and Yuval, everyone. morning Thank good you,
into breakdown outset. Before our quarter, four what I Edwin of we have verticals. Starting stated begin, the let this reclassified revenue remind me at market from you
with part respective the service of revenues we peers this change, within consistent majority our included of customers. and their As have markets,
forma In XXXX based market on addition, classifications. we revenue pro have updated Artesyn's these
will tables You and third of the quarter earnings deck. find slide in supplementary data historical
going Also and for as organic an Yuval period. purposes in will inorganic run Company comparative the we functional to drive to synergies, interim efficiencies expect and we in order integrated forward in structure provide mentioned, but the results
million million, revenue Turning of quarter million ago. addition now was above of Artesyn On a owned X% high in XX up revenue the we from added for last quarter. guidance The end results an the up $XXX.X the Total from for $XX.X the and organic $XXX.X of quarter was basis, to the the year our range. days business. XX%
in ahead by million, strengthening Looking our X% product wins. X% sequentially our XX% we're quarter design from up year-over-year. contributions from of the and prior sales was target, at incremental last $XX.X Semiconductor revenue quarter driven investments third and Semi by sales down foundry/logic market. equipment grew and
Looking sequentially, of the our wins. to revenue from we and spending, early signs semi OEM NAND our low inventories mid-teens to strong design into by grow bottoming, expect in total supported incremental foundry logic, revenues QX,
our organic industrial and $XX.X X% the XX% and year. last from basis, and sequential expectations. markets being over the $XX.X quarter million, sequentially pushed an drivers several of Macro projects were were delayed XX% from medical decline at out up major an the second came Revenues with quarters. increase timing down headwinds On from projects and in next in solar line million, revenues primary of this of with
$XX.X organic million, million sequentially in the Artesyn deliver products Data QX. fourth push to continue of revenue in telecom to the revenue sales center wins. our $XX.X improve $XX markets networking and industrial revenues design added new and computing as anticipate quarter and the several to was in products medical was Despite industrial million. we we outs,
Our great team the shipments. strong job closing did a with quarter
I with of you XX to markets However, extrapolate Artesyn revenues reported models. for your in not just these caution forward-looking revenues, days over
the and new programs demand customers. several by strengthen, from into center hyperscale we Going QX, at market computing driven data to anticipate computing enterprise
lower be to hand, into historical to On sales telco than in networking other QX, expected investments. and in the delays levels telecom due are near-term
our X.X% additional was revenue service X.X% expected. QX total As year-over-year information, in as down sequentially and
P&L. can this face information of You find the on the
central X.X% Excluding business the service inverter May, flat and divestiture sequentially year-over-year. in was our down US-based of
Lower used fab business in we will continue the for but remain rate. utilization cumulative at confident, equipment and our term, organic XX% to growth service than grow impacted longer retrofits greater demand quarter,
for million the approximately of margin start-up to and acquisition-related of costs Malaysia was new facility $X.X included quarter Gross XX%. of our Cost sales costs, million factory. related $X.X
We on initial have build-out of products. started good are making and progress builds the
sequentially On improved a and non-GAAP efficiency due margin improved margins was Organic costs, fixed to basis, lower mix. gross XX.X%.
non-GAAP Artesyn gross XXX basis total added but gross margins this profit. quarter by As of $XX approximately products over points, expected, lowered million the
of quarter full of expect acquisition of Looking QX restructuring stock range. gross be Artesyn XX% to in a including of margins $XXX,XXX to $X.X to XX% came transition million operating QX the revenue, intangibles/amortization, at costs, million expenses $XX.X related GAAP with of in adjusted million $XXX,XXX costs. we and compensation $X in and
operating non-GAAP expenses of included Artesyn. items, non-GAAP million at in million, expense $XX.X those Excluding $X.X from which came
downturn well, and semiconductor to executed next-generation this new, spending allowing technology end us team allocating Our into for technologies. critical R&D more achieve investment organic low during at and development product controlling target the while of our costs fund to
margin and we $XX to in fourth million margin GAAP forward, between operating quarter expenses non-GAAP for was expect X.X%, million. operating the adjusted be quarter was Looking operating the XX.X%. $XX
$X.X quarter, million. the During of paid for and debt Artesyn made the our acquisition we first payment of $XXX,XXX financing principal
income recorded Going we our and the net quarterly expense forward, QX, between In both interest $X.X balances. would to $X.X transaction tax reflecting interest certain expense decision of we million, or debt GAAP expect on normal locations. million $X.X cash XX.X%, costs of permanently to election than our higher reinvest in due of earnings to non-deductibility certain to million a and international the change
XX%. $X.X Our non-GAAP tax or million was expense
in be of addition range XX% we tax rate and the forward, the our expect non-GAAP Looking with to of GAAP XX% to Artesyn.
from earnings the items. compared the basis, last $X.XX were operations $X.XX tax share $X.XX a and by Last were year. quarter favorable the business to service earnings results On sale discrete and boosted of quarter's one-time last of from GAAP diluted continuing gain per inverter
Non-GAAP EPS $X.XX, for due revenue our was a ago. compares the upside, the guidance $X.XX above and improvements, the cost the high in year to good prior Artesyn. the end addition quarter of of execution $X.XX and our to quarter on This
and interest the QX, financing, to Including Artesyn owned earnings. our extrapolate the to Again, not contribution. I of $X.XX due over profit analysts, added short expense we caution per to Artesyn investors share in this period
net $XXX cash zero leaving was marketable We Turning cash securities now continuing Operating debt. and and the debt million, $XX.X million, of to from flow the balance with $XXX operations us quarter sheet. of essentially million. with ended total
of of $XXX QX. On basis, working was down cash day Inventory organic and net to capital X including by end to working QX, approximately nearly DSO increased million, slightly million to increased $X our by slightly from by to million added timing an net acquired the due payments. receipts At and $X Artesyn capital. Receivables support XX. increased Payables QX X.X and were rose turns times. shipments early
depreciation the Malaysia higher capacity wins. to was hyperscale was were expenditures the manufacturing in Capital to and support added spending and for facility some quarter million. related million $X.X primarily $X.X design new capital The
not During shares. the quarter, we did any repurchase
let guidance. turn to Now, me
growth million in or revenues mid-teens medical, the with $XXX Artesyn and For organic in of expect products. minus be and growth quarter, semiconductor, we addition million fourth industrial to low to $XX the plus
$X.XX plus estimate minus QX at non-GAAP per or earnings We $X.XX share.
earnings. just and products guided to over non-GAAP represent QX to our Artesyn expect We of half accretive revenue be to
in out semiconductor and market markets coming the demand ramp conclusion, of term. are the new our downturn programs multiple our near In as our strengthening products for is across
with executing our initial of progress integration are company. combined the and planning We pleased in the
products, to for accelerated With diversified and growth acquisition a anticipated and a strengthens we positive revenue synergies, time. more position as stream, foundation this our continue from that powerhouse play the contribution Artesyn pure believe earnings sets over
will With call Operator? open to that, your we the questions.
