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solid very in remained service healthy again We products quarter, also business. visibility Customer demand the Power generated demand which an XXXX. and record provides revenues our in resulting into in our book Plasma during order
the products several hand, and in Malaysia June. output resulted On restrictions idling further factory semiconductor new days our our limited other for capacity in COVID-related in for
expected, shortages margins share. to markets, parts our discrete target. resulting with earnings offset upside, this chain resulting across all of were be in these supply largely critical per tax cost addition, worse pressures of continued in QX gross In quarter, our rate Favorable challenge shortfalls the in $X.XX limiting below items revenue associated a our than
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end closely with quickly across through in we a suppliers our year the to and our of while optimize and made to get our to our QX have With before and the on meaningful and improving able be fourth customers both capacity have are Shenzhen factory in capacity decommits deliveries, quick vaccinated working we impact While as impact recent outlook quarter. to leave network are mitigate improves. More to the to actively a improvements, we production expected employees times respond recovery. extended enable supply maintaining are lead respect the Malaysia, broadly, plan some to additional to
ability While confident significant operating medium our results these we the environment near-term, challenges the will have on as to meet our impact long-term and a remain normalizes. our in strategic goals in
have me impact the our on let our sales $XXX our Now, sales were quarter resulting strengthened the off Plasma quarter, availability. continued late a $XX of sequentially. restrictions just last our to X% impacted a contributed industrial year set ago our Revenue greater to increase from demand Power year strengthen the would million. medical overcame results. of book. record degree semi some and record restrictions and COVID-related parts our the increased discuss XX% in than varying market Overall, markets, team our million markets XX% Malaysia, order were which QX. from the and in Revenues Without the Demand sequentially, further to across up in in grew sales throughout by of QX products. in based to $XXX from these Semiconductor million,
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lower also productivity exacerbated by We saw restrictions. Malaysia factory the
the expense related sequential of was and in in due including quarter we was margins $XX,XXX constraints to million second expectations. $X.X $X about environment costs, for slightly quarter the operating million our were to XX.X%. be long-term program and margin annual and margins labor increases come Operating the to of higher were additional as to over and the million, under expect our expenses meet chain planned losses. gross While from our up last $X.X supply interest change FX spending. above addition and of Tegam The of Other expense customer $XX.X pressure million, Non-GAAP we improve. half, confident ability in goal XX% gross continue
expect the continue in expense $X forward. range million We other to million to going be to $X.X
non-GAAP primarily tax expense – our quarter. will or not X.X%, million which on Our favorable next rate items, tax non-GAAP was $X.X repeat discrete
we forward, last quarter tax expect $X.XX GAAP range. ago, and to non-GAAP a rate were up to from but remain down continue the in share, $X.XX year per for the the Earnings from Looking XX% quarter.
We from was QX. Operating total to the now quarter cash Turning just revenue. of a and of million, or million net sheet. cash ended cash flow with million the slightly of $XXX $XX $XXX under second XX% balance up
During paid our in payments. in dividend and million debt of CapEx, towards million in the quarter, $XX million Tegam million the $X.X invested we $X.X acquisition $X.X and
days $X.X working flat In repurchased at we addition, ninety stock days. networking capital million capital of of a From were a about six at during $XX.XX worth quarter, our share. perspective, the
by as support million, to higher we were levels. materials raw acquire times. to X.X However, continued $XX Churns inventory increased demand
level in shortages are few churns to we with Although a XX expect to ship largely rose critical the Receivables $XXX million, DPO short-term. it DSO of XX fully associated abate payable days, inventory we demand. the able quarters, offsetting $XXX increased and parts rebound Accounts to was and to to take may million unchanged the slightly to as rose of days.
announced increased million of share stock in repurchase long-term, authorization to Finally, our today, $XXX repurchase support that our our Directors of strategy. Board we opportunistic
demand Overall our continues supports into let be XXXX. order strong me and growth well Now, to guidance. to turn book
larger supply challenging a our around a more the have environment, chain to a restrictions, in and impact expected uncertainties related near-term. However, to levels few integrated circuit particularly revenue COVID suppliers, are to
result, $XX or be a to million, expect million. QX plus $XXX As revenues approximately minus we
approximately flat to based modestly in quarter second half revenues expect year-over-year levels. the on rebound projections, parts with and However, revenues first we fourth grow half current to
next the We in around year. on improving and to Operating to continued volumes full expect fourth costs quarter QX on lower invest chain as XX% the of about Tegam, we before early quarter, of costs, higher higher programs. realized material full be gross in XX% and margin to being flat with supply expenses and be critical logistics impact R&D slightly the should
As or per earnings a plus result, non-GAAP $X.XX we $X.XX. expect to share QX be
are strategic programs. customer order solutions, book about forward, our power and Looking we are strong demand encouraged traction we in our solid the the in for increasing achieving proprietary
We technologies of operating impact are to taking supply multiple next-generation to chain the delivering staying actions focused challenges, mitigate while and new customers. products on our and
operating we take XXXX. strong your are coupled the growth believe improves, to actions the revenue With environment we current enable earnings deliver solid let's As that, taking demand, Operator? questions. and will with in us
