Flex Ltd.

Good afternoon, and thank you for standing by. Welcome to FLEX's fiscal second 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. As a reminder, this call is being recorded, and I would now like to turn the call over to Mr. David Rubin. Sir, you may begin.

Thank you, Michelle. Good afternoon and welcome to today's call. With me today is our Chief Executive Officer, Rev. D. 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 a copy of the earnings press release and summary financials are available in the Investor Relations section at flex.com. This call has been 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 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 Nextracker's Class A common stock remains on file with the U.S. Securities Exchange Commission. The initial public offering and its timing are subject to the SEC market and other conditions. Following SEC regulations, we will not make make any further statements or answer any additional questions on the next tracker filing at this time. With that, I'd like to turn the call over to our CEO, Revati.

Thanks, David. Good afternoon, and thank you for joining us today. So jumping right in, fiscal Q2 was another strong quarter for Flex. Looking at slide four, revenue grew 25% year over year, with growth in five out of six of our core businesses. As expected, consumer device was the only business down year over year. Overall, we continue to see a combination of strong demand in many of our served markets and sustained strength in customer backlog. Adjusted operating margin came in at 4.8%, which is a nice improvement versus last quarter. The strong performance overall drove another quarter of record adjusted EPS at 63 cents, up 31% year over year. Turning to slide five, as we have focused the portfolio, we're confident in our market position and the macro and secular tailwinds remain in our favor. We're seeing continued strength in many of the end markets we participate in where demand continues to outpace supply. Now, this is a very dynamic environment, so we continue to closely monitor demand signals and we're engaged with our customers and suppliers to navigate what is still a very unusual time. Recently, we've all seen headlines talking about the improving supply chain. And overall, it has improved. Total shortages have been cut roughly in half compared to this time last year. Now, that being said, we continue to face shortages in certain areas, primarily the larger geometry node semiconductors, which mainly impact our reliability in markets such as automotive, healthcare, and industrial. We expect constraints to continue to be a challenge as demand and supply remain out of balance. Now looking past the cyclical concerns, the longer term trend is still towards increasing semiconductor content in almost every device, regardless of the industry. This is primarily driven by OEMs who want to create products with digital features that customers highly value. They also want more agility and resiliency in manufacturing and products that are made more sustainably. This trend of technology transitions driving increased product complexity is consistent with the industry growth themes we laid out at our Investor Day earlier this year. We also talked about regionalization as it relates to customers moving their production closer to demand and improving business resiliency. Now, our ability to deliver along these themes has already directly led to share gains and expanding business for us. Now, let me just give you one example. Last quarter, we mentioned that we baked in weakness in our consumer device and lifestyle outlook, assuming they would be the most sensitive to the macro environment. Now, this is still the right conservative assumption. However, our lifestyle business grew again this quarter year over year despite weaker end markets. Now, this is a result of our advanced capabilities, our ability to navigate complexity, and our ability to expand production in multiple regions across our geographic footprint. Our renewables business inside our industrial group is another great example, where our unique capabilities and global footprint align really well with both secular technology transitions and regionalization needs. I would say that the Inflation Reduction Act would also contribute to the strong growth opportunity in renewables as companies now look to move to domestic production to capture the tax credits, as well as increase their resiliency. Again, we have the expertise and the footprint to help our customers take advantage of these opportunities. Now, speaking of solar, looking at next tracker segment, revenue growth re-accelerated this quarter due to strong demand. Margins also improved again as we slowly worked through those contracts that were impacted by the surge in shipping costs during the onset of the supply crisis. Now, obviously, renewable energy overall is a very exciting area to me, and we're seeing very strong growth. Now, not to be cliche, but it's also important to remember that an energy transition is a marathon and not a sprint. The industry is still dealing with near-term solar panel and component shortages, which could also limit the speed for some program ramps. Regardless, we see this as a strong multi-year growth opportunity, and we are very excited about it. Now, moving to slide six, we had several notable industry accomplishments this quarter. Now, one in particular, our team in Suricaba, Brazil, was selected by the World Economic Forum as a new member of the Global Lighthouse Network. This is our second facility to be selected. As you may recall, our team in Autofen, Austria, was recognized last year. This recognition is important for us because it demonstrates our industry leadership, our technology innovation, and the many talented people in our company. We are proving that you can deploy leading-edge automation to improve safety, data technologies to improve operational efficiency, and at the same time, you can upskill employees to increase their opportunities. Building on our automation and data technology skills, Deploying solutions inside of Flex has become a virtuous cycle. As partners and customers see our expertise, this leads to new product wins, such as advanced robotics, which is also a fast-growing area for us. We are very focused on achieving zero waste by prioritizing sustainability as part of our operations, which helps our customers see our circular economy solutions in action. And this is just a part of this story. I'm very excited about these advancements, and we will continue to push the boundaries of what our manufacturing and services can accomplish. And with that, I'll turn it over to Paul to take you through our financials. Paul?