our spread $XXX strength and pronounced such XX% commercial, monitoring, was in and industrial metering. representing broad-based No in and in our doubled which strong, represented revenue. and commercial. sixth nearly in buildings IOT above in business our comprised large as as The quarter and guidance We growth of year-on-year. These year-on-year. a applications remote quarter smart saw year-over-year total of solutions, up Revenue Austin. than range high Growth revenue, equipment, the ended of again and results single Thanks the was our was end sub-gigahertz outstanding strength both the proprietary of and home customer life, in XX which city diverse wireless growth our retail, especially and only Industrial our revenue. QX was applications record consecutive XX% connected and fourth by across our smart driven increase in fourth top were of growth million, units: industrial at X% in base. our diverse of such quarter more QX XX% with customer customers total products for
relationships pricing dynamics. to customers, revenue total was revenue the XX% supply strongest growth in with of for revenue and strengthen was We amid and long and of continue small medium-sized challenging Europe. quarter even tail the Distribution geographically Asia while
play cost IOT increases well momentum, For both a existing above the fourth pure and reflects shocks a expected the quarter, increases. year, the we the from design year-over-year. of supply lines compound by rate $XXX pandemic. of the series business Toward recover to and or broad-based we significantly growth recorded as customers chain recovery and long caused end prices This is implemented all economic and annual million target for across win growth manufacturing term revenue of our as annual XX% stated full the strong product
guidance to we seeing expect gross margin are the more that results; fiscal term I and in cover however, section. near some strength this XXXX, course the over moderate of our will We in
were $XX operating at margin ending SG&A $XX increases, product Non-GAAP to expenses aforementioned at fourth expenses as the well expectations, expedite above with R&D our price million. at gross Non-GAAP For were quarter XX.X% expenses the as strong $XX expectations fourth million. charges. ending favorable with on mix million slightly in ended non-GAAP the quarter, combined
full profit in operating pure XX% ahead operating $XX in the Non-GAAP non-GAAP million, operating was XX.X% play $XX QX Our well year a was operating operating million, margin, resulting resulting of for profit in our model. margin.
Our effective for the [indiscernible]. some share line quarter GAAP Non-GAAP the ended $X non-GAAP and from operating million We with non-GAAP in On upside rate year earnings earnings were of continuing year per our the gain expectations. discontinued $XX.XX. per earnings and were loss from $X.XX, Combined million per sales, were divestiture share from at per share share X% GAAP tax operations, corporate income operations for the from and equity $X.XX XX% surpassing million. full year full XX.X%. in a million a SG&A our from operating operating GAAP $XX was GAAP investment. or income were and fourth quarter the $XX total with million for the $XXX gross of a margin realized Total were in with expenses. earnings R&D results was basis, GAAP for expenses expenses $XX for the
DSO to and the XX in now capital and on $X lean strong with around receivable Driven year relatively sheet, cash Turning investments. the working in fiscal quarter XXXX. to days. by Accounts we were generated approximately up balances, the rising shipments, million flow ended operating approximately upside billion cash $XX strong with we balance in of operating results
around inventory turns. the or to $XX X.X million declined quarter expected, As in
Our of which quarter of declined days end inventory channel. below turns. balance is inventory the XX more four would our to Distributor ideally three in the days to the at range significantly the level, in be target
and to suppliers higher end of Our toward to the output that capacity operations unit activate expectation this will year. we our is able be team continuously is working our with expand
new program the $XXX the $XXX a approved The board that market combined has X and of open an accelerated stock, about late authorization Pursuant with commence purchased repurchase for million. common is Our repurchase share return launch additional complete, of capital million directors that having we strategy now million to program in October. retired of also ASR, shares. an
results far, to shareholders expect half return the transaction, capital cover pleased continue in second M&A XXXX. fiscal now while divestiture to our activities retaining are opportunistically last we with will $X.XX of of of for quarter capital optionality for following guidance return to and year We I billion the strategic activity. the returned first having the thus
the as expect to lower sell We in to non-GAAP a in $XXX the rise increase in the gross business continuing first be cost we completed in through our brief QX, units. of activity in million revenue expect growth see late we in around XX% QX quarter $XXX price with range to to Due margin to of both million inventory.
new course cost higher year to occur as decline at of the inventory the builds We expect our margins gross points. over
are the continue year. manufacturing to Our costs to expected rise through
experience increase We expect typical expense $XXX non-GAAP to and IOT seasonal operating QX increases costs investment million payroll-related in growth. in as to we continued around in
inflationary We with and continue tight to on benefits. fiscal in anticipate associated pressures a wages XXXX labor market
more expected rate require tax Our the our return taking would typical increase our amortization XX%, effective which capitalized is new capitalization the of due from is we R&D range. rate mid-teens new increase tax non-GAAP the R&D to effect be around rules significant Absent expect impact tax purposes. rules, a expenses XXXX, tax in non-GAAP and of that to to fiscal for
may in this area legislative elimination in of that new tax deferral or are the this We monitoring result developments potential provision.
now Matt. be $X.XX. I to earnings the non-GAAP the share $X.XX range Matt? turn to in of will over expect We call to per
