Mobileye Global Inc. (NASDAQ:MBLY) Q1 2024 Earnings Conference Call April 25, 2024 8:00 AM ET

Company Participants

Dan Galves - Chief Communications Officer
Amnon Shashua - Chief Executive Officer & President
Moran Shemesh - Chief Financial Officer
Nimrod Nehushtan - Executive Vice President of Strategy & Business Development

Conference Call Participants

James Picariello - BNP Paribas
Joshua Buchalter - TD Cowen & Company
Shreyas Patil - Wolfe Research
Tom Narayan - RBC
Dan Levy - Barclays
Joe Cardoso - JPMorgan
Ananda Baruah - Loop Capital Markets
Adam Jonas - Morgan Stanley
Chris McNally - Evercore ISI

Operator

Greetings, and welcome to the Mobileye's First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Dan Galves, Chief Communications Officer. Please, you may begin.

Dan Galves

Thanks Maria. Hello everyone and welcome to Mobileye’s first quarter 2024 earnings conference call for the period ending March 30th, 2024.

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 as always 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

Hello everyone and thanks for joining our earnings call. From a revenue and income perspective, Q1 was fully aligned with the outlook we provided in January, and I'm pleased that the inventory consumption is tracking as we expected.

Based on information from our Tier 1 customers and our own analysis, we believe that 70% to 75% of excess inventory was consumed in Q1 this year. Adjusting for that as well as some level of inventory growth in Q1 of last year, our volume growth, the core ADAS would have been mid-single-digits, which is very solid performance in the current environment.