was you, Thank I'd the dig And business, the establishing our like outset, about a Patrick. making deeper hello, to a baseline. little Patrick new point everyone. into At
the we create results attained. of our our the will the able have underlying As great pandemic to high grow continue new strengthened from confidence level and we business, for a we show, to did that fundamentals the Instead, that QX not pandemic be have Sonos. watermark
associated attention pandemic. with want emerging from phenomenon also to I call to the another
Our been bit factors. and backlog fulfillment, many out This normal and products, is more of year-over-year in whether we stock promotions comparisons and were have to wonky. a continue key be on will due if timing to ran we of
normalcy comparisons. year likely in the in back year-over-year this have of of fiscal will our see year to to of we terms semblance we Although shape in somewhat normalizing some lap order XXXX, get to
a most $XXX.X revenues reported that or backdrop, In to Against start X% context provide sense, currency with what let constant and to make the grew QX, I'll seems of we me revenue. million. X% total
FY and 'XX, challenges our saw beat we expectations to in headwind roughly ambitious 'XX. 'XX, for was that which this though And FY COVID quarter. encouraged We're in even revenue fewer further was encouraged million of we're with $XX by QX a QX expectations. heart of beat the was the fit exchange turn achievement, line supply and revenue demand in of than Foreign FY with FY our which very 'XX
grew of due X%. had product channel very of low year-over-year, supply as declined in activity period. favorable XX% fill and XXXX registrations promotional XX% to while comparison holiday a fiscal this year-over-year grew products registrations faced Quarterly timing QX constraints, for that quarter sold registration last Quarterly growth
X%, further year and a and comparisons, was to are sold this back registrations X% to of revenue reported smooth down fiscal whereas products respectively. up Looking QX quarter's X%, XXXX
'XX QX revenue channel fiscal all told, increases but units touch mix, up So compared of sold the on were of demand. saw price we we and COVID to to height due down to from
to constant account Americas reported accounted sales. and reported XX% terms On EMEA but grew revenues declined in a of year-over-year basis, X% XX% for for regional sales. revenues XX% X% grew currency of
bulk the pound. the reminder, a to extent, lesser of euro FX exposure a our and, As to the is
currency the APAC our our XX% to for monitor We are account performance pleased constant XX% sales. region X% of in continue and EMEA closely. or constant the economics currency reported there declined landscape to with revenues
but to points XX.X%. declined basis on a reported basis. constant grew XXX Gross declined margins XX% on basis profit dollars X% currency a Gross
worth noting normal the return FX XXX-basis-point decline of our gross While it was a also a bulk that margins. to gross the drove holiday is to in margin, headwind promotion
emphasize point here. Another to
quarter's our margin does be that gross expectations the for landed of the point gross with not roughly range fiscal for in deliver This XX% should view and we XX% change margins can and in low line to our XXXX. year the
basis representing XXX XX% EBITDA in declined lower a EBITDA of by point to expense margin Adjusted was of The as year-over-year XX.X%. driven operating our decline margin non-GAAP gross as $XXX.X million, margin growth well X%. adjusted
$XX headwind an Foreign adjusted approximately million exchange EBITDA. to was
the operating accrual stable operating expenses factors quarter expenses well our year-over-year level. non-GAAP this count of emphasize by XQ year. of absolute bonus million fourth comparisons should I as want to or year's These grew last this non-GAAP roughly from due Thus, levels. X% in result reset beginning uneven to dollars $XXX.X 'XX increased fiscal Total from $XX.X head be from million quarter's that in as in of depressed
driven plans million Within our is that down largely quarter, end quarter, inventory was cash the down million, Free $XXX with flow XX% exactly $XXX sequentially. finished Last -- balance we our to by did. the decrease a normal $XXX inventory inventories. normal million, discussed and At in sequentially. exit goods million more was QX we were inventories, of position, quarter, $XXX in the what XX%
down $XX Our was million component sequentially. X% of balance
decrease partially to $XXX the of million our outlined, and The offset no increase was the debt. quarter inventory million cash by due We of just stock. I in $XX our $XXX ended with in balance repurchase cash million largely of the
the to a modest conversion, hit in net how impact. cash spend. progress increase quarter, that law naturally to this change pleased this resulted rate $XX require income we're that internal mitigate call-out, revenue improve comparisons. We in fiscal assessing capitalize I the that that a in with in I team's quarter, Last affects amortize the R&D which we tax back One taking am million our will mandated result for now our our full cash Congress anticipate year-over-year changes additional code our mentioned were change to and XXXX we and actions that to in in regard. year, This and the to
XXXX As Patrick unchanged. fiscal guidance mentioned, we're leaving our
believe of it outcomes could of representative yield. year of constant continue X% do the and the We uncertainty we see is X% that that to the range demand currency underlying growth to believe adjust the that economic from aware revenue performance. impact the that Significant line expectations. the not was year earlier, to expectations our in remains, and for quarter QX as has quarter, but with of We're prudent annual mentioned is discussed weakened on based roughly levels in the dollar we last I we felt X we
briefly I will now recap guidance. 'XX fiscal our
assumptions million a growth outlined the reported revenue down of rate X% headwind terms. currency constant to the billion, low at We X% continue the quarter. in $X.X to the last to the $X.X in billion high translates This $XX in in X%, of range up we at revenue to end, X% bakes reported which FX at range expect
We to continue flat XX%, to margin roughly expect of land to the in year-over-year. XX% the gross range
Our headwind gross point year. basis to headwind assumption approximate to the for XXX FX an translates margin
to XX%. to million EBITDA $XXX million, margin a of representing guide $XXX of to X.X% to We continue adjusted
As the previously discussed, reduces adjusted and FX a flows headwind through significant portion EBITDA. of directly
puts guidance, given takes, with quarterly mentioned for XXXX. and XXXX. explain year-over-year the think, is uneven we're that our I shape unusual and dealing while expectations the is do in the quarter provide it As the of that's important to earlier, it second certainly fiscal also of not to case And fiscal revenue our practice we comparisons,
half year. X the booked last the In an annual of XX% years, average we first in of have of fiscal the revenue
QX periods not the XX% revenue are XX% representative in annual COVID-impacted with is normal-course to XX% quarter-on-quarter certain revenue be generally in Excluding QX XX% generated seasonality, down XX% of our of of to annual to that range. to XX%
backlog more 'XX was year no smallest completely returns our to to XX% year. As underlying seasonality, timing QX normal different, one this we expect XX% of the comparison the fiscal our of due I as and constraints of not fill. business. of not, is result a of quarter business where in of down to trends Thus, is be revenue year-over-year fulfillment to a channel repeat, QX supply anomalous the indicative
targeted to pleased continue to Patrick that to the emphasized, As incremental business. tracking us in investments a are plan we be allows prudent and
that in expectations, fall our roadmap with Our are achieved also squarely to prioritize EBITDA and of protect actions XXXX profitability short are investments our fully product at aimed But to caution our echo fiscal his that. top-line of want of reaccelerating growth start adjusted in in our take levels should initiatives prepared the key previously low I to digits, excess double remedial to of our performance to business. we our growth
we heads cases Google typically litigation, didn't on in down now, I summer our our at are the update Right Google as May we trial in the and brief a Northern hearings but case milestones. for major prepare the California brought ITC. see quarter Finally, give this the
like over for to I'd that, turn With questions. it
