now electric power sensing stakeholders. the our sustainable has all of sensing our vehicles, industrial, committed quarter for our and our ecosystem. intelligent as infrastructure. we start XX% Combined, to allowing formula, and the transformation, power business, for meant portfolio, in the tailoring to and such compared winning resources the the This This At Hassane. XX% on Thanks, our high-growth and and automotive energy our become us manufacturing of investments, megatrends intelligent focus footprint to delivering our a intelligent technologies as ADAS year value for ago. greatest account deliver in to our
$X.XX resilience X% intelligent year-over-year. was a our exceeded challenging financial the market Revenue billion sequentially, and third from margin of quarter, intelligent increased the XX.X%. operating demonstrating guidance, of our non-GAAP our in X% and in combined Revenue In increased power results business midpoint environment. the sensing
billion of rise. automotive record features end QX, had sequentially another carbide by revenue vehicles we $X.X continues electrification driven increasing the quarter year-over-year, well and and they advanced markets for to in the need nearly silicon as As with for serve, as silicon X% XX% as and
is infrastructure million resiliency and of below this $XXX of of with revenue full and record of and we of X% million $XX up the and the our increased business, our businesses XX% The Industrial, medical. was year-over-year and expectations delivers highlighting rest year-over-year slightly which portfolio In as in these exited X% strength our energy, value was decreased for business sequentially customers. noncore sequentially our continued
continue be we'll favorable in opportunistic these to noncore margins and always, strategic our are markets are where customers. with engagements As
million, Solutions units. increase in year-over-year, split $X.X the and $XXX an decrease XX% Advanced XX% auto was the energy at year-over-year Sensing applications. or Intelligent more exits for due PSG, ASG, over X% a a in 'XX, lower Solutions XX% to million, than increase deliberate Revenue Revenue in between ISG, $XXX softness for by for decline was was driven continued XX% in or the Revenue industrial Group, or markets. Power billion, and noncore with Group, increase Group, QX infrastructure. of Looking operating revenue
XX compared to GAAP Our by our manufacturing points factory fab headwinds margin East margin and performance in primarily basis due silicon non-GAAP and XX.X% carbide. non-GAAP as to sequentially points strong gross offset utilization, in QX was of XXX 'XX, from and gross down Fishkill basis
silicon silicon carbide increased utilization lower XX% Total as as utilization utilization while trended slightly planned. improved, to
our gross we a more to while proactively quarters, efficient range the Lighter fixed high-XX% This above margin few fabs is divesting footprint we XXXX, which mid-XX%. expect maintaining while next For operations in the of result is fabs. to larger, our to strategy continue Fab utilization cost our reducing lower consolidate of in mid- to X direct
and to years. move cost Right expect next efficiencies network, we strategy savings As across few our the Fab drive manufacturing we optimize to over to incremental our generate
efficiencies We drive trajectory. to opportunities margin to remain operational identify long-term and gross continue committed to our
silicon carbide. to Turning
gross the output mentioned, accelerated manufacturing tremendous Hassane world, and the our to around efforts is internal of team As margin thanks have our trajectory. And operating carbide exceeding our expectations. silicon our we
corporate carbide silicon greater than we fully with to XX% we all And loaded highlighted, silicon carbide for previously Our QX fall-through at business the as a was including in gross on our costs. start-up margin QX. strong basis, be margin gross expect
ahead our our improvement incredible improved savings original investments. millimeters and model. XXX-millimeter and from teens capital brownfield yield on we're of teens low lower XXX-millimeter on in our our confidence long-term enables through the XXXX closing cost driving capacity our capability learnings is the Further, in from validating output and XXX percentage wafer to expansion of ramp and intensity our to execution getting points manufacturing high our slow the This us production strategy increasing plan
for compared $XXX operating were you $XXX balance third for quarter The Now third quarter receivable the to your the as against with to quarter some to million reserve as $XXX $XXX were million a operating the compared a year XXXX. numbers operating me partner. ago. the give in expenses a in manufacturing is expenses million attributable let increase in GAAP expenses Non-GAAP models. of additional million
operating for XX.X%, non-GAAP GAAP quarter and operating margin was XX.X%. the margin was
and in to GAAP $X.XX our QX XX.X%. the non-GAAP compared as high of near was Our XX.X%, at was the a third tax was quarter per end of the in $X.XX year $X.XX diluted as compared Non-GAAP share share per earnings $X.XX tax to GAAP for was diluted rate guidance our quarter XXXX. rate earnings ago.
and XXX diluted shares. diluted shares, share was count share our million count Our million XXX non-GAAP was GAAP
share of XX% million returned we committed cash and flow strategy repurchases, our QX, In XX% $XXX flow of free of of long-term shareholders. our returning our we cash free remain through to to
$X.X billion, QX the were sheet. Turning was equivalents revenue. free had our to was during from and Capital to Cash X.X% Cash million, equates and $X.X billion flow operations capital was revolver. intensity or on expenditures a $XXX undrawn million, balance which of cash million, cash $XXX of $XXX and we XX.X%.
we indicated our we enabling and at significant are our expenditures portion a As capital directing of EFK. carbide XXX-millimeter previously, capabilities silicon towards
and receivable $XX days, This support increased DSO million increased approximately Inventory from bridge X includes of $XXX XXX to silicon million, transitions days XX Accounts $XXX XX to day of X quarter. days inventory million inventory ramp. down by bad of sequentially, days. increased carbide and the days by by the was second and
strategic these our days XXX base inventory to days. Excluding declined quarter-over-quarter X builds,
at continue in distribution and X.X versus million billion, net $XX declined manage leverage $X.X QX. X.XXx. inventory Total weeks sequentially We inventory X.X at proactively debt Disti of flat inventory. remained weeks to is with
in transformed As ON shareholders we have that to our all like the the We for model past. margins delivering eliminated and historical strong performance is to operational completely of conditions. compared remain and our a the highlight structural volatility financial I'd The changes company. of committed in Semiconductor company the market forward, fully earnings as in look business today onsemi to
for guidance provided the in table me release GAAP guidance third elements non-GAAP results. was related provide the detailing you let A and quarter non-GAAP of fourth quarter. press Now to the our key our our
our to billion. in in Given current QX stance revenue to billion range We be macro are cautious $X.XX anticipate the environment, we a $X.XX taking the of guidance.
given decline mid-single-digit We greater end Hassane in industrial expect a other that with described, the markets. automotive declines and sequential in softness Europe in
XX.X% between utilization expect lower We due non-GAAP EFK primarily and margin be to to continued gross headwind. and XX.X%, factory
Our QX includes non-GAAP compensation million. $X.X margin gross share-based of
we X be We share-based $XX.X expect our net anticipate rates expense. result completed years, interest restructuring a our million. income a million, over We the drag $XXX expenses with effectively interest last of P&L historical million eliminating debt of non-GAAP our activities the exceeding other reducing going operating income while $XXX to to million, $X is on the benefit exposure non-GAAP forward. including compensation elevated of a benefit to This of
our non-GAAP million the to share the diluted earnings share XX.X% to be rate of is the non-GAAP range our XXX $X.XX. approximately shares. expected expect per in be This fourth We non-GAAP $X.XX tax to XX.X% be to in in quarter count results and to range of for
for expect primarily EFK. note, taking uncertainty, On expenditures we plan in as in XXXX. $XXX the a of a million cautious We capital given approach to investments, $XXX final silicon exit and million we carbide and market brownfield XXXX are
on focused to effective business structural actions taking our in these ourselves proactive set conditions. changes proven already and The brought have market execution. are up We have for remain our success, we we to
utilization, have and as through controlling improve plan to to we inventory, we businesses, starts, navigate market channel wafer We current to been seek volatile our lowering conditions. continue managing opportunities the exiting efficiencies
With to that, I'd open turn the Q&A. to Kevin back up to over call for like
