Microchip Technology
Q4 2022 Earnings Call
May 09, 2022, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to Microchip's fourth quarter fiscal 2020 financial results. As a reminder, today's call is being recorded. At this time, I'd like to turn the call over to Microchip's chief financial officer, Mr. Eric Bjornholt.
Please go ahead, sir.
Eric Bjornholt -- Chief Financial Officer
Thanks, Erin, and good afternoon, everyone. During the course of this conference call, we will be making projections and other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions and that actual events or results may differ materially. We refer you to our press releases of today, as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations.
In attendance with me today are Ganesh Moorthy, Microchip's president and CEO, Steve Sanghi, Microchip's executive chair; and Sajid Daudi, Microchip's head of investor relations. I will comment on our fourth quarter and full fiscal year 2022 financial performance. Ganesh will then provide commentary on our results and discuss the current business environment, as well as our guidance, and Steve will provide an update on our cash return strategy. We will then be available to respond to specific investor and analyst questions.
We are including information in our press release and this conference call, on various GAAP and non-GAAP measures. We have posted a full GAAP to non-GAAP reconciliation on our Investor Relations page of our website at www.microchip.com, and included reconciliation information in our press release, which we believe you will find useful when comparing our GAAP and non-GAAP results. We have also posted a summary of our outstanding debt and leverage metrics on our website. I will now go through some of the operating results, including net sales, gross margin, and operating expenses.
Other than net sales, I will be referring to these results on a non-GAAP basis, which is based on expenses part of the effects of our acquisition activities, share-based compensation, and certain other adjustments as described in our press release. Net sales in the March quarter were $1.844 billion, which was up 4.9% sequentially, and near the high end of our quarterly guidance. We have posted a summary of our GAAP net sales by product line and geography as well as our total end-market demand on our website for your reference. Going forward, we will only be providing GAAP net sales by product line and geography, consistent with the standard practice by our peer companies.