Flex Ltd.

Good afternoon, and thank you for standing by. Welcome to FLEX's fiscal first quarter 2023 earnings conference call. Presently, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer session. I'd like to remind everybody that today's call is being recorded. I'll now turn the call over to Mr. David Rubin. Please go ahead, sir.

Thank you, Michelle. Good afternoon and welcome to Flex's first quarter fiscal 2023 earnings conference call. With me today is our Chief Executive Officer, Revati Advaiti, and our Chief Financial Officer, Paul Lundstrom. Both will give brief remarks followed by Q&A. Slides for today's call as well as the copy of the earnings press release and summary financials are available on the investor relations page at flex.com. This call is being recorded and will be available for replay on our corporate website. As a reminder, today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. For a full discussion of these risks and uncertainties, please see the cautionary statements in our presentation, press release, or in the risk factor section in our most recent filings with the SEC. Note this information is subject to change, and we undertake no obligation to update these forward-looking statements. Unless otherwise specified, we will refer to non-GAAP metrics on the call. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation, as well as in the summary financials posted on the Investor Relations website. As previously disclosed, the draft registration statement on the Form S-1 relating to the proposed initial public offering of NextTracker's Class A common stock remains on file with the U.S. Securities and Exchange Commission. The initial public offering and its timing are subject to the SEC, market, and or other conditions. Following SEC regulations, we will not make any further statements or answer additional questions on the next tracker filing at this time. Now, I'd like to turn it over to our CEO, Revati.

Thank you, David. So, good afternoon, and thank you, everyone, for joining us. Our fiscal Q1 was another strong quarter, and I want to start off by thanking our teams for their incredible performance and delivering for our customers. I'm very proud of what the team has accomplished and their consistent commitment to achieve our vision to be the most trusted technology, supply chain, and manufacturing partner. Now looking at slide three, our revenue grew 16% year over year, driven by continued strong demand and our ability to deliver in spite of ongoing component constraints. Our adjusted operating margins came in at 4.5%, and the overall solid performance led to another quarter of record adjusted EPS at 54 cents, up 17% year over year. So as I look across our portfolio, along with the forward-looking signals, our demand remains strong in most business units, and I would say at this point, constraints from the ongoing shortage and lagging at semiconductors remains the biggest limiting factor. We currently expect this trend to continue. Now, not surprisingly, we are seeing indications of slowing in some consumer-related markets. However, we have been anticipating this change and it is within our current expectations for the full year. Looking at just a few examples of the continued overall demand, We saw broad demand across our industrial business unit, along with multiple new ramps and renewables and power-related products. I want to point out that these products are separate from our Nextracker solar tracker business and include inverters, EV charging, energy storage, and grid edge, all tied to Flex's core technology strengths. Now, given our wins in this category, our renewables business is now on a run rate to be over a billion dollars this year, making it a sizable portion of our industrial revenue. We see the long-term growth drivers continuing, which gives us confidence in this category. Bookings and automotive were very impressive this quarter. In fact, the wins this quarter alone were nearly as much as all of last year's bookings. And over 60% of these wins are in our next-gen mobility category. With the U.S. dealer lot inventory in June still only at 28 days versus 67 in 2019, we're still seeing end market inventory well below demand. For us, much of our business is being driven by OEM expansions, new product lines, and technology transitions. These multiple drivers give us confidence in our long-term outlook. Now, growth in our cloud business remains very strong, driven by longer-term trends, including continued enterprise cloud migration and growth in digital services. Our differentiated capabilities that address several critical areas across the data center include power solutions, racks and enclosures, make us well positioned to address this growing market. Our lifestyle business continues to deliver solid results. We have created a very compelling value proposition by expanding our vertically integrated capabilities and leveraging our global scale to regionalize supply chains and facilitate geographic expansions. This combination has directly led to share gains and new wins with premium durable goods customers. Our strategy has also resulted in a more sustainable supply chain for our customers and a more resilient business for Flex. Again, these are all just a few examples, but they also highlight how our portfolio and business drivers have evolved. Now going to slide four, at our investor day, we showed you this slide on how we change our geographic and customer concentration in our portfolio mix. This progress is just since fiscal 28 this change would be even more dramatic if you look back over the last 10 to 15 years. We have purposely de emphasize the most volatile and shortest cycle businesses as an example of this, how our consumer device revenue went from about 17% of revenue back in 2018 to now only 10% in fiscal 2022. Instead, we focused on improving our portfolio mix aligned with our core capabilities and targeted large end markets with strong long-term drivers. We have built a balanced global footprint that can support our customers' changing needs. These investments have created a more resilient foundation, a more diversified portfolio, and a more agile company. The macro environment remains highly uncertain, and none of this is to say we're immune to it. But we have effectively navigated the challenges over the last couple of years, and we have continued to adapt and improve. I'm very confident in our long-term strategy and the solid foundation we have built. So we will remain focused on consistent execution to be agile and continue to invest in the future of Flex. With that, I'll turn it over to Paul to take you through our financials. Paul?