Allegro MicroSystems, Inc.

Good morning, ladies and gentlemen, and welcome to the Allegro Microsystems fourth quarter and fiscal 2021 financial results conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star then zero on your touchstone telephone. I will now like to hand the conference over to your host, Ms. Catherine Bly, Senior Director of Investor Relations.

Good morning, and thank you for joining us today for Allegro's fourth quarter and full year results for fiscal year 2021. I'm joined today by Allegro's President and Chief Executive Officer, Robbie Vig, and Allegro's Chief Financial Officer, Paul Walsh. We'll review our quarterly and annual financial performance and provide a summary of our outlook. Our earnings released in the accompanying financial tables are available on the Investor Relations page of our websites. This call is being webcasted and 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 at the SEC, including the risk factors discussed in detail in our most recent prospectus, filed on February 8, 2021. 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 a LICRS-GAAP financial result 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. A reconciliation of GAAP to non-GAAP financial measures referenced today during the call can be found in our earnings press release, which is posted to our IR page. I will now turn the call over to Allegra's President and CEO, Ravi Vig. Ravi?

Thank you, Katie, and good morning, everyone. We couldn't be more pleased with the company performance in fiscal 21 and the strong start and outlook of fiscal 22. We had a tremendous year and fourth quarter exceeded our guidance with revenue finishing up 6% sequentially due to the strength across all our businesses. Profitability exceeded expectations due in part to further improvement in non-GAAP gross margins, which approached 51%. This resulted in sequential fourth quarter non-gap earnings per share growth of 15%, more than double our top-line growth. Consistent top and bottom-line growth really speaks to our industry-leading technologies, alignment to growth markets like electrification and data centers, and the flexibility and resilience of our asset-life manufacturing model. These building blocks, combined with design wins exceeding our target by 40%, give us confidence in the long-term outlook. We're expecting another record revenue quarter for the core business in Q1, fueled by new customer program ramps, increased content, the transition to feature-rich vehicle production, and the global recovery. I'm proud of the team's execution and look forward to the future with considerable optimism as we focus on our commitment to customers and shareholders and navigate the supply balances in the industry. I'll share more about the status of the business and the outlook after we review the financial results. Paul?