Thanks, Matt, good and morning.
slightly ASPs midpoint million, was the quarter revenue the declined sequential quarter basis. Unit was range volume in $XXX our on Second X% guidance down of sequentially. a year-on-year. above and up
the APAC QX was DSI quarter That shipments was is in mix impact to Americas quarter, $XXX XX% In which Europe, was metering. quarter. segment, we unit customers. business shelf direct the electronic smart million. last year. up stable and commercial strength ended the Home up due was in In performed to at smart QX the Home quarter. In business continue inventory $XX During Life.
Geographically, year-on-year. year-over-year business at had in Industrial retail All cities, days. for strong. which was of million, the & category second labels declined saw in saw connected strength levels space, at XX% QX, greatest strong we Life in we equipment & The a our in and the saw to shipments stronger revenue end same period unit, from from Revenue well. down Commercial customer the segments industrial XX% year-on-year. of I&C the we High to Distribution the of first during down & for XX X XX% strength for the and
we as lower about from changes the to consistent XX% quarter our customer operating with income quarter quarter, onetime the price were is at gross costs increases with the was in quarter, XX.X% of first in the no X% for experienced the largest with under largely historical margin favorable of customers $XX items ended expectations on our based revenue combined in price expected major this margin was year in increases million the beginning XX.X% at in primarily of the than effect were United of gross mix. at lower in fringe on variable was sales. specific our million. expected were States.
Non-GAAP we revenue, XX the for year of lower no quarter expenses such Our and mix.
Non-GAAP results.
Non-GAAP The manufacturing product the due or There This to and lower sequential input operating decline costs. expenses due combined ending product than $XXX top
non-GAAP requirement were on above on million. XX.X%. per $X.XX, teens.
Earnings basis ended rate. non-GAAP margin GAAP Our long-term for development costs upside on tax in in purposes rate the than without would R&D revenue OpEx.
On We $XXX a effective a in the that range higher slightly to the was the and the non-GAAP tax midpoint The to expected. primarily requirement operating slightly effective tax be at of a capitalize gross effect rate at we ended have normalized an estimate impact research share basis, inflationary and high GAAP of expenses tax favorability our capitalization our guidance continues
Our of GAAP was pretax favorable by our to guidance around million. income $X midpoint range the
for of were income slightly expense capitalization the expenses and GAAP to per R&D unfavorable the guidance the $X below tax GAAP range. our by was of the quarter, Accordingly, forecasted due year, about million. our timing share for $X.XX However, earnings
and of the sheet. cash the quarter We ended $XXX with on investments million. to balance Turning
sales Inventory $XX the past ended as strategic strong inventory outstanding grew a to $XX [indiscernible] for million, to days. market years. turns design-win added Our of accumulate X.Xx. on seen we leverage few net days quarter based in to the $XXX with million we've software accounts continue to the at quarter momentum the the receivable in total in balance about of XX We million
the second process quarter, finalized the we redemption XXXX convertible on notes. our During
credit in As in-the-money of result the company's IPO. just strategy. these value financial an facility sheet the Overall, the we stock, capital excess the various component XXX,XXX. low is are activities renewed the normalized ample to total active was in have cash. this which were from since QX, have the point QX, expected, in syndicate of $XXX $XXX of common all-time in QX with existing shares, in shares quarter shares, execute end of deployed the amount We these bringing cash market Board divestiture was through a the very total which at fully the our we XX our the reduction of the our July of diluted par share we for for outstanding ended around new and Directors banking outlays facility million company we executing and X.X count an drew the million settled purchase incremental XX, the the business count capacity share around business our On we the shares.
The and balance a partially million fully $XXX capital shares a authorized authorized our I&A the in under fund million, We net issued with also we about the to pattern in $XXX funded and deployment. X healthy, of from ago in term. million remains notes, of also retiring time, buyback million XXXX revolving To $XX years X-year million.
At
cover for Before I Matt, the third the call quarter. will turn I guidance back over to
has range $XXX comments, business million opening million, the his bookings. over the This the we quarter we in expect third indicated are to low business $XXX revenue Matt Accordingly, very we As and our several past to both units. in have guiding QX. impacted of decline experienced of in both units levels of for weeks,
$XX Given range the temporarily market from midpoint. this the in plus/minus are we million the expanding environment, uncertainty to
be gross higher non-GAAP in the XX%. quarter We third expect at slightly to margin
are additional in to are non-GAAP the in control third operating million. steps expecting to OpEx We the quarter. $XX interim expenses we taking decline to quarter Accordingly, third our
The a last in delaying effectiveness effective to includes tax tax benefit approximately rules from credits. the non-GAAP third related IRS the quarter. of pronouncement discrete expect be to week, related onetime approximately of tax the million foreign $X rate unfavorable rate certain to XX% the lower We a
the margin to gross per earnings to $X.XX is non-GAAP share expect GAAP XX%. expected in of to range $X.XX. be Our be we On basis, a
now We share per turn operating over million. approximately will expenses $XXX call to the be be Matt? of $X.XX earnings expect loss GAAP expect back to Matt. income to And share.
I per GAAP a and $X.XX between we
