SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2015

 

Commission File No. 001-36566

 

 

Mobileye N.V.

 

(Translation of registrant’s name into English)

 

 

Har Hotzvim

13 Hartom Street

PO Box 45157

Jerusalem 9777513, Israel

 

(Address of Principal Executive Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F  x      Form 40-F  ¨

 

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

 

Yes  ¨      No  x

 

 

 

On November 3, 2015, Mobileye N.V. issued a press release announcing its earnings for the third quarter of 2015 ended September 30, 2015.

 

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The contents of this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”), including Exhibit 99.1 annexed hereto, are incorporated by reference into the Registrant’s registration statement on Form F-3, SEC file number 333-206573, and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit No.		Description of Exhibit
99.1		Press release dated November 3, 2015

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: November 3, 2015

 

	MOBILEYE N.V.
	By:	/s/ Ofer Maharshak
		Ofer Maharshak
		Chief Financial Officer

 

  

 

Exhibit 99.1

 

 

Mobileye Announces Third Quarter 2015 Financial Results

 

Third Quarter 2015 Highlights:

 

·

Total revenue of $70.6 million, up 104% year-over-year

·

Non-GAAP net income of $34.9 million

·

Non-GAAP fully diluted EPS of $0.15

·

Generated $25.6 million in free cash flow

 

JERUSALEM, Israel – November 3, 2015 – (NYSE: MBLY) – Mobileye N.V., the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving, today announced financial results for the quarter ended September 30, 2015.

 

“Our third quarter results highlight the growing interest from OEMs, consumers and regulatory agencies to include advanced safety features in vehicles,” stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye.  “We launched new programs with autonomous emergency braking, a feature being standardized around the world, and recently released semantic free-space and holistic path prediction, the most innovative vision technologies for road scene interpretation.  Our commitment to innovation, ability to add successful program launches and provide best-in-class technologies for autonomous driving further strengthens our leadership in the ADAS and autonomous driving market.”

 

Third Quarter 2015 Financial Highlights

 

·

Revenue: Total revenue for the third quarter of 2015 was $70.6 million, an increase of 104% compared to $34.7 million in the prior-year period. Within total revenue, original equipment manufacturing (OEM) revenue was $60.8 million, compared to $28.8 million in the prior-year period. After market (AM) revenue contributed the remaining $9.8 million of total revenue for the third quarter of 2015 compared to $5.9 million in the prior-year period.

 

·

Net Income (loss) and Earnings (loss) per Share:  GAAP net income for the third quarter of 2015 was $24.2 million, or $0.10 per diluted share. This compares to GAAP net loss of $(13.1) million or $(0.09) on a per share basis for the third quarter of 2014. GAAP results included share-based compensation expense of $10.7 million for the third quarter of 2015 and $22.8 million for the third quarter of 2014.

 

Non-GAAP net income for the third quarter of 2015 was $34.9 million, or $0.15 per share, based on 238.5 million weighted average diluted shares outstanding. This compares to non-GAAP net income of $9.7 million, or $0.04 per share, based on 232.9 million weighted average diluted shares outstanding during the third quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

 

·

Cash, restricted bank deposits, marketable securities and cash flow: At September 30, 2015, Mobileye had cash and cash equivalents, restricted bank deposits, and marketable securities of $448.3 million, compared to $422.2 million at June 30, 2015.

 

 

The company generated $26.2 million in net cash from operating activities for the third quarter of 2015 compared to $10.9 million for the third quarter of 2014. The company generated $25.6 million in free cash flow for the 2015 third quarter compared to $10.4 million for the comparable 2014 quarter. Free cash flow represents net cash provided by operating activities minus capital expenditures.

 

A reconciliation of the non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading “Non-GAAP Financial Measures.”

 

Quarterly Conference Call

Mobileye will host a conference call at 8:00 a.m. Eastern Standard Time (U.S. time) today (Tuesday, November 3, 2015) to review the company’s financial results for the third quarter ended September 30, 2015 and to provide guidance for the remainder of fiscal 2015. A live Webcast of the conference call will be accessible from the Investor Relations section of Mobileye’s website at http://ir.mobileye.com. An archive of the Webcast will be available through February 1, 2016.

 

About Mobileye

Mobileye N.V. is the global leader in the development of vision and data analysis for Advanced Driver Assistance Systems and autonomous driving. Our technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. Our proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. Our products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items, as well as to identify and read traffic signs and traffic lights. Our products are integrated into car models from 23 global automakers including BMW, Ford, General Motors, Nissan, Volvo, Audi and Hyundai. Our products are also available in the aftermarket.

 

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Many factors may cause our actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in Mobileye’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F. Mobileye undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

 

Non-GAAP Financial Measures

 

We have provided in this release financial information that has not been prepared in accordance with GAAP. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors as a supplement to GAAP measures. We believe that these non-GAAP financial measures also provide additional tools for investors to use in

 

 

evaluating our ongoing operating results and trends and in comparing our financial results with those of other companies in our industry, many of which present similar non-GAAP financial measures to investors.

 

Non-GAAP financial measures should not be considered in isolation from, or considered as an alternative to, operating income (loss), net income (loss), earnings (losses) per share or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP measure may not be comparable to similarly titled measures of other organizations because other organizations may not calculate non-GAAP measures in the same manner. You are encouraged to evaluate these adjustments and the reason we consider them appropriate. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

 

Non-GAAP net income. To arrive at our non-GAAP net income, we exclude share-based compensation expense from our GAAP net income (loss). We believe that this non-GAAP measure is useful to investors in evaluating our operating performance for the following reasons:

 

•

We believe that elimination of share-based compensation expense is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance;

•

We use this non-GAAP measure in conjunction with our GAAP financial measure for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and

•

We believe that this non-GAAP measure provides better comparability with our past financial performance, facilitates better period-to-period comparisons of operating results and may facilitate comparisons with similar companies, many of which may also use similar non-GAAP financial measures to supplement their GAAP reporting.

 

Non-GAAP EPS. To arrive at our non-GAAP EPS, we divided the non-GAAP net income by the sum of the number of our outstanding ordinary shares during the relevant period and the number of ordinary shares resulting from the conversion of all of our outstanding class shares into ordinary shares with no liquidation preference on a one-to-one basis as set forth in our articles of association. Immediately prior to our IPO on August 1, 2014, all outstanding class shares were converted into ordinary shares.

 

Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. Free cash flow is important to reflect the cash that can allow us to pursue business strategies and opportunities and fulfill our goals. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means of evaluating our company is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Management compensates for this limitation by providing information about our capital expenditures on the face of the cash flow statement.

 

From time to time, we may also provide guidance regarding projected non-GAAP net income (loss) on an aggregate and per share basis. We cannot provide a reconciliation of our projected non-GAAP net income (loss) to projected GAAP net income (loss) for any future period due to

 

 

the fluctuations of our stock price, which impact share-based compensation. Therefore, the information necessary for a quantitative reconciliation is not available to us without unreasonable efforts.

 

Company Contact:

Yonah Lloyd

CCO / SVP

[email protected]

 

 

MOBILEYE N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

 

		For the nine months ended								For the three months ended
		September 30,								September 30,
		2015				2014				2015				2014
Revenue		$	169,053			$	103,979			$	70,645			$	34,677
Cost of revenue			43,763				26,392				18,158				9,017
Gross profit			125,290				77,587				52,487				25,660
Operating costs and expenses
Research and development, net			31,758				26,925				11,526				10,140
Sales and marketing			9,791				11,910				2,812				6,448
General and administrative			26,667				59,685				10,780				18,160
Total operating expenses			68,216				98,520				25,118				34,748
Operating profit (loss)			57,074				(20,933	)			27,369				(9,088	)
Interest income			1,718				1,097				1,030				379
Financial loss, net			(592	)			(2,973	)			(158	)			(3,006	)
Profit (loss) before taxes on income			58,200				(22,809	)			28,241				(11,715	)
Taxes on income			(8,574	)			(9,674	)			(4,028	)			(1,398	)
Net income (loss) for the period		$	49,626			$	(32,483	)		$	24,213			$	(13,113	)
Basic and diluted income (loss) per share:
Basic		$	0.23			$	(0.45	)		$	0.11			$	(0.09	)
Diluted		$	0.21			$	(0.45	)		$	0.10			$	(0.09	)
Weighted average number of  ordinary shares (in thousands)
Basic			216,927				71,884				218,180				149,779
Diluted			237,795				71,884				238,522				149,779

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME

(UNAUDITED)

(in thousands, except per share data)

 

		For the nine months ended								For the three months ended
		September 30,								September 30,
		2015				2014				2015				2014
GAAP  net income (loss) as reported		$	49,626				(32,483	)		$	24,213				(13,113	)
Non-GAAP adjustment
Expenses recorded for stock-based compensation
Cost of revenues			18				21				8				6
Research and development			5,871				4,347				2,000				1,988
Sales and marketing			1,384				5,994				353				4,191
General and administrative			19,918				55,558				8,355				16,589
Total adjustment			27,191				65,920				10,716				22,774
Non-GAAP net income			76,817				33,437				34,929				9,661
Non-GAAP net income per share
Basic		$	0.35			$	0.16			$	0.16			$	0.05
Diluted		$	0.32			$	0.15			$	0.15			$	0.04
Weighted average number of shares (in thousands)
Basic			216,927				204,734				218,180				209,079
Diluted			237,795				220,247				238,522				232,859

 

 

MOBILEYE N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands)

 

		September 30,				December 31,
		2015				2014
Assets
Current assets
Cash and cash equivalents		$	126,476			$	339,881
Restricted bank deposits			3,052				2,315
Marketable securities			52,972				32,895
Trade account receivables, net			26,212				15,806
Inventories			35,458				17,626
Other current assets			9,135				9,820
Total current assets			253,305				418,343
Long-term assets
Marketable securities			265,839				-
Property, plant and equipment, net			10,921				8,787
Funds in respect of employee rights upon retirement			9,144				7,969
Other assets			2,079				1,307
Total long-term assets			287,983				18,063
Total assets		$	541,288			$	436,406
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued expenses		$	29,140			$	17,870
Employee related accrued expenses			4,690				3,961
Other current liabilities			12,506				5,739
Total current liabilities			46,336				27,570
Long-term liabilities
Liability in respect of employee rights upon retirement			10,958				9,350
Long-term liabilities			5,082				4,812
Total long-term liabilities			16,040				14,162
Total liabilities			62,376				41,732
Shareholders’ equity
Share capital			2,554				2,511
Additional paid-in capital			558,574				523,315
Accumulated other comprehensive loss			(871	)			(181	)
Accumulated deficit			(81,345	)			(130,971	)
Total shareholders’ equity			478,912				394,674
Total liabilities and shareholders’ equity		$	541,288			$	436,406

 

 

MOBILEYE N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

		For the nine months ended								For the three months ended
		September 30,								September 30,
		2015				2014				2015				2014
Cash flows from operating activities
Net income (loss) for the period		$	49,626			$	(32,483	)		$	24,213			$	(13,113	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			2,464				1,856				846				677
Exchange rate differences			(21	)			1,396				556				1,262
Liability in respect of employee rights upon retirement			1,608				842				80				(191	)
Loss  from marketable securities			173				1,482				5				1,441
Share-based compensation			27,191				65,920				10,716				22,774
Changes in asset and liabilities:
Trade accounts receivables, net			(10,406	)			(7,280	)			(2,797	)			1,201
Other current assets			694				(1,884	)			(1,145	)			(2,959	)
Inventories			(17,832	)			(6,935	)			(8,167	)			(2,697	)
Other long-term assets			(772	)			(890	)			(66	)			(674	)
Account payables and accrued expenses			10,813				9,761				1,737				2,097
Employee-related accrued expenses			729				607				(114	)			21
Other current-liabilities			6,767				2,941				368				1,173
Long-term liabilities			270				3,924				(12	)			(150	)
Net cash provided by operating activities			71,304				39,257				26,220				10,862
Cash flows from investing activities
Change in restricted and short-term deposits			(692	)			2,651				(717	)			176
Proceeds from maturities / sales of marketable securities			144,659				15,985				14,984				4,010
Purchase of marketable securities			(431,438	)			(18,985	)			(73,708	)			(329	)
Short term loan granted			-				(6,392	)			-				(6,392	)
Funds in respect of employee right upon retirement			(1,243	)			(707	)			(406	)			106
Purchase of property and equipment			(4,141	)			(3,937	)			(620	)			(481	)
Net cash used in investing  activities			(292,855	)			(11,385	)			(60,467	)			(2,910	)
Cash flows from financing activities
Issuance of shares, net			-				196,538				-				196,841
Exercise of options			8,102				2,479				1,236				1,838
Net cash provided by financing activities			8,102				199,017				1,236				198,679
Increase (decrease) in cash and cash equivalents			(213,449	)			226,889				(33,011	)			206,631
Balance of cash and cash equivalents at the beginning of the period			339,881				72,560				159,647				92,684
Exchange rate differences on cash and cash equivalents			44				(1,240	)			(160	)			(1,106	)
Balance of cash and cash equivalents at the end of the period		$	126,476			$	298,209			$	126,476			$	298,209

 

 

MOBILEYE N.V.

RECONCILIATION OF GAAP NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOWS

(UNAUDITED)

(in thousands)

 

		For the nine months ended								For the three months ended
		September 30,								September 30,
		2015				2014				2015				2014
GAAP net cash from operating activities as reported		$	71,304			$	39,257			$	26,220			$	10,862
Capital Expenditures			(4,141	)			(3,937	)			(620	)			(481	)
Free Cash Flow			67,163				35,320				25,600				10,381

 

SEC Filings

Mobileye (MBLY) Tops Q3 EPS by 2cNovember 3, 2015 6:56 AM