Allegro MicroSystems, Inc.

Good day and thank you for standing by. Welcome to the Allegro Microsystems Q4 Fiscal 2022 Financial Results. At this time, all participants are in a 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. If you require any further assistance, please press star 0. I will now hand the conference over to your first speaker today, Katie Bly. You may begin.

Good morning and thank you for joining us today for Allegro's fourth quarter and full year results for fiscal year 2022. I'm joined today by Allegro's President and Chief Executive Officer, Ravi Vig, and Allegro's Chief Financial Officer, Derek Dantilio. We'll review our quarterly and annual financial performance and provide assembly of our outlook. Our earnings released in 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 as defined by 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 risk and uncertainties that could cause actual results to vary materially from our projections. Please refer to the earnings press release we issued yesterday and other documents filed by us with the SEC, including the risk factors discussed in detail in our most recent 10-K filed on May 19, 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 Allegra'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. A 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'll now turn the call over to Allegra's President and CEO, Ravi Vig. Ravi?

Thank you, Katie, and good morning, everyone. Before we get started with our commentary on Fiscal 22 and fourth quarter results, I'd like to pause here to acknowledge the Ukraine crisis. Our hearts are with our team members in Ukraine, and the people of Ukraine and the world must stand together in support of a resolution of this terrible situation. Allegro delivered outstanding results in fiscal 2022, achieving several new records, including robust annual revenue growth of 30%, resulting in the highest annual revenue in Allegro's history, as well as record profitability, including 410 basis points of non-GAAP gross margin expansion contributing to non-GAAP EPS growth of 70% for the full year. Our earnings growth of over 2x our revenue growth demonstrates a solid leverage in our operating model as we continue to deliver increasing profitability and shareholder value on incremental top line growth. We cap the year off on a high note with strong fourth quarter execution to drive revenue records across all product lines and in our automotive and industrial end markets highlighting key differentiators in the Allegro business model, our diversification across customers, products, and end applications, as well as our alignment to high-growth markets like XEV, ADAS, data center, and industrial. Importantly, in fiscal 22, our R&D teams demonstrated our commitment to technology innovation leadership by collaborating globally to further our product roadmap through important advancements in XMR technology disruptive solutions for ADAS applications, and market-leading solutions for XEV and data center. We've seen strong customer acceptance of our solutions with record levels of design win activity, and more than 50% of these wins are on new products. Our strategic growth focus areas anchored on key trends in vehicle and infrastructure electrification, autonomous vehicle control, and efficient motion control also represented more than half of our total design wins during the year, giving us confidence in our long-term growth trajectory. With a strong alignment to these secular growth trends, large and expanding SAM, design win momentum, and record levels and growing backlog, we're off to a great start in fiscal 2023. We continue to navigate through the supply-demand imbalance, and we're raising our full-year revenue growth outlook to the high teens. Before turning the call over to Derek, I'd like to comment on yesterday's announcement regarding my retirement from Allegro after 38 years. Over the course of my career, I've had the opportunity to lead and transform Allegro into the innovative company that it is today, culminating in our successful IPO in 2020 and now a record fiscal 22 performance. I'm proud of the company we've built, the transformation we've completed and the secular growth vectors that we've aligned to, the growth and profitability trajectory that we have created, and the terrific team of people here. Vineet Nargawala's extensive leadership experience and proven track record in multiple industries makes him a strong choice to succeed me as CEO to lead the company into the next phase of growth. I look forward to assisting both Vineet and Derek in an orderly transition and will continue serving in an advisory role to the company. Allegro's market opportunity has never been greater, and I have a great deal of confidence in the Allegro team's ability to continue delivering on profitable, outsized growth. I'll now turn the call over to Derek for color on the financials.