program. discuss then $XX Thank up QX to results revenue our you, MoCA improvement outlook Kishore. for further On in home we XXXX telco review shipments business I of saw million, X% related with the QX our will connected sequentially an first and XXXX. our major
by in interconnect and backhaul of normalization strong softness wireless after QX. a Our our speed a high infrastructure driven business decreased business XX%
Our related weakness down XX% reductions industrial pockets Covid-XX, sequentially, by supply demand and challenges as multi-market overall and seasonal weakness. inventory of distributor to compounded business was was
GAAP revenue and and and of XX%. and margins delta million non-GAAP quarter to guidance respectively. assets to first margin margin of gross gross between and compensation The the $X.X amortization gross acquisitions of non-GAAP accrual. XX% $X.X XX.X% reflects gross XX.X% compares first to in for stock-based of of GAAP of million margin GAAP and bonus the non-GAAP intangible from previous the was approximately This quarter XX.X% XX.X% guidance purchased
accruals expenses quarter million, combined. stock-based of GAAP to to GAAP stock-based of million was above bonus $X.X operating guidance approximately $XX.X million, included GAAP our $XX.X compensation primarily acquisition First $XX.X and expenses operating million due which were costs.
of charges acquisition $X.X litigation and million. of intangible of purchased million Amortization of cost million, $X.XX $X.X $X.X assets IP cost million, of restructuring
million and design Non-GAAP expense to seasonal primarily $XX.X to to operating higher step-up expenses payroll non-GAAP in was $XX a management. disciplined were tool million up taxes was million, below This $X.X which $XX.X slightly due sequentially continued of million due guidance spending.
been successfully XX% with period transitional have non-GAAP managing this OpEx during We down the spend year-over-year. QX
and balance flow cash the to statement. Moving sheet
activities XXXX. was from $X.X operating generated quarter versus in flow quarter million first million XXXX fourth generated cash of in the Our $XX.X the of
our at times. pay acquisition. Our net $XXX around We ratio in our debt remain cash remains on of leverage loan at and with roughly was balance priorities intentions down flat X.X strategic and our consistent uses million
XX outstanding sales the was quarter the prior for days in line Our first quarter. with approximately days,
X.X to X.X the inventory to compared to prior in guidance. Our quarter. down our leads That were turns me slightly
be midpoint revenue sequentially currently flat $XX range. approximately expect of approximately quarter million We the guidance the XXXX to the $XX million, in of at to second
connected XX% with quarter-over-quarter declines most be expect to our roughly home of categories. down revenues product by across We
revenues Taking QX our with approximately $XX outlook quarter, first home albeit consistent half of the million of with results, our prior connected uneven. XXXX guidance million implies the per $XX approximately
second that improve half. Looking connected beyond visibility QX, the in gives us improving revenues bookings home confidence our should
infrastructure revenue product roughly up XX% category. across with expect by to each be improvement We
multi-market recovering approximately increase expect to low industrial We unusually from QX. an our and XX%
revenue, gross be essentially of profit margin quarter expect be approximately to to profit sequentially. XX% XX.X$ of GAAP and second approximately revenue We to margin non-GAAP XX% to flat XX.X% gross
depending As or on forecast a could profit other our gross vary X% product and percentage mix, factors. plus reminder, margin minus
Even spend With focus as we fund goal strong the and the of in on continue XXXX on strategic development beyond. we leverage growth increasing delivering operating are programs initiatives targeted in levels, infrastructure top-line business. at our particular stated runrate our focused and reducing to
XXXX expenses as product development mainly $XX $X.X accruals. and approximately million operating payroll well bonus expect quarter-over-quarter compensation by million our engineering expenses GAAP increases We driven supporting roadmap, seasonal of prototype $XX to QX increase million to and to stock-based range a as
million million sequentially million. to to approximately of QX operating $X.X expect non-GAAP range XXXX expenses We be up $XX.X a $XX to
zero and rate We non-GAAP expect to GAAP approximately of tax tax be expense X%.
We the expenses to in expect and quarter to $X.X $X million million. interest other be
by continued transceiver transceivers, XXX-gig and we to MIMO and XG infrastructure customer expanding report modems are expanding closing, in massive our pleased engineering market, engagements in and datacenter progress in our In design our milestones RF our adoption E-band of the platform. initiatives, highlighted
of cross challenges to see home further our to continue demand supply Covid-XX, as work from dynamics our we the remain best to in we place. disruptions, are currents While attributed navigating mandates potentially ability, end-market and in
a believe transaction, positioned maintaining steady and acquisition our on while remain in That we on organic financially and focused we execute uniquely in our cash investments. are beyond. infrastructure continuing and in deliver Intel to generation, strategically compelling said, flow XXXX in to profitability we strong business Factoring the and strong leverage
With up questions. for to open that, Operator? call the I’d like
