increases data XXXX outlook of and satellite down Thank revenue further step and to continues for our connectivity QX in saw XXXX. QX you. a cable Kishore. discuss and with which first our On revenues, Connected deteriorate. up then business offering Home million, I'll we sequentially our $XX results, review X%
HPA decreased across categories. wireless slowdown high-speed infrastructure Our driven a interconnect, business and backhaul XX% by
brief products multimarket Our them. quarter receive demand with to ship in on down Huawei like industrial late would I business X% the and clearance was have We the Huawei. to did certain sequentially. to give update That's reengaged picture. a
within the various and associated regulatory inventory to broader on Huawei's evolving mainly environment, our but due other systems to due levels uncertain, highly with remains we also While each. components dependence
GAAP to gross non-GAAP XX% GAAP margin This gross quarter of were gross XX.X% approximately margin of The quarter the and gross purchase intangible XX% between and and margins revenue, from XX.X% acquisitions of third delta guidance $X.X of million the compares margins and the in assets million guidance and non-GAAP to reflects for stock-based third XX.X% of previous XX.X%. respectively. GAAP $X.X to amortization compensation. of non-GAAP
to assets purchased $XX.X $X.X of operating accruals mainly and million stock-based Third was of quarter accruals. due expenses guidance expenses bonus approximately our compensation below to which operating were million lower-than-expected million and $XX.X stock-based of $X.X million. GAAP GAAP bonus stock-based GAAP included $XX.X intangible amortization of million,
We’ve rate expenses quarters, $X of successful our spend non-GAAP run sequentially $XX million, $XX down was our Non-GAAP disciplined $XX.X transitional and were which to to year-over-year. this operating during below XX% period. the last expense OpEx sequential quarterly almost management. million million due managing three reductions was After the non-GAAP been million down in guidance
Moving balance the to sheet and statement. flow cash
balance on to prepayments operating third we cash prepayments towards cash quarter activities loan million This the in $XX.X generation. the loan generated the Our down was of versus debt XXXX. $XX total in as during million from XXXX to with $XXX and down debt our flow our term continue million second the $XX.X debt quarter to million. We focus pay million of in generated made brings $XXX quarter our
slightly the XX third the quarter outstanding sales was quarter approximately days. above XX sales which days days, outstanding prior Our day for was of
to That turns approximately of quarter midpoint in revenue down inventory at $XX fourth X.X Our to our quarter. the X.X sequentially to the be the guidance in increased We XXXX of to compared guidance second to me leads million, million range. $XX our currently expect XX.X%
expect cable after in by pause Significant QX Home a XX% strong build to be We QX, weakness in which and driven data market in subdued our in QX. sequentially, the digestion to continued recovery a and become headwinds shipments portion down macro in will connectivity related the now inventory due cable Connected revenues an to approximately primarily revenues a satellite market. insignificant of the
to to expected shipments to stage infrastructure demand an category. wireless offset be in recovery levels flat backhaul and including DSP in slightly PAMX in revenue decline this shipments up, early by owing a expect HPA expected We Huawei
expect flat We to multimarket to slightly industrial approximately our be and down.
We to to due gross to of on gross profit COGS XX.X% improved be XX% sequentially profit margins continued mix and to improvement. expect XX% approximately and approximately revenue of XX.X% up be non-GAAP revenue, to focus margin fourth-quarter GAAP a
our mix reminder, gross minus or forecast profit a margin other and could As product vary plus the percentage depending on factors. X%
programs particular increasing focus Even on rate and the the top business. on reducing as goal fund continue in at levels, stated operating our run development targeting infrastructure strategic strong delivering line we initiatives XXXX with we and of in beyond, focused growth to leverage spend our
to a driven reductions of fees expenses. XXXX decline XX.X QX As and approximately million to to $X quarter professional quarter operating GAAP mainly such, expenses on expect million, XX by in prototyping we range
million approximately range XXXX We expect non-GAAP X.X million to sequentially down QX to to operating a of expenses million. $XX.X $XX.X be
We of expect and tax expense tax be GAAP rate X X%. a non-GAAP approximately to
expect market, our by progress the on million. platform management to our execution XG gig engagements datacenter $X.X design power In massive-MIMO to closing, engineering in our $X.X pleased in to and infrastructure and customer We in we interest development portfolio highlighted milestones expenses product the million initiatives, and in other XXX be and quarter report are transceiver our infrastructure expanding initiatives.
upgrade markets, product data incremental center generation new to focus business a near-term, strong turbulent on in leverage XXXX./ continue strategic upcoming will and the with deliver profitability execution streams well flow us executing our start engineering These As cycles to to the as in position strong of well through initiatives and combined as layer navigate in wireless in many infrastructure we environment our the on in as investments. cash revenue maintaining rollout and we strong
to like for that, With would Operator? the I up call open questions.
