Microchip Technology Incorporated (MCHP) Q4 2023 Earnings Call Transcript

Microchip Technology Incorporated (NASDAQ:MCHP) Q4 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Eric Bjornholt - Senior Vice President and Chief Financial Officer

Ganesh Moorthy - President and Chief Executive Officer

Steve Sanghi - Executive Chairman

Sajid Daudi - Head Of Investor Relations

Conference Call Participants

Toshiya Hari - Goldman Sachs Group, Inc.

Ambrish Srivastava - BMO Capital Markets

Vivek Arya - Bank of America Merrill Lynch

Joshua Buchalter - Cowen and Company

Rajvindra Gill - Needham & Company, LLC

Christopher Danely - Citigroup Inc.

Joseph Moore - Morgan Stanley

Harlan Sur - JPMorgan Chase & Co.

Tore Svanberg - Stifel, Nicolaus & Company, Inc.

Vijay Rakesh - Mizuho Securities USA LLC

Operator

Greetings, and welcome to the Microchip Technology's [Q3] and FY2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce to your host, Mr. Eric Bjornholt, Senior Vice President and CFO. Thank you, and you may proceed, sir.

Eric Bjornholt

Okay. Thank you, 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. I 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 2023 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 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 the Investor Relations page of our website at www.microchip.com and included reconciliation information in our earnings press release, which we believe you will find useful when comparing our GAAP and non-GAAP results. We have also identified and posted a summary of our outstanding debt and our leverage metrics on our website.