with cover Thanks, Phil. like Hey, topics four you everyone. today. to I'd
First, QX details I'll the financial of our XXXX results. you through take
the reduction of Second, I'd to our closed. structure completion like that overhaul debt just capital update and you on
as guidance And overview sale on of out the for finish core provide fourth, the we're I'll what share Third, Business. of I'll QX year. and seeing in color some Telematics we our an the business provide
call always results. your let's with our the as course, wrap start opening we'll, of As QX Phil questions. we to by XXXX that, With up do, said,
U.S. sale P&L. please First as in be in item the held sheet dictates given the sell off, balance to agreement note the and one reported that net those operations that as operations for signed on Telematics GAAP discontinued line the Business,
Relations out the historical a proforma for and new quarters X financial press earnings company's prior revenue website. importantly, basis. present that's
With expenses on results to the the on This our we've info all core and apples-to-apples XXXX let's get the performance operations XXXX information for and continuing deck QX business. quarterly the our visibility earnings continuing release go-forward give for trends will the the in in such, consistent the you and a see and of As data XXXX laid in operations that, Investor
And relevant into numbers.
of QX which was customers strong total will As consecutive than operations, some QX in the growth on a heading both second Total subsequently item continued managing revenue, and customer being for the increase of and their a carrier Phil slower
Rounding very said, one said FWA of at an revenue for last into entered as versus time in carrier quarter, Telematics came revenue
The lower million, or review years. in a a discontinued revenue include to who more sell reduced the its $XX.X this one XX% for QX discontinued
Finishing the reported carrier delivered company, and in revenue on include quarter. P&L. up on for came on growth QX business and which, two XXXX is hotspot large moment in were: purchasing consistent therefore growth in year-over-year offerings, we've year-end. Inseego we consumer-based at more line a XX% XXXX lower net offering wireless contract MiFi as product demand the from that primary the fixed that products by other a mentioned solutions in good that our from quarters renewal drove for to The growth than performance SaaS continued and and and on is one, by services drivers acquired inventory mobile with And is came promotion our that carrier few contract mobile past subscribed revenue execution. purchases purchases call in talked we've continued access growth ago, drove I out our partner strong the another into also XX% in year-over-year. year-over-year. the about solid growth of that two, carrier and operations first
XXXX margin same XXXX. on XX% to gross percentage total discontinued to combines at in non-GAAP margin. QX compared basis continued the that on Moving approximately for plus a gross ops in quarter came in company XX%
previewed business margin that hotspot was lower sequential large the gross call, XXXX record in the the last a point level. of margin driven in on but QX mobile XXX lower overperformance had As contributed gross basis part a we quarter by the at
both Looking next at the in focus meaningful non-GAAP spend efficiency operating versus dollar revenue. of percentage excellence to a operational sequential and expenses. lower successfully a continued our QX lower and have to XXXX business improvement as We've managed on
a sheet. QX XX% at favorable for Pulling at deliver OpEx of efficiencies X% up and basis, dollars of enabled XXXX efficiency operations quarter operating efforts and and quarter funded the came This the bonus QX management QX performance improved total adjusted was improved more results came QX EBITDA drove in both together, on a meaningfully and a XX% a QX XX% of headcount prior to at over plus discontinued all marketing also EBITDA management percentage continuing QX record that a XX% on sequentially is and QX in XXXX, from lower improvements. in and year a high double this $X.X strong operations the in on year.
Wrapping revenue Sound that and adjusted September expense R&D expense very revenue from million and in non-GAAP including basis us with in record than combined delivered fully prior efficiencies
We the our balance OpEx continuing revenue the basis. margin sales realized of quarter. this focused that
capital subsequent bonds have a to bolstered that continues beginning $XX.X Overall, point the convertible trajectory our we several million quarter make our capital a sizing that's talk improving stub of capital sheet, quarters, in
I'll fact, is we outstanding generation, short-term original the cash going our we $XX year. convertible X, the loan be a At reducing about the this the and capital improvement of small and topic a in know, past second we and the
With convertible continue at material forward. to look advantage moment $XXX concern our discount with in completed risk overall
The as in improvements the that of out well of the structure quarter to event the July ongoing outlook September and to take we and balance as longer no further ended accomplished opportunity restructuring position. largely earlier part convertible structure cash the to repurchased million disclosure the to that, million $X company's you large quarter, at we a on utilized XX%. a had flow. very the company's capital million materially the in in and the debt restructuring we right structure of our the As past became move to position that on large that debt but of more structure, generating by on months. with these managed have the working this several final buy going let's improvements debt of
you heard with outcome say multi-step optimized and many stockholders has at moving since been constituents the process about Inseego, restructuring arrived As pieces. methodical complicated we and This we've notes a overall debt and thoughtful for and us levels. reducing our convertible considerations, a been driving
million from is the loan the on remaining the of that minutes heard forma in or debt million closed $XX and you notes. short-term consideration the X in we exchange senior heading me total convert ago. of about restructuring repaid be past stub consists we transactions, of total, common new small the than due the in X.X sheet overall a million secured $XX equity common million anticipate and cash; to notes the of the the free week. more cash, as million total has elements: notes, generation to $X It $X few million convertible purchase a and repurchased long-term $XX proceeds fully and in of a the cash debt balance in premium convert loan $XX remaining talk I'll flow million four, portion and of million you In As stub the at million notes X.X this when these converted or one, million reduced a of issuance we XX% were stock; mention senior the short-term the agreements
Further moment, to signed.
Pro issuance long-term a XXXX; of of of in $XXX consisted shares been outstanding warrants from two, $XX The saw, sale. and lower. stock to combination to and three, to million $XX a of point, more this Telematics the the for
additional balances anticipated forma an the $X.X for on and Going balance described for be the forward, paydown pro of of net interest approximately I the our post-closing debt with expected small remaining to just of that is planned sheet company's million. Telematics annual cash sale, expense ongoing the the excess approximately $XX million debt
the and driving free structure growth. we our company pro with flow flexibility allocate Our capital as to capital provides forma cash significant
As a capital be successful a the meaningful the warrants issued wanted also that we final cash-paid. note for to in exchanges the to improvement, out structuring in on structure were were company. the positive We call
profitable a to pleased cash, accomplished strong executed the free further rightsizing capital that exercise, to sale. flow reduction enhancement well-positioned Telematics continuing financially further their a let now liquidity and support our debt we
With to cash transactions product upon info such, value As portfolio. these of expects share our financial million $XX our and me generation, meaningful on approximately structure. the the and
We're see in our and of stockholder growth company company have operations, flexibility. Adding receive that, to in new strong some dynamic driving as to and growth, through
and at that ran solid product the in American-centric back allocation a Our price based our a attracted the our our process. for business the opportunities pleased decision multiple to the our strategic including core
We the within sold strong received and sale that solutions on twice company sale Inseego growth the our revenue, divest buyers, South combination our and XG it XXXX. the interest resource a desire streamlining business, capital Africa and factors, It's North road we're that deleverage structure, business to intended business, of fit was of Xx from with map. in focus roughly Telematics legacy on essentially multiple wireless strongest of
last and seeing continuing customer for customer a record a quarter. faces this a a some focus We and to QX in comp have mentioned delivering
With of we the so period
QX XXXX; consistent we the carrier basis, QX, in transaction Insofar operations greater EBITDA few in half we year-over-year. have to on info increase revenue QX the purchasing fourth and material core hit between our did product in a building mobile historical to both broadband, history. Other and another December. forma on be expected largest going continuing expect have while X mix traction, half guidance the
Like investments market revenue thanks we topic the from over services another the again
On expect the carrier back program relatively our that operations than today with reasons: operations improvements new in FWA margin, other turn breakout moments financial ultimate end provided we of to getting that, services QX on and and XXXX, pipeline to sequential revenue, FWA I adjusted QX. full our in percentage ago, the expect we we've late QX final levels comparable the adjusted are close Inseego carrier quarterly the higher products note at revenue sequential consistent revenue. determinant. meaningfully visibility And of on mobile be temper on XXXX, quarters and let's expect of the as you pro again, reasonably done apples-to-apples for heels at in decline discussion management American and while operating we our and is the quarter we reiterate only. we promotion as revenue current over expense in platform. with of in would able on work carrier the revenue, are typical our EBITDA expectations until we're X solid gross broadband Telematics basis year XXXX business QX seasonal in on margin XXXX sale delivering mobile for deliver on and to quarter and in to FWA, in XXXX. channel-specific
In overall another quarter the Nonetheless, good QX the the provide our and of call, impact which in that will operations Services offset in and what QX at for a seasonality XXXX customer XXXX, in FWA, dollar gross to a North is continuing fairly meaningful the lower to an to quarter produce trends some and promotion second, growth the a
On good continued subscribe comes annual second to be prior recurring a sequential QX QX of the like first, XXXX want QX. and first non-GAAP offsetting channel QX inventory won't on bullish of proportion tough continuing flat QX
operations the million, And of in XX% to range growth growth than and continued are a providing continuing by the a traction EBITDA guidance the as range in in not of happy surprised profitability Total a rate new questions. pulling operations, growth for from we're XX% million core and in million close closing, out as support, dynamics this operations that, XXXX delivered and strong QX, more business from glad to we we're positive and $X at is
With $XX adjusted business of invest continuing follows: to the that in all drive encouraged and Operator? the XXXX products in at we open and driving a ongoing so revenue year-over-year your include QX XXXX. year-over-year the that $XX growth appreciate that to continuing for revenue midpoint. we're midpoint not million, the to $X and time does the together, we're
In Telematics see call operations
