Earnings call transcript: indie Semiconductor Q4 2024 sees stable EPS, stock dips

Indie Semiconductor Inc (INDI) reported its Q4 2024 earnings, meeting analysts’ expectations with an earnings per share (EPS) of -$0.07, matching the forecast. Revenue came in slightly below expectations at $58 million, compared to the projected $58.04 million. Following the announcement, the company’s stock fell by 3.46% to $3.79 in aftermarket trading. According to InvestingPro data, the stock is currently trading below its Fair Value, with analysts maintaining a strong buy consensus and setting price targets ranging from $4.50 to $10.00.

Key Takeaways

• Indie Semiconductor’s Q4 2024 EPS met forecasts, but revenue slightly missed expectations.
• The company’s stock declined by 3.46% in aftermarket trading, closing at $3.79.
• The firm continues to innovate with new product developments in automotive semiconductors.
• Operational efficiency measures have been initiated, reducing expenses by $2 million quarterly.
• Long-term growth remains a focus despite near-term market challenges.

Company Performance

Indie Semiconductor reported a steady performance in Q4 2024, with revenues growing by 7.5% sequentially to $58 million. The company, with a market capitalization of $793.53 million, continues to position itself as a key player in the automotive semiconductor market. InvestingPro analysis reveals impressive year-over-year revenue growth of 23%, though profitability remains a challenge. The company continues advancing product innovation and strategic partnerships with major OEMs, maintaining a strong liquidity position with a current ratio of 2.39.

Financial Highlights

• Revenue: $58 million (7.5% sequential growth)
• EPS: -$0.07 (met forecast)
• Non-GAAP gross profit: $29.2 million (50.4% gross margin)
• Non-GAAP operating loss: $14.2 million (16% sequential improvement)
• Net loss: $15.4 million

Earnings vs. Forecast

Indie Semiconductor’s Q4 2024 EPS of -$0.07 met analyst expectations, while revenue slightly missed the forecast of $58.04 million. The minor revenue shortfall represents a less than 1% deviation from expectations, indicating stable performance amidst challenging market conditions.

Market Reaction

Following the earnings release, Indie Semiconductor’s stock price fell by 3.46% to $3.79 in aftermarket trading. The stock’s movement reflects investor caution, as the company remains within its 52-week range of $3.16 to $7.82. With a beta of 1.4, the stock shows higher volatility than the broader market. InvestingPro subscribers have access to additional insights through exclusive ProTips and comprehensive financial health scores, which can help navigate such market uncertainties. The platform offers detailed analysis of over 1,400 US stocks, including INDI, through its Pro Research Reports.

Outlook & Guidance

For Q1 2025, Indie Semiconductor projects revenue between $52.5 million and $57.5 million, with expected gross margins of 49-50%. The company anticipates multiple product ramps in the second half of 2025, maintaining confidence in long-term growth despite current challenges.

Executive Commentary

CEO Donald McClement expressed optimism about the company’s future, stating, "Despite challenging market conditions, the megatrend driven vehicle semiconductor content growth will easily outpace vehicle production." CFO Raja Bal highlighted operational improvements, noting, "We continue to move forward with heightened operational discipline."

Risks and Challenges

• Geopolitical tensions and tariffs may impact production planning.
• Inventory and macroeconomic uncertainties present ongoing challenges.
• The semiconductor market remains competitive, with potential pricing pressures.
• Supply chain disruptions could affect product delivery timelines.
• Execution risks associated with new product launches and scaling operations.

Q&A

During the earnings call, analysts inquired about the impact of geopolitical tensions and tariffs, which the company acknowledged as potential challenges. Executives reassured stakeholders that the radar program timeline remains unchanged and emphasized ongoing efforts to manage operating expenses effectively.

Full transcript - indie Semiconductor Inc (NASDAQ:INDI) Q4 2024:

Conference Operator: Good afternoon and welcome to IndiSummiconductors Fourth Quarter twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded.

I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.

Ashish Gupta, Investor Relations, Indy Semiconductors: Thank you, operator. Good afternoon, and welcome to Indy Semiconductor’s fourth quarter twenty twenty four earnings call. Joining me today are Donald McClement, Indy’s Co Founder and CEO Raja Bal, Indy’s CFO and Mark Tyndall, Head of Corporate Development and Investor Relations. Donald will provide opening remarks and discuss business highlights followed by Rajah’s review of Indy’s Q4 results and Q1 outlook. Please note that we’ll 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 representatives of our 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 material risks and other important factors that could affect our financial results, please review our Risk Factors and our Annual Report on Form 10 K for the fiscal year ended 12/31/2023, as well as other public reports filed with the SEC. Finally, the results and guidance discussed today are based on consolidated non GAAP financial measures such as non GAAP gross margin, non GAAP operating loss, non GAAP net loss and non GAAP net loss per share. For a complete reconciliation to GAAP and the definition of the non GAAP reconciling items, please see our Q4 earnings press release, which was issued in advance of this call and can be found on our website at www.indy.inc.

I’ll now turn the call over to Donald.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Thanks, Ashish, and welcome, everybody. Let me first review our financial performance within the context of the overall automotive market environment before focusing on Indy’s business achievements. During the fourth quarter of twenty twenty four, Indy achieved total revenue of $58,000,000 coming in at the midpoint of our guidance and marking our second quarter of sequential revenue growth as well as another quarter of outperformance versus the industry as we continue to gain market share. Last quarter, I highlighted the uncertainty in the automotive market and the near term challenges impacting the automotive industry. This market context did not meaningfully change through the fourth quarter, thus the sequential growth in our Q4 results demonstrated Indy’s resilient business performance.

However, in recent weeks, market uncertainty has actually accelerated. Impending tariffs have exacerbated the challenging market situation, adding to the ongoing inventory and end customer demand issues. Traditional manufacturers could be particularly impacted by cross border tariffs between The U. S. And Mexico or Canada with component parts sometimes crossing the border up to half a dozen times.

As an example, Ford (NYSE:F) recently told suppliers that the update for their mainstay F-one 50 model range scheduled for 2027 will now be delayed to 2028 as a result. That said, the long term megatrends of ADAS in cabin user experience and electrification do remain very strong and Indy is ideally positioned to capitalize on those markets. 2025 will be an important year for Indy as we begin realizing the benefits of our multi year investments across our product portfolio with multiple ramps in power delivery, in car networking, ultrasonic intruder detection, vehicle access, vision based driver and occupant monitoring and our key corner radar program later in the year. I have spoken at length about the key drivers for these megatrends previously, principally global regulation for vehicle safety, reduced emissions and an accelerating consumer desire for more immersive in cabin user experiences. The key takeaway is that Indy is unique amongst its peers with its ability to deliver outsized market growth across these megatrends by leveraging a class leading, highly differentiated and diverse product technology portfolio.

Now let me share some of the notable business progress, which we achieved in the fourth quarter. Our vision products targeting multiple ADAS applications continue to gain strong traction with multiple global customers. I’m excited to share that our flagship iND880 Vision Processor was recently selected for both front sensing and occupant monitoring applications by a large Korean OEM for a new e vehicle platform, starting production in 2027. Additionally, we had several design wins for IND880 in China for multi channel sensor applications. IND880’s low power, low latency and fast initialization capabilities set it apart from incumbents for applications which are now rapidly growing in popularity with China OEMs.

Finally, the major driver monitoring design wins for General Motors (NYSE:GM), Toyota (NYSE:TM) and Ford that we shared last year for our Vision products continue on track through the normal structured Tier one led system validation and productionization phases with first production commencing later this year. Turning to our flagship 77 gigahertz radar program, our lead customer continues to successfully progress through their productionization and remains on track for production launch with multiple OEMs. The initial shipments will begin in late twenty twenty five. Additionally, I am pleased to share that engineering samples for our 120 gigahertz radar solution for in carbon occupant monitoring applications have recently been received and tested, and we have already successfully demonstrated these to multiple lead customers, eliciting extremely positive feedback. According to S and P Global Mobility, ultrasonic and radar based automotive sensing will represent a $6,000,000,000 market opportunity in 2029, up from $4,000,000,000 last year, and we anticipate capturing further wins for our solution, which features the industry’s most advanced technologies.

In this segment, by virtue of operational frequency and the innovation of integrated antennas, India is a clear leader in the market, allowing us to address not only the automotive segment, but also emerging industrial mobility applications. Looking into our medium term future, we see ever growing applications for our automotive products, particularly vision, radar and lidar in industrial spaces, including robotics and manufacturing automation, which we plan to exploit. Turning to in cabin user experience, we are able to announce a major win for our vehicle intrusion detection system with a major German OEM, which will commence full production ramp up in the second half of this year. Switching to electrification, a major milestone for the company in the fourth quarter was the announcement of our first product independently certified to the highest automotive functional safety level, ASIL D, as defined by the ISO standard. This certification is a testament to Indy’s rigorous internal development processes and also the silicon design innovation deployed to ensure a safe and predictable chip response in the event of a failure.

The independent assessment and certification of the solution brings confidence to our customers’ mission critical powertrain use case and highlights Indy’s ability to deliver the most demanding of applications. Finally, our Photonics business continues its class leading product innovation in the lidar field, announcing the fourth quarter and in house optical component integration capability for those customers needing turnkey photonic solutions for automotive and mobility sensing applications. We also announced our latest proprietary technology innovation for single frequency lasers, bringing exceptional wavelength stability and spectral purity, which require very high brightness, color reproducibility and contrast ratio. Despite challenging market conditions, the megatrend driven vehicle semiconductor content growth will easily outpace vehicle production, driving the average semiconductor content per vehicle in 2025 beyond $1,000 and two to three times its value for premium vehicles and e vehicles. In this context, with our unrivaled product portfolio, India remains incredibly well positioned to benefit from this semiconductor value growth over the long term.

M and A has always been an important element of our strategy to enhance our technology and IP portfolio. Given our current strong balance sheet, we continue to appraise multiple opportunities focusing on our core business areas. I will now turn

Raja Bal, CFO, Indy Semiconductors: the call over to Raja for a discussion of our Q4 results and Q1 outlook. Thanks, Donald. Despite the challenging backdrop, Indy delivered strong execution in 2024, growing revenue sequentially through the year while maintaining healthy gross margins above 50%. Our fourth quarter revenue grew 7.5% sequentially to $58,000,000 consistent with the midpoint of our outlook and demonstrating continued outsized growth in our target markets. Non GAAP gross profit was $29,200,000 or 50.4% and flat sequentially in line with our outlook.

R and D expense was $31,500,000 with SG and A at $11,900,000 bringing total operating expenses to $43,400,000 consistent with our outlook. As a result, our fourth quarter non GAAP operating loss was $14,200,000 an improvement of 16% sequentially. With net interest expense of $1,200,000 our net loss was $15,400,000 and loss per share was $0.07 on a base of 205,700,000.0 shares. Turning to the balance sheet. In December, we issued $218,500,000 of twenty twenty nine convertible notes, which yielded net proceeds of approximately $188,000,000 after accounting for the cost of issuance and the capped call.

The notes carry a coupon of 3.5% at an effective strike price of $8.06 after taking into account the capped call feature. Accordingly, we exited the fourth quarter with total cash of $284,500,000 up from $107,200,000 from the prior quarter. Our strengthened cash position improves our ability to capitalize on potential acquisitions while providing ample capital for general corporate purposes. Moving to our outlook. As we look to 2025, we’re generally positive as we see significant growth drivers from our new product launches in the second half of the year and beyond.

However, we recognize market uncertainties exist around inventory levels, tariffs and the broader macroeconomic environment, which present heightened industry headwinds impacting the slope of production ramps. Consequently, in Q1 twenty twenty five, we expect to deliver revenue within the range of $52,500,000 to $57,500,000 or $55,000,000 at the midpoint, down 5% sequentially, but up 5% versus the prior year period. Based on the anticipated product mix, we expect Q1 gross margins to be in the 49% to 50% range. We expect OpEx of $42,000,000 with approximately $31,500,000 of R and D expense and $10,500,000 of SG and A expense. Below the line, we expect net interest expense of approximately $1,300,000 with no cash tax expense.

Assuming the midpoint of the revenue ranges and with $211,000,000 shares outstanding, we expect an $0.08 net loss per share. While our outlook for Q1 is down sequentially, we remain optimistic and committed to our plan. We continue to move forward with heightened operational discipline, remaining squarely focused on delivering highly innovative and differentiated offerings to our customers and fully expect to emerge stronger from the challenging market backdrop. Finally, on the last call, I mentioned we had initiated an OpEx review to drive improved operational efficiencies across the company. I’m pleased to report to date this program has resulted in a $2,000,000 reduction in our run rate quarterly non GAAP operating expenses when comparing Q3 twenty twenty four ’40 ’4 million dollars to our Q1 twenty twenty five outlook of $42,000,000 We look forward to providing further updates regarding this initiative in forthcoming quarters.

With that, I’ll turn the call back to Donald for his closing remarks.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Thanks, Raja. As we close out 2024, Indi’s competitive position continues to strengthen through our focused execution and expanding technology leadership. While navigating temporary industry dynamics, we are prepared for a transformative 2025 with multiple growth catalysts, including our flagship radar program moving to production and vision processor ramps at major global OEMs. Our compelling and uniquely differentiated product offering underscores Indy’s strong position to deliver long term growth above market forecasts, ensuring we are the semiconductor port of call for automakers and Tier 1s globally. That concludes our prepared remarks.

Operator, please open the line for questions.

Conference Operator: Thank you. We will now be conducting a question and answer session. Our first question comes from the line of Suji Desilva with Roth Capital Partners (WA:CPAP). Please proceed with your question.

Suji Desilva, Analyst, Roth Capital Partners: Hi, Donald, Raja, Mark. Maybe you could talk first about the second half twenty twenty five ramp, I think some new products coming on. Which one which of those products do you expect to have the most impact on incremental growth out of the ones that will be coming online programs and products in the second half twenty twenty five?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Well, we have multiple products ramping in multiple different spaces as we mentioned in the prepared remarks. The larger ones that we always highlight of course, the Vision products are high ASP and some relatively small volume has a big impact on the revenue. We expect to see the first revenue from our radar product also. But in in addition to that, there are many products in the user experience space, which all contribute. So we feel that we have a very nice pipeline, which is now already in many cases beginning to ramp or has even begun to ramp and we feel generally pretty good about what’s going to happen in the second half of the year.

Suji Desilva, Analyst, Roth Capital Partners: Okay. All right. And Donald, specifically on the corner radar program, I know you talked about $1,000,000,000 lifetime value. What’s the shape of the initial years of a few years of ramp into that run rate starting the second half? How do we think about the first few years as we kind of track toward that $1,000,000,000 lifetime value materializing?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Well, it will ramp over our extended period that are multiple OEMs through Tier one who will benefit from the technology and we will benefit from the revenue. I’d expect a ramp through ’26, ’20 ’7 even into ’28 and actually even into ’29 there’ll be a long window of new design wins that we’ll add. We don’t really subsegments, so we don’t really talk about the general month by month and quarter by quarter and year by year ramp per product, but it is going to be very significant. And the $1,000,000,000 lifetime value is maybe even a little bit on the conservative side.

Suji Desilva, Analyst, Roth Capital Partners: Okay. Appreciate that color, Donald. Thanks.

Conference Operator: Thank you. Our next question comes from

Conference Operator: the line of Craig Ellis with B. Riley Securities. Please proceed with your question.

Mayur Pappuri, Analyst, B. Riley Securities: Yes. This is Mayur Pappuri on for Craig Ellis. I wanted to ask about kind of the OpEx management program that you guys have going on. Of course, you resulted I think a $2,000,000 reduction

Conference Operator: into Q1 and you said

Mayur Pappuri, Analyst, B. Riley Securities: that you’re going to kind of keep working on this. Should I assume that the bulk of these OpEx management reductions have already happened into Q1 or is this something that is kind of just getting started and it’s going to be more aggressively about the rest of the year?

Raja Bal, CFO, Indy Semiconductors: Hey, Maher, this is Raja. Yes, definitely more to come on that. I mean, just a couple of reference points here. Q4 OpEx was 43,400,000 right. We provided guidance for Q1 at $42,000,000 so that’s $1,400,000 sequential improvement.

And from here, I expect to see $1,000,000 to $2,000,000 in run rate reductions as we approach the second half late twenty twenty five.

Mayur Pappuri, Analyst, B. Riley Securities: Okay. Yes. Thank you. And just sort of shifting gears now, I wanted to ask about kind of the impact of geopolitics and all these tariffs kind of going on at the same time. Are these impacts sort of necessarily short term?

Are they sort of being felt in kind of maybe the first and second quarters and not really affecting long term design ins? Or are there some broader challenges to design ins in say a market like China?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: At this point, I would say the turbulence is short term because the nature of the tariffs and how they’re going to be imposed is still not fixed. The threat of what could happen it’s causing some short term uncertainty and causing certain OEMs particularly to pause some of their planning processes in case they have to relocate the geography of where they actually produce things. How things work with China in the long term really kind of depends on their reaction to what might happen. All that being said, for our supply chain, we manufacture in China for China and we manufacture outside of China for outside of China. So we should be all set in that sense.

When the modules manufactured in China were placed under tariffs under the last Trump administration, our Tier one customers were able to move the production to other geographies. So we kind of went through that already. At this point, it is very much a short term impact we see. Long term implications were not 100% sure about yet, but at this point it doesn’t seem that it would directly affect us.

Mayur Pappuri, Analyst, B. Riley Securities: Okay. Thank you so much.

Conference Operator: Thank you. Our next question comes from the

Conference Operator: line of Cody Acree with The Benchmark Company. Please proceed with your question.

Cody Acree, Analyst, The Benchmark Company: Thanks guys for taking my questions. Let me start Donald with earlier this sort of last week I guess with ADI’s comments about an improving macro. Any comments, or if you’ve been able to look at their comments, I guess, as they’ve talked about a healthier inventory, and maybe a better macro demand curve, which seems to be a bit contrary to what you’re seeing here?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Yes. I mean, I think the feedback from our peers has been very mixed and very varied. You can find commentary from others, which would contradict what they’re seeing. We can only really comment from our own perspective. For sure, inventory levels have significantly improved for us.

And but that being said, the macro environment is still choppy. The tariffs are just one aspect of the backdrop that’s causing uncertainty in the market. I mean, we cited the example of the F-one 50 refresh being delayed by one year. These things are generally not helping. And we still expect a fairly muted SAR for the automotive market for this year, which we’d already planned into our guide.

Cody Acree, Analyst, The Benchmark Company: I guess, Donald, it doesn’t sound like you have a lot of confidence that this macro environment is likely to improve. It doesn’t sound like the tariffs are likely to come to any kind of conclusion anytime soon. If the inventory is not the major issue, if the macro is a lingering problem, what does this say for the balance of your 25 visibility that sounds like it has deteriorated in the last ninety days?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Not specifically with the exception of the tariffs. We saw some slower ramps for our new product introductions through Q1, but we still remain very confident and very optimistic and very positive about the outlook for the remainder of 2025. We have a lot of things in the pipe, which are going to contribute materially to the revenue as we move through the year. So generally speaking, we still feel very good about it. And I think we’re consistent in saying that we weren’t expecting the macro to significantly recover through ’25 in our previous comments and outlooks.

Cody Acree, Analyst, The Benchmark Company: All right, great. Thank you guys.

Conference Operator: Thank you. Our next question comes from the line of Grant Johnson with UBS. Please proceed with your question. I’m sorry, give me one second here. I apologize.

Grant, you may proceed to ask your questions.

Ashish Gupta, Investor Relations, Indy Semiconductors: Welcome. Hey,

Conference Operator: guys. Thanks. Could you talk a little bit about what you’re seeing by geography in more detail? Are there any areas where channel inventories are in relatively better shape and you’re seeing a little more favorable trends? And then the commentary about policy uncertainty was mostly U.

S. Focused, but are you also seeing uncertainty in Europe given the portfolio emission standards or in any other geographies you would call out? Thanks so much.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Well, taking the last one first, I mean, I would say in Europe, the concern and disruption in the market there is really due to some of the large European manufacturers losing share to Chinese manufacturers in one of their most profitable markets. And that’s caused knock on effect and some restructuring in some of those companies, which have been well publicized. The macro events from The U. S. Focused stuff is very significant for us.

So we have to make sure that we have mitigation plans in place for that because The U. S. Has been largely a home field market for us. We’ve always traded well in Detroit. But as regards inventory in the channels, as I said before, we actually from our perspective, we can only comment really on what we see our inventory being in the channels and we think most of that has reduced.

There are still some isolated pockets where some inventory still exists. We’ve seen some relative strength over the last couple of quarters in the China market, although there was some seasonality also in the first few weeks of this year, which we also had to work through. But nothing specific that I could pick out about inventory seeing is that one of the areas is particularly worse for us than any other.

Conference Operator: Thanks. And then if I could have one follow-up on the model. Contract revenue was a little bit stronger in Q4 compared to prior quarters and I think that helped gross margin a little bit. So could you talk a little bit about your expectations for that for 2025 or for 1Q? Thanks.

Raja Bal, CFO, Indy Semiconductors: Yes, sure. So yes, contract revenue has been relatively flat. And if you look at the history of contract revenue has been coming down over time. And I think that trend will continue as we increasingly focus on standard products and less on custom ASICs.

Conference Operator: Great. Thank you.

Conference Operator: Thank you. Our next question comes from the line of Anthony Stahls with Craig Hallum Capital Group. Please proceed with your question.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Hi

Anthony Stahls, Analyst, Craig Hallum Capital Group: guys. Donald, I want to follow-up on the radar launch.

Conference Operator: I

Anthony Stahls, Analyst, Craig Hallum Capital Group: think it had been planned kind of mid this year. Now you’re saying late this year. When you take a step back or let me just follow-up on that for a second here. Did something change that pushed it from kind of Q3 to Q4? And then also when you take a step back and look at Bosch (NSE:BOSH), Vikasa and the radar win, when they launch over the first twelve months, are they still kind of the expected revenue that you had thought they’d been or have they shrunk?

Donald McClement, Co-Founder and CEO, Indy Semiconductors: So nothing has changed in the programs. We’re still on track exactly to the same schedule that we were a quarter ago for radar. And indeed the other programs, we’re not really into the deep part of the ramp yet to know for sure what the volumes are going to be. But at this point, we still feel confident that they’re going to drive significant revenue. As they sell through into the OEMs, we see constant design wins on a per model basis with their end customers, which are only adding to the pile.

So if anything, we’re seeing positive momentum in that space.

Anthony Stahls, Analyst, Craig Hallum Capital Group: And then a follow-up for Raj on the gross margin expectations late this year. I think you guys have been targeting 55% for the December. With things kind of slowing a bit here, do you still think you could attain that 55% gross margin level?

Raja Bal, CFO, Indy Semiconductors: Yes. I mean, we guided 49% to 50% for Q1 and that’s really just a reflection of our expectations for product mix in Q1 and contract revenue kind of ticking down as a percentage of total. The good news is as the year progresses, we are going to have revenue incremental revenue growth and contributions in the ADAS space and those are all highly accretive to our corporate average gross margins. So those will definitely help. Whether we get 55 exiting 2025, I mean, that remains to be seen, but we’ll definitely see incremental improvements from here.

Conference Operator: All right. Thanks guys.

Conference Operator: Thank you. Our next question comes from

Conference Operator: the line of John Camentang with CJS Securities. Please proceed with your question. Hi, this is Will on for John. How are you positioning to mitigate the impact of potential tariffs? Thanks.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: So we don’t see tariffs being levied necessarily on our products as they go to the Tier 1s for conversion into modules. Really what we’re seeing is a knock on effect on the uncertainty of the planning capability of the OEMs by virtue of the fact that they are having to anticipate tariffs on either raw materials or between geographies and that’s causing them to consider the location of where they may manufacture things. So it’s more of a knock on effect rather than a direct impact of our products are 20% more expensive or 20% less competitive.

Conference Operator: That’s all for me. Thank you. Thank you. And we have reached the end of the question and answer session. And therefore, I’ll now turn the call back over to Donald for closing remarks.

Donald McClement, Co-Founder and CEO, Indy Semiconductors: Thanks very much everybody for your time and see you at the investor conferences through the remainder of the quarter.

Conference Operator: Thank you. And this concludes today’s conference and you may disconnect your line at this time. Thank you for your participation.

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