Non-GAAP |
|
|
|
|
|
|
||||
U.S. dollars in millions |
|
Q4 2022 |
|
Q4 2021 |
|
% Y/Y |
||||
Revenue |
|
$ |
565 |
|
|
$ |
356 |
|
|
59% |
Adjusted Gross Profit |
|
$ |
416 |
|
|
$ |
274 |
|
|
52% |
Adjusted Gross Margin |
|
|
74 |
% |
|
|
77 |
% |
|
(339)bps |
Adjusted Operating Income |
|
$ |
217 |
|
|
$ |
121 |
|
|
79% |
Adjusted Operating Margin |
|
|
38 |
% |
|
|
34 |
% |
|
+440bps |
Adjusted Net Income |
|
$ |
215 |
|
|
$ |
97 |
|
|
121% |
Adjusted EPS - Basic |
|
$ |
0.27 |
|
|
$ |
0.13 |
|
|
110% |
Adjusted EPS - Diluted |
|
$ |
0.27 |
|
|
$ |
0.13 |
|
|
110% |
- Revenue of $565 million increased 59% as compared to fourth quarter of 2021. EyeQ® SoC-related revenue grew 48% in the quarter due to a combination of volume and ASP growth. The remaining growth was primarily generated by SuperVision TM related revenue, despite this product being less than 1% of our overall unit volume.
- Average System Price was $56.2 in fourth quarter 2022 as compared to $48.3 in the prior year period, driven primarily by increased mix of advanced products. Price increases to offset the increased cost of our EyeQ chip due to global inflationary pressures also contributed to the Average System Price increase but to a lesser extent.
- Gross Margin increased by nearly 10 percentage points in the fourth quarter 2022 as compared to the prior year period. This increase was primarily due to the lower impact of the cost attributable to amortization of intangible assets as a percentage of revenue, partially offset by increased sales of SuperVision TM which contributes lower percentage gross margin given the greater hardware content in this product.
-
Adjusted Gross Margin (a non-GAAP measure) declined by 3 percentage points in the fourth quarter 2022 as compared to the prior year period. The year over year decrease was primarily due to increased sales of SuperVision TM which contributes higher gross profit dollars per unit but lower percentage gross margin given the greater hardware content. Adjusted Gross Margin on our core EyeQ® SoC line of products remained stable in the high 70% range.
- Operating Margin increased by over 16 percentage points on a year over year basis. The increase was primarily driven by conversion of revenue growth into gross profit that significantly outpaced year-over-year growth in operating expenses, as well as the lower impact of the cost attributable to amortization of intangible assets as a percentage of revenue.
- Adjusted Operating Margin (a non-GAAP measure) increased by approximately 4 percentage points in the fourth quarter 2022 as compared to the prior year period. The increase was driven by conversion of revenue growth into gross profit that significantly outpaced year-over-year growth in operating expenses. Adjusted Operating Margin in fourth quarter 2022 was higher than our expectations due to a number of expense items that were projected for 2022 but shifted to 2023, primarily in the area of non-recurring engineering (NRE) development projects.
- Operating cash flow for the year ended December 31, 2022 was $546 million. Purchases of property and equipment was $111 million for that same period.
