today's Kurt, call. morning and good Thank on everyone you, to
revenue our drivers As of Kurt during I financial the revenue outlook move QX. QX provided the to will covered highlights. the for has and already
Revenue modestly our good. were QX line our non-GAAP was above our Overall, while with were expenses guidance range, and in operating guidance. gross financial of profit the the midpoint of performance midpoint both
Taken of of share earnings than together, per midpoint we $X.XX $X.XX guidance. or non-GAAP our delivered better the
China move manage be to $XX.XX and the Western QX X Full macro flat XXXX the down channel sales of distribution revenue while weak billion, the to in the sequentially continued I into then year year-on-year tightly channel full we weeks highlights continue provide to will results. year in weeks. X% was resilient. Furthermore, a with due at to inventory markets, first for
of non-GAAP operating XX.X%, gross long-term of non-GAAP reported XX slightly and we in billion $X.XX our above were margin down expense strategy, our generated profitable in revenue, basis points billion profit to supporting model as expenses continue growth. Total gross invest long-term a $X.XX non-GAAP or XX.X% year-on-year. We operating
model. $X.XX This long-term basis profit and XX of operating year-on-year. down was down operating financial a line non-GAAP margin our year-on-year in with Total XX.X%, non-GAAP billion, X% points reflects
related account interest Taxes the associated manufacturing a venture zero. non-GAAP with Non-GAAP results interest partnerships from was $XX to $XXX investees rate. effective was were was equity operations or tax XX.X% joint Noncontrolling our expense million ongoing million million. $XXX and
million. which Stock-based our in $XXX included was non-GAAP is compensation, not earnings,
and full million to in operations billion cash X.X% We in flow performance. revenue. or year Turning about cash of from generated CapEx net $XXX flow invested $X.XX
flow resulted XX% this of non-GAAP together, free billion revenue. of Taken in cash about $X.XX or
billion XXXX, flow million shares for $X.XX dividends of cash repurchased from paid of and cash or During billion XX% we $X.XX operations. X.X
of we generated In total, which cash the the total was non-GAAP $X.XX flow to owners, XXX% free returned during billion year. our
the in generated to of midpoint year-on-year, range. down our a the the year-on-year our above X% and $X.XX guidance of non-GAAP basis billion guidance reported moving details gross profit midpoint XX.X%, We and points Now down was in with range. gross $X.XX modestly QX. XXX non-GAAP line revenue Total billion, margin of of
points or and non-GAAP margin year-on-year profit operating and operating $XXX was From in revenue, basis of line non-GAAP our $XX a guidance operating non-GAAP guidance were midpoint the profit billion, our million the $X.XX midpoint with down perspective, range. XX.X%, XX.X% of above range. expenses of million operating Total year-on-year down total was XXX and
interest $XX million Noncontrolling ongoing taxes our although and a XX.X% associated was tax our non-GAAP $XX better account million, interest or with was $X partnerships expectations. fees equity while manufacturing $XXX million expense results joint was invest from Non-GAAP million, for operations than venture rate. X, were effective
is our which not million. was compensation, in Stock-based included earnings, non-GAAP $XXX
I to cash in like changes the Now to debt. our would turn and
QX attractively $XX.XX the to Our from end total of Investment due European $XXX debt billion, was at up the priced the loan Bank. million sequentially
returns, XX-month QX. Our $X.XX to $X.XX of and trailing was generation debt million liquidity, up effect during due cash net capital adjusted the investments sequentially billion, we balance ending and with resulting CapEx billion. of cash exited $XXX the was and a quarter EBITDA $X.XX billion, additional The cumulative
ratio debt XX-month coverage the curing adjusted Our X.Xx, QX EBITDA adjusted XX.Xx. XX-month our was was of and of interest at end EBITDA net to
the During January XX, and and we QX, in $XXX our XXX dividends quarter $XXX shares. million of million million our XXb-XX we the cash After shares bought established under through additional program. an of end repurchased paid of
we working days Days Turning X increase was metrics. at inventory an inventory X while XXX maintain distribution of to days, weeks. channel capital of sequentially,
of to As we uncertain inventory. we the previous make control the the intentional environment, throughout highlighted demand channel to increase the year, have given continue choice
payment due quarter and sequentially XX increase or Days days, improving were flat our with days days an suppliers. terms X versus the XX of to days, prior receivables payable
was of Taken versus improvement XXX an our quarter. prior cycle days days, the conversion cash together, X
resulting operations Cash million $XXX revenue. in cash revenue, of of flow flow million, $XXX $XX was was X% net non-GAAP and of CapEx million or free from or X%
flow fee BSFC, million paid capacity our we which related QX, During cash is to in $XXX access included from operations. a
construction $XX foundry Additionally, in flow paid ES&C -- which included investing. cash equity in the into accounted is venture million from under we our our joint Germany,
Turning now to for quarter. our expectations first the
down this $XXX we the midpoint, about down is or year-on-year X% As anticipate be Kurt QX mentioned, about billion, XX% to revenue sequentially. $X.XXX and minus plus million. At about
our price We costs. the points, of minus annual expect or be through over concessions non-GAAP gross about revenue XX.X% return by fall and our lower margin basis plus to driven XX fixed
million. expenses expected decline is Operating variable sequential are lower restructuring plus minus $XXX million, compensation. be $XX business or about by The about to the and driven
we together, to to expense see Taken financial non-GAAP at $XX margin XX.X% the be million. estimate non-GAAP operating be We midpoint. about
the non-GAAP tax XX.X% to tax. profit expect We before be of rate
invest equity million. interest Noncontrolling will million $X $X and fees about account about be results be from to
suggest modeling QX, you count an shares. for purposes, For use share XXX average million we of
midpoint. We expect not of earnings be implies million, taken a to stock-based our at guidance which non-GAAP This compensation, per in the included is non-GAAP $X.XX. $XXX share together
Turning to uses of cash.
fee we a into expenditures X% SMC, of capital also planned capacity QX. access originally to the be around was revenue, million expect We which made $XXX for
million investment equity a ESMC foundry ventures joint VMC investment $XX under into and construction. accounted $XX equity equity X a make will Additionally, we into our and million
consistent XXXX Day, XX% year. expect long-term our our to for from we For the Investor recent comments operating purposes stay full model year expenses with with modeling of
We of will step-up performance. to see operating annualized with pending a annual merits license along movements $XX fee, the compensation actual the variable million due expenses
XX tax using rate or million. $XXX compensation, plus suggest using we for a non-GAAP stock-based suggest points of XX.X%, basis We of minus
million $XX out For a our and noncontrolling million a on accounted venture modeling equity investees, for both or progress facilities. suggest SMC suggest And modeling loss, the for few interest, from ES&C we $XX the few depending million. front-end minus million we or joint build plus minus plus
areas long-term or In X% less. model we expenditures, focus NXP. highlight like would to of the expect to closing, few I stay within for capital a For
First, and expense to to can as acquisitions within operating restructuring space QX taken we have creating our our prevent model. as ensure some we you see, are charges long-term in recent stay we dilution for
XX% our range. utilizations will the internal in low front-end Second, remain
on growth our consolidation strategy. And now while we rigorously Consistent landing of is with will our are concretely soft visibility manufacturing we XXX-millimeter navigate internal the also to as focus strategy, our hybrid cloudy, a what factories. in control our very lastly, planning remains executing managing
And is no allocation of strategy. our course, there capital change to
With to like questions. back to would the for that, it your I operator turn
