you, Good Thank everyone. afternoon, Steve.
of operational revenue solid the the and in record of partially grew Revenue quarter organically X% with Medical the reflecting and exceeded semiconductor. revenue anticipated execution. guidance, our market X% $XXX in midpoint $X.XX both year-over-year of Industrial weakness First EPS and offsetting million
out our reducing the deliveries the Our the of times. by was for quarter fourth at exiting we $XXX The was million orders from XX% improved down decline $XXX primarily backlog sequential quarter driven quarter. as million, end customers lead
backlog we our a of expect issues, to over million level critical the resolve quarters. will to few $XXX continue $XXX to next further million normalize we As part
the Revenue market decline meet service million, XX%, delivered slightly as results in inventories executed business, guidance review we our X% demand more completed back to and for implant record to let’s was sequential $XXX of in our and Semiconductor Now, The in revenue better year-over-year restocking sequentially. higher than applications, our detail. was financial ion levels. down targeted customer
X% market record the in quarter. Industrial XX% million, and $XXX a Revenue up last and Medical year-over-year up from was
the acquisition, Excluding for components constraints from revenue last XX% sequentially. record of despite market. and quarter, select X%, grew continued Power year a We delivered organic SL this
revenue XX% million. and to sequentially Computing was Data year-over-year XX% $XX Center down
products. lower revenue as supply primarily actually saw we customers, hyperscale from quarter we in demand some the backlog Although, by for these saw was in chain increase challenges
expect As a this trough few increase revenue level availability the result, from next over quarters as we to improves. parts
of and history Telecom was were sequentially year-over-year demand. parts million. to one secure in and Networking recent XX% $XX up to strongest as we meet X% was It the quarters revenue able to more
and a taking in mix gross up last year and the costs. as modest XX relatively we initial quarter was are volume to quarter. despite material of last from Gross basis XX.X%, and points impact footprint premiums, reduce First of lower margin remained favorable our reduction flat factory result actions optimize margin sequentially,
higher signs supply of to chain. expect results, loosening to early costs we material by continue our in we negatively encouraged the impact While are
to towards we end and costs gross continue result, As as premiums the of the flow our gradual year historical expect improvement inventory. margin in through abate a
launches and Operating slightly driven platform R&D higher expenses by were down the partially product XX.X%. investments reduced million, $XX.X SG&A, new Operating quarter for year. on expected last from margin offset was by quarter this
losses. was EBITDA income adjusted offset other our exchange was due and net to $XX foreign million income, $X.X partially higher million. positive was $XXX,XXX a Depreciation Non-GAAP interest by
breakeven we interest non-GAAP continue earnings environment to Going be to cost the debt and about structure. forward, our we in benefit higher as income expect low current our other from
to other reductions optimize XXXX Last consistent manufacturing current with quarter, our initiated we and operations our achieve targeted restructuring environment. the plan
During across China, the facility, the close operations total reduced over in we XXX in of people, additional quarter, Shenzhen headcount the factory plans and completed our initiated announced company. an by to further actions first closure our
a the $X of restructuring expect recognized in and an million additional a costs $X million further remainder As to incur XXXX. to over million we result, in QX $X
P&L, our XX.X%. rate the tax out Rounding was non-GAAP
are we in and the GAAP to tax non-GAAP to range. our remain XX% rate XXXX, XX% modeling For
As in the was $X.XX down first $X.XX, quarter. EPS previous quarter year last a which from result, and was flat from
operations Turning now quarter securities first to and marketable compared was cash $XXX year. were cash continuing balance of sheet. the net of end Cash Total million, to million last $XX from at flow the with $XX million. million, $XX the
on goods Inventory of on as increased shipments. sequentially $XX raw revenue of customer timing million, higher X% a finished and result increased lower materials or
through ship finished expect quarter. in the these largely second We goods to
increased in to days X.X X.X result, turns increase inventory were to QX. DSO corresponding QX and DPO, also late in quarter. was XX timing days from a We shipments XX a slightly up decreased XXX, which in customer days. the of in As saw on to
During below X% the sales. slightly in invested CapEx, for approximately of quarter, we XXXX our expectation of $XX million first
payments debt made also million of and million principal $X We $X.X dividends. paid in
our environment mixed be demand the our to across now guidance, Turning to markets. continues
second As we the noted last mid-teens revenue quarter to our sequentially. again in in decline semiconductor quarter, the we expect
secure grow same expect the markets, aggregate time, components. critical additional our revenue the QX half for semi first we flat versus trough as In the with the half. in to sequentially we in be we year, At up QX expect second to to being revenues other revenue
a minus second million. revenue result, million, quarter forecasting $XX our or As be to $XXX we are plus approximately
gross XX% cost be in material mix by volumes margin We and anticipated on offset in to QX range improvement expect partially low modest in a premiums. the lower
to of this gross above margins the at in We second expect year. the remain or half level
due quarter, changes, continued stated expenses million and annual QX increase we $X sequentially salary to to $X last to operating As investment. we R&D million inflation, expect
the initiatives. moderate anticipate we control of benefits to second OpEx and to actions of while half investment slightly critical R&D see spending, we our in as year the growth in the However, maintaining
plus we As earnings per $X, QX expect share a non-GAAP to or be $X.XX. million result,
few Before I open for questions, important a it want I points. to highlight up
working, of in demand the in the is anticipated market. market and and offset strategy solid weakness our markets non-semi most our revenue industrial record semiconductor partially medical diversification our First, across
As quarter. result, we are growth first to for a revenue the year-on-year able deliver
as we model enabling more Second, improves, meaningful year, are as exit gross component to we in well the availability margins improve positioned in XXXX. leverage gradually our
for business lead downturn the us stronger. more to cadence Advanced Lastly, will grow our and Energy of products we new exit share enabling strong time, over to believe
to better than As cycles earnings the improve. gain deliver better year, substantially markets share a well believe to and continue are this markets grow previous results than in we as perform result, and we our positioned to
that, With your let’s Operator? take questions.
