Microchip Technology Incorporated (NASDAQ:MCHP) Q3 2024 Earnings Conference Call February 1, 2024 5:00 PM ET
Company Participants
Eric Bjornholt - CFO
Ganesh Moorthy - President and CEO
Steve Sanghi - Executive Chair
Conference Call Participants
Timothy Arcuri - UBS
Toshiya Hari - Goldman Sachs
Chris Caso - Wolfe Research
Christopher Rolland - SIG
Gary Mobley - Wells Fargo
Vivek Arya - Bank of America
Tore Svanberg - Stifel
Chris Danely - Citi
Vijay Rakesh - Mizuho
Joe Moore - Morgan Stanley
Joshua Buchalter - TD Cowen
Quinn Bolton - Needham
William Stein - Truist
Janet Ramkissoon - Quadra Capital
Operator
Greetings and welcome to the Microchip's Third Quarter Fiscal Year 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, CFO, Mr. Eric Bjornholt. Thank you. You may begin.
Eric Bjornholt
Thank you operator. 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 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; Steve Sanghi, Microchip’s Executive Chair; and Sajid Daudi, Microchip’s Head of Investor Relations. I will comment on our third 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 on 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 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 in the reconciliations on our website.