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operating operational is extent inventories dedicated raw material uncertainty the influence until passes. financial the future our enable related negatively COVID-XX liquidity, conduct to to our we to Vicor and Although will and the business workforce pandemic flexible will pandemic model, believe results, continue effectively there existing
monitoring additional on particularly evolve, the are our and address COVID-XX of require. or when or recur. estimate such local much potential Because with influence worldwide financial take risks such extent changing performance is of and influence COVID-XX of may control, so if federal, state they to associated influence of outside actions our risks cannot the we We circumstances might as operational governments
results. consolidated to turning Now
volume the in COVID-XX rose Vicor million. a rose sequentially sequentially, acceleration. pandemic quarter contributed lower of million, for the reduced AI total from of reflecting on $XX.X both revenue recorded reflecting shipments sequentially distributors quarter's US and China, primarily X% release, by recovery revenue shipments stocking second ramping lateral domestic shipments, Brick XX.X% prior our turn's the of lower quarter. notably As reflecting Products' for for influence press to manufacturing. overall Products' markets, solutions the Asian offset stated revenue today's up XX.X% to Advanced $XX.X of The power
levels. including a supply in customers return While essential and to defense domestic QX significantly of industries, contractors pre-pandemic have yet production reduced some range we to demand
will once the Chinese believe this hopeful has consider not quick our do are We experience but demand the has it postponed. evaporated We business, pandemic experienced. business same recovery abates, US our
revenue to For QX, total rose of to share share total while revenue. Brick Products' Advanced declined of XX.X% Products' XX.X%
production aforementioned COVID-XX manufacturers, sequentially unit Brick a slip the margins revenue. as continue product of of customers. volume, shipments percentage ongoing even Our total our OEM mix the revenues, Despite and increased QX's revenue China Brick recovers. the of considerations a revenue of partners to subcontract of the a three-tenths XX% of recovery percentage as pandemic reflecting impact from Advanced to higher States, well recovered. gross percentage expectation XX.X% is Asian chain the declined demand building pandemic cause domestic on consolidated Advanced domestic of near revenue point United as approximately Reflecting XX% from to for to period. grow in of Exports share supply as our will their for shift as Products to is as that systems Unfortunately, approximately vendors yet charges to demand to tariff Asian Customs burdened QX. for doubling variances of for XX.X% the the We Shipments a Gross by was $X to million our total customers again also US address European drawback the impact filings. Products margin higher and to also of inefficiencies encountered challenges. with COVID-XX duty cost struggled totaling Products
So we million yet have of in the $X.X any on amount to Chinese total recover imports. of date paid tariffs to
in a a with we audit a sales decline expenses than drawback. marketing and now costs is R&D. associated X.X% pandemic mainly decline costs this expenses. discussed, and eligible decline travel turn and declined related with with amount more in previously to of I'll for half sequentially and the decline the As legal anticipate costs, in prototyping given in G&A operating Total QX OpEx
statement. to well-being income not expenses and directly expenses quarter, equity COVID-XX employee safety please reflected associated approximately on incremental charge were a response pandemic. and $XXX,XXX note reported with to our our offering For we incurred the paid-in our June the were associated with of Also, the as capital
with As acceleration our over value in June. charge the the expenses award a highlighted be in press pro tied of by five-year non-cash overall compensation that equity-based of would results QX One recognized expect award to stock an associated options. were release, of affected vesting might the of period rata the $X.X million the options
age were plan the options $X.X However, all and to respectively, is expense for SG&A been in have getting fees original point representing out the the non-GAAP million because and The Without for of that record reached of vesting option of time into simply expedite goods, to at quarter, our an -- operating the and million at absent surcharges cost margin their expense approximately We XX.X vendor certain R&D compensation X%. anyone the for and $X would $X,XXX,XXX. unvested that QX of equity-based the including, charge, accounting included allows over million $X income required operating $X have the tariff charge who retain I'll period, us totaling million, compensation disclosure, totaling and for award operating compensation margin recorded million $XXX,XXX of $XXX,XXX, the for $X employees age. amounts total appreciably of our retire higher.
those profitability. year and primarily for a diluted of attributable options. periods. income another income result small required based recorded for to Turning of although million. share $X.X share for on to forecasting stock benefit income Net accounting benefit to exercised options net taxes. we year-to-date $XXX,XXX, of X,XXX,XXX Vicor $X.XX exercisable are full QX QX count for earnings which fully GAAP was tax QX tax per was due includes the XX,XXX,XXX, totaled We The during
our As a offering. reminder, including June the X,XXX,XXX over-allotment share option underwriters' shares, in we issued
likely totaled Cash offering. slightly Accounts X.X% sheet. of end million to as into capital expenditures quarter All from net reserves, customers Annualized support Inventories, $XX with projects raw estimated rose balance representing in $XXX.X we turns made $XX account proceeds million. during the approximately be XX meaningful will our production. quarter-end of the the days. for XX to Cash to are of net million equipment taking accommodations our million. at cash period June placed to end, near-term at our to bringing $XXX.X increasing the no million remained before increasing period. at X.X. $XX.X increased The days and balances of total approximately the net trade totaled at In Turning QX contrast, over the receivables quarter's end, year share currently value million outlook to million, and Capital sequentially current equivalents projects COVID-XX approved we expansion challenges. $XX.X from have reserves, budgeted had DSOs the million to balance of to increased totaled service million $XX by sequentially prior underway. for for $X.X $X.X receivable, materials for due be approved
year-end, balance XXXX. in with million disbursed approximately the We before to to disbursed be $XX expected
customers As previously amount a was in the overall placed Street total to The bookings now XX.X%. million expect but increase rose and million, our X.XX. and either X.XX into mid-year at to quarter-end, before book-to-bill QX bookings customers related orders by construction sequentially. challenges million, $XX.X of to XXX totaled Products backlog of $X rescheduled challenges. XXXX. XX.X% QX, current Products disclosed, the now backlog. manufacturing and we underway us At QX address by balance do the Advanced facility, service We much of or X.XX Brick not mentioned from of and sequential at increase $XXX.X by $XX COVID-XX million backlog is faced Federal be earlier approximately at I'll with due includes an QX
increased the said Products, strength Patrizio, to quarter, your outlook With improved Brick that, are third Products' the that in China, I for scheduled indications of we customers' quarter. our strength for our for Asia, yet that, profitability demand Operator? domestic influences to continue forecasting existing but we take expect not and forecasts. show based of for Phil will backlog given maybe bookings near-term to course in COVID-XX, questions. and Turning we Having the QX resuming. July on have third seen and subject revenue Advanced in in notably bookings
