indie Semiconductor Reports Second Quarter 2024 Results

RECONCILIATION OF PRELIMINARY NON-GAAP MEASURES TO GAAP
(Unaudited)

GAAP refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. We believe that our presentation of non-GAAP financial measures provides useful supplementary information to investors. The presentation of non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.

The reconciliations of our preliminary GAAP to non-GAAP measures are as follows (in thousands, except share and per share amounts):

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

Computation of non-GAAP gross margin:

 

 

 

 

 

 

 

GAAP revenue

$

52,355

 

 

$

52,108

 

 

$

104,708

 

 

$

92,560

 

GAAP cost of goods sold

 

30,241

 

 

 

32,127

 

 

 

60,330

 

 

 

56,183

 

Acquisition-related expenses

 

(109

)

 

 

(2,898

)

 

 

(219

)

 

 

(5,546

)

Amortization of intangible assets

 

(3,727

)

 

 

(4,267

)

 

 

(7,462

)

 

 

(6,286

)

Inventory cost realignments

 

 

 

 

 

 

 

(145

)

 

 

 

Share-based compensation

 

(388

)

 

 

(68

)

 

 

(488

)

 

 

(136

)

Non-GAAP gross profit

$

26,338

 

 

$

27,214

 

 

$

52,692

 

 

$

48,345

 

Non-GAAP gross margin

 

50.3

%

 

 

52.2

%

 

 

50.3

%

 

 

52.2

%

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

Computation of non-GAAP operating loss:

 

 

 

 

 

 

 

GAAP loss from operations

$

(36,634

)

 

$

(40,725

)

 

$

(86,281

)

 

$

(77,706

)

Acquisition-related expenses

 

558

 

 

 

7,431

 

 

 

1,753

 

 

 

12,564

 

Amortization of intangible assets

 

5,970

 

 

 

3,676

 

 

 

11,741

 

 

 

7,099

 

Inventory cost realignments

 

 

 

 

 

 

 

145

 

 

 

 

Share-based compensation

 

12,900

 

 

 

13,292

 

 

 

38,284

 

 

 

24,918

 

Non-GAAP operating loss

$

(17,206

)

 

$

(16,326

)

 

$

(34,358

)

 

$

(33,125

)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

Computation of non-GAAP net loss:

 

 

 

 

 

 

 

Net loss

$

(21,000

)

 

$

(13,563

)

 

$

(55,223

)

 

$

(95,529

)

Acquisition-related expenses

 

558

 

 

 

7,431

 

 

 

1,753

 

 

 

12,564

 

Amortization of intangible assets

 

5,970

 

 

 

3,676

 

 

 

11,741

 

 

 

7,099

 

Inventory cost realignments

 

 

 

 

 

 

 

145

 

 

 

 

Share-based compensation

 

12,900

 

 

 

13,292

 

 

 

38,284

 

 

 

24,918

 

(Gain) loss from change in fair value of warrants

 

 

 

 

(25,046

)

 

 

 

 

 

22,286

 

Gain from change in fair value of contingent considerations and acquisition-related holdbacks

 

(17,331

)

 

 

(2,303

)

 

 

(32,690

)

 

 

(673

)

Other income (expense)

 

553

 

 

 

(429

)

 

 

800

 

 

 

(429

)

Non-cash interest expense

 

265

 

 

 

240

 

 

 

515

 

 

 

499

 

Income tax benefit (provision)

 

86

 

 

 

342

 

 

 

(1,023

)

 

 

(3,364

)

Non-GAAP net loss

$

(17,999

)

 

$

(16,360

)

 

$

(35,698

)

 

$

(32,629

)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

Computation of Non-GAAP EBITDA:

 

 

 

 

 

 

 

Net loss

$

(21,000

)

 

$

(13,563

)

 

$

(55,223

)

 

$

(95,529

)

Interest income

 

(1,076

)

 

 

(1,870

)

 

 

(2,385

)

 

 

(4,289

)

Interest expense

 

2,134

 

 

 

2,144

 

 

 

4,240

 

 

 

4,292

 

(Gain) loss from change in fair value of warrants

 

 

 

 

(25,046

)

 

 

 

 

 

22,286

 

Gain from change in fair value of contingent considerations and acquisition-related holdbacks

 

(17,331

)

 

 

(2,303

)

 

 

(32,690

)

 

 

(673

)

Other expenses

 

553

 

 

 

(429

)

 

 

800

 

 

 

(429

)

Income tax benefit (provision)

 

86

 

 

 

342

 

 

 

(1,023

)

 

 

(3,364

)

Depreciation and amortization

 

7,393

 

 

 

8,055

 

 

 

14,700

 

 

 

11,478

 

Stock-based compensation

 

12,900

 

 

 

13,292

 

 

 

38,284

 

 

 

24,918

 

Inventory cost realignments

 

 

 

 

 

 

 

145

 

 

 

 

Acquisition-related expenses

 

558

 

 

 

7,431

 

 

 

1,753

 

 

 

12,564

 

Non-GAAP EBITDA

$

(15,783

)

 

$

(11,947

)

 

$

(31,399

)

 

$

(28,746

)

 

Three Months Ended
June 30, 2024

Computation of non-GAAP share count:

 

Weighted Average Class A common stock - Basic

 

170,164,241

 

Weighted Average Class V common stock - Basic

 

18,509,442

 

Escrow Shares

 

1,725,000

 

TeraXion Unexercised Options

 

692,347

 

Non-GAAP share count

 

191,091,030

 

 

 

Non-GAAP net loss

$

(17,999

)

Non-GAAP net loss per share

$

(0.09

)

Discussion Regarding the Use of Non-GAAP Financial Measures

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