indie Semiconductor, Inc. (NASDAQ:INDI) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Ashish Gupta - Investor Relations Donald McClymont - Co-Founder and Chief Executive Officer Raja Bal - Chief Accounting Officer Conference Call Participants Suji DeSilva - Roth Capital Partners Anthony Stoss - Craig-Hallum Ross Seymore - Deutsche Bank Cody Acree - Benchmark Craig Ellis - B. Riley Securities Operator Good afternoon and welcome to indie Semiconductor 's First Quarter 2023 Earn ...

Market Opportunity & Growth - The company is well-positioned in a high-growth market with a $48 billion Served Addressable Market (SAM) expected by 2027[6] - The automotive semiconductor market is at an inflection point, driven by silicon content gains[21, 22] - The automotive semiconductor TAM is growing at an 11% Compound Annual Growth Rate (CAGR)[33] Strategic Focus - The company is capitalizing on three strategic auto megatrends: sensor fusion, user experience enhancement, and electrification[35, 37, 48, 88] - The company is enabling sensor fusion through radar acquisitions and computer vision solutions[37, 41, 46] - The company is supporting emerging autotech applications and accelerating electrification[86, 88] Financial Performance & Backlog - The company has a strategic backlog of $4.3 billion as of November 2022[95] - The company's revenue has grown significantly, with a year-over-year growth of 129% in 2021 and 49.9% gross margin in 2022[92] - The company has demonstrated improving fundamentals and has exceeded or met revenue and gross margin expectations in 7 consecutive quarters since its June 2021 IPO[78, 99]

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) indie Semiconductor provides innovative automotive semiconductors and software solutions, expanding its portfolio through acquisitions and operating on a fabless model - The company focuses on high-growth automotive applications including **ADAS**, autonomous vehicles, connected car, user experience, and electrification, targeting edge sensors like LiDAR, radar, ultrasound, and computer vision[17](index=17&type=chunk) - Growth has been accelerated through strategic acquisitions including **TeraXion**, **ON Design Israel**, and **Symeo** to bolster its technology portfolio[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) - indie operates a **fabless business model**, partnering with third-party foundries for wafer manufacturing to ensure scalability and minimize capital expenditures[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has significant customer concentration, with **Aptiv** accounting for approximately **37% of total revenue in 2022** and **39% in 2021**[53](index=53&type=chunk)[119](index=119&type=chunk) - The company heavily invests in innovation, with **research and development expenses representing approximately 109% of its revenues in 2022** to support product development[56](index=56&type=chunk) [Item 1A. Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including industry cyclicality, intense competition, reliance on third-party manufacturing, financial losses, debt, and internal control weaknesses - Operational risks include the **cyclical nature of the semiconductor industry**, intense competition, dependence on third-party manufacturers, and **high customer concentration with Aptiv representing 37% of 2022 revenue**[90](index=90&type=chunk)[93](index=93&type=chunk)[105](index=105&type=chunk)[119](index=119&type=chunk) - Financial risks are significant, with a history of **net losses** and total consolidated indebtedness of **$171.4 million as of December 31, 2022**, including **$160.0 million in 4.50% convertible senior notes**[121](index=121&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - The company's holding structure depends on distributions from its subsidiary, ADK LLC, and a **Tax Receivable Agreement requires payments of 85% of certain tax benefits** to pre-transaction equity holders, which could be substantial[131](index=131&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - A majority of revenue is generated from **China**, exposing the company to risks from the PRC legal system, economic and political instability, and currency conversion controls[179](index=179&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk) - The company identified **material weaknesses in its internal control over financial reporting** for the years ended December 31, 2022 and 2021, related to risk assessment, information and communication, and control activities[199](index=199&type=chunk)[625](index=625&type=chunk)[626](index=626&type=chunk) [Item 1B. Unresolved Staff Comments](index=37&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - Not applicable[225](index=225&type=chunk) [Item 2. Properties](index=37&type=section&id=Item%202.%20Properties) The company's principal facilities include its California headquarters and various design and sales offices globally, with manufacturing outsourced to subcontractors Principal Facilities | Location | Square Footage | | :--- | :--- | | Aliso Viejo, California | 18,000 | | Quebec City, Canada | 50,050 | | Detroit, Michigan | 32,700 | | Austin, Texas | 5,753 | | Suzhou, China | 6,841 | | Edinburgh, Scotland | 5,328 | | Haifa, Israel | 6,641 | | Shanghai, China | 5,162 | [Item 3. Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, with incidental claims not expected to have a material adverse impact - The company is not party to any material legal proceedings[227](index=227&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[228](index=228&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock and warrants began trading on Nasdaq in June 2021, with no cash dividends paid and a $50 million stock repurchase program authorized in November 2022 - Class A Common Stock and redeemable warrants began trading on the Nasdaq Capital Market under the symbols **\"INDI\"** and **\"INDIW\"** on **June 10, 2021**[229](index=229&type=chunk) - The company has not paid any cash dividends to date and does not anticipate declaring any in the foreseeable future[231](index=231&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased | Average Price Paid per share | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan (in thousands) | | :--- | :--- | :--- | :--- | | 11/1/2022 - 11/30/2022 | 1,112,524 | $6.65 | $42,596 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company reported a **129% revenue increase to $110.8 million in 2022**, driven by product and contract revenue growth, alongside significant increases in operating expenses and a strengthened liquidity position Revenue Comparison (FY 2022 vs. FY 2021) | Revenue Type | 2022 (in thousands) | 2021 (in thousands) | $ Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $89,457 | $43,796 | $45,661 | 104% | | Contract revenue | $21,340 | $4,616 | $16,724 | 362% | | **Total revenue** | **$110,797** | **$48,412** | **$62,385** | **129%** | Operating Expenses Comparison (FY 2022 vs. FY 2021) | Expense Category | 2022 (in thousands) | 2021 (in thousands) | $ Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Cost of goods sold | $60,491 | $28,703 | $31,788 | 111% | | Research and development | $121,197 | $58,117 | $63,080 | 109% | | Selling, general, and administrative | $48,237 | $36,384 | $11,853 | 33% | | **Total operating expenses** | **$229,925** | **$123,204** | **$106,721** | **87%** | - The company recognized a **net gain of $65.3 million in 'Other income (expense), net' for 2022**, primarily from a **$55.1 million unrealized gain on warrants**, contrasting with a **$44.1 million net loss in 2021**[273](index=273&type=chunk)[276](index=276&type=chunk) Cash Flow Summary (FY 2022 vs. FY 2021) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(76,745) | $(55,819) | | Net cash used in investing activities | $(16,273) | $(84,326) | | Net cash provided by financing activities | $192,659 | $340,646 | - As of December 31, 2022, the company had **$321.6 million in cash and cash equivalents**, with major financing activities in 2022 including **$160 million from convertible notes** and **$17.2 million from an ATM equity program**[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is foreign currency exposure from international operations, resulting in a **$12.0 million cumulative translation loss**, while investment and interest rate risks are minimal - The company has significant exposure to **foreign currency risk** from its international operations, primarily in the Canadian dollar, Chinese yuan, and Israeli New Shekel[312](index=312&type=chunk) - A **cumulative foreign currency translation loss of $12.0 million** was included in 'Accumulated other comprehensive loss' as of December 31, 2022, up from **$1.4 million in 2021**[312](index=312&type=chunk) - Investment and interest rate risk is considered not material due to the investment portfolio consisting of **$321.6 million in cash and cash equivalents** with short-term maturities, prioritizing liquidity and capital preservation[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=51&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2022 and 2021, reflecting significant asset and revenue growth, increased operating losses, and capital structure changes Consolidated Balance Sheet Highlights (as of Dec 31) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $321,629 | $219,081 | | Total Assets | $603,351 | $469,253 | | Long-term debt | $155,699 | $5,618 | | Warrant liability | $45,398 | $100,467 | | Total Liabilities | $289,019 | $177,396 | | Total Stockholders' Equity | $314,332 | $291,857 | Consolidated Statement of Operations Highlights (Year ended Dec 31) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Total revenue | $110,797 | $48,412 | | Loss from operations | $(119,128) | $(74,792) | | Total other income (expense), net | $65,305 | $(44,142) | | Net loss attributable to indie | $(43,400) | $(88,044) | | Net loss per share — basic & diluted | $(0.37) | $(1.26) | - The company adopted the new lease accounting standard (ASC 842) on **January 1, 2022**, recognizing **operating lease right-of-use assets of $12.1 million** and **lease liabilities of $12.1 million**[320](index=320&type=chunk)[416](index=416&type=chunk)[603](index=603&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](index=107&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting and financial disclosures - None[620](index=620&type=chunk) [Item 9A. Controls and Procedures](index=107&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of December 31, 2022, due to material weaknesses in internal control over financial reporting, with remediation efforts ongoing - Management concluded that **disclosure controls and procedures were not effective as of December 31, 2022**[621](index=621&type=chunk) - Material weaknesses in internal control over financial reporting were identified and continue to exist as of December 31, 2022, in **Risk Assessment**, **Information and Communication**, and **Control Activities**[625](index=625&type=chunk)[626](index=626&type=chunk) - Remediation efforts are ongoing, including hiring a Head of Internal Audit, establishing an Internal Audit function, implementing a new ERP system, and enhancing control activities, with efforts expected to continue through 2023[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk)[631](index=631&type=chunk)[632](index=632&type=chunk) [Item 9B. Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[637](index=637&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=109&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[638](index=638&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details biographical information for directors and executive officers, the staggered Board structure, and highlights the company's Code of Ethics and independent Audit Committee - The report lists the names, ages, and positions of all directors and executive officers, along with their biographical information[640](index=640&type=chunk)[641](index=641&type=chunk) - The Board of Directors is divided into three classes with **staggered three-year terms**, expiring at the annual meetings in 2023, 2024, and 2025[642](index=642&type=chunk) - The company has adopted a **Code of Ethics** and maintains a standing Audit Committee chaired by **Sonalee Parekh**, designated as the 'Audit Committee financial expert'[656](index=656&type=chunk)[657](index=657&type=chunk) [Item 11. Executive Compensation](index=113&type=section&id=Item%2011.%20Executive%20Compensation) This section details the compensation for named executive officers and non-employee directors for fiscal year 2022, including salaries, bonuses, equity awards, and severance provisions 2022 Summary Executive Compensation Table | Name and Principal Position | Salary | Bonus | Stock Awards | Option Awards | All Other Compensation | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Donald McClymont, CEO | $400,000 | $241,671 | $1,316,424 | $422,463 | $19,075 | $2,399,633 | | Ichiro Aoki, President | $275,000 | $72,690 | $764,884 | $108,914 | $6,855 | $1,228,343 | | Thomas Schiller, CFO | $300,000 | $101,955 | $493,660 | $158,422 | $23,418 | $1,077,455 | | Steve Machuga, COO | $330,000 | $106,349 | $968,536 | $174,269 | $8,250 | $1,587,404 | - Employment agreements for NEOs provide for **severance payments** upon termination without cause or for good reason, including accelerated equity vesting, with enhanced benefits for change-in-control related terminations[668](index=668&type=chunk)[669](index=669&type=chunk) - The **2021 Omnibus Equity Incentive Plan** authorizes up to **20,868,750 shares of Class A common stock** for various equity awards[670](index=670&type=chunk)[672](index=672&type=chunk) - Non-employee directors receive an annual cash retainer of **$75,000** and an annual equity grant of **$175,000 in RSUs**, with committee chairs receiving an additional **$15,000 cash retainer**[689](index=689&type=chunk)[691](index=691&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](index=120&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owner%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details beneficial ownership of common stock as of March 21, 2023, including holdings by executive officers, directors, and major shareholders, along with securities available under equity compensation plans Beneficial Ownership as of March 21, 2023 | Name of Beneficial Owner | % of Total Common Stock | | :--- | :--- | | Donald McClymont (CEO) | 3.7% | | Ichiro Aoki (President) | 3.5% | | All Executive Officers and Directors as a Group (12 persons) | 9.7% | | Anthem/MIC Strategic Partners LP | 8.0% | | Soros Fund Management LLC | 5.4% | - As of December 31, 2022, **10,824,527 securities** were to be issued upon exercise of outstanding options, warrants, and rights, with **10,187,807 securities remaining available** for future issuance under equity compensation plans[700](index=700&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=122&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company has a policy for related person transactions, key agreements like the Exchange Agreement and Tax Receivable Agreement, and a majority of its directors are independent, with one disclosed related party employment - The Board has determined that **seven of its directors are independent** under Nasdaq and SEC rules[701](index=701&type=chunk)[704](index=704&type=chunk) - The company is party to an **Exchange Agreement** allowing certain pre-merger ADK LLC unitholders to exchange units for Class A common stock on a one-for-one basis[707](index=707&type=chunk)[708](index=708&type=chunk) - A **Tax Receivable Agreement (TRA)** requires the company to pay **85% of cash tax savings** from increases in tax basis due to LLC unit exchanges, with potential payments expected to be substantial[714](index=714&type=chunk)[715](index=715&type=chunk)[718](index=718&type=chunk) - The spouse of CEO Donald McClymont is employed as head of human resources, with a base salary of approximately **$175,000 in fiscal year 2022**[737](index=737&type=chunk) [Item 14. Principal Accountant Fees and Services](index=127&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section discloses fees paid to KPMG LLP for professional services in fiscal years 2022 and 2021, totaling **$2,436,780** and **$1,787,393** respectively, all pre-approved by the Audit Committee Principal Accountant Fees (KPMG LLP) | Fee Type | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $2,420,000 | $1,779,382 | | Audit-Related Fees | $1,780 | $8,011 | | Tax Fees | $15,000 | $0 | | **Total** | **$2,436,780** | **$1,787,393** | PART IV [Item 15. Exhibits and Financial Statement Schedules](index=128&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides a comprehensive index of all financial statements, schedules, and exhibits filed with or incorporated by reference into the Annual Report on Form 10-K - This section provides a comprehensive index of all financial statements, schedules, and exhibits filed with or incorporated by reference into the Annual Report on Form 10-K[742](index=742&type=chunk)[743](index=743&type=chunk)[744](index=744&type=chunk) [Item 16. Form 10-K Summary](index=131&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary under this item - None[748](index=748&type=chunk)

indie Semiconductor, Inc. (NASDAQ:INDI) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET Company Participants Ashish Gupta - IR Donald McClymont - Co-Founder and CEO Tom Schiller - CFO and EVP, Strategy Conference Call Participants Suji Desilva - ROTH Anthony Stoss - Craig-Hallum Ross Seymore - Deutsche Bank Craig Ellis - B. Riley Securities Cody Acree - Benchmark Operator Good afternoon and welcome to indie Semiconductor's Fourth Quarter and Year End 2022 Earnings Call. [Operator Instructions] ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 __________ ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 increased by 147% year-over-year and 17% sequentially to just over $30 million [8][40] - Gross margin expanded beyond 50% for the first time, reaching 50.4%, an increase of 740 basis points year-over-year and 180 basis points sequentially [8][40] - Operating loss for Q3 was $15.8 million, with a net loss of $15.3 million, translating to a net loss per share of $0.10 [43][40] Business Line Data and Key Metrics Changes - The strategic backlog reached $4.3 billion, more than doubling from $2 billion at the time of the IPO [9][49] - The ADAS (Advanced Driver Assistance Systems) and user experience solutions are gaining traction with design wins across leading Tier 1s and global automotive OEMs [8][49] - The vision business unit captured its first design win during the quarter, indicating growth potential in this area [23] Market Data and Key Metrics Changes - EV (Electric Vehicle) sales grew by 67% in Q3 2022, while overall US auto sales were down around 1% [37] - The penetration of EVs in the US new vehicle sales increased to 6%, nearly tripling in the last two years [37] - The company is well-positioned to benefit from the electrification megatrend due to strong relationships with leading EV OEMs [38] Company Strategy and Development Direction - The company aims to capitalize on a $27 billion annual serviceable market opportunity and sustainably outpace industry peers [50] - Investment in a range of automotive sensor modalities, including ultrasonic sensors, vision sensors, LiDAR, and RADAR, is a key focus [18][19][27] - The company is technology-agnostic, believing that multiple sensor modalities will be critical for next-generation vehicles [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing to outpace the broader automotive market and capturing a disproportionate share of new programs [11] - The company anticipates reaching profitability in the second half of the following year, with narrowing losses and a target of 60% gross and 30% operating margins [47][90] - Management noted that supply chain constraints have eased in certain areas, but challenges remain in specific nodes [63] Other Important Information - The company has successfully scaled its business nearly five-fold since its IPO, increasing gross margin by 1,500 basis points in less than 24 months [41] - The company exited the quarter with $150.8 million in cash and limited debt, indicating a strong financial position [43] Q&A Session Summary Question: Progress on Vision and Computer Vision - Management highlighted that the first design win in the vision area is expected to be the first of many, with a focus on edge interfaces rather than competing directly with larger players like Mobileye [55][57] Question: Supply Chain Environment - Management noted significant easing in certain aspects of the supply chain, particularly in packaging and testing, while some trailing nodes remain tight [63][64] Question: Composition of Strategic Backlog - Management indicated that the radar space is becoming a larger percentage of the backlog, with products in that space typically carrying higher gross margins [67][68] Question: Radar Solution Hurdles and Timing - Management expressed confidence in the technology and the speed of ramping production, with a strong motivation to get the radar solution into production quickly [72][73] Question: LiDAR Market Position - Management sees LiDAR as a relevant technology but believes it will be further out in the market compared to other products [77] Question: Employee Growth and M&A Strategy - Management mentioned a digestion phase in employee growth and emphasized that M&A remains a core part of the strategy, focusing on high standards for potential acquisitions [88][89] Question: Confidence in Profitability Transition - Management cited the strategic backlog, continued gross margin expansion, and nominal growth in operating expenses as key factors for confidence in reaching profitability [90]

SEMICONDUCTOR Corporate Overview l Summer 2022 DISCLAIMER Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," "project," "may, ...

indie Semiconductor, Inc. (NASDAQ:INDI) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants Ashish Gupta - Investor Relations Donald McClymont - Co-Founder & Chief Executive Officer Tom Schiller - Chief Financial Officer & Executive Vice President, Strategy Conference Call Participants Suji Desilva - ROTH Capital Ross Seymore - Deutsche Bank Anthony Stoss - Craig-Hallum Cody Acree - Benchmark Craig Ellis - B. Riley Securities Operator Good afternoon, and welcome to indie Semicon ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 _______________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 ______________ ...