Mobileye Global (MBLY) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Apr. 01, 2023 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 01, 2023
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, 13 Hartom Street
Entity Address, Address Line Two	P.O. Box 45157
Entity Address, City or Town	Jerusalem
Entity Address, Country	IL
Entity Address, Postal Zip Code	9777513
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	51,912,143
Entity Central Index Key	0001910139
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,161	$ 1,024
Trade accounts receivable, net	239	269
Inventories	173	113
Other current assets	82	110
Total current assets	1,655	1,516
Non-current assets
Property and equipment, net	401	384
Intangible assets, net	2,394	2,527
Goodwill	10,895	10,895
Other long-term assets	117	119
Total non-current assets	13,807	13,925
TOTAL ASSETS	15,462	15,441
Current liabilities
Accounts payable and accrued expenses	208	189
Employee related accrued expenses	94	88
Related party payable	80	73
Other current liabilities	36	34
Total current liabilities	418	384
Non-current liabilities
Long-term employee benefits	54	56
Deferred tax liabilities	159	162
Other long-term liabilities	44	45
Total non-current liabilities	257	263
TOTAL LIABILITIES	675	647
Equity
Additional paid-in capital	14,800	14,737
Accumulated other comprehensive income (loss)		(9)
Retained earnings (accumulated deficit)	(22)	57
TOTAL EQUITY	14,787	14,794
TOTAL LIABILITIES AND EQUITY	15,462	15,441
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	$ 8	$ 8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS ( Parenthetical ) - $ / shares	Apr. 01, 2023	Dec. 31, 2022
Common stock, par value	$ 0.01
Common stock, shares issued	100,000,000
Common stock, shares outstanding	100,000,000
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	51,912,143	51,911,905
Common stock, shares outstanding	51,912,143	51,911,905
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	750,000,000	750,000,000
Common stock, shares outstanding	750,000,000	750,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Revenue	$ 458	$ 394
Cost of revenue	251	218
Gross profit	207	176
Research and development, net	235	180
Sales and marketing	33	35
General and administrative	20	7
Total operating expenses	288	222
Operating income (loss)	(81)	(46)
Interest income with related party		1
Other financial income (expense), net	8	1
Income (loss) before income taxes	(73)	(44)
Benefit (provision) for income taxes	(6)	(16)
Net income (loss)	$ (79)	$ (60)
Earnings (loss) per share attributed to Class A and Class B stockholders:
Basic	$ (0.10)	$ (0.08)
Diluted	$ (0.10)	$ (0.08)
Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions):
Basic	802	750
Diluted	802	750
Other comprehensive income (loss), net of tax	$ 9	$ (3)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (70)	$ (63)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Common Stock	Additional paid-in capital	Parent Net Investment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated deficit)	Total
Beginning balance at Dec. 24, 2021			$ 15,884,000,000	$ 5,000,000		$ 15,889,000,000
Net income (loss)			(60,000,000)			(60,000,000)
Other comprehensive income (loss), net				(3,000,000)		(3,000,000)
Net transfer from (to) Parent			113,000,000			113,000,000
Ending balance at Apr. 02, 2022			15,937,000,000	2,000,000		15,939,000,000
Beginning balance at Dec. 31, 2022	$ 9,000,000	$ 14,737,000,000		(9,000,000)	$ 57,000,000	14,794,000,000
Beginning balance (in shares) at Dec. 31, 2022	802,000,000
Net income (loss)	$ 0	0	0	0	(79,000,000)	(79,000,000)
Other comprehensive income (loss), net	0	0	0	9,000,000	0	9,000,000
Tax sharing agreement with Parent	0	(5,000,000)	0	0	0	(5,000,000)
Share-based compensation expense	0	72,000,000	0	0	0	72,000,000
Recharge to Parent for Share-based compensation	$ 0	(4,000,000)	$ 0	$ 0	0	(4,000,000)
Ending balance (in shares) at Apr. 01, 2023	802
Ending balance at Apr. 01, 2023	$ 9,000,000	$ 14,800,000,000			$ (22,000,000)	$ 14,787,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (79)	$ (60)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	7	5
Share-based compensation	72	40
Amortization of intangible assets	133	149
Exchange rate differences on cash and cash equivalents	4	0
Deferred income taxes	(3)	(3)
Interest with related party, net	16	(1)
Other	0	(1)
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivables	30	(30)
Decrease (increase) in other current assets	14	14
Decrease (increase) in inventories	(60)	(13)
Increase (decrease) in accounts payable, accrued expenses and related party payable	29	(21)
Increase (decrease) in employee-related accrued expenses and long term benefits	4	(23)
Increase (decrease) in other current-liabilities	2	(1)
Decrease (increase) in other long term assets	2	(1)
Increase (decrease) in long-term liabilities	0	(3)
Net cash provided by operating activities	171	51
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(26)	(27)
Repayment of loan due from related party	0	200
Net cash provided by (used in) investing activities	(26)	173
CASH FLOWS FROM FINANCING ACTIVITIES
Net transfers from Parent	0	102
Share-based compensation recharge	(3)	(186)
Deferred offering costs	0	(7)
Net cash provided by (used in) financing activities	(3)	(91)
Effect of foreign exchange rate changes on cash and cash equivalents	(4)	0
Increase in cash, cash equivalents and restricted cash	138	133
Balance of cash, cash equivalents and restricted cash, at beginning of year	1,035	625
Balance of cash, cash equivalents and restricted cash, at end of period	1,173	758
Supplementary non-cash investing and financing activities:
Non cash purchase of property and equipment	12	9
Non-cash share based compensation recharge	1	0
Unpaid offering costs	0	2
Tax sharing agreement with Parent	5	0
Supplemental cash flow information:
Cash received (paid) for income taxes, net of refunds	$ (15)	$ 5

GENERAL

GENERAL	3 Months Ended
	Apr. 01, 2023
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. Mobileye combines the operations of its consolidated subsidiaries, which include the Mobileye Group, as defined below. Mobileye operates as a subsidiary of Intel Corporation (“Intel” or the “Parent”), which acquired a majority stake in Mobileye in August 2017 (the “Mobileye Acquisition”). The remaining issued and outstanding shares of Mobileye were acquired by Intel in 2018. Before the completion of the Mobileye IPO and the Reorganization (both as defined below) in October 2022, the Company consisted of the “Mobileye Group”, which combined the operations of Cyclops Holdings LLC (“Cyclops”), Mobileye B.V. and its subsidiaries, GG Acquisition Ltd. and Moovit App Global Ltd. and its subsidiaries (“Moovit”) and certain Intel employees mainly in research and development (the “Intel Aligned Groups”). In December 2021, Intel announced plans to pursue an initial public offering of the Mobileye Group. In January 2022, Intel incorporated a new legal entity, Mobileye Global Inc., with the intent to contribute the Mobileye Group to Mobileye Global Inc. and to have Mobileye Global Inc. offer newly issued shares of common stock of Mobileye Global Inc. in an initial public offering. On October 28, 2022, the initial public offering of Mobileye (the “Mobileye IPO”) was completed and we issued 41,000,000 shares of our Class A common stock, at $21 per share, before underwriting discounts and commissions. Concurrently with the closing of the Mobileye IPO, the Company issued an additional 4,761,905 shares of its Class A common stock to General Atlantic (ME), L.P., a Delaware limited partnership, at $21 per share, pursuant to a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, for gross proceeds of $100 million (the “Concurrent Private Placement”). On November 1, 2022, we closed the sale of an additional 6,150,000 Class A shares pursuant to the exercise of the underwriters’ over-allotment option. The Mobileye IPO generated proceeds to the Company of approximately $1.0 billion, including the proceeds from the underwriters exercise of their option and the Concurrent Private Placement, net of underwriting discounts and commissions in the amount of $41 million and offering costs in the amount of $18 million. Prior to the completion of the Mobileye IPO, we were a wholly-owned business of Intel Corporation. Upon the closing of the Mobileye IPO (after giving effect to the exercise of the underwriters’ over-allotment option), Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye, which represents approximately 99.3% of the voting power of our common stock. Upon completion of the Mobileye IPO, we completed the legal entity reorganization (“Reorganization”) of the operations comprising the Mobileye Group business so that they are all under the single parent entity, Mobileye Global Inc., and the filing and effectiveness of our amended and restated certificate of incorporation. The Reorganization was accomplished through a series of transactions and agreements with Intel, including the legal purchase of 100% of the issued and outstanding equity interests of the Moovit entities from Intel.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Apr. 01, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - 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 2022 was a 53-week fiscal year; fiscal year 2023 is a 52-week fiscal year. The additional week in fiscal year 2022 was added in the first quarter, which consisted of 14 weeks. The results of operations for the three months ended April 1, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2023. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2022. The financial statements and accompanying notes that include periods ending or as of dates prior to the completion of the Mobileye IPO have been derived from the consolidated financial statements and accounting records of Intel and are presented as if the Company had been operating as a stand-alone company. The assets, liabilities, revenue, and expenses directly attributable to the Company’s operations, including the acquired goodwill and intangible assets, have been reflected in these condensed consolidated financial statements on a historical cost basis, as included in the consolidated financial statements of Intel. As Mobileye Group was not historically held by a single legal entity, total parent net investment is shown in lieu of equity in the periods prior to the completion of the Mobileye IPO and represents Intel’s total interest in the recorded net assets of Mobileye Group. All intercompany transactions within the previously combined businesses of the Company have been eliminated. Transactions between the Company and Intel, arising from arrangements with Intel and other similar related-party transactions, were considered to be effectively settled at the time the transactions were recorded, unless otherwise noted. The total net effect of the settlement of these transactions was reflected within parent net investment as a component of equity and within net transfers from Parent as a financing activity in the periods prior to the completion of the Mobileye IPO, unless otherwise noted. Following the completion of the Mobileye IPO, the condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 31, 2022. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 31, 2022. 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 goodwill and income taxes. Cash, cash equivalents and restricted cash The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions April 1, 2023 December 31, 2022 Cash $ 101 $ 188 Short term deposits ​ ​ 105 ​ ​ 285 Money market funds ​ ​ 955 ​ ​ 551 Restricted cash (within other current and other long-term assets) ​ 12 ​ 11 Cash, cash equivalents and restricted cash ​ $ 1,173 ​ $ 1,035 ​ Fair value measurement The Company measures its investment in short term deposits classified as cash equivalents at fair value on a recurring basis. 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 and consists 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 April 1, 2023, amounted to $8 million. 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 $17 million and $14 million were offset against research and development costs in the three months ended April 1, 2023 and April 2, 2022, 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. 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. As of April 1, 2023, there are no outstanding hedging instruments and all of the related accumulated other comprehensive income (loss) was reclassified into the statement of operations and comprehensive income (loss). The notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye were: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 Notional amount of derivatives $ — $ 93 Fair value of derivatives receivable from (payable to) Intel $ — $ (9) ​ The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended U.S. dollars in millions April 1, 2023 ​ April 2, 2022 Other comprehensive income (loss) before reclassifications $ — $ (1) Amounts reclassified out of accumulated other comprehensive income (loss) ​ 10 ​ (2) Tax effects ​ (1) ​ — Other comprehensive income (loss), net $ 9 $ (3) ​ 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 expense or benefit for those jurisdictions is recorded separately. During the periods presented in the consolidated financial statements, certain components of the Company’s business operations were included in the consolidated U.S. domestic income tax return filed by the Company’s Parent. The Company also files various foreign income tax returns on a separate basis, distinct from its Parent. The income tax provision included in the Company’s condensed consolidated financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns. The Company has entered into a Tax Sharing Agreement with its Parent that establishes the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. Any differences between taxes payable to the Company’s Parent under the Tax Sharing Agreement and the current tax provision computed on a separate return basis, is reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows. 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. Loss contingencies Management believes that there are no current matters that would have a material effect on the Company’s condensed consolidated balance sheets, statements of operations or cash flows. Legal fees are expensed as incurred. Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, which include short-term deposits and money market funds, and also trade accounts receivable. The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash. Accordingly, management believes that these bank deposits and money market funds, have minimal credit risk. The Company’s accounts receivables are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivables is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days. The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company establishes credit losses for accounts receivable by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history from such customers, and the customers’ current ability to pay its obligation to the Company. As of April 1, 2023 and December 31, 2022, the credit losses for accounts receivable were not material. The Company writes off accounts receivable when they are deemed uncollectible. For the three months ended April 1, 2023 and April 2, 2022, the charge-offs and recoveries in relation to the credit losses accounts were not material. Customer concentration risk The Company’s business, results of operations, and financial condition for the foreseeable future will likely continue to depend on sales to a relatively small number of customers. In the future, these customers may decide not to purchase the Company’s products, may purchase fewer products than in previous years, or may alter their purchasing patterns. Further, the amount of revenue attributable to any single customer or customer concentration generally may fluctuate in any given period. In addition, a decline in the production levels of one or more of the Company’s major customers, particularly with respect to vehicle models for which the Company is a significant supplier, could reduce revenue. The loss of one or more key customers, a reduction in sales to any key customer or the Company’s inability to attract new significant customers could negatively impact revenue and adversely affect the Company’s business, results of operations, and financial condition. See Note 9 related to customers that accounted for more than 10% of the Company’s total revenue and more than 10% of the total accounts receivable balance for each of the periods presented in these condensed consolidated financial statements. Dependence on a single supplier risk The Company purchases all its System on Chip (“EyeQ® SoC”) from a single supplier. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could have a material adverse effect on the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ® SoC that the Company has been experiencing during 2022 and may experience during 2023, including in components of our other products. Supply chain risk During the fiscal year ended December 31, 2022, due to global supply chain constraints and shortage of semiconductors, the Company’s sole supplier was not able to meet demand of the Company for EyeQ® SoCs, causing a significant reduction in the Company’s inventory levels. We may continue to experience a shortfall of EyeQ® SoCs and may experience a shortfall in components of our other products, which has already caused certain delays and may continue to cause further delays in our ability to fulfil customers’ orders. Continued shortages and supply chain constraints in EyeQ® SoCs and in components of our other products, may impair the Company’s ability to meet its customers’ requirements in a timely manner and may adversely affect the Company’s business, results of operations and financial condition. Moreover, to the extent that the global semiconductor shortage results in reduced production or production delays by automakers, those delays could result in reduced or delayed demand for the Company products. In addition, issues relating to the COVID-19 pandemic have led to port congestion and intermittent supplier shutdowns and delays in the delivery of critical components, resulting in additional expenses to expedite delivery of critical parts. Sustaining the Company’s production trajectory will require the readiness and solvency of its suppliers and vendors, a stable and motivated production workforce and ongoing government cooperation, including for travel and visa allowances, which many governments have restricted in connection with efforts to address the COVID-19 pandemic. Although we cannot fully predict the length and the severity of the impact these pressures will 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.

OTHER FINANCIAL STATEMENT DETAI

OTHER FINANCIAL STATEMENT DETAILS	3 Months Ended
	Apr. 01, 2023
OTHER FINANCIAL STATEMENT DETAILS
OTHER FINANCIAL STATEMENT DETAILS	NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS Inventories: ​ ​ ​ As of U.S. dollars in millions April 1, 2023 December 31, 2022 Raw materials ​ $ 43 ​ $ 41 Finished goods ​ 130 ​ 72 ​ $ 173 $ 113 ​ Inventory write-downs and write-offs were not material for the periods presented in these condensed consolidated financial statements. Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 Computers, electronic equipment and software $ 132 $ 124 Vehicles ​ 14 ​ 13 Office furniture and equipment ​ 3 ​ 4 Leasehold improvements ​ 33 ​ 22 Construction in process ​ 307 ​ 302 Total property and equipment, gross $ 489 $ 465 Less: accumulated depreciation ​ (88) ​ (81) Total property and equipment, net $ 401 $ 384 ​ Depreciation expenses totaled $7 million and $5 million for the three months ended April 1, 2023 and April 2, 2022, respectively.

EQUITY

EQUITY	3 Months Ended
	Apr. 01, 2023
EQUITY
EQUITY	NOTE 4 - EQUITY A. Mobileye Plan Following the Mobileye IPO in October 2022, the Company’s employees are incentivized and rewarded through the grant of the Company’s equity awards under the Mobileye Global Inc. 2022 Equity Incentive Plan (“the 2022 Plan”), which are granted for Class A shares and vest upon the satisfaction of a service-based vesting condition, mostly over service periods of three years. Restricted Stock Units The RSUs activity for the three months ended April 1, 2023 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 31, 2022 ​ 12,564 ​ $ 21 Granted ​ 253 ​ 38.6 Vested ​ * ​ — Forfeited ​ (59) ​ 22.5 Outstanding as of April 1, 2023 $ 12,758 ​ 21.3 * Less than 1000 ​ As of April 1, 2023, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $180 million, which is expected to be recognized as expense over a weighted-average period of 1.5 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 April 1, 2023 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 63 2.8 $ 6.9 52 $ 4.0 $ 22.4 - 26.9 2,135 0.4 ​ 26.8 2,135 ​ 26.8 $55.2 68 6.0 ​ 55.2 68 ​ 55.2 Total 2,266 0.6 $ 27.1 2,255 $ 27.1 ​ The options activity for the three months ended April 1, 2023 for options granted to the Company’s employees for Intel’s common stock was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted average ​ average ​ ​ ​ ​ ​ ​ ​ remaining ​ exercise ​ Aggregated ​ ​ Number of options ​ contractual Life ​ price ​ intrinsic value(1) ​ In thousands In years U.S. dollars ​ U.S. dollars in millions Options outstanding as of December 31, 2022 2,270 ​ 0.8 $ 27.1 ​ $ 1 Exercised (4) ​ — ​ 20.2 ​ ​ — Options outstanding as of April 1, 2023 2,266 ​ 0.6 $ 27.1 ​ $ 14 Options exercisable as of April 1, 2023 2,255 ​ 0.6 $ 27.1 ​ $ 14 (1) (2) RSUs The RSUs activity for the three months ended April 1, 2023 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 31, 2022 5,692 $ 44.8 Vested (140) ​ 49.6 Forfeited (93) ​ 46.6 Outstanding as of April 1, 2023 5,459 $ 44.6 ​ Unrecognized expenses As of April 1, 2023, the unrecognized compensation cost related to stock options and RSUs granted under the Intel 2006 Plan was $165 million, which will be recognized over a weighted average period of 0.9 years. Share-based compensation expense summary (for both Mobileye and Intel Plans) Share-based compensation expenses included in the condensed consolidated statements of operations and comprehensive income (loss) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended U.S. dollars in millions ​ April 1, 2023 April 2, 2022 Cost of revenue $ 1 $ — Research and development, net ​ 60 ​ 37 Sales and marketing ​ 2 ​ 1 General and administrative ​ 9 ​ 2 Total share-based compensation ​ $ 72 ​ $ 40 ​

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Apr. 01, 2023
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	NOTE 5 - EARNINGS (LOSS) PER SHARE Before the Mobileye IPO, Intel held directly or indirectly the 100 shares of common stock of Mobileye, with a par value of $0.01 per share, that were issued and outstanding In connection with the Mobileye IPO, we issued 41,000,000 shares of our Class A common stock to the public at a public offering price of $21 per share and an additional 4,761,905 Class A shares at a private placement. The Mobileye IPO closed on October 28, 2022. On November 1, 2022, we closed the sale of an additional 6,150,000 shares pursuant to the exercise of the underwriters’ over-allotment option. In accordance with ASC 260, the Class A shares issued in connection with the Mobileye IPO are included in earnings (loss) per share calculations for periods subsequent to the closing of the Mobileye IPO and are not included in the earnings (loss) per share calculations for periods prior to the closing of the Mobileye IPO. For the three months ended April 1, 2023, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 7.1 million potential common shares, based on treasury stock method, 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. The following table summarizes the calculation of basic earnings (loss) per share for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ April 1, ​ April 2, In millions, except per share amounts 2023 2022 Numerator: ​ ​ ​ Net income (loss) $ (79) $ (60) Denominator: ​ ​ ​ Weighted average common shares - basic and diluted ​ 802 ​ 750 Earnings (loss) per share: ​ ​ Basic and diluted ​ $ (0.10) ​ $ (0.08) ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 01, 2023
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 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. Any differences between taxes currently 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 (see also Note 2). The adjustment to additional paid-in capital for the three months ended April 1, 2023 was an aggregate decrease of $5 million because amounts payable under the Tax Sharing Agreement in respect of the three-month period exceeded amounts calculated under the separate return method. The tax expense for the three months ended April 1, 2023 and April 2, 2022, was unfavorably impacted by a valuation allowance for certain jurisdictions. A withholding tax expense of $14 million related to a dividend distribution between entities within the Mobileye Group was recorded in the three months ended April 2, 2022. 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.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	3 Months Ended
	Apr. 01, 2023
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 31, 2022. 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 relating to the value of share-based compensation provided to the Company’s employees for RSUs or stock options exercisable in Intel stock. The liability associated with the stock compensation recharge agreement that is reflected on the condensed consolidated balance sheets, under related party payable was approximately $1 million and $1 million as of April 1, 2023 and December 31, 2022, respectively. The reimbursement amounts recorded as an adjustment to additional paid-in capital (and to parent net investment prior to the Mobileye IPO) in the condensed consolidated statement of changes in equity were $4 million and $29 million for the three months ended April 1, 2023 and April 2, 2022, 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 April 1, 2023 and April 2, 2022, were $1.3 million and $0.4 million, respectively. Other services to a related party The Company reimbursed its Chief Executive Officer for reasonable travel related expenses incurred while conducting business on behalf of the Company. Travel related reimbursements totaled $0.7 million and zero for three months ended April 1, 2023 and April 2, 2022, respectively. Administrative Services Agreement Under the Administrative Services Agreement, effective as of the completion of the Mobileye IPO, Intel provides the Company with administrative, financial, legal, tax, 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 April 1, 2023 were $0.4 million. Technology and Services Agreement The Technology and Services Agreement, effective as of the completion of the Mobileye IPO, 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 does not apply to projects for the development and manufacture of a Lidar sensor system for automobiles, for which the LiDAR Product Collaboration Agreement applies. 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 April 1, 2023 was $1 million. LiDAR Product Collaboration Agreement The LiDAR Product Collaboration Agreement, effective as of the completion of the Mobileye IPO, provides the terms that will apply to the Company’s collaboration with Intel for the development and manufacture of a Lidar sensor system for ADAS and AV in automobiles (“LiDAR Projects”). On some of the LiDAR programs joint funding will apply between Intel and Mobileye until the end of 2027 whereby Mobileye will bear its own Lidar sensor system development costs up to the first $40 million per year and Intel will bear up to $20 million per year of Mobileye’s Lidar sensor system development costs that are greater than $40 million per year. The LiDAR Product Collaboration Agreement further provides that Intel will manufacture certain components for the Company to market and sell as part of a FMCW (frequency-modulated continuous wave) Lidar sensor system solely for external environment sensing for ADAS and AV in automobiles. The price for the components Intel will manufacture for the Company will be based on a cost-plus model. In addition, the agreement also includes a profit-sharing model under which Mobileye will pay Intel a share of the gross profit for each LiDAR sensor system or components thereof, based on Intel technology, sold by Mobileye. There were no amounts received or receivable from Intel under this agreement for the three months ended April 1, 2023. Tax Sharing Agreement The Tax Sharing Agreement establishes the respective rights, responsibilities and obligations of the Company and Intel after the completion of the Mobileye IPO with respect to tax matters, including the amount of cash the Company will pay to Intel for its share of the tax liability owed on the consolidated filings in which the Company or any of the Company’s subsidiaries are included, audit or other tax proceedings. As of April 1, 2023 and December 31, 2022, the related party payable to Intel, pursuant to the Tax Sharing Agreement, was $39 million and $34 million, respectively.

IDENTIFIED INTANGIBLE ASSETS

IDENTIFIED INTANGIBLE ASSETS	3 Months Ended
	Apr. 01, 2023
IDENTIFIED INTANGIBLE ASSETS
IDENTIFIED INTANGIBLE ASSETS	NOTE 8 - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ Gross Assets ​ Amortization ​ Net ​ Gross Assets ​ Amortization ​ Net Developed technology $ 3,973 $ 1,986 $ 1,987 $ 3,973 $ 1,870 $ 2,103 Customer relationships & brands ​ ​ 786 ​ ​ 379 ​ ​ 407 ​ ​ 786 ​ ​ 362 ​ ​ 424 Total ​ $ 4,759 ​ $ 2,365 ​ $ 2,394 ​ $ 4,759 ​ $ 2,232 ​ $ 2,527 ​ The following table presents the amortization expenses recorded for these identified intangible assets and their weighted average useful lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ April 1, April 2, Average U.S. dollars in millions ​ 2023 ​ 2022 ​ Useful Life Developed technology $ 116 $ 125 10 Customer relationships & brands ​ ​ 17 ​ ​ 24 ​ 12 Total amortization expenses $ 133 $ 149 ​ ​ The Company expects future amortization expenses for the next five years and thereafter to be as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in millions Remainder of 2023 2024 2025 2026 2027 Thereafter Total Future amortization expenses ​ $ 341 $ 445 $ 443 $ 332 $ 179 $ 654 $ 2,394 ​

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Apr. 01, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 9 - SEGMENT INFORMATION An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer (“CEO”). The Company’s organizational structure and management reporting supports two operating segments: Mobileye and Moovit. The CODM evaluates performance, makes operating decisions and allocates resources based on the financial data of these operating segments. Operating segments do not record inter-segment revenue. Mobileye is the Company’s only reportable operating segment and Moovit is presented within “Other” as per ASC 280, Segment Reporting. Segment performance is the operating income reported excluding the amortization of acquisition-related intangible assets. The 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 31, 2022. The following are segment results for each period as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended April 1, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Amounts not ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ allocated to ​ ​ ​ U.S. dollars in millions Mobileye Other segments Consolidated Revenues $ 450 ​ $ 8 ​ $ — ​ $ 458 Cost of revenues ​ 134 ​ ​ 1 ​ ​ 116 ​ ​ 251 Research and development, net ​ 224 ​ ​ 11 ​ ​ — ​ ​ 235 Sales and marketing ​ 13 ​ ​ 3 ​ ​ 17 ​ ​ 33 General and administrative ​ 17 ​ ​ 3 ​ ​ — ​ ​ 20 Segment performance $ 62 ​ $ (10) ​ $ (133) ​ $ (81) Other financial income (expense), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 Loss before taxes on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (73) Share-based compensation ​ 66 ​ ​ 6 ​ ​ — ​ ​ 72 Depreciation of property and equipment ​ 7 ​ ​ — ​ ​ — ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended April 2, 2022 ​ ​ ​ ​ ​ ​ ​ Amounts not ​ ​ ​ ​ ​ ​ ​ ​ allocated to ​ ​ ​ U.S. dollars in millions Mobileye ​ Other segments Consolidated Revenues $ 389 ​ $ 5 ​ $ — ​ $ 394 Cost of revenues ​ 92 ​ ​ 1 ​ ​ 125 ​ ​ 218 Research and development, net ​ 169 ​ ​ 11 ​ ​ — ​ ​ 180 Sales and marketing ​ 8 ​ ​ 3 ​ ​ 24 ​ ​ 35 General and administrative ​ 4 ​ ​ 3 ​ ​ — ​ ​ 7 Segment performance $ 116 ​ $ (13) ​ $ (149) ​ $ (46) Interest income (expense) with related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Other financial income (expense), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Loss before taxes on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) Share-based compensation ​ 36 ​ ​ 4 ​ ​ — ​ ​ 40 Depreciation of property and equipment ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​ Total revenues based on the country that the product was shipped to were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ April 1, April 2, U.S. dollars in millions 2023 2022 China ​ 159 ​ ​ 91 Germany ​ 83 ​ ​ 25 USA ​ 80 ​ ​ 120 South Korea ​ 40 ​ ​ 26 United Kingdom ​ 31 ​ ​ 69 Poland ​ ​ 22 ​ ​ 22 Czech Republic ​ ​ 16 ​ ​ — Hungary ​ 9 ​ ​ 21 Rest of World ​ 18 ​ ​ 20 Total $ 458 ​ $ 394 ​ We generate the majority of our revenue from the sale of our EyeQ® SoCs to OEMs through sales to Tier 1 automotive suppliers. EyeQ® SoC sales represented approximately 88% and 92% of our revenue for each of the three months ended April 1, 2023 and April 2, 2022, respectively. Major Customers Revenue from major customers that amount to 10% or more of total revenue: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ April 1, April 2, ​ ​ 2023 2022 ​ Percent of total revenues: ​ Customer A 24 % 51 % Customer B 30 % * ​ Customer C ​ 12 % 17 % *Less than 10% Accounts receivable balances of major customers that amount to 10% or more of total accounts receivable balance: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ April 1, December 31, ​ ​ ​ 2023 ​ 2022 ​ Percent of total accounts receivables balance: ​ Customer A 23 % 32 % Customer B 21 % 19 % Customer C ​ 22 % 25 % *Less than 10%

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Apr. 01, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS In April 2023, the Company’s compensation committee approved the issuance of restricted stock units to be issued under our 2022 Equity Incentive Plan. The total aggregate fair value of RSUs granted was $15.2 million, which consisted of 403 thousand RSUs, which will vest over a service period of three years.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Apr. 01, 2023
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	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 2022 was a 53-week fiscal year; fiscal year 2023 is a 52-week fiscal year. The additional week in fiscal year 2022 was added in the first quarter, which consisted of 14 weeks. The results of operations for the three months ended April 1, 2023 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2023. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2022. The financial statements and accompanying notes that include periods ending or as of dates prior to the completion of the Mobileye IPO have been derived from the consolidated financial statements and accounting records of Intel and are presented as if the Company had been operating as a stand-alone company. The assets, liabilities, revenue, and expenses directly attributable to the Company’s operations, including the acquired goodwill and intangible assets, have been reflected in these condensed consolidated financial statements on a historical cost basis, as included in the consolidated financial statements of Intel. As Mobileye Group was not historically held by a single legal entity, total parent net investment is shown in lieu of equity in the periods prior to the completion of the Mobileye IPO and represents Intel’s total interest in the recorded net assets of Mobileye Group. All intercompany transactions within the previously combined businesses of the Company have been eliminated. Transactions between the Company and Intel, arising from arrangements with Intel and other similar related-party transactions, were considered to be effectively settled at the time the transactions were recorded, unless otherwise noted. The total net effect of the settlement of these transactions was reflected within parent net investment as a component of equity and within net transfers from Parent as a financing activity in the periods prior to the completion of the Mobileye IPO, unless otherwise noted. Following the completion of the Mobileye IPO, the condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 31, 2022. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 31, 2022.
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 goodwill and income taxes.
Cash, cash equivalents, and restricted cash	Cash, cash equivalents and restricted cash The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions April 1, 2023 December 31, 2022 Cash $ 101 $ 188 Short term deposits ​ ​ 105 ​ ​ 285 Money market funds ​ ​ 955 ​ ​ 551 Restricted cash (within other current and other long-term assets) ​ 12 ​ 11 Cash, cash equivalents and restricted cash ​ $ 1,173 ​ $ 1,035 ​
Fair value measurement	Fair value measurement The Company measures its investment in short term deposits classified as cash equivalents at fair value on a recurring basis. 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 and consists 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 April 1, 2023, amounted to $8 million. 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, 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 $17 million and $14 million were offset against research and development costs in the three months ended April 1, 2023 and April 2, 2022, respectively.
Derivatives and hedging	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. 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. As of April 1, 2023, there are no outstanding hedging instruments and all of the related accumulated other comprehensive income (loss) was reclassified into the statement of operations and comprehensive income (loss). The notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye were: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 Notional amount of derivatives $ — $ 93 Fair value of derivatives receivable from (payable to) Intel $ — $ (9) ​ The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended U.S. dollars in millions April 1, 2023 ​ April 2, 2022 Other comprehensive income (loss) before reclassifications $ — $ (1) Amounts reclassified out of accumulated other comprehensive income (loss) ​ 10 ​ (2) Tax effects ​ (1) ​ — Other comprehensive income (loss), net $ 9 $ (3) ​
Income Tax	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 expense or benefit for those jurisdictions is recorded separately. During the periods presented in the consolidated financial statements, certain components of the Company’s business operations were included in the consolidated U.S. domestic income tax return filed by the Company’s Parent. The Company also files various foreign income tax returns on a separate basis, distinct from its Parent. The income tax provision included in the Company’s condensed consolidated financial statements has been calculated using the separate return method, as if the Company had filed its own tax returns. The Company has entered into a Tax Sharing Agreement with its Parent that establishes the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. Any differences between taxes payable to the Company’s Parent under the Tax Sharing Agreement and the current tax provision computed on a separate return basis, is reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows. 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.
Loss contingencies	Loss contingencies Management believes that there are no current matters that would have a material effect on the Company’s condensed consolidated balance sheets, statements of operations or cash flows. Legal fees are expensed as incurred.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, which include short-term deposits and money market funds, and also trade accounts receivable. The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash. Accordingly, management believes that these bank deposits and money market funds, have minimal credit risk. The Company’s accounts receivables are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivables is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days. The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company establishes credit losses for accounts receivable by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history from such customers, and the customers’ current ability to pay its obligation to the Company. As of April 1, 2023 and December 31, 2022, the credit losses for accounts receivable were not material. The Company writes off accounts receivable when they are deemed uncollectible. For the three months ended April 1, 2023 and April 2, 2022, the charge-offs and recoveries in relation to the credit losses accounts were not material.
Customer concentration risk	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	Dependence on a single supplier risk The Company purchases all its System on Chip (“EyeQ® SoC”) from a single supplier. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could have a material adverse effect on the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ® SoC that the Company has been experiencing during 2022 and may experience during 2023, including in components of our other products.
Supply chain risk	Supply chain risk During the fiscal year ended December 31, 2022, due to global supply chain constraints and shortage of semiconductors, the Company’s sole supplier was not able to meet demand of the Company for EyeQ® SoCs, causing a significant reduction in the Company’s inventory levels. We may continue to experience a shortfall of EyeQ® SoCs and may experience a shortfall in components of our other products, which has already caused certain delays and may continue to cause further delays in our ability to fulfil customers’ orders. Continued shortages and supply chain constraints in EyeQ® SoCs and in components of our other products, may impair the Company’s ability to meet its customers’ requirements in a timely manner and may adversely affect the Company’s business, results of operations and financial condition. Moreover, to the extent that the global semiconductor shortage results in reduced production or production delays by automakers, those delays could result in reduced or delayed demand for the Company products. In addition, issues relating to the COVID-19 pandemic have led to port congestion and intermittent supplier shutdowns and delays in the delivery of critical components, resulting in additional expenses to expedite delivery of critical parts. Sustaining the Company’s production trajectory will require the readiness and solvency of its suppliers and vendors, a stable and motivated production workforce and ongoing government cooperation, including for travel and visa allowances, which many governments have restricted in connection with efforts to address the COVID-19 pandemic. Although we cannot fully predict the length and the severity of the impact these pressures will 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Apr. 01, 2023
SIGNIFICANT ACCOUNTING POLICIES
Schedule of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions April 1, 2023 December 31, 2022 Cash $ 101 $ 188 Short term deposits ​ ​ 105 ​ ​ 285 Money market funds ​ ​ 955 ​ ​ 551 Restricted cash (within other current and other long-term assets) ​ 12 ​ 11 Cash, cash equivalents and restricted cash ​ $ 1,173 ​ $ 1,035 ​
Schedule of notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye	​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 Notional amount of derivatives $ — $ 93 Fair value of derivatives receivable from (payable to) Intel $ — $ (9) ​
Schedule of change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended U.S. dollars in millions April 1, 2023 ​ April 2, 2022 Other comprehensive income (loss) before reclassifications $ — $ (1) Amounts reclassified out of accumulated other comprehensive income (loss) ​ 10 ​ (2) Tax effects ​ (1) ​ — Other comprehensive income (loss), net $ 9 $ (3) ​

OTHER FINANCIAL STATEMENT DET_2

OTHER FINANCIAL STATEMENT DETAILS (Tables)	3 Months Ended
	Apr. 01, 2023
OTHER FINANCIAL STATEMENT DETAILS
Schedule of inventories	​ ​ ​ As of U.S. dollars in millions April 1, 2023 December 31, 2022 Raw materials ​ $ 43 ​ $ 41 Finished goods ​ 130 ​ 72 ​ $ 173 $ 113 ​
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 Computers, electronic equipment and software $ 132 $ 124 Vehicles ​ 14 ​ 13 Office furniture and equipment ​ 3 ​ 4 Leasehold improvements ​ 33 ​ 22 Construction in process ​ 307 ​ 302 Total property and equipment, gross $ 489 $ 465 Less: accumulated depreciation ​ (88) ​ (81) Total property and equipment, net $ 401 $ 384 ​

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Apr. 01, 2023
EQUITY
Schedule of outstanding and exercisable options	Outstanding and exercisable options for Intel’s common stock under Intel’s plan as of April 1, 2023 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 63 2.8 $ 6.9 52 $ 4.0 $ 22.4 - 26.9 2,135 0.4 ​ 26.8 2,135 ​ 26.8 $55.2 68 6.0 ​ 55.2 68 ​ 55.2 Total 2,266 0.6 $ 27.1 2,255 $ 27.1 ​
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted average ​ average ​ ​ ​ ​ ​ ​ ​ remaining ​ exercise ​ Aggregated ​ ​ Number of options ​ contractual Life ​ price ​ intrinsic value(1) ​ In thousands In years U.S. dollars ​ U.S. dollars in millions Options outstanding as of December 31, 2022 2,270 ​ 0.8 $ 27.1 ​ $ 1 Exercised (4) ​ — ​ 20.2 ​ ​ — Options outstanding as of April 1, 2023 2,266 ​ 0.6 $ 27.1 ​ $ 14 Options exercisable as of April 1, 2023 2,255 ​ 0.6 $ 27.1 ​ $ 14 (1) (2)
Schedule of RSUs activity	The RSUs activity for the three months ended April 1, 2023 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 31, 2022 ​ 12,564 ​ $ 21 Granted ​ 253 ​ 38.6 Vested ​ * ​ — Forfeited ​ (59) ​ 22.5 Outstanding as of April 1, 2023 $ 12,758 ​ 21.3 * Less than 1000 ​ The RSUs activity for the three months ended April 1, 2023 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 31, 2022 5,692 $ 44.8 Vested (140) ​ 49.6 Forfeited (93) ​ 46.6 Outstanding as of April 1, 2023 5,459 $ 44.6 ​
Schedule of share-based compensation expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended U.S. dollars in millions ​ April 1, 2023 April 2, 2022 Cost of revenue $ 1 $ — Research and development, net ​ 60 ​ 37 Sales and marketing ​ 2 ​ 1 General and administrative ​ 9 ​ 2 Total share-based compensation ​ $ 72 ​ $ 40

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Apr. 01, 2023
EARNINGS (LOSS) PER SHARE
Schedule of calculation of basic net income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ April 1, ​ April 2, In millions, except per share amounts 2023 2022 Numerator: ​ ​ ​ Net income (loss) $ (79) $ (60) Denominator: ​ ​ ​ Weighted average common shares - basic and diluted ​ 802 ​ 750 Earnings (loss) per share: ​ ​ Basic and diluted ​ $ (0.10) ​ $ (0.08)

IDENTIFIED INTANGIBLE ASSETS (T

IDENTIFIED INTANGIBLE ASSETS (Tables)	3 Months Ended
	Apr. 01, 2023
IDENTIFIED INTANGIBLE ASSETS
Schedule of components of identified intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ April 1, 2023 ​ December 31, 2022 ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ Gross Assets ​ Amortization ​ Net ​ Gross Assets ​ Amortization ​ Net Developed technology $ 3,973 $ 1,986 $ 1,987 $ 3,973 $ 1,870 $ 2,103 Customer relationships & brands ​ ​ 786 ​ ​ 379 ​ ​ 407 ​ ​ 786 ​ ​ 362 ​ ​ 424 Total ​ $ 4,759 ​ $ 2,365 ​ $ 2,394 ​ $ 4,759 ​ $ 2,232 ​ $ 2,527 ​
Schedule of amortization expenses recorded for these identified intangible assets and their weighted average useful lives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ April 1, April 2, Average U.S. dollars in millions ​ 2023 ​ 2022 ​ Useful Life Developed technology $ 116 $ 125 10 Customer relationships & brands ​ ​ 17 ​ ​ 24 ​ 12 Total amortization expenses $ 133 $ 149 ​ ​
Schedule of expected future amortization expenses for the next five years	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in millions Remainder of 2023 2024 2025 2026 2027 Thereafter Total Future amortization expenses ​ $ 341 $ 445 $ 443 $ 332 $ 179 $ 654 $ 2,394

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Apr. 01, 2023
SEGMENT INFORMATION
Schedule of segment results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended April 1, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Amounts not ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ allocated to ​ ​ ​ U.S. dollars in millions Mobileye Other segments Consolidated Revenues $ 450 ​ $ 8 ​ $ — ​ $ 458 Cost of revenues ​ 134 ​ ​ 1 ​ ​ 116 ​ ​ 251 Research and development, net ​ 224 ​ ​ 11 ​ ​ — ​ ​ 235 Sales and marketing ​ 13 ​ ​ 3 ​ ​ 17 ​ ​ 33 General and administrative ​ 17 ​ ​ 3 ​ ​ — ​ ​ 20 Segment performance $ 62 ​ $ (10) ​ $ (133) ​ $ (81) Other financial income (expense), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 Loss before taxes on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (73) Share-based compensation ​ 66 ​ ​ 6 ​ ​ — ​ ​ 72 Depreciation of property and equipment ​ 7 ​ ​ — ​ ​ — ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended April 2, 2022 ​ ​ ​ ​ ​ ​ ​ Amounts not ​ ​ ​ ​ ​ ​ ​ ​ allocated to ​ ​ ​ U.S. dollars in millions Mobileye ​ Other segments Consolidated Revenues $ 389 ​ $ 5 ​ $ — ​ $ 394 Cost of revenues ​ 92 ​ ​ 1 ​ ​ 125 ​ ​ 218 Research and development, net ​ 169 ​ ​ 11 ​ ​ — ​ ​ 180 Sales and marketing ​ 8 ​ ​ 3 ​ ​ 24 ​ ​ 35 General and administrative ​ 4 ​ ​ 3 ​ ​ — ​ ​ 7 Segment performance $ 116 ​ $ (13) ​ $ (149) ​ $ (46) Interest income (expense) with related party ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Other financial income (expense), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 Loss before taxes on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) Share-based compensation ​ 36 ​ ​ 4 ​ ​ — ​ ​ 40 Depreciation of property and equipment ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​
Schedule of total revenues based on country	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ April 1, April 2, U.S. dollars in millions 2023 2022 China ​ 159 ​ ​ 91 Germany ​ 83 ​ ​ 25 USA ​ 80 ​ ​ 120 South Korea ​ 40 ​ ​ 26 United Kingdom ​ 31 ​ ​ 69 Poland ​ ​ 22 ​ ​ 22 Czech Republic ​ ​ 16 ​ ​ — Hungary ​ 9 ​ ​ 21 Rest of World ​ 18 ​ ​ 20 Total $ 458 ​ $ 394 ​
Schedule of concentration of risk	​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ April 1, April 2, ​ ​ 2023 2022 ​ Percent of total revenues: ​ Customer A 24 % 51 % Customer B 30 % * ​ Customer C ​ 12 % 17 % *Less than 10% ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ April 1, December 31, ​ ​ ​ 2023 ​ 2022 ​ Percent of total accounts receivables balance: ​ Customer A 23 % 32 % Customer B 21 % 19 % Customer C ​ 22 % 25 %

GENERAL (Details)

GENERAL (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Nov. 01, 2022	Oct. 28, 2022	Apr. 01, 2023	May 31, 2022
Class A
GENERAL
Number of shares issued during the period	6,150,000
IPO
GENERAL
Net proceeds from IPO		$ 1,000
Underwriting discounts and commissions		41
Offering costs		$ 18
IPO | Class A
GENERAL
Number of shares issued during the period		41,000,000
Offering price per share		$ 21
Private placement
GENERAL
Gross proceeds from private placement		$ 100
Private placement | Class A
GENERAL
Number of shares issued during the period		4,761,905
Offering price per share		$ 21
Moovit
GENERAL
Equity interests percentage				100%
Intel
GENERAL
Percentage of voting power of common stock			99.30%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
SIGNIFICANT ACCOUNTING POLICIES
Interest income on money market funds	$ 8
Research and development reimbursements	$ 17	$ 14
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	30 days
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable term	60 days

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022	Apr. 02, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Cash	$ 101	$ 188
Short term deposits	105	285
Money market funds	955	551
Restricted cash (within other current and other long-term assets)	12	11
Cash, cash equivalents and restricted cash	$ 1,173	$ 1,035	$ 758	$ 625

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Notional amount and fair value of derivatives outstanding at Intel on behalf of Mobileye (Details) $ in Millions	Dec. 31, 2022 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Notional amount of derivatives	$ 93
Fair value of derivatives receivable from (payable to) Intel	$ (9)

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
SIGNIFICANT ACCOUNTING POLICIES
Other comprehensive income (loss) before reclassifications		$ (1)
Amounts reclassified out of accumulated other comprehensive income (loss)	$ 10	(2)
Tax effects	(1)
Other comprehensive income (loss), net	$ 9	$ (3)

OTHER FINANCIAL STATEMENT DET_3

OTHER FINANCIAL STATEMENT DETAILS - Inventories (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
OTHER FINANCIAL STATEMENT DETAILS
Raw materials	$ 43	$ 41
Finished goods	130	72
Total	$ 173	$ 113

OTHER FINANCIAL STATEMENT DET_4

OTHER FINANCIAL STATEMENT DETAILS - Property and equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 01, 2022	Dec. 31, 2022
Property and equipment, net
Total property and equipment, gross	$ 489		$ 465
Less: accumulated depreciation	(88)		(81)
Total property and equipment, net	401		384
Depreciation expenses	7	$ 5
Computers, electronic equipment and software
Property and equipment, net
Total property and equipment, gross	132		124
Vehicles
Property and equipment, net
Total property and equipment, gross	14		13
Office furniture and equipment
Property and equipment, net
Total property and equipment, gross	3		4
Leasehold improvements
Property and equipment, net
Total property and equipment, gross	33		22
Construction on process
Property and equipment, net
Total property and equipment, gross	$ 307		$ 302

EQUITY - Stock-based compensati

EQUITY - Stock-based compensation plans (Details)	1 Months Ended
	Jan. 31, 2023
EQUITY
Service period	3 years

EQUITY - RSU activity (Details)

EQUITY - RSU activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($) $ / shares shares
Number of RSUs
Outstanding at beginning | shares	5,692
Vested | shares	(140)
Forfeited | shares	(93)
Outstanding at ending | shares	5,459
Weighted average grant date fair value
Outstanding at beginning | $ / shares	$ 44.8
Vested | $ / shares	49.6
Forfeited | $ / shares	46.6
Outstanding at ending | $ / shares	$ 44.6
RSUs
Number of RSUs
Outstanding at beginning | shares	12,564
Granted | shares	253
Forfeited | shares	(59)
Outstanding at ending | shares	12,758
Weighted average grant date fair value
Outstanding at beginning | $ / shares	$ 21
Granted | $ / shares	38.6
Forfeited | $ / shares	22.5
Outstanding at ending | $ / shares	$ 21.3
Unrecognized compensation cost | $	$ 180
weighted average period	1 year 6 months
Intel 2006 Plan
Weighted average grant date fair value
Unrecognized compensation cost | $	$ 165
weighted average period	10 months 24 days

EQUITY - Outstanding and exerci

EQUITY - Outstanding and exercisable options (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
EQUITY
Outstanding, Number of options	2,266	2,270
Outstanding, Weighted average remaining contractual life (In years)	7 months 6 days	9 months 18 days
Outstanding, Weighted average exercise price	$ 27.1	$ 27.1
Exercisable, Number of options	2,255
Exercisable, Weighted average exercise price	$ 27.1
$ 4.0 - 21.6
EQUITY
Exercise price, minimum	4
Exercise price, maximum	$ 21.6
$ 4.0 - 21.6 | Intel's plan
EQUITY
Outstanding, Number of options	63
Outstanding, Weighted average remaining contractual life (In years)	2 years 9 months 18 days
Outstanding, Weighted average exercise price	$ 6.9
Exercisable, Number of options	52
Exercisable, Weighted average exercise price	$ 4
$ 22.41 - 26.9
EQUITY
Exercise price, minimum	22.4
Exercise price, maximum	$ 26.9
$ 22.41 - 26.9 | Intel's plan
EQUITY
Outstanding, Number of options	2,135
Outstanding, Weighted average remaining contractual life (In years)	4 months 24 days
Outstanding, Weighted average exercise price	$ 26.8
Exercisable, Number of options	2,135
Exercisable, Weighted average exercise price	$ 26.8
$0.00 | Intel's plan
EQUITY
Exercise price	$ 55.2
Outstanding, Number of options	68
Outstanding, Weighted average remaining contractual life (In years)	6 years
Outstanding, Weighted average exercise price	$ 55.2
Exercisable, Number of options	68
Exercisable, Weighted average exercise price	$ 55.2

EQUITY - Option activity (Detai

EQUITY - Option activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Number of options
Options outstanding at beginning	2,270,000
Exercised	(4,000)
Options outstanding at ending	2,266,000	2,270,000
Exercisable, Number of options	2,255,000
Exercisable, Number of options	2,255,000
Weighted average remaining contractual Life
Outstanding, Weighted average remaining contractual life (In years)	7 months 6 days	9 months 18 days
Options exercisable	7 months 6 days
Weighted average exercise price
Options outstanding at beginning	$ 27.1
Exercised	20.2
Options outstanding at ending	27.1	$ 27.1
Exercisable, Weighted average exercise price	$ 27.1
Aggregated intrinsic value
Options outstanding	$ 14	$ 1
Options exercisable	$ 14
Share price	$ 32.7
Number of options expected to vest	10,500
Average weighted exercise price of options expected to vest	$ 21.6

EQUITY - Share-based compensati

EQUITY - Share-based compensation expense summary (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
EQUITY
Total share-based compensation	$ 72	$ 40
Cost of revenue
EQUITY
Total share-based compensation	1
Research and development, net
EQUITY
Total share-based compensation	60	37
Sales and marketing
EQUITY
Total share-based compensation	2	1
General and administrative
EQUITY
Total share-based compensation	$ 9	$ 2

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Nov. 01, 2022	Oct. 28, 2022	Apr. 01, 2023	Apr. 02, 2022	Apr. 02, 2022	Dec. 31, 2022
EARNINGS (LOSS) PER SHARE
Number of shares issued			100,000,000
Number of shares outstanding			100,000,000
Par value (in dollars per share)			$ 0.01
Dilutive effect of equity incentive awards			7,100,000
Numerator:
Net income (loss)			$ (79)	$ (60)	$ (60)
Denominator:
Weighted average common shares - basic			802,000,000	750,000,000
Weighted average common shares - diluted			802,000,000	750,000,000
Basic			$ (0.10)	$ (0.08)
Diluted			$ (0.10)	$ (0.08)
Class B common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued			750,000,000			750,000,000
Number of shares outstanding			750,000,000			750,000,000
Par value (in dollars per share)			$ 0.01			$ 0.01
Class B common stock | Cyclops holdings corporation
EARNINGS (LOSS) PER SHARE
Number of shares outstanding		750,000,000
Number of shares issued during the period			749,999,900
Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued			51,912,143			51,911,905
Number of shares outstanding			51,912,143			51,911,905
Par value (in dollars per share)			$ 0.01			$ 0.01
Number of shares issued during the period	6,150,000
IPO | Class B common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued			100,000,000
IPO | Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period		41,000,000
Offering price per share		$ 21
Private placement | Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period		4,761,905
Offering price per share		$ 21
Over allotment option | Class A common stock
EARNINGS (LOSS) PER SHARE
Number of shares issued during the period	6,150,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 01, 2023
INCOME TAXES
Amount payable under tax sharing agreement		$ 5
Withholding tax expenses	$ 14

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022
RELATED PARTIES TRANSACTIONS
Leasing costs	$ 1.3	$ 0.4
Travel reimbursements cost	0.7	0
Amount payable under tax sharing agreement	5
Intel
RELATED PARTIES TRANSACTIONS
Amount payable under tax sharing agreement	39		$ 34
Stock Compensation Recharge Agreement
RELATED PARTIES TRANSACTIONS
Related party payable	1		1
Adjustment to additional paid-in capital for reimbursement amount	4	$ 29
LiDAR Product Collaboration Agreement
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs			40
LiDAR Product Collaboration Agreement | Intel
RELATED PARTIES TRANSACTIONS
Lidar sensor system development costs			$ 20
Amount received or receivable	0
Administrative Services Agreement
RELATED PARTIES TRANSACTIONS
Costs incurred	0.4
Technology and Services Agreement
RELATED PARTIES TRANSACTIONS
Costs incurred	$ 1

IDENTIFIED INTANGIBLE ASSETS -

IDENTIFIED INTANGIBLE ASSETS - Components (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	$ 4,759	$ 4,759
Accumulated Amortization	2,365	2,232
Total	2,394	2,527
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	3,973	3,973
Accumulated Amortization	1,986	1,870
Total	1,987	2,103
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Gross Assets	786	786
Accumulated Amortization	379	362
Total	$ 407	$ 424

IDENTIFIED INTANGIBLE ASSETS _2

IDENTIFIED INTANGIBLE ASSETS - Amortization expenses and weighted average useful lives (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
IDENTIFIED INTANGIBLE ASSETS
Total amortization expenses	$ 133	$ 149
Developed technology
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	116	$ 125
Developed technology | Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Useful Life		10 years
Customer relationships & brands
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets	$ 17	$ 24
Customer relationships & brands | Weighted Average Useful Life
IDENTIFIED INTANGIBLE ASSETS
Amortization of intangible assets		$ 12

IDENTIFIED INTANGIBLE ASSETS _3

IDENTIFIED INTANGIBLE ASSETS - Future amortization expenses (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
IDENTIFIED INTANGIBLE ASSETS
2023	$ 341
2024	445
2025	443
2026	332
2027	179
Thereafter	654
Total	$ 2,394	$ 2,527

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - segment	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
SEGMENT INFORMATION
Number of operating segments	2
Percentage of revenue from majority customers	88%	92%

SEGMENT INFORMATION - Segment r

SEGMENT INFORMATION - Segment results (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Segment Information
Revenues	$ 458	$ 394
Cost of revenues	251	218
Research and development, net	235	180
Sales and Marketing	33	35
General and administrative	20	7
Operating income (loss)	(81)	(46)
Interest income (expense) with a related party		1
Other financial income (expense), net	8	1
Loss before taxes on income	(73)	(44)
Share-based compensation	72	40
Depreciation of property and equipment	7	5
Operating Segments | Mobileye
Segment Information
Revenues	450	389
Cost of revenues	134	92
Research and development, net	224	169
Sales and Marketing	13	8
General and administrative	17	4
Operating income (loss)	62	116
Share-based compensation	66	36
Depreciation of property and equipment	7	5
Operating Segments | Other
Segment Information
Revenues	8	5
Cost of revenues	1	1
Research and development, net	11	11
Sales and Marketing	3	3
General and administrative	3	3
Operating income (loss)	(10)	(13)
Share-based compensation	6	4
Amounts not allocated to segments
Segment Information
Cost of revenues	116	125
Sales and Marketing	17	24
Operating income (loss)	$ (133)	$ (149)

SEGMENT INFORMATION - Total rev

SEGMENT INFORMATION - Total revenues based on the country (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Revenues based on the country
Revenue	$ 458	$ 394
CHINA
Revenues based on the country
Revenue	159	91
GERMANY
Revenues based on the country
Revenue	83	25
UNITED STATES
Revenues based on the country
Revenue	80	120
KOREA, REPUBLIC OF
Revenues based on the country
Revenue	40	26
UNITED KINGDOM
Revenues based on the country
Revenue	31	69
POLAND
Revenues based on the country
Revenue	22	22
Czech Republic
Revenues based on the country
Revenue	16
HUNGARY
Revenues based on the country
Revenue	9	21
Rest of World
Revenues based on the country
Revenue	$ 18	$ 20

SEGMENT INFORMATION - Revenue f

SEGMENT INFORMATION - Revenue from major customers (Details) - Revenue - Customer Concentration	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Customer A
Percent of total revenues
Concentration risk percentage	24%	51%
Customer B
Percent of total revenues
Concentration risk percentage	30%
Customer C
Percent of total revenues
Concentration risk percentage	12%	17%

SEGMENT INFORMATION - Accounts

SEGMENT INFORMATION - Accounts receivable balances of major customers (Details) - Accounts Receivable - Credit Concentration Risk	3 Months Ended	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Customer A
Percent of total accounts receivables balance
Concentration risk percentage	23%	32%
Customer B
Percent of total accounts receivables balance
Concentration risk percentage	21%	19%
Customer C
Percent of total accounts receivables balance
Concentration risk percentage	22%	25%

SUBSEQUENT EVENTS - Equity Ince

SUBSEQUENT EVENTS - Equity Incentive Plan (Details) - Subsequent Events - RSUs shares in Thousands, $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) shares
SUBSEQUENT EVENTS
Aggregate value of shares issuable upon vesting of restricted stock units | $	$ 15.2
Granted shares | shares	403