afternoon Thanks results review outlook. quarter I’ll with start provide our Michael, a our the to good for current completed recently and of everyone. financial and then
complete to such. relative expect guidance the March not and the certain quarter million, included resulted one products and Revenue end to these have from for quarter quarter IoT guidance. did prior deliverables low in quarter had during December previous and as processor our XX%, respectively. for the the which We December our of We expectations. toward $XXX XX%, in XX% customer results in milestones PC, lower Mobile complete our was revenue now that our were IoT,
inventory that was of revenue quarter to December and down due consolidated December Mobile quarter and double-digit at sequentially forecasts. IoT and partners. driven other of in PC Year-over-year, was single XX% product down deal accumulation X% an XX%, in channel customers our by Outside all line down prior year-over-year revenue the with products. our performed declines was delayed, was customers
line XX% our PC and expectations, to down market reflecting In a customers XX% reduce in inventory. PC, revenue our with year-over-year, quarter December as was drive sequentially down weaker
immune Our it higher stable leads spending economic when generally but IT mix enterprise not is more a curtailed. to downturns performance, to commercial is
are We by and of inventories clearing begin June. signs demand early expect recovering seeing to PC
up year December as likely end, the our Mobile declined of The our but quarter of at which delivery products year-over-year. took December comes before quarter XX% XX% Our revenue quarter forecast. was calendar the March outperformed sequentially expectations customers expense product
benefit are believe demand. stabilization. end view of we versus this and area as a market signs unanticipated fundamental inventories in We an We down timing this customer coming change in
of we During greater approximately one quarter, had multiple customer XX% at XX%, revenue, a than the distributor OEMs. servicing
gross was IoT the delay XX.X%, includes was For of margin amortization $XX.X and which was quarter, mentioned. impacted non-GAAP deal compensation GAAP asset our gross negatively of million costs. December the the share-based by XX.X% and of intangible million December $X previously quarter margin
transaction million, in amortization operating of million, related December of of $X.X GAAP $X.X quarter includes million. amortization million, development costs prepaid compensation which the $X.X were and million, of $XX expenses $XXX.X intangibles costs of share-based
due our slow rate as were down million low operating quarter related quarter lower to expenses toward costs personnel of our new the December $XX.X primarily the to begin end and of non-GAAP from investments. preceding guidance of we
Our rate XX.X% GAAP XX%. tax and was the for non-GAAP rate quarter, was tax
In share. income of net had GAAP the diluted GAAP income December of million per $XX we $X.XX quarter, or net
Non- offset share in XX% end XX% and GAAP same diluted was range quarter of operating expenses. ago. of per a of was prior a the income quarter net from low gross non-GAAP the guidance as revenue EPS year the lower lower December million, Our impact the was margin of $XX.X above and a $X.XX decrease decrease quarter the our from by
of used million and million, cash $XX a cash We from our preceding taxes the our offset share of balance by with and used cash, under hand; to million for of flow on million cash $XX of short-term to related quarter $XXX acquisitions, cash program. quarter repurchase $XX equivalents, with million million for of payroll equity decline program, ended turning used compensation Now $XX investments $XX from the sheet. the operations
balance were $X.X XXX, the last December quarter for with days $X.X up slightly Days Receivables quarter. of last of above of was $XXX XXX.X inventory XX expenditures and end were at and quarter. depreciation were prior quarter inventory capital was days consistent million. sales the million year, from XX, last of for paid from down outstanding ending was Cash but million million the and $XXX.X XX
our quarter, reduced next to orders last our quarter work bring to to our normal During the actively to further expect decline inventory we inventory and we suppliers levels. as have down
repurchased quarter authorization. approximately of roughly $XX call, buyback we $XXX additional million. We shares thousand X under an aggregate for million million today’s the current cost have $XXX an through have and available restarting during Since million bought September in shares program and our back for approximately our XXX
allocation Our unchanged. to continue priorities capital be
expand cash to debt our is paydown flow that continue in and for absent balance utilize to cash us We sufficient on healthy we opportunities acquisition Our our help product tuck-in to any our further and plan excess M&A repurchases sheet enhance have and portfolio execute markets. share target will activity.
Now, let our outlook. The to quarter March situation remains turn challenging opaque. macro me and
to and the react to macro environment continue forecasts Our on reducing with focused inventories. customers their are
with mutually We partners customers continue to and cancellation channel to our manage work requests. and pushouts in beneficial ways
of We be anticipate to in $XXX March decline sequential revenue X% at the a range for the to million, $XXX million of mid-point. the approximately quarter
quarter from XX%, and We XX% XX%, mix expect and our respectively. in IoT, Mobile to revenue be approximately products the PC, March
seeing early with We products. than down are - inventories sell-out being than sell-in greater for most signs greater of sell-in worked
customers to We XXXX of inventory to calendar of will run deplete consumption. rates normal continue before half expect more their throughout returning first the
of profile, communicated, XX%. margin previously the our maintain to expected range in expect to for to strong quarter the be with As March GAAP margin gross gross we XX%
delayed expect non-GAAP to XX%, an the adding March from the quarter during approximately basis to XX% close expect deal in gross XXX we points. previously quarter range previous margin improvement the of as We the
to non-GAAP year. target that will of our progress as trend toward gross the through long-term margin believe we We calendar continue XX
March of million, expenses $XXX to operating $XXX amortization, development in the GAAP amortization, intangibles million expect prepaid which range share-based quarter compensation. in cost to the We and includes be
company. $XX operating non-GAAP the both be December line balance growth pressures areas committed will in levels to expense We our for to levels current results our March but remain long-term continue believe expect opportunities quarter of $XXX and the our million. and spending investment million in We to with and monitor focused be near-term the to in range our
in for million GAAP of to range of result, an in is diluted the shares. estimated income per be to diluted range income share, a diluted is anticipated our the to expected share per $X.XX March And, non-GAAP net share fully be As quarter $X.XX on to net XX $X.XX. per $X.XX
income the a As on our of an rate the $X invested and variable net cash, interest interest by the interest an approximately debt, offset million. expense March in of portion result in quarter expect non-GAAP partially in to our increase be increase on we
to XX%. remain to XXXX the tax of range rate Finally, we and expect long-term our unchanged non-GAAP fiscal XX% in
This the our remarks. session. now Operator? over up start wraps to prepared operator Q&A I’d the turn call the to like to
