Allegro MicroSystems, Inc.

Thank you for standing by, and welcome to Allegro Microsystems 3Q Fiscal 2021 Financial Results. At this time, all participants line are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone keypad. If you require any further assistance, please press star 0. Thank you. And I would like to hand the conference over to Katie Prye.

Please go ahead. Good evening, and thank you for joining us today for Allegro's third quarter results for fiscal year 2021. I'm joined today by Allegro's president and chief executive officer, Ravi Big, and Allegro's chief financial officer, Paul Walsh. We'll review our quarterly financial performance and provide a summary of our outlook. Our earnings release and the accompanying financial tables are available on the investor relations page of our website. This call is being webcasted and a recording will be available on our IR page shortly. Please note that comments made during this conference call include forward-looking statements within the meaning of federal securities laws. These forward-looking statements include projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause actual results to vary materially from our projections. Please refer to the earnings press release we issued today and other documents filed by us with the SEC, including the risk factors discussed in detail in our final IPO perspective filed on October 30, 2020. The company assumes no obligation to update any forward-looking information presented. The non-GAAP financial measures that are discussed today are not intended to replace or be a substitute for the presentation of Allegro's GAAP financial results and may be calculated differently than similar measures used by other companies. We are providing this supplemental information because it may enable investors to make meaningful comparisons of core operating results and more clearly highlight the results of our core ongoing operations. Reconciliation of GAAP to non-GAAP financial measures referenced during today's call can be found in our earnings press release, which has been posted to our IR page. I will now turn the call over to Allegra's President and CEO, Ravi Bhag. Ravi?

Thank you, Katie, and good evening, everyone. We're pleased to report results well above expectations and a strong outlook for the March quarter. Demand momentum accelerated throughout fiscal Q3, resulting in $164.4 million of revenue, a record for our current business. Strong customer demand was driven in part by the end market recovery, particularly in automotive, coupled with customer restocking. Non-GAAP gross margin was up nearly 200 basis points sequentially, and non-GAAP operating income was up approximately 38% sequentially. Non-GAAP diluted EPS came in at 13 cents per share ahead of our guidance. All considered, it was a great start in our first full quarter as a public company. I'm also pleased to report that we remain on track with the strategic objectives we have outlined. In the coming quarter, we expect to continue to benefit from these efforts and from the strong end market tailwinds within the tightening supply chain. With record backlog in bookings, we have extended visibility into the first half of fiscal 22. With that in mind, fourth quarter revenue is anticipated to increase again sequentially to a new record for the business to $167 million, plus or minus $2 million. Non-GAAP gross margin for fiscal Q4 is also anticipated to move upwards to 50% to 51%. And non-GAAP diluted EPS is expected to be in the range of $0.13 to $0.15. I'll now turn the call over to Paul Walsh for a detailed review of the financials. Paul?