good Thank afternoon, everyone. you, Guy, and
well recognition in earnings our in while to revenue available of I on tax, I numbers impact as exclude like transition of newly a this stock-based second overview the the non-GAAP website is financial asset listeners discussed to the and be starting per the on deferred measures one-time of for forma XXXX, cases would reconciliation standard, adopted of GAAP remind and pro today. the tax disposal, press certain that Before and Full results on call results release the our basis, share. discussing which the non-GAAP will compensation, will as review issued quarter be GAAP one-time
X% quarter increase year. $XXX.X XXXX. million the an to financial start Let’s quarter same XX% compared for $XXX.X revenues with $XXX.X to last million results for were increase quarter and the the compared of million, second last Total
stable revenues strong and growth States Our driven the of were world. United by in quarter this record Europe revenues in the mostly rest and
the a This XX last $XXX.X quarterly one Revenues revenue. distribution represented quarters. States generated XX% record this of concentration million XX.X% multiple Sales sales dollar from the overall per-watt while our overall revenue, million, United the in the of $XX.X quarterly in Europe were On and basis, our quarter, revenues. a reasons including of was quarter, the were the due XX.X% revenues of perspective, and weaker the that representing more customer from top represented only for decreased distributed XX.X% million customers were our accounted an higher than compared last United revenues combination revenues, from blended revenue. XX outside customer the customers in XX.X Euro a proportion our sales quarterly against Europe our ASP sales Euro. increase and of Europe to are States From to quarter a of across of denominated total XX.X% with of big and more U.S.
margin in of compared Additional our and quarter characterized in watt proportion XX.X% increased quarter the the commercial are quarter last for that reason products was Gross XX.X% in to per year. prior XX.X% is same lower the with overall mix. the ASP
of was the gross in average level in its stabilized quarters, As of the we approximately company company down time X% cannot the activities, etcetera. past or the which at affecting as are mix, XX% margins six currency ASP Fluctuations reduction months. such timing margin has mentioned as all past up exchanges, consummation the trends, of cost expected the margins regional elements freight costs, match of
higher increased which market and commercial last combined This this manufacturing capacity months, reductions up quarter’s our product it growing margin ramping in products not dollar they the but associated remained sales cost resulted been share with our tailwind in costs lower combined sold of as U.S. currency are of yet U.S. devaluation segment the is products partially in of our decrease denominated. while an A for in manufacturing against Euro revenue, in a with full in Europe the dollar ASP result Europe, few capacity. these of same U.S. has the dollar with
continued to air-ship in extent Lastly, to the quarter, products a this we quarters. last than although lesser
forward. We maintain expect XX% average margin to an moving
quarter, previous an same million, to Moving $XX.X were compared of the to operating X% the last compared an increase expenses to and expenses, XX% increase R&D quarter year. of
manufacturing last invest in of increase to product to with previous quarter quarters, a last quarter quarter mainly decision increase $XX innovation, were Sales X% to the advanced compared development the same cost and an and this our headcount, of and year. attributed the consistent for expenses the million, reduction processes. in is XX% As resources and compared increase marketing decrease to
assets, in increase finance the XX.X% headcount $XX.X legal of personnel the associated this other XX% weaker While our costs $X.X and year. the level $X.X million in a to or in compared we prior continue income and quarter XX.X% mostly financial XX.X% higher external quarter company quarter increase offset previous slight that our $XX.X earned rate were $XX the result on XX% infrastructure and million $XX.X the and by was affected $XX.X were last a million, is at $XX.X quarter with to sales first company note mainly year. for period year. This direct expenses revenues, $X.X for of to exchange to In expenses previous compared and in to a quarter total, marketing quarter investments. of financial those initiated both revenues from million income support in devaluation grow is same receivables. systems important increase expense Euro headcounts by of operating This increase prior Financial the the million the forces, and this the Euro in expenses our for last consulting. our last year-over-year. or departments. finance to increase information as remained revenues the is such period compared of quarter quarter, the quarter, consultancy income expenses the expenses the for for expanding an for million the accounts million, against the same related Euro to mainly the is to quarter, dollar our and and same for loss in legal It the and of denominated offset in $X.X million G&A million or increasing of by stable of interest that related U.S. million were to proceedings growth Operating
Euro amounts or dollars, natural revenues of the company hedges partially For expenses. Euro hedges actual U.S. conversions of to uses these against
the year. to to This GAAP the for second quarter, we of expense $XX.X million income a and had $X.X net of $XX.X the last a quarter of $X.X tax for expense of prior the $X.X net compared year. tax for for $XX.X quarter and million GAAP tax the same expense million in income million million compared million same period of quarter quarter was previous last
previous compared $XX.X quarter year. of to in diluted net was for net to income the last non-GAAP same the in quarter quarter same diluted earnings Our net quarter in $X.XX last and was compared EPS Non-GAAP income and year. GAAP previous million per and a was in to year. share previous $XX.X $X.XX for $X.XX compared $XX.X the net non-GAAP quarter $X.XX same the $X.XX quarter $X.XX million quarter million last the the this for
now to cash investments Turning cash March to at $XXX.X XX, of XX, sheet, balance June XXXX, equivalents, million as million $XXX.X the were XXXX. restricted compared cash, and
quarter. rate from cash one-time $XX.X decreased our quarter last quarter net to days last we quarter. days, $XXX.X of $XXX.X compared after second last decreased reaching operating from this the operations of this to generated XX During generation quarter. million normal DSO quarter, million XXXX, is XX A/R cash which run down million record
to XXXX, at $XXX net $XX.X was our in quarter. XX, of million reserves prior June inventory of compared the level million As
our adjusts with air from our increasing, carefully our reduce level manufacturing allowing higher are component shortages As levels good which revenue we disturbance less for shipment manage, finished expenses. to us
its on Gamatronic and and result the that bottom will on quarter’s closed financial result this quarter’s insignificant the July be transaction transaction like have mention asset are financial guiding revenues to expected The reflected would in and we effect Before of line. I next to employed forecast, next on purchase X, the of employees.
Moving gross Operator onto be the to I within to margins turn range the to will the within range third guidance expect $XXX XXXX, for to million to XX% open call of to of revenues we the and XX%. of $XXX for quarter the be please. now up over Operator, it million questions.
