Steve, Thank afternoon, quarter the due We on at execution good end revenue. some macroeconomic in of softening earnings late to our solid slightly a high came lower demand that and the factors. largely saw guidance everyone. was of QX you, quarter, in with
gross However, actions control to operations deliver to our us operating sequentially and we spending margins. took and improve discretionary enabled higher
earnings with Together sequentially taxes, increased X% on lower and income interest XX% revenue. higher lower
operating ever for the level the was Importantly, flow at cash highest company.
and their with Finally, customers patterns, order our $XXX down came lead shortened adjusting to are backlog million. times,
to a of end $XXX backlog by million will current the level of $XXX to million We continue to expect our the quarter. settle
a softer despite the up Overall, had as shaping believe year demand environment, expected. is we we
and cost We upturn. structure improving are while the next new on for activity preparing focused driving our product
million, up X% a quarter $XXX in year let's our our and quarter-over-quarter that a consistent million, Now market year-over-year. peak sequentially quarter X% the bottom. Industrial was XX% and X% was more Revenue financial semiconductor results view detail. down review revenue in Medical from with $XXX market down in and was QX million, near-term the Total XX% our $XXX Revenue from ago. last was
the Medical Following quarter. several softening saw some in results, record quarters late demand and Industrial of in
a offset Looking the of forward, largely prior revenues QX. we in wins expect incremental macroeconomic to environment sluggish impact from design
due cyclical backlog. AI due revenue year-over-year the in to Data the applications. $XX hyperscale we Networking customer Center XX% fulfilled sequentially revenue for the year-over-year, declined Computing $XX ramp as up X% market. of overdue to server was down to enterprise Sales was million, XX% XX% Telecom a downturn at and sequentially million, and
XX lower up we XX.X%, was basis QX lower mix margin continued costs. paid taper. gross critical and components material we Premiums on volume for as to QX points improved from from benefited
to benefits premiums in XXXX. As of rolled the costs from inventory to see full the first through half lower prior P&L, we quarters the expect of
continue manufacturing also operations actions optimize to We our footprint take to efficiency. and
the should $XX discretionary million, into gross was foreign Non-GAAP XX larger, last to million, and adjusted operating spending. interest was to $XX.X margin of cost million. was sequentially. Operating $X.X income other losses. capacity contribute were points from controlled QX we up expenses over higher Depreciation our factories by million, offset $X.X partially XX.X%, as EBITDA and more was down income, was OpEx exchange net course XXXX. basis structure below Consolidating due managed our our quarter. higher guidance efficient margins
expect our level given income $X to of other to range in few rates. non-GAAP current cash next forward, million our the and quarters, be the of interest Looking $X.X we million for
As a plan reminder, in restructuring initiated optimize the fourth quarter of operations. a XXXX, we manufacturing our to
actions to and are to translating to our benefits We on XXXX. course over our of margins of better the track see the expect plan
plan, fourth QX costs restructuring in additional to quarter. to $X recognized expect Consistent this million with incur $X and million an million in the we $X in
strategies tax our XX%, below our X.X%, to Our to non-GAAP related quarter tax QX implemented rate discrete tax due benefits to of target lower this rate. was we
are XX%. and now XXXX of around modeling we QX non-GAAP result a As and our these at tax strategies, rate GAAP
the of EPS and guidance $X.XX end of $X.XX $X.XX our quarter ago. above of a from but $X.XX, Third year down QX at was of high
have If you EPS $X.XX. target rate would XX%, been apply of QX prior our tax
from X.X% sheet. end completed net $XXX transactions $XXX our of cash quarter operations in in with convertible Turning now the and were the proceeds million $XX.X we from associated Operating a flow balance the at was approximately marketable continuing that notes to million. Total cash record offering senior third million securities included September. and
to $XXX from million. and related offering the $XXX convertible Excluding increased transactions, million cash
$XX was sequentially Inventory contribute at monetize Net to inventory million. X% down to XX% started $XX end cash third on-hand decreased as quarter flow. and the the million, year-over-year, actions to cash of to
$XX to target payable XX decreased in X DSO decreased working or As below X%. approximately QX XX a our and XXX days XXX was QX increased inventory result, of was X.X% improved days. days sequentially Days sales X.Xx in XXX X X.Xx. days. CapEx capital Net to turns days and near-term and days from of to from million to
investment cost and our to to year our quarter plan consolidation factory. the which the includes for Thailand new around this We next continue sales, the expect of in of manufacturing the and X% CapEx remain
and dividends. million of During we debt paid in the million principal quarter, $X.X payments made $X
note we our common to stock. shares part the of as convertible XXX,XXX Finally, $XX million offering, used of repurchase
commentary let's be guidance. Consistent with our we revenue half. will to flat last expect up from quarter, half Now second semiconductor turn the versus that first to our
and in in Networking, in Telecom grow year to XXXX from revenue aggregate, with and we our Medical expect markets cyclical to For continue growth Data slightly offset non-semiconductor weakness low by Center. and double-digit Industrial last
and looking quarters. normalize the revenues of However, Telecom expect next to a quarter million forward, towards over to continue Networking couple we $XX
revenue result, a QX our $XXX are we million. million, As plus/minus $XX forecasting at
We expect QX to on gross margin to slightly QX lower volume. be similar
expenses of per Based of expect QX we on earnings plus/minus We $X.XX, investments a be to to XX%, non-GAAP in about QX cost rate flat products, other new $X.XX. offset be QX with operating by with expect reductions. timing tax share
executing are plans we Let Overall, for XXXX. our few me make a concluding comments.
is Our enabling impact corrections mitigate strategy diversification macroeconomic our some a the environment and ongoing markets. sluggish in of us to of
previous significantly to to We our in markets better continue perform better and semiconductor cycles. expect than than
Looking to forward upside these the quarters, XXXX, semiconductor next to revenues sooner. if continue recovers the bounce we levels but market to for expect are for prepared few around
our performance growth and paced markets of We customer other investments. hyperscale be in of levels in Networking, and and opportunities expect for products all in partially normalization factors, Telecom macroeconomic to from orders new channel revenue by by timing offset
margin cyclical meantime, products on our towards in we and mix the company control to to investing next higher-margin of critical gross operating We margins shift are reach improve actions believe position upturn. to operational and XX%. efficiency the long-term the our costs, over prepare In while gross improving target focused for programs
have operating your flexibility questions. Operator? multiple for solid flow with value paths that, shareholders. create position, we With a financial and Finally, strong let's cash to and cash take our
