Thank fiscal third per sales you, the revenue our above and holiday benefited our by execution in I'll John, largest guidance driven and Thanks then from associated the of as the and expectations, with and week for XX-week record guidance exceeded also from of .
Revenue entire significantly strength for well we million, an start first strong fiscal everyone. which quarter, the fiscal as was from Cirrus good our week, orders outstanding as components we our shipping additional including customer. in earnings smartphones throughout year. to stayed third the range, fiscal $XXX quarter provide the QX. results quarter. delivered share team, revenue afternoon, with record quarter was Shipments
X% volumes. XX% As year-over-year due such, up quarter-over-quarter smartphone increased to and revenue higher unit was
while driven by gross basis, mix. flat, margins. year-over-year in by This margin favorable gross margin to XX.X%, gross gross was premiums reflecting margin increased gross chain by product and profit revenue. on absence costs Turning the basis, and favorable million, now was of sequential wafer XXX $XXX.X at expedite profit roughly was the as basis as and quarter higher fees a inventory points, Non-GAAP reserves. the strong a non-GAAP driven by On lower well partially offset less mainly was supply a
up year $XX.X expenses mostly a XX% in increased to as XX% Non-GAAP an operating substantially sequentially. was quarter-over-quarter employee-related revenue. well but million compensation. increase in expenses extra salaries $XXX.X benefits sequentially, XX-week The higher the costs by of sequential and were the with as due associated Non-GAAP including quarter below variable operating week was increase million,
in revenue. or $XXX.X third income As quarters, will operating we the was Non-GAAP of in quarter to prior control expenses. discretionary XX.X% continue million
Turning now to taxes.
for year GAAP our were recent the December due amounts to 'XX the regarding this December Consequently, R&D taxpayers fiscal Tax IRS the applying U.S. date effective R&D quarter periods Act tax rates benefit rate tax for Cuts and quarter reflect Jobs to lower cumulative guidance expense XXXX. and of of decrease of the provision. the in IRS the than expected for issued non-GAAP since all Our to tax rules capitalization amortization guidance
gross a was line to margin record P&L. net income And the the tax Non-GAAP to alluded higher-than-expected million revenue through the earlier. onetime and to lastly, share the in $XXX.X benefit per as or $X.XX third on I flowed addition the bottom quarter in
balance sheet. Let me now to turn the
to we sheet 'XX continues Our remain and fiscal cash third quarter with $XXX equivalents. and in million balance cash approximately of ended strong, the
strong Our quarter, operations, ending partially quarter. from flow the up to during balance cash cash repurchases million due by was the primarily from $XXX.X offset prior stock
We outstanding. debt continue to have no
I'd noted undrawn reiterate balance in million and credit debt. cash solid that like Additionally, sheet strong, as our quarters, prior on remains position to a $XXX our no with revolver we facility. have
support million as the down we customer's largest our of we down reduced end new QX launch. million, balance inventory the $XXX.X the third drew levels. Inventory at to During inventory was December quarter, $XXX.X quarter product from in
result, approximately from quarter. days in of the a sequentially, with declined and the inventory, days we of XX XXX As days ended days quarter inventory down prior XX
from quarter. fiscal 'XX, slightly in ahead, QX expect Looking prior inventory to the dollars increase we
actively demand our to still commitments. continue manage meet while position to fulfilling purchase We our inventory customer
cash million, quarter, operations flow. flow XX%. and December margin from the quarter was of $XXX.X was CapEx the roughly non-GAAP in for million And to $X.X turning flow cash in resulting free Cash
margin For quarter, the ending was the period non-GAAP cash XX%. flow XX-month in free December
average approximately buyback share common the $XX we XXX,XXX our price to utilized shares On stock million roughly an of $XX.XX. repurchase QX, at front, of in
our As authorization. fiscal of remaining share QX we the million 'XX, $XXX repurchase in had of end
to long-term provide benefit form stock in expect forward. believe We return to continue we the capital which of to going will shareholders repurchases, a
the And now guidance. to on
For revenue $XXX range fiscal of QX the $XXX 'XX, million to we of expect in million.
compensation million, to expected X a to and of be XX-week variable to range We operating sequentially the week Non-GAAP and salaries due $XXX less to in to to million are expect quarter. gross expenses as to decrease $XXX of margin lower return we from XX% XX%. primarily range
to continue control strategically discretionary from we development operating in product invest spending, an perspective, but Overall, to expense drive long-term growth. will
lower non-GAAP guidance rate XX% clarified prior of fiscal is aspects Our approximately XX% to at tax applying XX%, tax which our cumulative of than quarter's XX% to the XXXX be and rules. IRS capitalized benefit reflects the guidance to is of expected recent R&D
non-GAAP record to and strong closing, we a Logic as and by efforts entire execution we QX collective delivered revenue per strong had share, the 'XX earnings thanks In fiscal record Cirrus team. the
long focus company Going forward, enable best will to the profitability both the continue we grow the on over revenue term. and to to opportunities
finally, is company to about specifics And we while let understand not this will now intense in start to relationship. that, our largest the accordance any related customer, the call policy, turn with Chelsea business With Q&A we Cirrus session. me discuss Logic's there to interest
