indie Semiconductor, Inc.

Good afternoon, everyone, and welcome to Indy Semiconductor's second quarter 2021 earnings call. This call is being recorded. At this time, I would like to turn the call over to Pilar Borregas, head of global corporate communications for Indies. Thank you. You may begin.

Thank you, operator. Good afternoon, everyone, and welcome to Indy Semiconductor's second quarter 2021 earnings call. Joining me today are Donald McClymont, Indy's co-founder and CEO, and Tom Schiller, Indy's chief financial officer and executive vice president of strategy. Donald will provide opening remarks and discuss business highlights from the quarter, followed by Tom's review of Indy's second quarter results and third quarter outlook. Please note that we will be making forward-looking statements based on current expectations and assumptions. which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative about views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our risk factors and our recent registration statement on Form S-1 and other filings with the SEC. Additionally, the results and guidance discussed today are based on our non-GAAP financial measures. For a complete reconciliation to GAAP, please see our Q2 earnings press release, which was issued in advance of this call, and can be found on our website at IndySemi.com under the News tab. With that, I'll turn the call over to Donald.

Thanks, Pilar, and welcome, everyone. We're excited to be kicking off our inaugural conference call as a publicly traded company. As many of you know, in December of 2020, we announced our intentions to enter into a definitive agreement with ThunderBridge Acquisition II for a business combination that would result in the combined entity continuing as a publicly listed company. On June 10th, we successfully closed the strategic transaction. We start this next chapter from a position of strength and with significant secular tailwinds. Having founded INDI in 2007, we have a long heritage and history of innovation. We've established a global footprint and developed key relationships with a dozen tier one customers and multiple international OEMs. As a private company, we shipped more than 100 million units, demonstrating our ability to scale in the future. Equally important, our debut as a public company comes at a time when powerful market dynamics are playing out at a macro level, specifically. The global automotive semiconductor market is forecasted to grow from 33 billion in 2020 to 59 billion by 2025, according to IHS. Automakers are supporting large-scale investments in next-generation vehicles, for example, Ford recently committed to $22 billion in EVs through 2025 and another $7 billion in autonomous cars, while Volkswagen has similarly announced plans to boost its investment in electric and autonomous technology to $86 billion over the next five years and ultimately has publicly committed to cease selling internal combustion engine cars by 2035. With regard to Indy, Our served addressable market is expected to grow from $16 billion in 2020 to $38 billion by 2025, at a 19% compounded annual growth driven by several megatrends spanning the user experience in connected car, safety systems, and electrification. Further, the average semiconductor content per car is anticipated to reach the level of multiple thousands of dollars per vehicle, up from approximately $500 today. Needless to say, the automotive landscape is undergoing a massive transformation, and India is at the heart of this. Our advanced technologies are directly addressing these market needs, and the step function increase in electronic performance and complexity required by our customers to help improve safety, facilitate seamless data connectivity, enhance the user experience, and accelerate electrification. Our second quarter 2021 revenue and margin results demonstrate how we are capitalizing on these opportunities and are delivering on our promises. Particularly during the quarter, we won a new EV product design with Vitesco, one of the largest European automotive tier ones. We expanded shipments of our highly integrated onboard telematics solution, secured record orders for ultrasound automatic park assist systems, ramped our advanced lighting controllers with multiple new OEMs, and extended our engagement with Marquardt, a global innovator of sensor technology in support of access solutions. Indy is well positioned to capitalize on the auto tech market as we singularly and intensely focus on developing innovative solutions for the automotive sector, create a one-stop shop for all sensor modalities including LIDAR, vision, radar, and ultrasound, continue to drive advanced roadmaps of our existing product lines, and expand our geographic design and development footprint to uniquely serve our customers' needs. In short, Indy is excited to be playing its part in empowering the auto tech revolution. I will now turn the call over to Tom for the discussion of our Q2 results and Q3 outlook.