afternoon and you, everyone. good Thank Zvi
discussion. and As results reconciliation press on to release today. issued call always, review is discussed include in of Full GAAP on available the non-GAAP pro forma this my our the GAAP website and
In on addition insight and I our explanation numbers, providing financial the that possible COVID-XX around to seeing will color on QX business. much as our we're provide is having impact as
based my you on efforts past and change last the control surrounding and seeing every all provide are make call as as inputs months are seen have we this to of While well rapidly know at our present. is, course, can so COVID-XX you circumstances insight this on and what of few we outside over will
delays and growth $XXX.X non-safe quarter to $XXX.X revenues our for results, a and world. the planned revenues. of U.S. Revenue $XXX quarter increase compared quarter $XXX.X higher these million we million, than a the States X% driven related last million, same of were included this As originally increase first million quarter In as to the last safe possible harbor in solar revenues sale closures. $XXX compared to rest some representing XX.X% to million expedited from slightly over million products XX% harbor year. border for quarter and $XX.X last solar the of number of solar of $XXX.X deliveries were U.S. the shipment compared to avoid to revenues revenues total we million grew United were by
this States were representing $XX.X QX revenues our $XXX.X products Australia, XXX basis, of Solar revenues most revenues or XX% and were revenues. United shipped which were XXX of of a solar the record Europe from commercial outside had world. systems to this quarter a represented Europe record megawatts XX%. Europe megawatts XXX On United XX% Residential delivered we million, and significantly, in from the our to from States, megawatt X.X% and our quarter. generated of to a we the quarter, the million number megawatt megawatts rest
decreased last against the by this devaluation the due one represented a our more of revenues. quarter than to ASP quarterly top U.S. solar dollar quarter our This from XX% euro customers accounted watt dollar. XX Australian per the mix in XX% for quarter, decrease of compared and Blended quarter last and of to the X.X% change approximately revenues, the customer solar a and distributor
mostly This were million, our quarter $XX.X sale from lithium-ion non-solar of to the battery. revenues related products
in and for XX.X% in activities was Non-GAAP the for prior to to quarter margin XX.X% last gross quarter quarter gross XX.X% in and was compared quarter, compared solar quarter GAAP XX.X% XX.X% margin this gross Non-GAAP XX.X% prior the year. same margin year. last the quarter to was last the in XX.X% quarter. in the the same compared XX%
of implementation quarter reduction Last cost our benefited the our approximately one-time points basis due related XXX effect solar accrual. margins measures to to to warranty
Excluding to air by quarter. and early holiday lower mix which are The benefit, slightly in to solar increased lower-than-expected during as points the air the business product quarters. labor result These this rates who a represented gross subsequent the (inaudible) shipments contract air were down last shipments mostly in XXX lower-than-anticipated attributed Year shipments, manufacturers margin and work customer the one-time offset continue anticipated this a of capacity the increased and we February partially built Chinese March. than to and New lockdown change in paid basis
be We of quarter shipment lower much second XXXX. to expect the our expenses air in
margin our margin from lower was of was compared to previous gross in machinery activities groups. increase Non-GAAP quarter. X.X% a strong The our offset E-mobility in X% by margin the the and batteries of result the lithium-ion sale for a non-solar
in our to revenues Moving quarter, for or were revenue XX.X% million XX.X% the non-GAAP year. $XX.X of for the and for prior in prior revenues year. expenses of XX.X% first the same On of or compared of XX.X% quarter same last quarter and revenue $XXX.X $XX operating the a XX.X% first or or for $XX.X basis, the expenses were of expenses; compared last or operating million operating million XX.X% to quarter XX.X% in or XX.X% revenues of total, revenue the to million quarter quarter
solar of XX.X% revenues non-GAAP operating XX.X% last compared as to expenses was Our percentage solar a quarter.
claim. non-recurring GAAP expenses stakeholder income quarter. of million $X.X Kokam of included collected This indemnification a the pre-acquisition major for and was from a settlement operating selling that of
of general certain carefully implemented business have mentioned, recruitment, part to management reaction planned we and are economic XXXX salary reviewed on reduction increases Zvi on for already the COVID-XX including a from which for and in measures, as As that were April. slowdown salary, and our base executive cost-cutting we our plan freeze seeing halt
other in the of In services. such certain expenses regions activity as and headcount addition, adjusting consulting we workforce level as are well redundancies eliminating renegotiating and and agreements as our to reduced rental
will expenses ongoing, of effect seen Some QX these are our QX. adjustments in the and for operating be still and
$XX.X to quarter income and previous period quarter quarter $XX.X same $XX.X quarter Our the $XX.X million million previous to last last the Non-GAAP same million for was the for for the and operating million the GAAP $XX.X compared operating income million for the in year. million was period compared $XX in year.
non-GAAP million lithium-ion to in of quarter, businesses. operating quarter, non-solar profitability compared in by million an loss and This by E-mobility $X activities of resulted the machinery and UPS divisions the of operating the loss driven in losses $X.X operating previous offset
and of unrealized currency Financial Italy. same from these fluctuation, quarter same EPS million the and Tax of the for foreign The million non-GAAP the last financial income quarter intercompany The a and expenses last of was exchanges balances Korea unrealized acquisitions $X.X $XX.X of $X.XX. quarter year. $X.X resulting result compared accounting $XX.X the prior intercompany the period million impact for loans was the were exchange provided in intercompany on and as to in of net previous $X.X expenses in and million quarter and mostly million financial rate changes treatment for year. for to this compared a GAAP expense decrease expense the period $X.X diluted million
million same and $XX.X million period for the Our expense previous year. the $XX.X non-GAAP quarter, to compared $X.X last was tax in million
the and quarter income last GAAP of was million in for compared million to quarter, quarter previous first GAAP million for a net same $XX year. income net the the $XX.X $XX.X
non-GAAP net EPS the and share quarter the net $X.XX first $X.XX a quarter, year. and $X.XX the per diluted million million $X.XX compared to quarter in was for was of in earnings Our the last previous non-GAAP last income in $X.XX compared $XX.X previous previous last to year. same $X.XX the the $XX.X million and same $XX.X to same quarter, net quarter the compared net diluted was quarter for income for quarter year. in Non-GAAP GAAP
diluted non-solar business share non-GAAP $X.XX generated loss. Our earnings per
sheet. balance the to now Turning
cash XX, deposits million to March million compared As investments in XX, cash of equivalents, XXXX. XXXX, cash, were $XXX.X deposits, bank $XXX.X and restricted December
$XXX.X are generated practically these record million strong During we XXXX, the of quarter such cash we be to XX $XXX last decrease solar the this decreased DSO million $XXX.X quarter. position first no quarter. reaching with a cash a quarter days, compared this quarter a times. in days happy from million from AR last in during to in operations, net business XX debt was
global light a in our situations market AR financial the us. are Naturally [ph], of of in the point collections and for major in operations, focus
needed. allocations Over stability cautiously and this the adjust closely our some cases, terms in examining in support consider these more our them to and the In our strength credit reviewed continue days few to to as order to balances we we the customers credit even we AR carefully weeks, customers selectively financial will period, will worthiness longer providing examine and of are customers. have of and last credit we
XX, used level was related quarter. $XXX.X net the increase reserves inventory raw at of shortages XXXX, materials in factory will COVID-XX. accumulated the quarters. material supply is prior raw to in our in compared be disruption These next our million $XXX.X of for of March to million anticipation of manufacturing Most of component As from and chain this
inventory, which non-solar the raw to relates held is in materials Kokam. inventory our of million $XX.X approximately Additionally, majority of
reduced expect our result explained, the coming the revenue to States will two will extent COVID-XX lesser quarters. we Zvi Europe, As and that a effect in in and of in United business impact the in
level scale level to to and and operation, may new the manufacturing quarters. one inventory Given adjusting two size take our of our
the second guidance for the to of XXXX. quarter now Moving
guidance, the to on COVID-XX business pandemic predict of outlining you the impact and like is would with unprecedented quarter to of impact difficult remind I Before our that evolving it the year. that and the rest next for makes company's for this it's confidence
the businesses, COVID-XX the our includes impact the as anticipated on viewed Our quarter next guidance of today. for pandemic
call, however, you also cancellation orders, we additional already QX told of then, rescheduling QX our earnings have have that received we received. of X% our we requests XXXX for orders. orders received approximately Since and/or course In were of
provided Our time delivery is and orders. capacity the manufacturing enough our to have inventory of those exceed and large backlog the will QX guidance facilitate we
quarter $XXX XXXX to million. revenues range for sale million $XXX are expect of be range $XXX We expected within $XXX the the Revenue of to be second to and from the solar million products of within the million. of
XX% Europe of to percentage good XX% a margins. to Growth within We the the from margins be be revenues activities of reflecting expected range characterized solar of expect with higher range growth XX% is to to lower XX%. within from our margins
turn for the to operator questions. I Operator, call up now it the to will open please.
