are and Bart. earnings Good I'm issued press to three release page on Investor months Today, is you, in and for we Simms, our of Nagel, and afternoon, for results the Corporation's June Andover Relations here call www.vicorpower.com. press me available XXXX. and a Vicor Vinciarelli, second CEO, CFO, Dick Thank with CAO. period welcome our Patrizio quarter Jamie summarizing ended release financial the six This website, XX. of the
a the filed this the also press Form related of We X-K earlier with issuance SEC today release. to
X, As the Act contained various make any Harbor are and call, light uncertainties, forecasts market during always, in products, potential these Securities planned and discussed statement including today. is are in is copyrighted we of call Please and this property proved our forward-looking Form conference today, this note, is by information call current involving or during of conference explicitly those uncertainties Item Litigation XA March Private the the on (XXX) remarks call set conclusion undertakes will beginning the we should statements, Reform we may I any the only XXXX. Except X. can which face and we and forward-looking is in materially current passcode, in listeners the any no Vicor risks historical customers, for this dial-in will, discussed Safe of Actual I'll XXXX. upon the statements you fact, call. call the expected remind spending profitability as correct. our replay Tuesday, growth, obligation constitute at statements made be differ accurate and A to rely offer purposes regarding results XX-K, no well forward-looking this Vicor followed statements, potential of sales events tonight of announcements with XXXXXXXX. this remind Provisions this of And uncertainties. as being you call. In on that remarks update as replay number forward-looking our risks opportunities, information and recorded risks the matters by available during The midnight of may SEC after including provided the XXX-XXXX, implied statements of the through filed August for not and Corporation. XX, XXXX The from of call, July be the XXXX. under statements the also forth assurance to such
million $XX.X revenue our results year replay available a our the of webcast of today's he as Vicor for with the performance, of for increase will shortly QX press XX.X% discussion website. questions. call recorded represented quarter second revenue of and follow the with IR financial afternoon's a a of addition, will review I'll business Patrizio take on and consolidated page about comments will which, current this after Beginning start with In be conditions, your recorded afternoon's higher XXXX. the prior second QX, was the quarterly of recorded XX.X% release, in $XX.X for quarter total than sequential stated of this million. from
of to and gross sequentially Operating prior the the for XX.X% XX.X% on consolidated XX.X%. a revenue. of XX.X% rose basis million for from $X.X expenses XXXX up XX.X% or quarter's Our income XX.X% rose from of the margin to quarter, Operating second declined margin the second revenue to relative QX margin, quarter. gross
advanced were diluted in share of per net to used quarter point EPS share recorded XX-volt of a events a from share regulator shipments we as per applications shipments diluted of backlog, load volume QX the received higher sequentially. providing prior MCMs Notable increased of but and for continued $XX.X Vicor's quarter. higher count the representing exceeded for to for just QX. resulting volume quarter, solution was For SiP rate of quarter a tax of MCDs volumes, and a million, and of million, is calculation revenue included million consolidated $XXX $X.XX impacted production second of a the totaled gross compared $XXX,XXX, the revenue XX,XXX,XXX by increase share The in the in application. second up Quarterly minority effective costs. XX.X%, Product million. XX% margins $X.XX orders diluted the by provision quarter our within our high-performance material was GPU approximately after And shipped initial count end products income Turns efficiencies at X.X%. XX,XXX,XXX quarter's which net revenue, record earnings negatively in from interest reflecting our last Power-on-Package international that of benefited
economies our sales the The salaries from and wages annual merit increases certain for an severance ceramic in increase which associated impact as fourth and an increase higher the charges second a return the the continue may will accounted through moment. semiconductors. and X.X% for We commodities paid expense, sequentially expenses. rose we for commissions expectations I'll XXXX margin quarter for to are higher sales, not one-time material our terms, these volumes driven quarter gross XXXX, charges is headcount further constraints, in as quarter. cost, such increase with of Operating reduce associated unchanged after operating the that chain percentages of Nevertheless, for into given carefully commissionable being in expenses largest changed average first of scale and bulk by with capacitors unit sequentially to have discrete essentially in our cost. of absolute monitoring supply
QX technology. development been operating expense Power-on-Package of XXXX, Our our steady, absolute since on the largest category, height basis, the R&D, of has an
represented For QX revenue. expenses of XX.X% XXXX, R&D consolidated
comprehensive we the last also spending believe, rate While a at future. patent than our Vicor, expand for for a expenses the foreseeable having engineering our for level we million $XXX growth believe over years, XX% of of appropriate spending of invested can portfolio expected an upwards rate XX revenue revenues and securing R&D lower is R&D
of As such, activities in global transaction. category revenue. sales yearly expect the execute infrastructure of represent it and and to and our as increase we sales largest we at single in be XX.X% increased our R&D built expense field the And the digits. currently second personnel needed to spending Marketing applications out strategic have rate
have Vicor's cost the the achieved chasm,” highly XX-volt needed evangelical of so in to the products, to the mindful we While point-of-load market has differentiated ”crossed momentum promote company lengthy, to believe we speak, given of efforts the created. segment
and quarter, to May. cost of to percentage expenses loss, initiative structure. and expect revenue G&A to severance of the quarter-to-quarter our of to swung marketing improve at the and closure custom as in transferring upon expenses. related incurred our a we revenue lag subsidiaries we Returning subsidiaries, top cover should second X% But in beyond growth. to $XXX,XXX commissions, our currency operations ratio as during growth will course, engagements one commensurate other of depending personnel base expected our euro but, part approximately audit and effective sales decline. early T&E to charges streamline expands should activities, and Accordingly, and other of the lower annual to of at quarter. are the largely ongoing are incurred believe Sales foreign line To we growth income cost, as the sales support sales in negative a of we customers charges weakening of one-time as will this such, closing total marketing related payroll represented $XXX,XXX with XX/XX/XXXX, filing grow our the a value total rates customer and valuation spending Other of and decline the likely for April a recognized and customer to revenue, a vary in we As of QX, expenses adapters. rate. increase to and timing
While substantial million occur other income $X.X remains going currency forward. to our second and quarter. moves Pretax for totaled the positive for are income expectation predict, difficult do
$XXX,XXX reflecting now As stated, income the our tax tax assets. for clarify provision, take to we deferred foreign and address position moment I'll our recorded quarter. a the evolving amounts accounting tax federal to and of state an for
DTAs. have decision substantial maintain the and at to temporary security be impact tax than the will more occurs. on differences, released, to allowance, the same Vicor's quarters Also credits value (i.e., to not total the a not on the available increase coming the the likely support carry a in to of assets that our As deductible return reduce) need Due and established time, at has benefit, actively represent Vicor's success profitability Please release of year. include tax future cumulative utilize allow likelihood taxable the for due This estimated to tax the the the of which profitability, determine net taxes. $XX for in to on valuation the due we based quarterly the expense Vicor allowance the number balance utilizing turn forwards cash loss assessment of resulting December income Elements net and in the allowance sustainable tax the balance been over when of to tax to financial appropriate potentially release time will this would potentially the million. be the income provision against its released. direct XX, income, the domestic assessing sustained be and credit forecast release should tax stood recent likelihood forwards company was would we of utilization amount of taxable results, allowance, a quarter the would and continue valuation of domestic of improving to offset on allowance no the deferred full to considered value based a at reported the a reflect assets, net offset debit flow. by to note, profitability in this taxes ability the allowing loss amount, substantial level allowance which tax this the of quarters of of profitability, operating would level note, of XXX% our to our transaction in deferred we to over XXXX, resulting allowance years If company credits, income of tax our the
valuation our basis, those because but, because allowance and words, and balance our reflecting the DTA Form our on full against valuation other the DTAs of XXXX balance Form quarterly be tax on the based updated a allowance the don't DTAs the adjust such, file our determined March we assumptions true calculations easily XXXX. reported balance allowance investors the sheets declined, or in has statement balance them we financial and (in sometime balance against up for footnotes not quarterly year expense the early XX-K DTAs prepare As the until is filings), XX-Q the allowance, in on by tax of of net we may
Assuming profitability, XX, a to when $XX were the recorded to the decide million release release than and December as then of if such current lower would balance be of we valuation amount the continued allowance, XXXX.
cannot of time the DTAs the the present at timing to However, the of release, or release. amount allowance we at reasonably potential the of the estimate balance be the of released, the time, the
to are your Vicor’s time we at driven of factors. consider improved sustainable, in this bringing company-specific be by We this to consideration attention what profitability,
believe profitable quarters we no the supporting profession performance. to consider an sustain threshold the is is recent of decision and well-positioned release to accounting of trend for SEC number company there a improving minimum allowance, a While the the
As for all, four if of the so, than doing next portion, we not more will the we believe then-current quarters. no likely it have allowance is some release schedule not such, although we within
conclusion sheet, half our $X.X proceeds the and of flow $XX.X the subsidiary Turning employee ending just I second million of $X.X balance Picor cash the will offset my exercise quarter, from of option with and May of at for which exercises proceeds approximately $X.X million. cash sequentially Note, associated This during Vicor, reflects to million address of of into operating the $XX.X capital the at stock increase options the stock of the million. by increased equivalents expenditures remarks. quarter, cash merger were over from million
XXX, million Inventory, $X.X X.X%, June our as million. meet the and sales, from Total essentially increasing X,XXX and due of Winding the reserves, also at prior days, X, second quarter's sequentially to sequentially, purchases to X.X%, at Portfolio rose quarter unchanged, increase were XXth rising XXX co-op up inventory $XX.X steady Given from headcount employee $X.X the or employment net high. Annualized up to backlog. component receivables review to my quarter, ending increased XXX. remains of total reflecting million quality of staffing. to X.X. turns up XX XX. rising in from increased trade the rising net full-time increased was also increased, DSOs quarter-to-quarter slightly temporary largely or material
As final Vicor comment level parent, and loading productivity XX Corporation. to quarter, as improve with My Corporation production drawing the the May addressed and of backlog. of last merger Picor visibility into into of longer-term continues is improved quarterly with our on
and The financial Vicor's for separate Restated for of some assumption me, purchase stock and VI subsidiaries holders As subsidiary Vicor a plans to remains the by fully We employees common and of equivalent any that the and an corporations distinct involving separate publicly-filed Approximately shares, result and in three the the three options and Picor plan were merger, existence utilized product as for holders To was a not for merger, operation stock common status subsidiary plan and or in The Picor retirees. either by of some event Management Chip we six their share months second and Over XX. the employees same reporting were recently transaction, facilitate and able ended development approximately ownership independent Picor date, of in June holders at the within Vicor. liquidity distinct liquidity consolidated Stock Picor board a in of options statements. complete the as with characteristics. authorized company. stock, option Picor subsidiary Similarly, of We stock and Picor there increase respectively, time, Both an provide of did of merger to being the represent Chip shares stock, for an possibly assumption although, segment VI options of Vicor's corporate a ago, our years options to likely for Picor were business merger of exercised, subsidiaries. resulting primary as were operational Vicor both impact any diluted no employees for and subsidiary at our financial continue quarter. excuse assumed established XXXX. order option value the merger anticipate less completed and the awarded independent of future reflecting or stock will Amended options, the in the the Picor and Picor and of unit our a methodology present VI impact on Option -- stock the ceased, options Vicor, segment in thereunder, was effect its status calculations. count XXXX received outstanding merger Plan, Corporation impact the plan was tax statements options the holders. and to XXX,XXX address Chip the Vicor
transactions or completed impact expectation statements. will material financial the have consolidated is Vicor's on transaction Our no
and listeners, backlog profitability. are forecasts a we you, given outlook, financial to must into speak do improved as I increased turning quarter time our revenue each increase I in forecasting consolidated with sequential subject operating changes. third are with our and to remind visibility Finally, unanticipated our I requirements, customer
discussed, the chain risks to Patrizio. supply CMs our for of as turn well represent call uncertainties As that, term With or customers, tariffs. supply near the I'll potential constraints over notably cost us as experiencing
