Hassane. our In again demonstrated market environment. the resilience challenging a teams navigating quarter, once second and Thanks, remarkable and adaptability
results non-GAAP exceeded the billion, $X.XX guidance midpoint QX of margin operating XX% with free Our XX.X%, and revenue of margin. of our gross XX.X% margin cash flow of non-GAAP
which markets, once against by challenging contributed declined correction deliver a margin underutilization, in and improvements an of demonstrating and revenue. automotive market industrial model.
QX of and We in was XXXX. inventory revenue our continue This the the QX XX% again XX% decline from business X% structural our performance end sequentially consistent driven ongoing to gross together
outlook short-term demand are unchanged. remains long-term we While facing our uncertainty,
has data are we $XXX We of AI million, customer segments the fastest-growing resume the and over automotive, XX% automotive a quarter QX focus increasing we transformation of for largely last strategic decline the center quarter-over-quarter to line and end embarked forefront vehicle revenue on XX% at normalize.
In the to content revenue same time with markets, trajectory nearly inventory electrification our industrial a in the our From XXXX, as growth our and shift expect our automotive expectations, year. levels included declined by driven of ADAS. doubled, to automotive, on which
XXXX. X% sequentially versus the and was quarter revenue down Our industrial second of $XXX XX% million,
noted call, stabilization we our QX of in in are we market. pockets As this seeing
and by Group, to $XXX was for a groups ago. year-over-year. XX% Sensing million, the Looking in was the Analog XX.X%, in and year in gross business million, non-GAAP industrial $XXX at Intelligent all or the gross the Group, the PSG, quarter $XXX or revenue a was Group margin was Mixed Revenue XX.X% a The Power for for QX AMG the year-over-year. burn XX% decrease ongoing and margin business was Solutions decrease And drop Revenue Signal XX.X% a markets.
GAAP XX.X% inventory of decrease split units. was or year-over-year. XX% compared and for automotive of between revenue the driven million, ISG
reached to through of for positions utilization us XX%, downturn, above well gross margins maintain which XX% historical We trough market as this a recovery. our continue even has a
For at our was approximately gross these reference, in previous XX% levels. margin downturns, utilization
to cost deliver efficiency our expansion operations. QX, network In additional we ] strategy global margin support the plan. of gross fab across to our improve driving to of our executed our actions restructuring continue manufacturing We on [ structure right
We expect levels. to to begins XX%. our to products new This, ramping demand long-term utilization increased gross will margins with accretive to of our of at coupled once we recover, us margins and allow target back normalized benefit achieve
give were expenses variable was million XXXX. operating to of quarter in $XXX operating Non-GAAP numbers Non-GAAP the expenses control compared additional cost to as for a operating active XX.X% was for me than due $XXX and $XXX Now second million compared the expenses the operating our you operating some compensation. models. as million second lower quarter quarter quarter in $XXX margin let your guidance were GAAP million lower GAAP and ago. margin year to the for XX.X%. were non-GAAP
XXX to was shares, rate quarter was tax was per a million XX.X% count repurchases. deployed was Non-GAAP $X.XX was $XXX In XX%.
Diluted QX, $X.XX in for GAAP QX share $X.XX GAAP XXX.X ago. the $X.XX count diluted free as our XX% non-GAAP cash share of share or shares. second XXXX. share Our million of and non-GAAP as year our GAAP in compared tax we quarter earnings the share diluted was earnings to and flow for million per rate compared
intensity QX billion, the of expenditures Cash sheet. million, achieved our balance in free from was ]. changes $X.X Capital undrawn of $XXX due we [ during a and our Cash higher million, ahead was X%. the our had on cash revenue. $XXX operations to schedule capital manufacturing which resulting equates $X.X short-term and million revolver representing from investments $XXX was to footprint. long-term XX% billion of We was efficiency Turning target structural and flow to
XX investments in increased sequentially We including silicon ramp. remain target at transitions needed XX includes increased million inventory to of to by expansion Republic.
Inventory by and This in the the XXX XX%, Czech fab support expect below days. our carbide to bridge for of days long-term $XX or the the days silicon carbide
Excluding of in X $X increased market, million to these for our last inventory X XXX strategic X.X Distribution to weeks days, mass sequentially inventory which range weeks to XXX expected underserved which builds, days. to is the our as target support QX have base XXX versus the we increased years. within
the you non-GAAP Today's contains guidance. for provide key guidance me third our Let GAAP of table our quarter. a release now press and elements detailing the non-GAAP
billion. the anticipate Given the environment to be demand current $X.X revenue in $X.X will billion our visibility, macro range and we of QX
gross estimated expect million. We compensation margin of in XX.X%, includes non-GAAP the be range. share-based and with to $X utilization mid-XX% between XX.X% This
share-based million non-GAAP expect including operating a of expense. interest $XX net be exceeding income to expenses compensation estimated income million $XXX We benefit of our of our million with to interest million. non-GAAP anticipate other We $XXX $XX
We to be XX% share expected million expect to range to our our $X.XX. non-GAAP results This is shares. in tax the count be of per approximately diluted non-GAAP rate earnings and approximately in to non-GAAP be $X.XX XXX share
capital meaningful financial range expected the this downturn, near financial impact expenditures remained $XXX to we of previously Swire of million.
And ] as to expect highlighted, Systems is model. in the [ have or any have our outlook. million $XXX committed our on Vision acquisition We long-term Through midterm not to we've
to strategies allocating enhance effectiveness We to growth the for on operational throughout our continuing are future resources company. while execute
announced improve into we long-term many time centralizing our opportunities market excellence. of centers capitalize growth downturn. accelerate fewer the of invest despite market and to sensing drive and to the in R&D intelligent second quarter, facilities During power efficiencies consolidation of efforts on continued We've and to to our by the in
We allocation to strategy. also remain our committed capital
share have months, have February initiating our flow Over XX% share repurchase our cash $XXX long-term stated target higher we for than we of returning in our program of significantly deployed Since billion to returned repurchases, the last XX%. XX $X million shareholders. XXXX, our free
another quarter, in in step made sustainability our excellence. environmental commitment like our I'd XXXX hold principle, employees to their report, progress ongoing past dedication to and our commitment Finally, the we at the highlighting published past Guided not ourselves but sustainability to our to year.
Wrapping also by are have onsemi, our accountable we driven This up, to financial pivotal for we this only excellence. marking thank initiatives. to we
committed shareholder working, value. strategy we remain and to Our is unlocking
the relationships our more it Kevin back open Q&A. a and drivers with steady customers for up innovation around resilient that, turn pipeline call We and trusted the over world.
With to are suppliers with growth company and I'll to
