Hassane. Thanks,
with Let me year's and by first first our quarter. the performance, full for results start guidance the by followed for up wrap going quarter through
and for geopolitical our our year record execution we As our Hassane for our worldwide of were because above and remained to possible and where front I employees for mentioned, thank steadfast been onsemi. beyond only of fast-paced to incredible results A transformation and environment going a our macro teams. the achieve effort customers. embracing want center, have uncertainties year our financial in
an closed revenue strength primarily at of driven by year-over-year, XXXX in automotive industrial and Our businesses. our billion, $X.X XX% increase
increased gross XX.X% achieving Our of margin non-GAAP XXX target XX% to basis full for the over-year, XX% our points of model year- year.
compared per XXXX, in revenue. faster $X.XX non-GAAP earnings Our $X.XX share to than Xx was growing
go-to-market of success We and our areas our a result company's beginning of optimizing our footprint, improve of business. strategy. the our shape the direct by the structural manufacturing The we've just three transformation closed portfolio transformation, continued taken changes resiliency our and has the eighth to is our made of product since our quarter key business:
million divested versus value portfolio us our products to reduced in York, from exited structure. an fab In auto high-margin of $XXX year New We markets XXXX, average We've revenue our at on improve allowing cost revenue acquisition XX% XX%. to QX fabs walk with further in for pivoted four became of subscale end technology margin and to industrial gross businesses, of part the exiting We which manufacturing XXXX. maximize network our completed and investments. we at East our We noncore of XX. away total December to competitive volatile XX% discrepancies Fishkill highly and price-to-value the date to of of
signed and yielded structural have with revenue XX% funnel We by transformation, the our new a win revenue, LTSAs increased threefold coming free in the $XX.X we the XXXX XX%, free increased product a start entire at increase cash of year-over-year. of Xx exited margin. our since year flow changes with approximately flow fast as cash as We growing design our portfolio. These across XX% billion by
our driven the of immediate Our peer improvements performance and these among best-in-class strategy are has businesses units, and now group. radical their broader business in
margin start Intelligent premiums By Group's operating yielded rationalizing to comparable industry example, the transformation the since XX% margin typically consumer- who the facing gross $X.XX industrial. XXXX, more margin a at command now XX% is automotive XX%. than exited ISG now billion record Sensing growth, high than more the multiples has of of in mix has X,XXX points our our more portfolio by than ISG's Xx high low-margin with higher-resolution XXXX transformation high-margin and the ASPs. gross business. ISG of average. by transition of valuation elevated and markets, is driven at increased revenue QX sensors than For peers improved more to basis and exiting over ISG revenue
As to our providing brownfield manufacturing assumed fab create December fab our fab are of our for our This that products I Fishkill key for from silicon ownership earlier, our in is strategy XXX-millimeter ramp. transitioning East Korea by capacity on of XX. mentioned a incremental silicon we capacity power we in carbide enabler
day acquisition In closed long-term P&L but reflected the in assets growth our intelligent with support to the on sheet. QX, us addition, on provides fab is balance last the business. the sensor EFK for our year, acquired the there now are no impact capabilities Since of the
results Turning quarter. to fourth the for
XX% XX% $X.X XX% quarter-over-quarter. an QX a was was to of revenue another automotive billion, increased revenue quarter total of quarter XXXX of our as results. in fourth year XX% a strong of the of over to $XXX quarter-over-quarter mentioned, quarter decline and XX% in I and million increase ago. Total As X% the compared Record revenue year-over-year
Industrial due macroeconomic declined revenue to by grew by X% but XX% factors. primarily quarter-over-quarter, year-over-year,
the our sensing power accounted year-over-year and macroeconomic XX% Intelligent Revenue infrastructure industrial grew intelligent to continue XX% both markets. power grow of and revenue and by continued As XX% Hassane intelligent in in QX. driven year-over-year, total for sensing medical energy intelligent from despite our and mentioned, growth grew automotive businesses by headwinds.
Sensing increase $XXX for Advanced for record for was year-over-year. million, Solutions $XXX Revenue XX% ISG, Group, Power year-over-year was million, Intelligent year-over-year. ASG, an Group, Solutions was of or X% and the increase an billion, an $X Revenue PSG, increase the or or revenue the XX% of impressive Group, of a
midpoint was above GAAP of our the gross non-GAAP fourth quarter XX.X% and guidance. margin for was and gross the margin XX.X%
points quarter-over-quarter, slowed factory basis we the margin proactively XX% year. wafer by our carbide Our at from declined the starts with silicon lower planned non-GAAP and gross beginning XX of as ramp in utilization
$XX million date average gross million exited in also noncore quarter XX% the the bringing an total to exits. revenue margin We an additional at of business $XXX of of to
the operating quarter $X.XX ago. of the non-GAAP XXX GAAP earnings GAAP in share for of compared year for earnings was and per year-over-year margin basis points in was XX.X%, Non-GAAP to quarter $X.XX as XXX compared share increase a quarter a operating as per was quarter-over-quarter. margin fourth of decrease was the diluted fourth quarter basis XXXX. XX.X% $X.XX points an to $X.XX the and
XX% start-up of We sustainability margin costs remain gross the from our EFK. in at XX% near-term model to and of ramp confident long-term carbide silicon our despite headwinds
remain wafer managing in control of tight we As inventory spending. our we enter and maintaining XXXX, disciplined we our levels, are starts,
as to gross than our XXXX, recognizing $XXX divested we exit more from wafer start business. continued million supply And transition We benefit as in $XXX million of expect plan starting the low-margin we'll favorability we of margin fab.
expenses Now quarter operating the compared me year million expenses our fourth of million proactively operating million Non-GAAP to compared the $XXX XXXX. spend to you as for numbers of in midpoint a guidance million for GAAP models. manage quarter as company. quarter $XXX we $XXX some fourth were below Non-GAAP were as were expenses let your operating $XXX the the give in across the ago. additional
diluted shares, $XX count share was quarter, fourth quarter. our the our non-GAAP million non-GAAP We diluted million the XXX in tax X.X fourth [XX.X%], was for For share million shares. shares and rate XXX repurchased our was GAAP million count
we of of year, flow. for XX% full price the a $XXX shares $XX.XX share, which For repurchased XXXX million average X free total was at million per of an cash
revolver. and expenditures billion, million and quarter $X.X increased to during from $X.X $XXX sheet. equates of was quarter operations Turning million, of to a and Cash to Capital for billion full for XX% flow equivalents were the we undrawn million XX% the and revenue. had XX.X% XX% or which cash $XXX sequentially our the balance capital cash year. intensity $XXX was Cash on the free fourth
be carbide portion directing significant of As we and high expenditures enabling and percentage the in XXX-millimeter East previously, our we to the to next teens capabilities are our capital intensity indicated a mid- range the Fishkill silicon fab our at expect quarters. towards capital for several
days $XX days. $XXX increased and silicon of and increased and support X bridge receivable by X by declined to carbide Accounts million includes of of Inventory by increased XXX to the XX million million transition day. by DSO approximately XX $XX sequentially fab days This inventory days impending ramp. days inventory of
X.X QX. weeks million and inventory, to $XX in at is decreasing billion to $X.X low continue distribution weeks proactively approaching of inventory sequentially inventory channel at net debt and zero. We was manage by levels with the weeks leverage historically in compared X.X Total
equipment related income eventually property, the our for our in million in through and lower the will statement we U.S. plant investments receive and accrued factories. to depreciation, will flow investment under tax credit cash We future. the our associated benefit This on sheet $XX.X as balance XX%
Let guidance fourth me provide quarter. elements the non-GAAP the our our now in A is to for detailing related key provided guidance our quarter press of GAAP you release and table results. non-GAAP first
by driven and electrification business. ramp see strong end our accelerating silicon of carbide demand and to from automotive market, continue our We ADAS
see expect to in markets nonstrategic continue plan applications, we and exit. We industrial that softening end to we weakness our increased certain in
of committed billion LTSAs a stance billion, are on taking macro a revenue guidance. environment, continues of Given business with Despite $XX.X $X.X slowing under to an quarter-over-quarter. macroeconomic uncertainty, total our our we increase cautious strengthen the
XXXX non-cancelable $X recognize markets. of to revenue will softness expect of automotive range end other We strength addition to LTSAs be from continued revenue more our QX orders. billion in committed to in anticipate than $X.XX all our nonreturnable amid billion, with $X.XX We billion in in the in
of basis to due XXX within margin compensation between to lower share-based impact and points ramping factory utilization expect XX and This silicon of basis decline, and to We XX.X% XX includes expected points, carbide respectively. points million. is gross of EFK, range points basis dilutive and to $X.X XXX basis non-GAAP our the be which to also XX.X%
year as We gross temporary transition our to a manage expect headwinds. margins be the for XXXX we
$XXX million, We expect to $XXX non-GAAP million. including $XX million operating anticipate expenses to share-based We million. OIE non-GAAP million of compensation of $XX be $XX our to
diluted in share the We This results and rate first for $X.XX range XXX XX.X% to be expect of in the to million our non-GAAP to per of count our quarter be the to $X.XX. be expected non-GAAP in non-GAAP is shares. earnings tax to share approximately range XX.X%
expenditures brownfield a use a more up. million to fab We investments, $XXX of the alternative from building capital efficient which of and in capital of greenfield primarily $XXX expect ground million, the are
a As we'll and disciplined benefit we more purposeful in XXXX much and become execution, beyond. company, from controlled approach and agile, our in our
Given balanced our strategy committed into flow, drive in profitable value. strong cash capital balance have growth, increase strategy our capital and return to net invest threefold in shareholder shareholder increased to leverage we one long-term zero, a program. allocation approaching remain a a we sheet for confidence our to flexibility towards free our With
that shareholders strategy billion that authorizing program repurchases approved of up a stated $X Directors Today, of new cash with flow to end Board twice of of over aligned XX% long free of last at returning the is the to through we authorization, of term. announced has last This share XXXX, which year. the our representing expired our
vision long-term at our hope Day date New XX. of sharing on forward look May the for that saving And We you're in our finally, York we more Analyst to time.
to the line questions. for like to call that, the And back Christa I open over turn with to would
