Thanks, Jim.
growth top QX in our excess our bottom results delivered and guidance and performance, we exceeded by third lines, mentioned, product our on combination quarter. going also driven strong of revenue operating into of coupled the over our revenue continued expectations guidance strong software the We controls exceeded handily driven for EBITDA quarter by Jim expenses. As adjusted with in excellent revenue well the
and under revenue we would heightened treatment delving that pattern metrics, year. software quarters business coupled conditions. product given Before first patterns, associated expect of fourth in recorded remind I our under details, everyone seasonality this like higher ASC to our of billings seasonal with in results any and into revenue the present to And in further with continue XXX, revenue
were for products. by driven Our software our healthy third results demand quarter
the in year, services. impact up software-related $XX.X to COVID-XX engineering year equaled a continued impacted client to Total for revenue services by in growing million the revenue quarter third the be equaled Total reduction continuing these revenue million X%. product compared to year-over-year. the due and XX% ago, versus on $XXX.X from $XX.X by demand million last revenue $XXX.X in of Software million QX
with year million a quarter prior reductions compared and services results declined on revenue, some about quarter line represent QX, XX%. year. to relative impact the conditions XX%. year spend revenue Customers meaningful also uptick to our predominantly revenue. shifts not in to to imposed this but reflecting QX, revenue software-related the on market external a accounted expectations by to our These due slight a impacts In which compared have QX, our $X.X prior a revenues. of positive software to for an improvement as reflect XX% adjust the compared CES completed currency which in project result Also of continue of improvement expected, the engineering our product declined total to slight compared services client to had Additionally, from XX% customers their declined in response as COVID-XX. declined by Acquisitions
with revenue, revenue of our key product total basis is our revenue, reached XX.X% software driver about over for mix of of of of demonstrates basis as a software increasing mix the quarter, have consistent expanding software toward percentage QX that recent quarter seen with XXX in mix improved QX margins up and year. to XXX year. points product the quarter, the revenue, by forward. XX.X% the segment our product prior XX% very up shift The third For operating shift from progress segment compared Note our revenue a points we with XXXX, going consistent revenue this our software the the of from revenue continued trends equaling
year on period. increasing is revenue of continues percentage that at this increase our the XX% The is compared licensing revenue of strong prior four stream. key about to Our recurring driver the recurring continued increase license software XX%, emphasis points be an is rate, software of recurring, for percentage that to
ago by due by compared increased that Billings in the to view million, and $XXX.X longer We the new impact million have over year renewals, quarter. arrangements were billings in the $X timing can expansions variations to million in periods customer $XXX.X billings period. momentum software quarter quarter-to-quarter. Third to time driven tend of
ago. $XXX.X billings compared year-to-date the $XXX.X year to For million period, million a equaled
quarter adversely had basis a the balance QX negligible P&L impact margin This reflecting the XXXX. billings. an Foreign over effects would move $X in profit results. client revenue. the is year-to-date mostly to driven prior shift services of software-related XX.X%, to currency year to attributable XXX directly million software the I approximately of the third from favorable decline the in was Gross in mix on by by revenue compared Gross points quarter the to product performance. engineering to increase like impacted increase was and
the which excludes QX other and For in to we steps the due proactive assets reduction part intangible expenses, XXXX. of $XX operating quarter, operating operating to from compensation, early to were income, expenses decreased COVID-XX. The million stock-based million response enacted our of largely non-GAAP amortization $XX.X as in
from costs for incremental have expenses be our will recently modest. this impact acquisitions, the remainder announced to we While our operating of non-GAAP will the year
Some the of balance QX we and will QX look continue as in and throughout year, the actions increases of we to the QX over operating expenses in about will speak mitigate we late shortly. undertook which
third is expenses increase COVID-XX coupled in Our substantially top of the exceeded to mix, increase the the and adjusted the driven $XX.X a year's revenue This quarter. million with response reduced range million guidance at in for from $X.X realizing reflects shift by quarter positive environment. last EBITDA our
activity, Consistent to did of ended Univa. sheet. revolver. we and million third our revolver typical $XXX equivalents capacity our in balance We million acquisition and billings the and on the draw on seasonality the million quarter undrawn with in our $XX to cash fund with collections U.S. cash our Turning $XXX in
navigating current to position continue liquidity uncertainties COVID-XX. business, our and along invest environment remains to feel in with the the we business with strong, in prepared associated Our well
cash cash our The of in to third outflow related Cash for XXXX. operations quarter flow an period nine in compared the working primarily used $X of flows. timing. to million normal million the in $XX.X CapEx flow quarter expenditures to for to was current from of Moving lower decrease slightly third $X.X flow slightly flows with last year, cash variations an lower was same in to and for cash outflow operations, offset capital the compared the elements in $XX.X million Free year. by months million improved the
new outlook for since our impact, larger secondary believe We are is perspective guidance a given revenue. our the outperformance typically and around our includes a customers for QX, and QX conservative for lockdowns reflect more conservative especially uncertainty appropriate, a We XXXX on updating globe. fourth the expansion of may to quarter our have portion
global reductions and view of with to impact QX expect engineering We conditions evolves cautious in in in We see operating for client and with prudent current COVID-XX winter adjustments to economic We investment for most translating reflect challenges the along manner, certain technology. balance to demand services. growth the implemented especially a and We the into similar cautious into software-related a is evidence this we services period. R&D believe conservative year, sustainable previously posture continue see to improve, fall as of until tangible that expenses environment.
and to employees' and to Going in given as be effect important and fine-tuned our contractors, correlate to have professional outside reversed into remain is to commitment prior consulting fees cash and workforce expenses company the adjustments business billings level to other our QX, compensate conditions, use collections continues Adjustments as along as to reducing believe we our the it compensation from customers. their we with customers, with such necessary. of
all contributing As to a be restrictions, cost to also sales, continues our remotely, services activities of professional of conducted travel result substantially other and savings.
strategically with and our expand regional that policies continue to we in broad in long-term R&D or and support areas to adapt certain note Just goals our sales we With invest footprint, mind, global local our selectively capacity. our technical conditions. will
commitment and are objectives. our support growth our we continue of believe to evidence to are invest important to technologies people in acquisitions announced recently Our
impact on customers the substantial value continue must across and our and normalize technology Significant QX globe level the Importantly, of highlights business. our through remains solid to our of will as regarding business of differences conditions and this certainly bring who uncertainty in customers to we are motivation all by to we conduct most business people believe balance business when our COVID-XX and the which economic business. may look invest our The the provide for customers affected the to impact geographic performance heavily our year. our conditions we in
footprint. Fortunately, this our have caution a reflects conservatism for industry diverse we we today's and we customer necessary backdrop, operate updated guidance year, a Against with very circumstances. under of the geographic and level and which uncertain believe evolving prudent
Our the to recently announced guidance. not a on significant operating quarter, for our impact fourth have to revenue acquisitions our are expenses, expected reflected although modestly in will add is which
by revenue Adjusted engineering client million EBITDA X% between driven XXXX a to the and we million. reduction $X $XXX $XX between $XXX revenue. in X% to flow million services representing $XX For product $XXX and representing an XXXX, $XXX presently million primarily Total X% of million year, increase and XXXX. representing software revenue of software-related of million, between $XX Free and a cash to from and from expect between growth year-over-year. X% million decrease X% million, X%
our cash and flow before, mentioned patterns collection billings to following expectations seasonality our the As free billings. of are sensitive
million of X% $X.X of from XXXX, software from $XX Total Adjusted these exchange $XXX representing the million, guidance decrease $XXX of million close product between been X% in decrease the QX and revenue As market are XX% issued XXXX. and release yesterday. period and million $X and fourth last between a after representing representing press tables million, to to from $X Further year. between detailed assume same million expectations XXXX. between provided rates. X% to Please $X.X $XX foreign stable revenue expectations the decrease our million a of have that million, note quarter EBITDA a about
for for and million the calls $X tax quarter. expectations of between Our million balance for fourth of $X the expense XXXX
valuation the due value to the GAAP purposes for the or capture reminder, are foreign we tax a are As able of credits primarily that not U.S., losses operating our to we in financials. allowance in position in
share, in to a price to senior at our per million to strong this two continue prior approximately an average X.X detailed December million drive $XX.XX June additional options approximately global issued filings, incentive value. expect in teams to and of we in long-term year, our options of As issue we
rapid account a view guidance the a takes believe manner. in unpredictable compensation into COVID-XX increase Our cautious most and We in with very expected options. metrics is issuance appropriate expense pace of the an this developments on the updated from are continuing relevant evolving and share-based perspective. conservative at
R&D activities Our are of essential design technologies industries. to product customers across engineering the many and our
Our important data for information which analysis and today's environment. be streams analytics deep of can can to our critically products decisions, customers respond better the that in important need make rapidly so
suited Our our allows key expanding licensing model meet benefits future to we well customers. support our is and the remarkably to And to customers. us leverage of provide the needs present
so the us we opportunistically. to Our sheet gives strong targeted balance to continue flexibility pursue to do M&A activities. And expect continue to
the by and can our the questions. at We customer-centered employees model, our to globe. that, With combination of business call technology resilient open licensing driven investments, now are the our how focus quite we is, around pleased operator,
