Thanks, Luis.
which Information included the comments through accompanying measures, website. of non-GAAP follow that walk guidance, non-GAAP I page that including the earnings non-GAAP Before Investor are other financial presentation, located the release the on and about note reconciliations our QX GAAP the in results refer please QX and all figures. disclosures to to my are and investor
consumable-driven more Now turning financial XX% and stable represented with the for systems total revenue, million to which in results. than and in the line revenue, QX revenue QX. Revenue $XX.X quarter Recurring of is largely guidance. was
as costs million in for by or higher million, costs $X.X XX% margin accounted reserved During the manufacturing more new QX automotive utilization XX.X% hire as than lower well lower lower products, $XX.X our delays the of by the and as expenses driven as approximately interface to than well strong customer vacation utilization of and third replacement new sales. forecasted. due guidance, gross market for inventory labor contactor and some previously onetime QX guidance quarter, than at higher than was one in business.
Operating benefiting from were
the a was profits no X.X%.
Interest of conjunction of was valuation the consists currencies loss net foreign tax income, loss non-GAAP the a loss currency adjusted the announcement.
QX EBITDA foreign approximately with of U.S. was the benefit and sheet in from in balance QX and loss $X.XX an QX in was Reserve's approximately third $X.X by The loss. exposure foreign against of devaluation tax profits was Third operating on income foreign income due to expense currency million rate U.S. reflects quarter provision combined to U.S. driven cut $XXX,XXX. interest tax for EPS after our The breakeven assets. of million deferred typical Non-GAAP the pretax tax foreign Federal with allowance $X.X expense but quarter dollar
by and balance in expenditures $X positive of our for Cohu's Germany, from cash less automation strong, $XX the million opportunities supporting to investment mainly technology used investments and balance supporting to of with flow and our returning related Overall, Philippines strategy portfolio share in operations line businesses.
Overall, capital our sheet expand $XXX growth sheet. common the operations our due shareholders to and $X program. markets interface through to and million shares and XXX,XXX during repurchase Moving remains cash to stock to million QX factories to of served our increased capital repurchase Cohu million $X million
quarter initial bounce our be adds this and of through is order high-margin Now book-to-bill to and minus lower than along financial model trough. margin approximately be of business, our target QX, revenue than range at of is for $X revenue ratio industry reflects the plus higher to QX QX QX cyclical forecasted resilience The this in view X, differentiated guiding than QX.
Fourth stable products our XX% flow due QX gross the to $XX provides level and as essentially flat million, cycles. current to approximately moving higher Cohu's part recurring bottom QX We're over but which in XX%, we or consistent profitability cash million, the to of outlook. a forecast to revenue
QX projected factories an result and again U.S. the We when recovers market device to due weakening expect currencies. increase as of our of QX costs the increase absorption labor dollar are $X million to infrastructure. gross in to to quarter-over-quarter of increase expenses million about foreign approximately our revenue for with Operating many semiconductor margin broader better with $XX against a
action through prior cycle. product taken on calls, trough throughout sacrificing the of investments noted operating I As critical navigating while XXXX reduce without we've new to the expenses
the million without expect that as to leading tax while We're shares.
And tax count main currency XX.X business QX permanent basic our interest provision rates.
The to loss. a reduction on foreign prepared share million of And be $X.X expected foreign be QX to and profile operating higher a expense to relatively million approximately now from similar and focus open approximately recover, structural provision questions. be projecting is concludes changes, interest because XXXX cycle. navigate supporting be income, we to approximately cost been impacts revenue. of The benefit U.S. QX flat non-GAAP projected through we the call interest expected tax profits we'll $X.X current the to compared Until net generating XXXX, the on is remarks. and to markets for expenses recovery at has Our in
