much. very you Thank
welcome ended Corporation’s March and the call first quarter XX, to afternoon earnings Vicor for Good XXXX.
Vinciarelli, I’m and Jamie Executive Patrizio with Officer; Officer. Chief me here Simms, in Andover Chief Financial is
we today, for our release website, page results months has closed markets posted three the issued press the our the This release XX. March of on www.vicorpower.com. a ended been financial summarizing press Relations After Investor
today that We release. related conference a also X-K to press recorded listeners Form of Corporation. being copyrighted I issuance is remind the property this Vicor the call this is filed and of
also Except management’s as I of purposes statements call of remarks to forward-looking no products, historical prove sales this in for Reform the matters make risks any for market and are may harbor that planned current announcements, safe all and during uncertainties. as statements Litigation and provisions potential opportunities, under can information on any contained remind this including various the this you call, the Private we fact regarding uncertainties, will call, statements XXXX. spending constitute risks discussed and profitability of forward-looking assurance growth, be forward-looking light In well in events correct. customers, current and potential statement Securities expected and capacity we expectations these involving planned offer expansion for Act
call obligation of conclusion call Thursday, in undertakes the XX, April XA XXXX. XX, upon XX-K, the are only of this statements, differ Form statements and the as no provided may of remarks any accurate face on of you should that the rely filed any is such after update forward-looking not during during statements by including conference results materially made The Actual Please our we Vicor information note this to with today, XXXX call. implied risks set from which our explicitly Item XXXX. uncertainties February or today. those in discussed we SEC and forth
replay The today’s and call be available by today’s again, will X, midnight set passcode XXXX. dial-in beginning dial-in replay is XXXXXXXX. followed also of release. are XXX-XXX-XXXX, at in May forth This passcode XXX-XXXX press A number the tonight through that’s
along replay shortly be take will webcast on And page of our the Relations a transcript start discussion review questions. today’s remarks website. of we I call QX will addition, with performance. with of Investor the Patrizio, by In financial available this afternoon’s after closing a will your our
results, today’s of pandemic. quarter COVID-XX million. sequentially, recorded revenue release, from shipments Beginning the as the the slightly with rose X.X% a QX, due in first prior up small of number $XX.X press in quarter’s million, sequentially. revenue Advanced stated customers Products declined Vicor consolidated we revenue $XX.X to while Late X.X% for requested postponed total product Brick
However, first the on those immaterial. was revenue quarter impact postponed of shipments
macro For as revenue shipments prior Advanced XX.X% to share domestically in for across our Brick declined distributors bookings China Brick XX.X%. of rose represented from stocking Domestic to by to revenue Asia, rose QX, Products Products period weakness rose total revenue, well. XX.X% total of reflecting revenue, influenced X.X%, Export volume Products. while notably
However, to slightly. rose to have OEM our contract customers exports manufacturers building Advanced for Asia Products
of for Advanced from China a margin. sequentially QX’s components ramping of revenue impacted percentage by Products as from XX.X% inefficiencies gross XX.X% margin gross of caused Consolidated shipments declined to Production delayed and QX. volume
of recorded $X.X against charge inbound the up million prior to noncash inventories a High reserve impact QX, million gross raw margin for certain as increase incurred from have quarter. the materials. we continue also tariffs $X.X to We tariffs of for
for the high with drawback duty customs U.S. tariffs, volumes Regarding up applicants program. remains backed of
thirds million tariffs any amount paid of of nearly implementation total Section is XXX exceeds this recover to paid $X.X two amount yet for have since drawback. to tariff we The we amount So, of date. eligible anticipate and
During materials. to mentioned, the their all of mid-March, experience as delays some of in however, we in us. raw of receipt meeting the operational height By commitments in Chinese February, our did, shutdown suppliers were
now rose project-specific meaningfully. I lower rose loss just Total spending. turn expenses. Full-time the million, at XX, the product profitability. with of of the with operating associated other March year-end prototype for headcount level $X.X increase an QX XXX. recorded in XXX in entirely total X%, reflecting OpEx of stood rise at to No line category under operating a with development We quarter operating spend will
full a a Turning although profitability. we We recorded – benefit year taxes. after $XXX,XXX, of to net of income are small QX forecasting for
materially security date. social of affected is The primary provision of us XXXX, to of payable by CARES taxes we reviewed the and the available possible qualify programs, our been to for thoroughly CARES is retention financial not Vicor X.X% temporary of Because have have course, We the might any representing too Act payroll. resources company’s portion and for performance pandemic lending which the benefit. to provision, from large in
based million to XXXX. of attributable XX,XXX,XXX Net on estimate a to This a expense will be P&L $X which to until required year, we we not loss million. as taxes totaled loss share QX the Vicor we will December continue per sheet will to a not item approximately was but shares. share GAAP be $X.X the for repay balance be $X.XX through amount, item, such full count
X.X. $X production. X.X% declined million $X.X correspondingly to $XX.X near-term totaled Accounts net cash reserves equivalents Inventories sheet. at to declined million expenditures capital. receivable, for net for All due working to with QX and outlook quarter materials increasing our swing to Cash unfavorable support net our $XX.X Capital Annualized balances in sequentially to for $XX.X totaled sequentially million to with days. DSOs compared Turning improving and of to are turns trade rose loss raw QX’s as receivables increase current. as balance end, an reserves of million. million the XX
of Absent was Product orders QX booked quarter XXXX. reflects decline X.X% of the QX X% large million the backlog Advanced and Product program in high-end compared I’ll as now bookings for turn At increase to in that XX% a commercial Advanced in backlog. and Brick of order, bookings lighting. year-long end, The quarter’s uncertainties million in sequentially, were declined totaled AI order customers quarter-to-quarter slightly sequential sequentially. prior an with million, of composition COVID-XX large came which with acceleration. $XX.X $XX.X book, associated China. bookings rose Asia, bookings Product expected. the single to $XXX.X entirely almost included across notably
been the predict So that robust. we this have with quarter, continue. will far COVID-XX in uncertainties the given associated cannot pandemic, But bookings this
pandemic, face outlook our halt. Homeland have, of our of uncertainty Before quarter has the declaration I for the industrial manufacturing with in will about I segments Vicor widespread however, emergency in continued which Security Department economy brought critical Since the is without essential came second the role XXXX, under business to to U.S. the address interruption. of March function as supporting our Massachusetts the sectors to challenges given turn state we of the XX, of policies an infrastructure. operations a on considered of
productivity. quarter, the and while the from In extent we to adapted distancing have to workplace second maintaining feasible social in privileges work have home provided the
our function at We continue engineering three shifts continue globally. our to to and manufacturing sales departments and facility Andover administrative operate
forth and We refer our have and safety the XX-Q regarding to taken employees, our the of listeners measures. substantial measures details I protect health will filing, Form pending these to set which
strength. the and future the to results, is Vicor’s that operational strong uncertainty influence our we financial model possibility franchise, relative and power there related COVID-XX operational to pandemic balance our with Although will COVID-XX enable from may sheet us believe flexible system emerge
call to on We remain to fund plans feet disruptions in addition COVID-XX, to expansion the operating Our we second are a anticipate planned investment to Subject track. the profitable. over to to which facilities related Patrizio. With intend forecasting unexpected instruction that, in to Federal capital this and quarter, increased for And from flow. few turn stated, weeks. equipment our I’ll of Street XX,XXX be construction we from cash as square begin expect revenue the