Ganesh Moorthy
President & Chief Executive Officer at Microchip Technology
Thank you, Eric, and good afternoon, everyone. Our June quarter results continued to be strong, leading off our fiscal year 2022 on a positive note. June quarter revenue was an all-time record of $1.57 billion growing 7% sequentially, and was 150 basis points higher than the midpoint of our guidance provided on May 5. On a year-over-year basis, our June quarter revenue was up 19.8%.
Non-GAAP gross margins were another record and 64.8% up 70 basis points from the March quarter as we continue to ramp our internal factories and benefit from improved fixed cost absorption. Non-GAAP operating margin was also a record at 41.7% up 100 basis points from the March quarter. Our consolidated non-GAAP EPS was above the high end of our guidance at a record $1.98 per share. Adjusted EBITDA for the June quarter was again very strong and achieved another record at $701.7 million, continuing to demonstrate the robust profitability and cash generation capabilities of our business through the business cycles. The June quarter marked 123 consecutive quarter of non-GAAP profitability.
I would like to take this occasion to thank all our stakeholders who enabled us to achieve these outstanding and record results in the June quarter. And especially thank the worldwide Microchip team whose tireless efforts not only delivered our strong financial results, but also supported our customers to navigate a difficult environment and who work constructively with our supply chain partners to find creative solutions in an extremely constrained and challenging environment.
Taking a look at our business from a product line perspective, our microcontroller revenue was sequentially up 10.7% as compared to the March quarter and set a new quarterly record. On a year-over-year basis, our June quarter microcontroller revenue was up 26%. Each of the 8-bit, 16-bit, and 32-bit microcontroller product lines established new all-time revenue records. As we have told you many times in the past rumors of the depth of 8-bit and 16-bit microcontrollers have been greatly exaggerated. The customers and applications served by microcontrollers, not highly fragmented, and require a wide range of solutions that span the breadth of our microcontroller product lines. Microcontrollers represented 57.5% of our revenue in the June quarter.
Our analog revenue was sequentially up 4.1% as compared to the March quarter, also setting a record in the process. On a year-over-year basis, our June quarter analog revenue was up 16.7%. Analog represented 27.5% of our revenue in the June quarter. Other revenue was sequentially up 5.1% in the June quarter, bouncing back from a 6.4% sequential decline in the March quarter. Other revenue represented 15% of our revenue in the June quarter.
Taking a look at our business from a geographic perspective, Americas was up 6.1% sequentially. Europe was down 2.3% sequentially, which is better than typical seasonal performance and came off of a very strong 30.4% sequential growth in the March quarter. Asia was up a strong 11.1% sequentially reflecting better than typical seasonal growth. From an end market perspective, all end markets were strong in the June quarter. Business conditions continued to be exceptionally strong through the quarter with record bookings and backlog for product to be shipped over multiple quarters accentuated by our Preferred Supply Program or PSP, which continues to be over 50% of our aggregate backlog and 100% of our backlog in the most constrained capacity product areas.
Demand outpaced the capacity improvements we were able to make or we were able to implement in the quarter. As a result our unsupported backlog, which customers want to shipped in the June quarter continued to climb significantly resulting in lead time for many line items continuing to stretch out. We experienced constraints and all of our internal and external factories and their related manufacturing supply chains. We continue to work closely with our supply chain partners who provide wafer foundry, assembly, test and materials to secure additional capacity wherever possible. Through the combination of internal and external actions that we have taken, we expect we will be in a position to support revenue growth for at least each of the next four quarters. Despite that, we also expect that wafer fab as well as assembly and test constraints will persist through at least the middle of 2022. We believe our backlog position, especially the proportion of PSP backlog is giving us a solid foundation to prudently acquire constrained raw materials, invest in expanding factory capacity, and hire employees to support our factory ramps.
Our capital spending plans are rising in response to growth opportunities in our business, as well as to fill gaps in the level of capacity investments by our outsourced fab, assembly and test partners in technologies that they may consider to be trailing edge, but which we believe will be workhorse technologies for us for many years to come. The increase in capital spending will enable us to capitalize on growth opportunities and improve our gross margins, increase our market share, and give us more control over our destiny for trailing edge technologies. We will of course continue to utilize the capacity available from our outsourced partners. But our goal is to be less constrained by their investment priorities which may not align with ours. We also expect that while our capital intensity may be slightly higher in any given year, and the 3% to 4% of revenue guidance we have provided in the past. When looked at in the context of a rolling three year view, we believe we will very much be in the range of our capital spending guidance.
Now, let me get into the guidance for the September quarter. Our backlog for the September quarter is very strong. In addition, we have considerable backlog requested by customers in the September quarter that currently cannot be fulfilled until later quarters despite us growing capacity from last quarter. This is because the entire semiconductor supply chain remains very constrained.
Taking all the factors we have discussed on the call today into consideration. We expect our net sales for the September quarter to be up between 3% and 7% sequentially. Our guidance range assumes continued operational constraints, some of which we will work through during the quarter, others that would carry over to be worked in future quarters. At the midpoint of our revenue guidance, our year-over-year growth for the September quarter would be 25.8%. We believe achievement of this revenue level would be remarkable in and of itself. But even more so given how resilient our business was a year ago during the pandemic because of the diversity of our end market exposure, thus making the year-over-year comparisons that much tougher and meaningful.
For the September quarter, we expect non-GAAP gross margins to be between 64.8% and 65.2% of sales. We expect non-GAAP operating expenses to be between 22.8% and 23.2% of sales. We expect non-GAAP operating profit to be between 41.6% and 42.4% of sales. And we expect our non-GAAP earnings per share to be between $2.05 per share, and $2.17 per share. We also expect to pay down another approximately $350 million of our debt in the September quarter.
Now, we recognize that our gross and operating margin percentage guidance effectively gets us to the long-term targets we shared with you just nine months ago. We will be working to update our business model for annual growth, gross margin and operating margin percentage. And we'll share our conclusions with you later this year. Given all the complications of accounting for our acquisitions, including amortization of intangibles, restructuring charges, and inventory right up on acquisitions Microchip will continue to provide guidance and track it results on a non-GAAP basis, except for net sales, which will be on a GAAP basis. We believe that non-GAAP results provide more meaningful comparison to prior quarters, and we request that analysts continue to report their non-GAAP estimates to first call.
Now, let me pass the baton to Steve to talk about our cash return to shareholders. Steve?