A common stock, and corresponding market capitalization, as well as macroeconomic and industry factors. The quantitative assessment was performed by measuring the reporting unit’s fair value (which substantially constitutes the entire value of the Company) using the income approach, based on the expected present value of estimated future cash flows.

The fair value measurement is categorized as Level 3 within the fair value hierarchy due to the use of unobservable inputs such as financial projections, terminal growth rate, and discount rate. The results of the impairment analysis indicated that the carrying value of the Mobileye reporting unit was in excess of its fair value. Therefore, the Company has recorded a non-cash impairment loss of $2,695 million ($2,613 million, net of tax), under “goodwill impairment” in the Condensed Consolidated Statements of Operations.

No impairment was identified for the “other” reporting unit.

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
EARNINGS (LOSS) PER SHARE
Dilutive shares, Exclusive of common share	20.4	5.5	17.0	14.9
Numerator:
Net Income (Loss)	$ (2,715)	$ 17	$ (3,019)	$ (90)
Denominator:
Weighted average common shares - basic	811.0	806.0	808.0	804.0
Dilutive effect of unvested RSU awards		4.0
Weighted average common shares - diluted	811.0	810.0	808.0	804.0
Earnings (loss) per share:
Basic	$ (3.35)	$ 0.02	$ (3.74)	$ (0.11)
Diluted	$ (3.35)	$ 0.02	$ (3.74)	$ (0.11)

IDENTIFIED INTANGIBLE ASSETS

9 Months Ended

Sep. 28, 2024

IDENTIFIED INTANGIBLE ASSETS

IDENTIFIED INTANGIBLE ASSETS

NOTE 8 - IDENTIFIED INTANGIBLE ASSETS


	As of
	September 28, 2024						December 30, 2023
			Accumulated						Accumulated
U.S. dollars in millions	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	2,290	$	1,415	$	3,705	$	2,008	$	1,697
Customer relationships & brands		786		481		305		786		430		356
Total	$	4,491	$	2,771	$	1,720	$	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				Nine months ended
									Weighted
	September 28,		September 30,		September 28,		September 30,		Average
U.S. dollars in millions	2024		2023		2024		2023		Useful Life
Developed technology	$	94	$	94	$	282	$	311	10
Customer relationships & brands		17		17		51		51	12
Total amortization expenses	$	111	$	111	$	333	$	362

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	$	111	$	443	$	332	$	179	$	176	$	479	$	1,720

During the third quarter of 2024, we performed an impairment assessment of intangible assets and concluded that the sum of the expected future undiscounted cash flows expected to be generated by the intangible assets is substantially above their carrying amount and therefore no impairment was identified.

INVESTMENTS - Equity Investments (Details) $ in Millions	3 Months Ended	9 Months Ended
INVESTMENTS - Equity Investments (Details) $ in Millions	Sep. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)
INVESTMENTS
Fair value of equity investments	$ 10	$ 10
Unrealized gains and losses	$ 1	$ 0

GENERAL (Details) $ in Millions		3 Months Ended	9 Months Ended
GENERAL (Details) $ in Millions	Oct. 24, 2024	Sep. 28, 2024 USD ($) employee	Sep. 28, 2024 USD ($) employee
GENERAL
Percentage of employees who have been called to reserve duty in the Israel Defense Forces	8.30%
Number of employees worldwide reduction in workforce approximately \| employee		90	100
Additional termination costs \| $		$ 4.6	$ 4.0
Intel
GENERAL
Percentage of voting power of common stock			98.60%
Intel \| Mobileye
GENERAL
Percentage of outstanding common stock		87.70%	87.70%

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 28, 2024

SEGMENT INFORMATION

Schedule of segment results


	Three months ended September 28, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	475	$	11	$	—	$	486
Cost of revenues		153		2		94		249
Research and development, net		295		8		—		303
Sales and marketing		7		4		17		28
General and administrative		17		1		—		18
Goodwill impairment		—		—		2,695		2,695
Segment performance	$	3	$	(4)	$	(2,806)	$	(2,807)
Other financial income (expense), net		—		—		—		14
Income (loss) before taxes on income		—		—		—		(2,793)
Share-based compensation		77		2		—		79
Depreciation of property and equipment		16		—		—		16


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


	Nine months ended September 28, 2024
					Amounts not
					allocated to
U.S. dollars in millions	Mobileye		Other		segments		Consolidated
Revenues	$	1,134	$	30	$	—	$	1,164
Cost of revenues		377		5		282		664
Research and development, net		775		27		—		802
Sales and marketing		27		12		51		90
General and administrative		46		6		—		52
Goodwill impairment		—		—		2,695		2,695
Segment performance	$	(91)	$	(20)	$	(3,028)	$	(3,139)
Other financial income (expense), net		—		—		—		44
Income (loss) before taxes on income		—		—		—		(3,095)
Share-based compensation		194		9		—		203
Depreciation of property and equipment		46		—		—		46


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

Schedule of total revenues based on country


	Three months ended				Nine months ended
	September 28,		September 30,		September 28,		September 30,
U.S. dollars in millions	2024		2023		2024		2023
China		108		154		307		423
USA		114		122		223		295
Germany		88		98		184		267
South Korea		58		37		150		118
United Kingdom		32		31		87		108
Poland		21		22		52		64
Hungary		25		30		60		64
Czech Republic		11		11		27		41
Portugal		10		—		19		—
Rest of World		19		25		55		62
Total	$	486	$	530	$	1,164	$	1,442

Schedule of concentration of risk


	Three months ended				Nine months ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Percent of total revenues:
Customer A	28	%	27	%	26	%	28	%
Customer B	19	%	26	%	18	%	26	%
Customer C	17	%	15	%	15	%	14	%
Customer D	*		*		10	%	*
Customer E	11	%	*		12	%	*
Customer F	*		*		10	%	*
*Less than 10%


	As of
	September 28,		December 30,
	2024		2023
Percent of total accounts receivables balance:
Customer A	38	%	44	%
Customer B	15	%	10	%
Customer C	21	%	22	%
Customer D	10	%	*
*Less than 10%

OTHER FINANCIAL STATEMENT DETAILS

9 Months Ended

Sep. 28, 2024

OTHER FINANCIAL STATEMENT DETAILS

OTHER FINANCIAL STATEMENT DETAILS

NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS

Inventories


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Raw materials	$	39	$	46
Work in process		—		1
Finished goods		418		344
Total inventories	$	457	$	391

Inventory write-downs and write-offs totaled $1 million and $2 million for the three and nine months ended September 28, 2024 and were not material for the three and nine months ended September 30, 2023.

Property and equipment


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Computers, electronic equipment and software	$	206	$	167
Vehicles		15		14
Office furniture and equipment		11		11
Buildings		323		315
Leasehold improvements		42		37
Total property and equipment, gross	$	597	$	544
Less: accumulated depreciation		(136)		(97)
Total property and equipment, net	$	461	$	447

Depreciation expenses totaled $16 million and $9 million for the three months ended September 28, 2024 and September 30, 2023, respectively; and $46 million and $24 million for the nine months ended September 28, 2024 and September 30, 2023, respectively. During the nine months ended September 28, 2024, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of $7 million.

IDENTIFIED INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	$ 4,491	$ 4,491
Accumulated Amortization	2,771	2,438
Net	1,720	2,053
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	3,705	3,705
Accumulated Amortization	2,290	2,008
Net	1,415	1,697
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	786	786
Accumulated Amortization	481	430
Net	$ 305	$ 356

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Property and equipment, net
Total property and equipment, gross	$ 597		$ 597		$ 544
Less: accumulated depreciation	(136)		(136)		(97)
Total property and equipment, net	461		461		447
Depreciation expenses	16	$ 9	46	$ 24
Cost and accumulated depreciation of fully depreciated assets			7
Computers, electronic equipment and software
Property and equipment, net
Total property and equipment, gross	206		206		167
Vehicles
Property and equipment, net
Total property and equipment, gross	15		15		14
Office furniture and equipment
Property and equipment, net
Total property and equipment, gross	11		11		11
Buildings
Property and equipment, net
Total property and equipment, gross	323		323		315
Leasehold improvements
Property and equipment, net
Total property and equipment, gross	$ 42		$ 42		$ 37

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
INCOME TAXES
Provision for income tax	$ (78)	$ 6	$ (76)	$ 22

- Definition

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

+ References + Details

INVESTMENTS (Tables)

9 Months Ended

Sep. 28, 2024

INVESTMENTS

Schedule of marketable debt securities


	September 28, 2024
									Reported as
									Cash and cash		Other current
U.S. dollars in millions	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
U.S. government bonds	$	20	$	—	$	—	$	20	$	—	$	20
Money market funds		934		—		—		934		934		—
Total	$	954	$	—	$	—	$	954	$	934	$	20


	December 30, 2023
									Reported as
									Cash and cash		Other current
U.S. dollars in millions	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
Money market funds	$	932	$	—	$	—	$	932	$	932	$	—
Total	$	932	$	—	$	—	$	932	$	932	$	—

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

INCOME TAXES

9 Months Ended

Sep. 28, 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 nine months ended September 28, 2024 was $76 million compared to a provision of $22 million in the nine months ended September 30, 2023, mainly due to the deferred tax effect of goodwill impairment to the Mobileye reporting unit and a higher loss before income taxes in the nine months ended September 28, 2024 compared to prior year period.

The benefit for income tax in the three months ended September 28, 2024, was $78 million compared to a provision for income tax of $6 million in the three months ended September 30, 2023, mainly due to the deferred tax effect of goodwill impairment to the Mobileye reporting unit.

- 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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES
Interest income related to money market funds	$ 12	$ 15	$ 36	$ 35
Research and development reimbursements	$ 24	$ 24	$ 72	$ 57
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term			30 days
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term			60 days

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
SEGMENT INFORMATION
Revenues	$ 486	$ 530	$ 1,164	$ 1,442
Cost of revenues	249	258	664	739
Research and development, net	303	218	802	664
Sales and Marketing	28	28	90	90
General and administrative	18	18	52	55
Goodwill impairment	2,695		2,695
Operating income (loss)	(2,807)	8	(3,139)	(106)
Other financial income (expense), net	14	15	44	38
Income (loss) before taxes on income	(2,793)	23	(3,095)	(68)
Share-based compensation	79	63	203	190
Depreciation of property and equipment	16	9	46	24
Operating Segments \| Mobileye
SEGMENT INFORMATION
Revenues	475	521	1,134	1,417
Cost of revenues	153	163	377	424
Research and development, net	295	208	775	633
Sales and Marketing	7	8	27	30
General and administrative	17	15	46	47
Goodwill impairment			2,695
Operating income (loss)	3	127	(91)	283
Share-based compensation	77	59	194	175
Depreciation of property and equipment	16	9	46	24
Operating Segments \| Other
SEGMENT INFORMATION
Revenues	11	9	30	25
Cost of revenues	2	1	5	4
Research and development, net	8	10	27	31
Sales and Marketing	4	3	12	9
General and administrative	1	3	6	8
Operating income (loss)	(4)	(8)	(20)	(27)
Share-based compensation	2	4	9	15
Amounts not allocated to segments
SEGMENT INFORMATION
Cost of revenues	94	94	282	311
Sales and Marketing	17	17	51	51
Goodwill impairment	2,695		2,695
Operating income (loss)	$ (2,806)	$ (111)	$ (3,028)	$ (362)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 28, 2024

SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents and restricted cash


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Cash	$	65	$	58
Short term deposits		294		222
Money market funds		934		932
Restricted cash (within other current and other long-term assets)		13		14
Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	1,306	$	1,226

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


	Three Months Ended				Nine Months Ended
U.S. dollars in millions	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Amounts reclassified out of accumulated other comprehensive income (loss)		—		—		—		10
Tax effects		—		—		—		(1)
Other comprehensive income (loss), net	$	—	$	—	$	—	$	9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 28, 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	99,548,127	94,652,348
Common stock, shares outstanding	99,548,127	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

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Customer A
SEGMENT INFORMATION
Concentration risk percentage	38.00%	44.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	15.00%	10.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	21.00%	22.00%
Customer D
SEGMENT INFORMATION
Concentration risk percentage	10.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenue	$ 486	$ 530	$ 1,164	$ 1,442
Cost of revenue	249	258	664	739
Gross profit	237	272	500	703
Research and development, net	303	218	802	664
Sales and marketing	28	28	90	90
General and administrative	18	18	52	55
Goodwill impairment	2,695		2,695
Total operating expenses	3,044	264	3,639	809
Operating income (loss)	(2,807)	8	(3,139)	(106)
Other financial income (expense), net	14	15	44	38
Income (loss) before income taxes	(2,793)	23	(3,095)	(68)
Benefit (provision) for income taxes	78	(6)	76	(22)
Net income (loss)	$ (2,715)	$ 17	$ (3,019)	$ (90)
Earnings (loss) per share attributed to Class A and Class B stockholders:
Basic	$ (3.35)	$ 0.02	$ (3.74)	$ (0.11)
Diluted	$ (3.35)	$ 0.02	$ (3.74)	$ (0.11)
Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions):
Basic	811	806	808	804
Diluted	811	810	808	804
Other comprehensive income (loss)				$ 9
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (2,715)	$ 17	$ (3,019)	$ (81)

SEGMENT INFORMATION (Details) - segment	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) - segment	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
SEGMENT INFORMATION
Number of operating segments			2
Percentage of revenue from majority customers	86.00%	89.00%	83.00%	90.00%

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 65	$ 58
Short term deposits	294	222
Money market funds	934	932
Restricted cash (within other current and other long-term assets)	13	14
Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$ 1,306	$ 1,226	$ 1,207	$ 1,035
Restricted cash, noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets

- 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

EQUITY - RSU activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 28, 2024 USD ($) $ / shares shares	Sep. 28, 2024 USD ($) $ / shares shares
Weighted average grant date fair value
Unrecognized compensation cost \| $	$ 454	$ 454
weighted average period		2 years 2 months 19 days
2022 Equity Incentive Plan \| RSUs
Number of RSUs
Outstanding at beginning \| shares	12,881	14,778
Granted \| shares	10,386	11,957
Vested \| shares	(1,812)	(4,896)
Forfeited \| shares	(234)	(618)
Outstanding at ending \| shares	21,221	21,221
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 30.9	$ 29.5
Granted \| $ / shares	26.8	26.8
Vested \| $ / shares	40.4	29.0
Forfeited \| $ / shares	29.3	30.2
Outstanding at ending \| $ / shares	$ 28.1	$ 28.1
Intel 2006 Plan \| RSUs
Number of RSUs
Outstanding at beginning \| shares	1,913	2,711
Vested \| shares	(151)	(886)
Forfeited \| shares	(29)	(92)
Outstanding at ending \| shares	1,733	1,733
Weighted average grant date fair value
Outstanding at beginning \| $ / shares	$ 44.3	$ 44.4
Vested \| $ / shares	40.2	43.9
Forfeited \| $ / shares	42.8	44.5
Outstanding at ending \| $ / shares	$ 44.7	$ 44.7
Unrecognized compensation cost \| $	$ 19	$ 19
weighted average period		3 months 18 days

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Customer A
SEGMENT INFORMATION
Concentration risk percentage	28.00%	27.00%	26.00%	28.00%
Customer B
SEGMENT INFORMATION
Concentration risk percentage	19.00%	26.00%	18.00%	26.00%
Customer C
SEGMENT INFORMATION
Concentration risk percentage	17.00%	15.00%	15.00%	14.00%
Customer D
SEGMENT INFORMATION
Concentration risk percentage			10.00%
Customer E
SEGMENT INFORMATION
Concentration risk percentage	11.00%		12.00%
Customer F
SEGMENT INFORMATION
Concentration risk percentage			10.00%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 28, 2024	Oct. 24, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
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, Postal Zip Code	9777015
Entity Address, Country	IL
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		99,548,127
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
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

INVESTMENTS

9 Months Ended

Sep. 28, 2024

INVESTMENTS

INVESTMENTS

NOTE 10 - INVESTMENTS

Debt Investments

Debt investments include U.S. government bonds and money market funds. U.S. government bonds are for original maturities of up to six months and are classified as available for sale and measured at fair value with the related unrealized gains and losses included in other comprehensive income (expense), net. Money market funds, measured at fair value, consist of institutional investors money market funds and are readily redeemable to cash.

The following tables summarize the Company’s marketable debt securities:


	September 28, 2024
									Reported as
									Cash and cash		Other current
U.S. dollars in millions	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
U.S. government bonds	$	20	$	—	$	—	$	20	$	—	$	20
Money market funds		934		—		—		934		934		—
Total	$	954	$	—	$	—	$	954	$	934	$	20


	December 30, 2023
									Reported as
									Cash and cash		Other current
U.S. dollars in millions	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
Money market funds	$	932	$	—	$	—	$	932	$	932	$	—
Total	$	932	$	—	$	—	$	932	$	932	$	—

Equity Investments

The fair value of equity investments which were purchased during the period and classified within other current assets, was $10 million as of September 28, 2024. Unrealized gains recorded in other financial income (expense), net for the three and nine months ended September 28, 2024 amounted to $1 million and zero million, respectively.

OTHER FINANCIAL STATEMENT DETAILS (Tables)

9 Months Ended

Sep. 28, 2024

OTHER FINANCIAL STATEMENT DETAILS

Schedule of inventories


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Raw materials	$	39	$	46
Work in process		—		1
Finished goods		418		344
Total inventories	$	457	$	391

Schedule of property and equipment, net


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Computers, electronic equipment and software	$	206	$	167
Vehicles		15		14
Office furniture and equipment		11		11
Buildings		323		315
Leasehold improvements		42		37
Total property and equipment, gross	$	597	$	544
Less: accumulated depreciation		(136)		(97)
Total property and equipment, net	$	461	$	447

GENERAL

9 Months Ended

Sep. 28, 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 September 28, 2024, represents approximately 87.7% of our outstanding common stock and 98.6% 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, both Hezbollah and the Houthi movement have attacked military and civilian targets in Northern Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the red sea. Further, on April 13, 2024, and on October 1, 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, Lebanon 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 October 24, 2024 approximately 8.3% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip, Lebanon 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 resulted in a reduction in workforce of over 100 employees worldwide. The termination costs are in the amount of approximately $4 million, which was recognized as an expense in the nine months ended September 28, 2024.

On September 9, 2024, the Company announced the winding down of the Lidar R&D Unit by the end of 2024 and the cessation of internal development of next-generation frequency modulated continuous wave (FMCW) lidars for use in autonomous and highly automated driving systems. The decision was based on a variety of factors, including substantial progress on the Company’s EyeQ^TM6-based computer vision perception, increased clarity on the performance of the Company’s internally developed imaging radar, and continued better-than-expected cost reductions in third-party time-of-flight lidar units. The plan for winding down of the Lidar R&D Unit includes a reduction in workforce of approximately 90 employees worldwide. The affected employees are entitled to additional termination costs in the amount of approximately $4.6 million which was recognized as an R&D expense in the three months ended September 28, 2024.

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
SEGMENT INFORMATION
Revenue	$ 486	$ 530	$ 1,164	$ 1,442
China
SEGMENT INFORMATION
Revenue	108	154	307	423
USA
SEGMENT INFORMATION
Revenue	114	122	223	295
Germany
SEGMENT INFORMATION
Revenue	88	98	184	267
South Korea
SEGMENT INFORMATION
Revenue	58	37	150	118
United Kingdom
SEGMENT INFORMATION
Revenue	32	31	87	108
Poland
SEGMENT INFORMATION
Revenue	21	22	52	64
Hungary
SEGMENT INFORMATION
Revenue	25	30	60	64
Czech Republic
SEGMENT INFORMATION
Revenue	11	11	27	41
Portugal
SEGMENT INFORMATION
Revenue	10		19
Rest of World
SEGMENT INFORMATION
Revenue	$ 19	$ 25	$ 55	$ 62

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 111	$ 111	$ 333	$ 362
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 94	$ 94	$ 282	$ 311
Developed technology \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Weighted Average Useful Life	10 years	10 years	10 years	10 years
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 17	$ 17	$ 51	$ 51
Customer relationships & brands \| Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Weighted Average Useful Life	12 years	12 years	12 years	12 years

EQUITY - Stock-based compensation plans (Details)	9 Months Ended
EQUITY - Stock-based compensation plans (Details)	Sep. 28, 2024
EQUITY
Service period	3 years

SIGNIFICANT ACCOUNTING POLICIES - Change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Amounts reclassified out of accumulated other comprehensive income (loss)	$ 10
Tax effects	(1)
Other comprehensive income (loss), net	$ 9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 1,293	$ 1,212
Trade accounts receivable, net	223	357
Inventories	457	391
Other current assets	126	106
Total current assets	2,099	2,066
Non-current assets
Property and equipment, net	461	447
Intangible assets, net	1,720	2,053
Goodwill	8,200	10,895
Other long-term assets	123	116
Total non-current assets	10,504	13,511
TOTAL ASSETS	12,603	15,577
Current liabilities
Accounts payable and accrued expenses	166	229
Employee related accrued expenses	105	87
Related party payable	53	39
Other current liabilities	38	48
Total current liabilities	362	403
Non-current liabilities
Long-term employee benefits	62	56
Deferred tax liabilities	50	148
Other long-term liabilities	51	46
Total non-current liabilities	163	250
Contingencies (see note 11)
TOTAL LIABILITIES	525	653
Equity
Additional paid-in capital	15,059	14,886
Retained earnings (accumulated deficit)	(2,989)	30
TOTAL EQUITY	12,078	14,924
TOTAL LIABILITIES AND EQUITY	12,603	15,577
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	$ 7	$ 7

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 29, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
RELATED PARTIES TRANSACTIONS
Leasing costs		$ 0.9	$ 1.2	$ 2.1	$ 3.6
Agreed to pay consideration for sublicense	$ 0.3
Intel
RELATED PARTIES TRANSACTIONS
Amount payable under tax sharing agreement				37.0		$ 37.0
Stock Compensation Recharge Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Adjustment to additional paid-in capital for reimbursement amount		5.0	7.0	30.0	29.0
Chief Executive Officer
RELATED PARTIES TRANSACTIONS
Travel reimbursements cost		0.3	0.5	1.4	1.7
Administrative Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred		0.6	1.7	2.3	2.9
Technology and Services Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Costs incurred		1.1	$ 1.4	3.3	$ 3.8
LiDAR Product Collaboration Agreement
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs				40.0
LiDAR Product Collaboration Agreement \| Intel
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs				20.0
Amount received or receivable		$ 0.0		$ 0.0

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Sep. 28, 2024	Dec. 30, 2023	Dec. 31, 2017
EQUITY
Outstanding, Number of options	58	59	58	135
Outstanding, Weighted average remaining contractual life (In years)	1 year 3 months 18 days	1 year 7 months 6 days	1 year 3 months 18 days	1 year
Outstanding, Weighted average exercise price	$ 5.8	$ 6.1	$ 5.8	$ 31.7
Exercisable, Number of options	55		55
Exercisable, Weighted average exercise price	$ 4.8		$ 4.8
Intel's plan
EQUITY
Vesting period					3 years
Outstanding, Number of options	58		58
Outstanding, Weighted average remaining contractual life (In years)			1 year 3 months 18 days
Outstanding, Weighted average exercise price	$ 5.8		$ 5.8
Exercisable, Number of options	55		55
Exercisable, Weighted average exercise price	$ 4.8		$ 4.8
$ 4.0 - 21.6 \| Intel's plan
EQUITY
Exercise price, minimum			4.0
Exercise price, maximum			$ 21.6
Outstanding, Number of options	58		58
Outstanding, Weighted average remaining contractual life (In years)			1 year 3 months 18 days
Outstanding, Weighted average exercise price	$ 5.8		$ 5.8
Exercisable, Number of options	55		55
Exercisable, Weighted average exercise price	$ 4.8		$ 4.8

IDENTIFIED INTANGIBLE ASSETS - Future amortization expenses (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
IDENTIFIED INTANGIBLE ASSETS
Remainder of 2024	$ 111
2025	443
2026	332
2027	179
2028	176
Thereafter	479
Total	$ 1,720	$ 2,053

RELATED PARTIES TRANSACTIONS

9 Months Ended

Sep. 28, 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 $7 million for the three months ended September 28, 2024 and September 30, 2023, respectively and $30 million and $29 million for the nine months ended September 28, 2024 and September 30, 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 September 28, 2024 and September 30, 2023, were $0.9 million and $1.2 million, respectively and $2.1 million and $3.6 million for the nine months ended September 28, 2024 and September 30, 2023, 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 $0.3 million and $0.5 million for the three months ended September 28, 2024 and September 30, 2023, respectively and $1.4 million and $1.7 million for the nine months ended September 28, 2024 and September 30, 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 September 28, 2024 and September 30, 2023 were $0.6 million and $1.7 million, respectively and $2.3 million and $2.9 million for the nine months ended September 28, 2024 and September 30, 2023, 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 September 28, 2024 and September 30, 2023 were $1.1 million and $1.4 million, respectively and $3.3 million and $3.8 million for the nine months ended September 28, 2024 and September 30, 2023, respectively.

LiDAR Product Collaboration Agreement

The LiDAR Product Collaboration Agreement provided the terms that applied 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 applied between Intel and Mobileye until the end of 2027 whereby Mobileye would bear its own Lidar sensor system development costs up to the first $40 million per year and Intel would 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 provided that Intel would 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 would manufacture for the Company would have been based on a cost-plus model. In addition, the agreement also included a profit-sharing model under which Mobileye would pay Intel a share of the gross profit for each LiDAR sensor system or components thereof, based on Intel technology, sold by Mobileye.

On September 9, 2024, Mobileye announced the cessation of further internal development of FMCW lidar and the wind down of the Lidar R&D Unit. In connection with Mobileye’s decision, Mobileye and Intel terminated the LiDAR Product Collaboration Agreement as of October 2, 2024.

There were no amounts received or receivable from Intel under this agreement for the three and nine months ended September 28, 2024.

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. On August 14, 2024, Mobileye and Intel entered into an Amended and Restated Tax Sharing Agreement, which incorporated certain clarifying amendments into the original Tax Sharing Agreement. As of September 28, 2024 and December 30, 2023, the related party payable to Intel, pursuant to the Tax Sharing Agreement was $37 million.

Intel Sublicense

In June 2024, Intel and its affiliates, including Mobileye, were granted a sublicense to certain patents relating to network-on-chip and other technologies (the “Sublicense”). In connection with Mobileye’s use of the Sublicense, Intel and Mobileye agreed that Mobileye would pay to Intel $0.3 million as Mobileye’s allocation of the consideration paid by Intel for the Sublicense.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

INVESTMENTS - Debt Investments (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
INVESTMENTS
Amortized cost	$ 954	$ 932
Fair value	954	932
Cash and cash equivalents
INVESTMENTS
Fair value	934	932
Other current assets
INVESTMENTS
Fair value	20
U.S. government bonds
INVESTMENTS
Amortized cost	20
Fair value	20
U.S. government bonds \| Other current assets
INVESTMENTS
Fair value	20
Money market funds
INVESTMENTS
Amortized cost	934	932
Fair value	934	932
Money market funds \| Cash and cash equivalents
INVESTMENTS
Fair value	$ 934	$ 932

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

IDENTIFIED INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 28, 2024

IDENTIFIED INTANGIBLE ASSETS

Schedule of components of identified intangible assets


	As of
	September 28, 2024						December 30, 2023
			Accumulated						Accumulated
U.S. dollars in millions	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	2,290	$	1,415	$	3,705	$	2,008	$	1,697
Customer relationships & brands		786		481		305		786		430		356
Total	$	4,491	$	2,771	$	1,720	$	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				Nine months ended
									Weighted
	September 28,		September 30,		September 28,		September 30,		Average
U.S. dollars in millions	2024		2023		2024		2023		Useful Life
Developed technology	$	94	$	94	$	282	$	311	10
Customer relationships & brands		17		17		51		51	12
Total amortization expenses	$	111	$	111	$	333	$	362

Schedule of expects 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	$	111	$	443	$	332	$	179	$	176	$	479	$	1,720

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Sep. 28, 2024	Dec. 30, 2023
Number of options
Options outstanding at beginning	59		135
Exercised	(1)		(6)
Expired			(71)
Options outstanding at ending	58	59	58	135
Exercisable, Number of options	55		55
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	1 year 3 months 18 days	1 year 7 months 6 days	1 year 3 months 18 days	1 year
Options exercisable	1 year 3 months 18 days		1 year 3 months 18 days
Weighted average exercise price
Options outstanding at beginning	$ 6.1		$ 31.7
Exercised	21.6		23.9
Expired			53.6
Options outstanding at ending	5.8	$ 6.1	5.8	$ 31.7
Exercisable	$ 4.8		$ 4.8
Aggregated intrinsic value
Options outstanding	$ 1	$ 1	$ 1	$ 3
Options exercisable	$ 1		$ 1
Share price	$ 23.9		$ 23.9
Number of options expected to vest	3		3
Average weighted exercise price of options expected to vest	$ 21.6		$ 21.6

EQUITY - Share-based compensation expense summary (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
EQUITY
Total share-based compensation	$ 79	$ 63	$ 203	$ 190
Cost of revenue
EQUITY
Total share-based compensation	0	0	1	2
Research and development, net
EQUITY
Total share-based compensation	70	53	178	158
Sales and marketing
EQUITY
Total share-based compensation	2	2	4	6
General and administrative
EQUITY
Total share-based compensation	$ 7	$ 8	$ 20	$ 24

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 28, 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

Investments

Debt Investments

Equity Investments

Cash, cash equivalents and restricted cash

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


	As of
U.S. dollars in millions	September 28, 2024		December 30, 2023
Cash	$	65	$	58
Short term deposits		294		222
Money market funds		934		932
Restricted cash (within other current and other long-term assets)		13		14
Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	1,306	$	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				Nine Months Ended
U.S. dollars in millions	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 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 (Tables)

9 Months Ended

Sep. 28, 2024

EARNINGS (LOSS) PER SHARE

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


	Three months ended				Nine months ended
	September 28,		September 30,		September 28,		September 30,
In millions, except per share amounts	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(2,715)	$	17	$	(3,019)	$	(90)
Denominator:
Weighted average common shares - basic		811		806		808		804
Dilutive effect of equity incentive awards		—		4		—		—
Weighted average common shares - diluted		811		810		808		804
Earnings (loss) per share:
Basic		(3.35)		0.02		(3.74)		(0.11)
Diluted		(3.35)		0.02		(3.74)		(0.11)

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,715)	$ 17	$ (3,019)	$ (90)

- 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL (Tables)

9 Months Ended

Sep. 28, 2024

GOODWILL

Schedule of goodwill


U.S. dollars in millions	Mobileye		Other		Total
December 30, 2023	$	10,784	$	111	$	10,895
Impairment		(2,695)		—		(2,695)
September 28, 2024	$	8,089	$	111	$	8,200

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 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)				(90)	(90)
Other comprehensive income (loss), net			$ 9		9
Share-based compensation expense		190			190
Recharge to Parent for Share-based compensation		(29)			(29)
Issuance of common stock under employee share-based compensation plans (Shares)	4
Ending balance (in shares) at Sep. 30, 2023	806
Ending balance at Sep. 30, 2023	$ 8	14,898		(33)	14,873
Beginning balance (in shares) at Jul. 01, 2023	806
Beginning balance at Jul. 01, 2023	$ 8	14,842		(50)	14,800
Net income (loss)				17	17
Share-based compensation expense		63			63
Recharge to Parent for Share-based compensation		(7)			(7)
Ending balance (in shares) at Sep. 30, 2023	806
Ending balance at Sep. 30, 2023	$ 8	14,898		(33)	14,873
Beginning balance (in shares) at Dec. 30, 2023	806
Beginning balance at Dec. 30, 2023	$ 8	14,886		30	14,924
Net income (loss)				(3,019)	(3,019)
Share-based compensation expense		203			203
Recharge to Parent for Share-based compensation		(30)			(30)
Issuance of common stock under employee share-based compensation plans (Shares)	5
Ending balance (in shares) at Sep. 28, 2024	811
Ending balance at Sep. 28, 2024	$ 8	15,059		(2,989)	12,078
Beginning balance (in shares) at Jun. 29, 2024	809
Beginning balance at Jun. 29, 2024	$ 8	14,985		(274)	14,719
Net income (loss)				(2,715)	(2,715)
Share-based compensation expense		79			79
Recharge to Parent for Share-based compensation		(5)			(5)
Issuance of common stock under employee share-based compensation plans (Shares)	2
Ending balance (in shares) at Sep. 28, 2024	811
Ending balance at Sep. 28, 2024	$ 8	$ 15,059		$ (2,989)	$ 12,078

- Definition

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EQUITY

9 Months Ended

Sep. 28, 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 nine months ended September 28, 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	11,957		26.8
Vested	(4,896)		29.0
Forfeited	(618)		30.2
Outstanding as of September 28, 2024	21,221	$	28.1

The RSUs activity for the three months ended September 28, 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 June 29, 2024	12,881	$	30.9
Granted	10,386		26.8
Vested	(1,812)		40.4
Forfeited	(234)		29.3
Outstanding as of September 28, 2024	21,221	$	28.1

As of September 28, 2024, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $454 million, which is expected to be recognized as expense over a weighted-average period of 2.22 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 September 28, 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

1.3

5.8

4.8

Total

1.3

5.8

4.8

The option activity for the nine months ended September 28, 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	(6)		—		23.9		—
Expired	(71)		—		53.6		—
Options outstanding as of September 28, 2024	58		1.3	$	5.8	$	1
Options exercisable as of September 28, 2024	55		1.3	$	4.8	$	1

The option activity for the three months ended September 28, 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 June 29, 2024	59	$	1.6	$	6.1	$	1
Exercised	(1)		—		21.6		—
Expired	—		—		—		—
Options outstanding as of September 28, 2024	58		1.3	$	5.8	$	1
Options exercisable as of September 28, 2024	55		1.3	$	4.8	$	1

(2)The remaining options expected to vest as of September 28, 2024 are 3 thousand options with an average weighted exercise price of $21.6.

RSUs

The RSUs activity for the nine months ended September 28, 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	(886)		43.9
Forfeited	(92)		44.5
Outstanding as of September 28, 2024	1,733	$	44.7

The RSUs activity for the three months ended September 28, 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 June 29, 2024	1,913	$	44.3
Vested	(151)		40.2
Forfeited	(29)		42.8
Outstanding as of September 28, 2024	1,733	$	44.7

Unrecognized expenses

As of September 28, 2024, the unrecognized compensation cost related to stock options and RSUs granted under the Intel 2006 Plan was $19 million, which will be recognized over a weighted average period of 0.3 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				Nine months ended
U.S. dollars in millions	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of revenue	$	—	$	—	$	1	$	2
Research and development, net		70		53		178		158
Sales and marketing		2		2		4		6
General and administrative		7		8		20		24
Total share-based compensation	$	79	$	63	$	203	$	190

CONTINGENCIES

9 Months Ended

Sep. 28, 2024

CONTINGENCIES

CONTINGENCIES

NOTE 11 - 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. On July 12, 2024, the court consolidated the McAuliffe case with a substantively identical case, Le v. Mobileye Global Inc., et al., 1:24-CV-01390 (S.D.N.Y.), appointed a lead plaintiff, and set an initial schedule for the consolidated case. On September 13, 2024, the lead plaintiff filed an amended complaint, which among other actions named another current officer as a defendant and modified the class period to January 26, 2023 until August 8, 2024. On October 25, 2024, Mobileye and the other named defendants jointly filed a motion to dismiss. We intend to defend the matter vigorously. No provision was recorded in the financial statements as of September 28, 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. Since May 24, 2024, the derivative action has been stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action.

On June 27, 2024, an additional derivative lawsuit was filed in the United States District Court for the Southern District of New York against certain members of the Mobileye Board of Directors, certain of Mobileye’s current and former officers, and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. On July 9, 2024, this derivative action was consolidated with the derivative action originally filed on April 12, 2024 and the consolidated derivative action was stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action. We intend to defend the derivative claims vigorously. No provision for the consolidated derivative action was recorded in the financial statements as of September 28, 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

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 28, 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				Nine months ended
	September 28,		September 30,		September 28,		September 30,
In millions, except per share amounts	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(2,715)	$	17	$	(3,019)	$	(90)
Denominator:
Weighted average common shares - basic		811		806		808		804
Dilutive effect of equity incentive awards		—		4		—		—
Weighted average common shares - diluted		811		810		808		804
Earnings (loss) per share:
Basic		(3.35)		0.02		(3.74)		(0.11)
Diluted		(3.35)		0.02		(3.74)		(0.11)

For the three months ended September 28, 2024 and September 30, 2023, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 20.4 million and 5.5 million potential common shares, respectively; and 17.0 million and 14.9 million potential common shares for the nine months ended September 28, 2024 and September 30, 2023, 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.