Mobileye Announces Third Quarter 2016 Financial Results

About Mobileye
Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company's 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. The Company's 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. The Company's products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company's products are or will be integrated into car models from 25 global automakers. The Company's 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 the Company's current expectations and projections about future events.  You should not place undue reliance on these statements.  Many factors may cause the Company's actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the Company's filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2015.  The Company 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
In this release, we provide 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 release similar non-GAAP financial measures. 

Non-GAAP financial measures should not be considered in isolation from, or considered as an alternative to, operating income (loss), net income (loss), earnings 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 companies because other companies 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.

Non-GAAP net income (loss). To arrive at our non-GAAP net income (loss), we exclude share-based compensation expense and the applicable income tax effect 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 and the applicable income tax effect is appropriate because treatment of this item may vary for reasons unrelated to our overall operating performance. Our share-based compensation expense is mostly a non-deductible expense;
• 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 free cash flow. We define non-GAAP free cash flow as GAAP net cash provided by operating activities minus capital expenditures. Non-GAAP free cash flow is important to reflect the cash that we can use to pursue business strategies and opportunities and fulfill our goals. A limitation of using non-GAAP free cash flow versus the GAAP measure of net cash provided by operating activities as a means of evaluating our company is that non-GAAP 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 effort.

Company Contact:
Dan Galves                                        
CCO / SVP   
Dan.Galves@mobileye.com             

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,
	2016			2015			2016			2015
Revenue	$	253,581			169,053		$	94,896			70,645
Cost of revenue		62,236			43,763			23,283			18,158
Gross profit		191,345			125,290			71,613			52,487
Operating costs and expenses
Research and development, net		47,173			31,758			17,561			11,526
Sales and marketing		11,382			9,791			4,088			2,812
General and administrative		48,537			26,667			19,654			10,780
Total operating expenses		107,092			68,216			41,303			25,118
Operating profit		84,253			57,074			30,310			27,369
Interest income		3,727			1,718			1,339			1,030
Financial income (loss), net		(223)			(592)			39			(158)
Profit before taxes on income		87,757			58,200			31,688			28,241
Taxes on income		(11,987)			(8,574)			(4,703)			(4,028)
Net income for the period	$	75,770			49,626		$	26,985			24,213
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