Mobileye Global Inc. (NASDAQ:MBLY) Q4 2023 Earnings Call Transcript January 25, 2024 8:00 AM ET
Company Participants
Dan Galves - Chief Communications Officer
Amnon Shashua - Chief Executive Officer and President
Moran Shemesh - Chief Financial Officer
Nimrod Nehushtan - Executive Vice President of Strategy and Business Development
Conference Call Participants
Mark Delaney - Goldman Sachs
Emmanuel Rosner - Deutsche Bank
Dan Levy - Barclays
Itay Michaeli - Citi
Joe Spak - UBS
Vijay Rakesh - Mizuho Securities
Luke Junk - Baird
Chris McNally - Evercore
Operator
Greetings, and welcome to the Mobileye Q4 ‘23 earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galves. Thank you, Mr. Galves. You may begin.
Dan Galves
Thanks, Kat. Hello, everyone, and welcome to Mobileye’s fourth quarter 2023 earnings conference call for the period ending December 30, 2023. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release which includes additional information on the specific factors that could cause actual results to differ materially.
Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release. Joining us on the call today are Professor Amnon Shashua, Mobileye’s CEO and President, and Moran Shemesh, Mobileye’s CFO. Also joining today for the Q&A session is Nimrod Nehushtan, Mobileye’s Executive Vice President of Strategy and Business Development.
Thanks, and now I'll turn the call over to Amnon.
Amnon Shashua
Thanks, Dan. Hello, everyone, and thanks for joining our earnings call. Starting with our results in Q4, they were in line with the press release we provided on January 4th and with the prior guide, so no surprises here. At a high level, Q4 was a strong quarter in terms of revenue growth of 13% and adjusted operating income growth of 14%. We are pleased with the sequential growth and SuperVision volumes and we expect to see continued excellent growth in that product in 2024.
I’d also call attention to our operating expenses, which were significantly lower than what we expected in 2023, much of which relates to transitory issues, but also some of which captures efficiencies that should benefit our cost structure over the long term. Looking ahead, the guidance we provided today is unchanged from the outlook we provided in early January. The inventory correction that is impacting the first half of the year has been well publicized. While we did not learn of this build up until late in the year, we believe we have our arms around this issue and the clear out plan. We have implemented additional processes to more closely monitor shipments versus demand. And we believe we have good visibility into how to put this behind us and get back to normalized revenue in the back half of 2024. Moran will provide some additional cover.