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Through fiscal 2022, we again generated over $1.5 billion of revenue, in line with fiscal 2021, although our non-GAAP earnings per share increased by 21%, over the same period. This higher level of performance increases our resiliency as we look into fiscal 2023. Over recent months, industry leaders and forecasters lowered WFE and semiconductor unit outlooks due to increased uncertainty related to interest rates, global trade tensions, and ongoing supply-chain disruptions, which negatively impact both inventory and demand levels across the general semiconductor, LED and memory end markets. Considering this dynamic environment, we recently conducted scenario planning across our individual business lines. Based on this detailed feedback, we currently expect fiscal 2023 revenue to meet or exceed our previous cyclical peak revenue in fiscal 2018.

This outlook suggests a more typical seasonal pattern through fiscal 2023, with ongoing digestion in the first fiscal half followed by gradual demand improvements in the second fiscal half. Expected second-half improvements are supported by well-known seasonal dynamics in addition to a heavier weighting of advanced display and advanced packaging revenue. Despite this dynamic macro and industry environment, secular trends in advanced display, advanced packaging and automotive have continued to be very resilient. Lester will provide additional details on our outlook shortly. Over the prior year, we generated revenue of $1.5 billion and non-GAAP EPS of $7.45 representing an increase of more than two times over our prior 2018 peak year, which helps to highlight how our cyclical performance has improved.

While semiconductor growth has contributed, since 2018, prudent partnerships, acquisitions and aggressive development expanded our served available market by 51%, to approximately $4.7 billion. This change, which excludes our pending acquisition, provides a more sustainable and consistent path for growth going forward. We remain focused on our long-term strategy and outlook over the coming years. Fiscal 2023 is a critical adoption period for our higher-growth solutions supporting Advanced Packaging, Automotive and Advanced Display, which are increasingly aligned with long-term, fundamental technology transitions already underway. Despite the softer environment, customer engagements and interest for our growing portfolio of solutions continues to expand.

I will provide an update to these key growth initiatives shortly. In addition to our ongoing organic development efforts, we have been seeking competency-based acquisitions that can further accelerate our growth potential. On September 8th, we announced an agreement to acquire Advanced Jet Automation, AJA. AJA's technology portfolio will further expand our served available market while also materially increasing our access to the evolving micro and mini LED opportunity. Over the past three years, success with our Assembleon acquisition has allowed us to enter the advanced display market. This access offered the opportunity to identify, and engage with innovative providers, including AJA, who are also supporting this emerging, high-growth opportunity.

AJA's unique and complimentary dispense solutions which provide market-leading placement accuracy and repeatability, already address the high-accuracy needs of Advanced Display and are positioned to address the growing complexity of semiconductor and consumer electronics assembly. In total, AJA provides K&S with access of roughly $2 billion total addressable market in dispense, providing an additional layer of growth. This sizeable new market access and impressive competencies in the emerging advanced display space supplement our broad organic growth initiatives. Our existing technical competencies, sales and distribution network and operational strength can help AJA better commercialize new solutions and accelerate growth potential. Turning to our end-markets, we generated $242.1 million of sales from our capital equipment businesses in the September quarter, which represents a 23% increase over our five-year average.

Within the general semiconductor market, a softer outlook is expected due to lower consumer spending levels and also indirect effects of new trade restrictions. However, we continue to execute on share gains in the power semi market, Advanced Packaging and soon also within electronics assembly. Our Advanced Display business is progressing better than expected and we significantly exceeded our $80 million advanced display revenue target. Advanced Display represented nearly 60% of our total 22 LED revenue. As we execute on development and further drive adoption across a growing customer base, we expect this market to grow materially. After several quarters of rapid automotive capacity expansion, we have returned to a more reasonable level of demand for our core-automotive solutions.

We continue to closely support our automotive customers through our leading semiconductor, electronics and battery assembly solutions, which are directly addressing many of the sensing, power management, power storage and power distribution needs for current and future electric and autonomous vehicles. These trends are significant and expected to continue supporting above average automotive semiconductor growth over the long-term. Today, we continue to extend our fundamental strength by supporting our own capacity expansion plans and new product initiatives while delivering on several intimate customer engagements. Our ongoing progress and execution increase optimism into FY 24. Allow me to provide a brief update. First, we now have multiple facility expansion and renovation programs in Singapore and Pennsylvania which are providing critically needed clean-room, lab and metrology space that will enhance our manufacturing and development capabilities.

These expansion efforts better support the growing trends and demand for our new advanced packaging and advanced display solutions. Our dedicated semiconductor Advanced Packaging Business has grown by 34% over fiscal 2021 and is projected to continue growing materially over the coming years. Customer interest and feedback for our fluxless-thermocompression systems have increased over the past quarter and we continue to expect this process will address the majority of heterogeneous assembly needs down to a 10 micron pitch. We currently have an industry leadership position in chip to substrate process and have multiple promising new opportunities with key customers in chip to wafer process over the coming year. In addition to our focus on emerging heterogeneous integration opportunities, TCB also supports the high-growth, high-volume, System-In-Package market for emerging logic, processor, mixed signal, silicon photonics and sensing applications.

This new access to high-growth opportunities provides specific examples of how we expanded our market reach and are raising our base-level of business. As the value of semiconductor assembly increases, our engagements with multiple fabless companies have also increased. While these are not traditional end-customers, the assembly process is clearly becoming a more significant factor in IC design than in the past. Demand for our new solutions continues to improve across our growing base of fabless, foundry, IDM and OSAT customers and we are working aggressively to support broadening customer engagements. Considering this new momentum, we anticipate thermo-compression to provide meaningful growth over the coming years. To highlight this momentum, our thermo-compression business grew by nearly 5 times, year over year.

We have also recently identified specific TCB customer opportunities of over $300 million, cumulatively, through 2025. In addition to Advanced Packaging, we are strategically focused on extending market share through the pending release of our latest electronics assembly system. Looking back, our 2015 acquisition of Assembleon provided several market expanding opportunities for K&S including additional access into the automotive market, new access into the system-in-package flip-chip market and also new access into the emerging mini and micro LED space through the success of PIXALUX. After securing positions in these adjacent markets we are also targeting share gains within the core electronics assembly market. Recent and ongoing development efforts have positioned us well to expand our access within electronics assembly, which represents a served available market in excess of $2 billion.

Over the past year, we have developed a new system architecture which addresses the growing accuracy and throughput needs of next-generation electronics assembly. Initial customer feedback has been well received, and we look forward to officially releasing our latest system in the second half of fiscal 2023. The last update is regarding our growing portfolio of advanced display solutions, which continues to track to expectations into fiscal 2023. Sustained development efforts have created multiple advanced display solutions, PIXALUX, LUMINEX and also close customer development programs, which comprehensively address the LED placement requirements of emerging backlighting and direct-emissive applications. At a high-level, LCD technology, which represents the vast majority of display production will benefit significantly from emerging backlighting trends over the long-term.

To be clear, LCD technology offers a lower production cost and longer useful life than current alternative display technologies such as OLED. Emerging backlighting trends supported by the success of PIXALUX and growing interest in LUMINEX further optimize the cost/performance tradeoff for LCD technology, specifically with larger-format displays. Alternatively, OLED technology, provides a thinner, higher-quality image, supporting high relative share with smaller-format displays, although image degradation and production costs have limited broad OLED adoption in high-volume, larger-format, display markets. Over the coming years, direct-emissive displays, using only a dense matrix of very small LED's have the potential to challenge OLED technology from a performance and power efficiency standpoint.

This trend is only beginning to play out and we are well positioned to participate through our close customer development initiatives and also the success of LUMINEX over the coming quarters. For both advanced backlighting and direct-emissive approaches to be adopted, lowering production costs is critically important to driving market adoption. While production costs of mini and micro LED will improve, we are most focused on delivering higher throughput solutions which support both of these long-term trends. Our first-mover position and success with PIXALUX has provided us with the largest installed base of ultra-high-speed pick and place tools for advanced display. This level of performance improves with the LUMINEX laser-based transfer method.

With LUMINEX, we are on track to achieve three times the productivity benefits of PIXALUX, over the coming months. Our R&D teams are actively supporting several ongoing qualifications in parallel for LUMINEX as they reach this new milestone. We continue to expand our advanced display installed base and pursue multiple LUMINEX engagements while making consistent progress across several customer development initiatives. Customer interest for our latest LUMINEX system remains strong. We have also recently shipped a new customer specific advanced display solution that further increases our optimism and long-term potential with these broad technology trends. While near-term industry growth rates routinely change across the semiconductor market, our positions have fundamentally improved and better correlate with secular trends shaping the future advanced packaging, automotive and advanced display markets.

Through ongoing execution of our development programs, integration of AJA, and driving customer adoption, we are well positioned to further enhance our market access, growth prospects and fundamental strength over the near-term. With that said, I will now turn the call over to Lester who will discuss our financial performance and outlook. Lester?

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Lester Wong: Thank you, Fusen. My remarks today will refer to GAAP results, unless noted. First, I would like to address the recent changes to U.S. trade regulations, which have clearly impacted many front-end solution providers' ability to support existing production and ship tools to many Chinese companies involved in IC fabrication. While we are still receiving confirmations from customers, we do not anticipate any material direct impacts to demand. The vast majority of the systems we ship into China are simply not restricted. Additionally, none of our products support IC fabrication. Our products only support IC assembly which is excluded from the new restrictions. While we don't anticipate direct impacts, the new rules will likely create near-term supply chain disruptions which may indirectly impact demand for our products.

As Fusen explained in detail, the current macro-environment remains dynamic and we remain committed to expanding our product portfolio and market access in a fundamental, long-term and sustainable way. Our strategic path includes many facets, customer engagements, technology partnerships, development programs, qualifications, and highly-selective acquisitions €“ which sustainably enhance our technology-oriented growth. As we strategically expand our market access and product diversification, through-cycle operating leverage and free-cash flow generation will continue to improve. Over the past fiscal year, we quickly flexed our manufacturing to meet an unprecedented level of demand for our high-volume ball bonder business, generating revenues of over $1.5 billion, non-GAAP net income of $455.6 million and non-GAAP earnings per share of $7.45.

As Fusen mentioned non-GAAP EPS actually increased by 21% year-over-year, despite a similar level of revenue. The largest individual driver to this benefit was due to our 380 basis point improvement in gross margin during fiscal 2022. To be clear, the growing capital-intensity of the semiconductor assembly process is directly benefiting the value proposition and long-term growth rates of our leading ball bonding solutions. Our strengthening positions in advanced display, advanced packaging, automotive and electronics assembly may be easier for investors to digest, although we have also optimized the core, high-volume ball bonder business. While ball bonding has historically been underappreciated, the underlying business has fundamentally improved.

Since fiscal 2020, our ball bonder gross margins have increased by 340 basis points, largely due to stronger demand for our high-performance systems which are more capable to run multi-die applications. Specifically, the Rapid series of Ball bonders, our most advanced architecture, grew from representing only 21% of total ball bonder units in fiscal 2020 to representing 69% of total ball bonder units in fiscal 2022. New complex packaging trends enhance our existing leadership position and the longer-term growth rates within this large, well-established process. Turning to our recent results, during the September quarter we generated revenues of $286.3 million, gross margins above 46%, non-GAAP net income of $70.2 million and non-GAAP EPS of $1.19.

Gross margins came in slightly below our guidance range largely due to accounting associated with customer-related development efforts. Non-GAAP operating expenses during the quarter came in better than expectations due to immediate cost control efforts, a reduced pace of hiring, and foreign exchange gains related to a strengthening U.S. dollar. Finally, tax expense for the quarter came in at $6.6 million, slightly better than expectations. Over the past year, our total cash position increased by $35.7 million after committing $322.2 million to investors through dividends and share repurchase activities. Working capital days increased to 341 days in the September quarter, representing a sequential reduction in revenue, sequential increase in cash, and a collective decline in accounts receivable, inventory and accounts payable.

Through fiscal 2022, we generated $367.4 million of adjusted free-cash flow, highlighting our longer-term earnings potential. Through the September quarter, we repurchased an additional $60.2 million of shares, bringing our fiscal year total to $282.8 million, which represents 5.6 million shares or nearly 10% of our fiscal 2022 weighted diluted share average. At the end of the September quarter, we had nearly $250 million remaining under our repurchase authorization and continue to manage an active, open-market repurchase strategy. In addition to the repurchase activity we have also just announced our third consecutive annual dividend raise, bringing our total dividends per share to $0.76 annually and maintaining a competitive dividend yield.

The ongoing repurchase program and steadily growing dividend, help stabilize our valuation while optimizing our fundamental market expansion efforts on a per share basis. For the December quarter, in line with Fusen's comments regarding softening macro and industry environments, we anticipate revenue of approximately $175 million, plus or minus $20 million. Gross margins are expected to reduce to 45% plus or minus 50 basis points, due to product mix, accounting related to our customer development initiatives, additional expediting fees, near-term facility re-sizing effects and also higher than expected inflation. Non-GAAP operating expense is anticipated to be approximately $68 million, plus or minus 2%, due to ongoing expansion efforts in addition to inflation.

Over the last month we have reduced our rate of hiring and limited non-critical expenses as we have during prior soft demand periods. Non-GAAP EPS is expected to be $0.20, plus or minus 10%, which considers an effective tax rate of just over 20%. This increase is partially related to regional income mix although is primarily due to the mandatory capitalization of R&D expenses under Section 174 beginning in fiscal 2023. Unless repealed or modified, this provision of the Tax Cuts and Jobs Act of 2017 is expected to broadly affect all U.S. Corporate taxpayers with R&D activity. As we look further out through fiscal 2023, we continue to anticipate a period of capacity digestion to extend into the March quarter, with typical seasonality trends driving more distinct capacity needs in the second fiscal half.

It remains a very exciting time for the Company as we have significantly broadened our alignment with fundamental technology change across the semiconductor, advanced display, electronics assembly, and automotive markets. As the industry recovers and we continue to execute, we are well positioned to reach new levels of financial performance beyond 2023. While there are near-term challenges for the entire industry, our fundamental improvements, enviable financial position and active roles enabling several long-term technology transitions will allow us to emerge as an even stronger and more profitable company. This concludes our prepared comments. Operator, please open the call for questions.

Operator: Thank you. Our first questions come from the line of Krish Sankar with Cowen. Please proceed with your questions.

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