Shulou(Shulou.com)11/24 Report--

On January 28, Mobileye released unaudited financial information for the fourth quarter of 2022.

Compared with the fourth quarter of 2021, Mobileye's revenue in the fourth quarter of 2022 was $565 million, up 59 per cent from a year earlier, according to the data. Revenue from EyeQ system integrated chips grew 48 per cent in the quarter due to growth in sales and ASP. Much of the rest of the growth came from revenue related to SuperVision, although the product accounted for less than 1 per cent of total sales.

Mobileye's average system price was $56.2in the fourth quarter of 2022, compared with $48.3.00 in the same period of the previous year, mainly due to an increase in the high-end product portfolio. The price increase offset the increased cost of EyeQ chips due to global inflationary pressures and led to an increase in average system prices, but to a lesser extent.

Mobileye's gross margin rose nearly 10 per cent in the fourth quarter of 2022 compared with the same period a year earlier. The increase was mainly due to the lower amortization cost of intangible assets as a share of revenue, partly offset by an increase in sales of SuperVision, which has a higher hardware content and therefore a lower gross margin.

Mobileye's adjusted gross margin, a non-GAAP indicator, fell 3 per cent in the fourth quarter of 2022 compared with the previous year. The main reason for the year-on-year decline is the increase in sales of SuperVision, which has a higher gross profit per unit but a lower gross margin due to its high hardware content. After the adjustment of the EyeQ system integrated chip product line, the gross profit margin remains stable in the range of 70%.

Mobileye's operating profit increased by more than 16% year-on-year, mainly due to the conversion of revenue growth into gross profit, which greatly exceeded the year-on-year increase in operating expenses and the low proportion of intangible assets amortization costs in revenue.

Adjusted operating profit, which is not a GAAP measure, increased by about 4 per cent in the fourth quarter of 2022 compared with the previous year. This growth was driven by the conversion of revenue growth into gross profit, which significantly exceeded the year-on-year increase in operating expenses. Adjusted operating margin for the fourth quarter of 2022 was higher than Mobileye expected due to the postponement of a number of expenditure items planned for 2022 to 2023, mainly for non-recurring engineering (NRE) development projects.

As of December 31, 2022, Mobileye's annual operating cash flow was $546 million. During the same period, purchases of property and equipment amounted to $111 million.

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