Abstract: A circuit with delay compensation for variable delays, such as those caused by environmental conditions. A delay compensation element having a delay pattern that matches the delay pattern of the circuit to be compensated is included in the feedback path of a phase locked loop. The delay compensation is described as a programmable delay, which has a rate of change in relation to temperature that varies with the programmed value of the delay. Such a circuit is used in a channel of automatic test equipment. The delay element is incorporated in the feedback path of a phase locked loop used in a clock generation circuit. The structure provides for edge placement accuracies below 250 picoseconds, even if CMOS components are used in the channel.