Flex Ltd.

Good afternoon and welcome to the FLEX first quarter fiscal year 2022 earnings conference call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. At this time for opening remarks, I would like to turn the call over to Mr. David Rubin, FLEX's vice president of investor relations. Sir, you may begin.

Thank you, Rebecca. Good morning and welcome to Flex's first quarter fiscal 22 earnings conference call. With me today is our chief executive officer, Ray Withee at Byfee, and our chief financial officer, Paul Lundstrom. Both will give brief remarks followed by Q&A. This call is being webcast and recorded, and if you've not already received them, slides for today's presentations are available on the investor relations section of our flex.com website. As a reminder, today's call contains forward-looking statements which are based on current expectations and assumptions and are subject to risks and uncertainties, so actual events and results could differ materially. Also, such information is subject to change, and we undertake no obligation to update these forward-looking statements. For a full discussion of risks and uncertainties, please see our most recent filings with the SEC. This call references non-GAAP financial measures for the current period. The GAAP reconciliations can also be found in the appendix slides of today's presentation, as well as on the investor relations section of our website. Lastly, with regards to Flex's next track for business, as we previously discussed last quarter, on April 28th, we announced that we confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock. The initial public offering and its timing are subject to market and other conditions in the SEC's review process. We made this announcement in accordance with Rule 135 under the Securities Act. We continue to look at the market conditions, and we will evaluate the right time to do the transaction, but we remain committed to doing so. Following SEC regulations, we will not make any further statements or answer additional questions on the next track or filing at this time. With that, I'd like to turn the call over to the CEO.

Thank you, David. Good morning, everyone, and thank you for joining us today on our Q1 earnings call. Of course, I have to start off by giving a shout-out to all my Flex colleagues across the world for once again staying focused and delivering on solid results. So let's turn to slide three to review our financials. We achieved a revenue of $6.3 billion, up 1% sequentially, a little better than typical seasonality, and up 23% year-over-year. Our total flex adjusted operating margin came in at 4.6%, and core flex operating margin ex-next tracker contribution was 4.4%. Similar to last quarter, our adjusted operating margin includes the absorption of costs related to a challenging component supply and logistics environment. Our adjusted EPS was 46 cents up from 23 cents in Q1 of last year, but also up from the pre COVID level of 27 cents in Q1 of FY 2020. Our adjusted free cash flow came in very strong at 219 million. Now moving on to the next slide, I'd say demand across the enterprise remains very strong, and as you can see, the team executed extremely well again this quarter. Global supply chain and logistics issue remain a challenge and add a layer of uncertainty to the near term. However, we continue to expertly navigate through the environment with an army of supply chain professionals, which is almost 10,000 people strong and, of course, decades of experience. all supported by world-class system and tools to provide the best visibility and agility. Now, this is a real competitive advantage for Flex and for our customers. Our ability to quickly adapt to global changes is unrivaled. And the proof, of course, is in the results, especially when you look at the improvements we have made across the organization over the last two years. The June quarter of calendar 2019 was my first full quarter with Flex. Our adjusted operating margin at that time was 3.4%. Fast forward two years, and it is 4.6%, which is after two previous record quarters. If you look at our gross margins, you'll see similar improvements. When I joined, our June quarter gross margins were 6.5%, and this quarter, it was 7.5%. So we're simply operating at a better level. I'm very proud of how well we are executing on our near-term and our longer-term goals. We continue to land, expand, and elevate our relationships with our customers. We're winning in the key areas we've talked about before, such as diabetes care, medical imaging, and throughout the electric vehicle ecosystem on ADAS and on premium durable goods, cloud, and renewables. The secular drivers for the next wave of outsourcing are now very clear with a need for more resilient and agile supply chain. The requirement for additional regionalized production and the demand for more sustainable approaches. We're winning new businesses as well as expanding our footprint with current partners. This performance is all a testament to our goals of deeper relationship with our customers and suppliers and a continual steady shift to higher value businesses. And all of this is leading to a higher quality of pipeline and bookings across both our segments. Now, while we've made good progress, we're certainly not done. With that, I'll turn the call over to Paul to walk you through our results in more detail, and then I'll come back with some closing remarks. Paul?