Microchip Technology Incorporated (NASDAQ:MCHP) Q2 2024 Earnings Conference Call November 2, 2023 5:00 PM ET
Company Participants
Eric Bjornholt - Chief Financial Officer
Ganesh Moorthy - President & Chief Executive Officer
Steve Sanghi - Executive Chair
Conference Call Participants
Toshiya Hari - Goldman Sachs
Ambrish Srivastava - BMO Capital Markets
Gary Mobley - Wells Fargo
Timothy Arcuri - UBS
Vivek Arya - Bank of America Securities
Tore Svanberg - Stifel
Joshua Buchalter - TD Cowen
William Stein - Truist
Chris Danely - Citi
Christopher Rolland - SIG
Chris Caso - Wolf Research
Vijay Rakesh - Mizuho
Harlan Sur - JP Morgan
Joe Moore - Morgan Stanley
Operator
Greetings and welcome to the Microchip Technology Q2 Fiscal Year 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Eric Bjornholt, Chief Financial Officer.
Eric Bjornholt
Good afternoon, everybody. 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 release as 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 and Steve Sanghi, Microchip's Executive Chair; and Sajid Daudi, Microchip's Head of Investor Relations. I will comment on our second quarter fiscal year 2024 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 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 GAAP and non-GAAP results. We have also posted a summary of our outstanding debt and our 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 prior to the effects of our acquisition activities, share-based compensation and certain other adjustments as described in our earnings press release and the reconciliations on our website.