our then I prior growth We to revenue XXXX. a Thank our revenue for of where quarter well of cycle you, shift X%. we afternoon, of X% started the Today, on would guidance everyone. sequential factors. good also The investing back see growth December capacity. XXXX. the would over fiscal typical additions capital ramping represented quarter will the a expand factories by in as fiscal Ganesh, provide quarter quarter year’s in from first grew to of reflect X.X% third in December and with decline quarter seasonal fourth the internal results ordinarily, September, quarter to internal December like as sequential business I the
of reduction subcontractors. working These started chain to foundries product XX%, to partners our utilization revenue availability quarter, growth. also margin upside. but the test and wafer non-GAAP better receive more significant still some overhead from allocation in and improved a by constrained We of December the We assembly with delivered supply record from factory gross helped efforts a revenue in underutilization
all-time XX% a record to margin of an operating emotional an achieved XX.X%, and getting and also close non-GAAP very We mark.
yet a revenue robust strength record the hit business also EBITDA yet $XXX.X despite million, record, We not our showing a of model. of
non-GAAP profitability. above of mid-point $X.XX consolidated Our This non-GAAP quarter was our was $X.XX, of our XXXst also the EPS guidance. consecutive
discuss will our I guidance Now, the quarter. for March
strong well quarters. is exceptionally remember Please quarter bookings were as record. future is The shippable is as ever starting and December bookings, record. backlog in March is that an as We bookings in next XX strongest Our all-time all-time backlog quarter backlog received short-term the The both what the also for the seen. as the well I’ve backlog for were months. an the into the
strong have remained January. bookings Our in
availability. the side, December operational quarter On product constrained by the was
have since and multiple months external in more ramp. the quarter we March have had to will We capacity internal
wafer well environment, constraints year response to believe as back-end In with fab, here us actions. I have taken calendar are the business that as through stay XXXX. Although, three to we
out canceled middle we pushed pushed the our terms effective shipment. cannot be an used cancellation standard a canceled shipment is XXXX. backlog it in their be to of that We of and be pushed once order order out of cannot couple or of that out our December, customers changed adjust before terms so with XX within X, XX gave not XX see We our That firm The which cancellations customers was knowing distributors. shipped. First, an we changed days us unusual Therefore, March get process or and standard to our terms weeks that will January in days and we and customers. for push-outs days. the solid indicates backlog batch pushed what a canceled or by can efficiently, we that backlog orders which out. any most for change to it terms, the quarter, our cannot us response went did manufacturing our be to firm use the needed or In build gave assets within
of we action X, letter sent second January we on took business a environment. the was them our informing that The customers to XXXX,
customers increase. also We must to seeing and commercial we cost base, these our informed increases terms broad-based our them through cost pass and some increases from a supplier price that are we aggressive broad-based
XXXX announcing the our prioritized This PSP. The this Program, letter we new third sent customers just ability XXXX. guarantee and has first program of Preferred to program a Supply begin second in will this half our XX The in will priority for place half it The on a will which to in will the participating not the and website the took action The we The called and of program be capacity non-reschedulable. have following morning, posted customers Microchip receive distributors, supply. offers July program capacity customers XXXX. shipments orders, or our months to and elements. a be program non-cancelable
first-come-first-served be those for which this highest on capacity However, booked. provide will the a priority available capacity under is the it And program. until basis priority PSP will orders are the
our for new long-tail and customers, course, new designs. a customers, We of small will, of portion capacity reserve
sales The manufacture expect the net sell-in our be ramp products XX GAAP all up suppliers equipment backlog X% booked program September these was sales under We of quarter of this confidence, quarter based manufacturing, capacity record to and capacity stronger the billion. factors record months, Taking our in hire a XX% expect raw a will committed with new commitments sequentially. The be significant would to represent a revenue portion will GAAP be prior for position consideration, employees XXXX non-cancelable Microchip being to large efficiently. and up with make capital between by mid-point for September XXXX. $X.XXX of at quarter and material to that we guidance our with into recognition on March the in March net quarter more
be availability quarter lines. of many limited a carry will number for you still September March in spreadsheets. on also financial sell-through $X.XXX product XXXX product historical The Some model billion your by may of base
a a production constraints, of subcontractors same risk vaccinations. of assumes at the working through installed, of in and still planet, cases with with incremental of guidance a plaguing constraints equipment and cases, COVID time, dealing capacity Our qualifying the some wave new qualifying ramping alternative myriad
quarter, record. we XX.X% XX.X% of new sales, and margin For which a be expect non-GAAP March between would be the our gross to all-time
between to We of operating and be and expect XX.X% expenses expect to of we percentage XX.X% profit be operating non-GAAP XX.X% between XX.X% sales. sales, non-GAAP and
share. to be share per non-GAAP per expect We between to our $X.XX share earnings per $X.XX
expect another March down also million pay in debt approximately quarter. We of $XXX to our the
we’re and decrease the begin and to is we X] one rate Finally, I debt, At the break from investors a our distributing time, to free to form future down return of cash strategy. cover within in [leverage amount stock our expect the paying more there. that dividends area, which continue of of want of year At other flow and net cash to expect substantial we to buybacks.
Regarding through back of essentially conversion future is and of as of stock as the converts] the rises future. from stock substantial rises. convertible debt dilutes bought price price amount because back multiple the [and dilution count buyback, buybacks, the share stock price have a debt, we convertible tranches prevents exceeds the This debt the
Our a of stock price we was then, our March have value $XX. Since done prices. in Microchip buyback four at buyback billion other bonds. in transactions, convertible By of $X.XXX when first XXXX these have convert various about doing we total various stock was purchased transactions buyback face
share. outstanding the remained a savings X our the share, million bonds common creating of September now, Thus the in XXXX their calculation which the value Therefore, open-market future, to our a million per to executed dilution XXXX of does impact while some the had March in assumed was had transactions at from these bonds. investors the convert stock a buyback stock market. expect X of buybacks XXX.XX not $XXX of November about XX.X total yet the the pure price not any issued of shares. buyback million not investors until have If approximately stock year, last point savings This have about For per at it start we to money our accretive. for transaction, XXXX, the shares. so our is have million share, would been very we to shares we from done $XXX XX.X about of At of an worth recent impact per million $XXX include our stock transactions shares stock repurchases of open and the price in have about
$X.XXXX We higher announced dividends approved and a per starts sequentially we is which to the Board the leverage, of are a of today $X.XX our also given before have dividend increase up a Directors initiating In from waiting path this number previously. that not to regard, until share, dividend to increase. X.X%
quarterly strategy. We to return expect to of continue as increase cash dividends our part
continue non-GAAP request amortization non-GAAP please basis. complications of our to to Given poll for comparison will more you their meaningful the intangibles, provide on estimates call. – and analysts for to will inventory Microchip basis, report all for questions? we and sales, We that quarters, we the write-up [Cloie], a continue that expect on believe restructuring guidance accounting non-GAAP acquisitions, analysts this, results first to that on With net the charges its track results prior and of acquisitions, and except provide will of be including GAAP which
