Revenue and profitability metrics (USD, YoY vs QoQ):
- Net revenue: $1.241B, YoY down 45.8%, QoQ down 6.4% (from $1.316B in Q4 FY24 per reported data). QoQ revenue decline driven by an aggressive inventory correction across end markets.
- Gross profit: $736.9M, YoY -52.7%, QoQ -6.7%; gross margin non-GAAP 59.9% (midpoint guidance), GAAP 59.4%.
- Operating income: $219.1M, YoY down ~75.7%, QoQ down ~13.6% (non-GAAP operating margin ~31.5% of net sales; GAAP operating margin ~17.6%).
- Net income / EPS: GAAP net income $129.3M, EPS $0.24; Non-GAAP net income $289.9M, Non-GAAP EPS $0.53 (~0.01 above guidance midpoint).
- EBITDA: $410.4M (non-GAAP), EBITDA margin ~33.1% of net sales; Adjusted EBITDA $456.2M, margin 36.8%.
- Cash flow and liquidity: Operating cash flow $377.1M; Free cash flow $304.2M; cash & equivalents $315.1M; total debt $6.2029B; net debt $5.8878B; net debt/adjusted EBITDA 2.02x.
- Shareholder returns: Total cash return to shareholders in prior quarter $315.3M (dividends $242.6M; buyback $72.7M); guidance for Sep quarter targets ~92.5% of adjusted free cash flow (approximately $261M), with dividends ~ $243.8M and buybacks ~ $17.2M.
- Inventory and working capital: Inventory $1.308B (237 days); distributor inventory 43 days; last-time buys 19 days; distribution sell-through ahead of sell-in by ~$85M in the June quarter.
- Capex and guidance: 2025 capex guidance ~$175M, front-loaded in Q1 FY25; depreciation $43M in quarter.
- Strategic thesis: Introduction of a 64-bit embedded microprocessor line, expanding from 8- to 64-bit, coupled with a strong ecosystem (MP Lab) and anticipated multi-year design-in cycles.