Net Income (Loss) per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share

Basic and diluted net loss per common share was calculated as follows:

	Three Months Ended March 31,
	2022		2021
Numerator:
Net income	$	13,706	$	10,361
Less: Net income (loss) attributable to noncontrolling interest	2,873		(454)
Net income attributable to indie Semiconductor, Inc.	$	10,833	$	10,815
Less: Earning attributable to participating securities	—		5,372
Net income attributable to common stockholders - basic	$	10,833	$	5,443
Less: Change in fair value of SAFEs	—		19,100
Net loss attributable to common shareholders - dilutive	$	10,833	$	(13,657)
Denominator:
Weighted average shares outstanding - basic	111,189,340		32,284,863
Effect of conversion of SAFEs	—		6,933,153
Effect of potentially dilutive Phantom Units	1,083,749		—
Effect of potentially dilutive Class V common stock	29,386,392		—
Effect of potentially dilutive unvested Class B units	4,391,072		—
Effect of potentially dilutive unexercised options	1,346,219		—
Weighted average common shares outstanding—diluted	147,396,772		39,218,016
Net income per share attributable to common shares— basic	$	0.10	$	0.17
Net income (loss) per share attributable to common shares— diluted	$	0.07	$	(0.35)

On June 10, 2021, the Company completed a series of business transactions with TB2 pursuant to the MTA. The Transaction materially impacted the number of shares outstanding. Weighted average shares outstanding for the three months ended March 31, 2021 in the table above have been retroactively restated to give effect to the reverse recapitalization.

The Company’s potentially dilutive securities, which include unvested Class B units, preferred units, warrants for Class A units, warrants for Class G units, unexercised options, earn-out shares and escrow shares, have been excluded from the computation of diluted net income (loss) per share as the effect would be to reduce the net income (loss) per share. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net

loss per share attributable to shareholders for the periods indicated because including them would have had an antidilutive effect:

	Three Months Ended March 31,
	2022	2021
Unvested Class B units	—	3,210,705
Convertible preferred units	—	31,860,395
Warrants to purchase Class G units	—	319,202
Convertible debt into Class A and preferred units	—	285,000
Public warrants for the purchase of Class A common shares	17,250,000	—
Private warrants for the purchase of Class A common shares	10,150,000	—
Unexercised options	313,050	—
Earn-out Shares	5,000,000	—
Escrow Shares	1,725,000	—
	34,438,050	35,675,302