Microchip Technology Incorporated (MCHP) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript
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SA Transcripts158.79K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Microchip Technology Incorporated (MCHP) Morgan Stanley Technology, Media & Telecom Conference 2026 March 3, 2026 7:05 PM EST Company Participants J. Bjornholt - Senior Corporate Vice President & CFORichard Simoncic - Chief Operating Officer Conference Call Participants Joseph Moore - Morgan Stanley, Research Division Presentation Joseph MooreMorgan Stanley, Research Division Welcome back, everybody. I'm Joe Moore, Morgan Stanley Semiconductor team. Happy to have the management team of Microchip, Eric Bjornholt, CFO; and Richard Simoncic, COO. So thanks, guys, for coming. Really appreciate it. J. BjornholtSenior Corporate Vice President & CFO Thanks for having us. Question-and-Answer Session Joseph MooreMorgan Stanley, Research Division A lot of interest in Microchip these days. You guys have probably the best rate of change off the low point and a lot of faith in Steve's ability to kind of get the business reoriented. You guided March up 6% sequentially, quite a bit stronger than seasonal. Can you help us understand that? Is how much of that is customers not depleting inventory anymore? Any indications of restocking, half of the customers destocking and still like just where are we in that dynamic? J. BjornholtSenior Corporate Vice President & CFO Sure. So let me start by saying during this discussion, we'll be making some forward-looking statements about the future financial performance of Microchip, and we refer to our filings with the SEC that identify important risk factors about the company. So yes, we're guiding the current quarter up 6.2% at the midpoint. I think it's a combination of things. We've got good product momentum in various areas, which Rich can talk about as we go through some of your other questions. But bottom line is distribution inventory is kind of normalized at this point in time. If you look back a year ago, we had