for you discuss outlook our of fourth us. thank and joining for the the and full quarter I'll review third our financial results Babak, Thanks, XXXX Today, quarter year. and for
unaudited we on October full updated and QX XX. revenue reminder, a our year announced preliminary As guidance
today. which Slide drivers our to couple XX. to like There Turning of a are model, in I'd business highlight growth
remain as the Babak excited remarks, about covered modeling enormous twin prepared create in First, value customers. we our our digital for platform his for to opportunity very
our our engineers market acquisitions model. we actively strong strong scale presence, competitiveness operational scientists and pursuing enhance will that our and our financial are we much position and needed Second, leverage provide business bolster add products, can expertise, strategic and that believe with
with on order as significant the IP first slide.
Starting order of the moving major gross revenue decrease so secured we which memory quarter software FTCO twin win taking believe semiconductor products of Now, note far longer performance the is of deployment of expands QX, recognized our portion our chain. achieved for and strategic let's It bookings digital a XX% company that next day up be expected financial than a for million, third turn product.
The we to to $X.X function discuss follow-on the order will to a customer, we finalize is value originally bookings, a of and important in million year-over-year. the of through $X our QX. relationship from is It us, a the our a
Additionally, there delay orders, principally in from was a China. certain
However, from be to the we coming quarters. customers all orders if book and we revenue in recognize many, believe able will of these not
relatively of QX our as reminder, our XX% a of a year-to-date remains As revenue, China of portion modest revenue XXXX. overall
power markets see where For XX, customer in QX, X wins to we XX X new key the including successfully added to we brings market demand. which XX new our customers, and strong year-to-date automotive, continue
generate software revenue of from to products. We XX. on sales our revenue IP Turning Slide and
license to revenue an new existing a upon upfront delivery for licensed reminder, of a software customer, a we products. As new sale recognize customer the generally or product
beginning the of is contract tenure, at over seat usually is recognized the typically customer. an additional and delivery from customer, the since For is a to sale services the example, upsell upon cash recognition these is typically extension technology of is in straightforward the any additional revenue of licenses cases, term. generally once The performance the license received an revenue renewal revenue license existing the or the product the sold some without customer obligation.
Unless for period.
Maintenance involved, or of recognized the is of to customization evenly are of products recognized the SIP
due previously previous XX% delayed mentioned. is Year-to-date year. flat through total For the which third posted million to we total orders year-over-year, down quarter, of to revenue the $XX.X revenue, in primarily $XX recognized the compared QX, million, we
equates double-digit remarks.
The the we will the reference revenue guidance following are third see year-to-date be XX reiterating record 'XX splits believe and pie we in we quarterly which my year. October the the the show we release, quarter full As will what splits. QX I to FY will for press growth in charts in in the provided slides,
in note of included historical on However, XX website. Relations along available quarters data these, that please are the financial supplement with Investor our
revenue year-to-date our to $X the basis, with XXXX, on and at higher bit came $XX.X XX% that into quarter software product year-over-year, is maintenance third For while revenue sales, XX% software our revenue TCAD and maintenance of EBITDA XX%
On million for chart FTCO was following: approximately million, million, revenue revenue the a X% of XXXX, was build year-over-year, TCAD $X total million XX% the was and services. EBITDA license of order up of software even to revenue sales of million.
This bit a was sales. revenue and services large year-to-date of On from basis slipping TCAD 'XX TCAD of X% the was lower revenue $X.X year-to-date a $XX.X was base. or third from was the shows order revenue was SIP $XX.X as and at of Year-to-date, not up $X.X product QX. large of include
QX revenue of million million, XX% licensing, continue XX%.
QX of booked 'XX a that a million million XX% revenue maintenance or which revenue license services year-to-date the recurring we X% sales $X.X quarter does year-over-year brings SIP was down QX. of in basis, $XX.X and
EBITDA Pacific up region. to well or strategic $X.X is million agreement the is impacted in on SIP still a solid we X%.
SIP TCAD million or delays as So, on its refill in year-to-date basis by QX is had year-to-date in a as the continue renewing basis from playing year-to-date. down order being catch-up $X.X the Asia delay XX% trends. nicely growth down set is a
opportunities Although we revenue engineering bulk particular, to short-term profitability. results, the as this aren't well enhance satisfied needed line products, much we future. product as in have with technologies numerous this provide M&A high bolster complementary and in add There teams to for and product line the expectations are
our to geographic split Turning regions. between
the sales, million $X.X million $X.X XXXX, third $X.X the of revenues of or The Americas of For Americas XX% of sales. U.S. sales. quarter total Asia were basis, which Pacific the of or XX% million and QX sales year-to-date or represented XX% is
On EMEA was 'XX XX% was essentially
I margins, of like levels
Before going turning discussing EMEA gross to total similar expenses profitability, Asia forward. represented historical be sales. to note to XX% that XX% of and was results I'd sales, non-GAAP will
along GAAP $XXX,XXX appendix margin As stock-based release the the approximately earnings intangibles. between supplemental financials a amortization a can results, on impacted our was within of and reconciliation in results of with gross reminder, GAAP found our of financial and in $XXX,XXX compensation purchased be presentation press non-GAAP XX%, the our QX for by website.
GAAP and
put those non-GAAP period Excluding XX% in XX% down and X gross in XX% alike at last the was items, non-GAAP year-to-date. us margin for quarter, the year. gross GAAP same This third from margin non-GAAP
the million, is for and with can and quarter fixed non-GAAP This of are gain in where wages Our cost third believe the for cost was consistent supporting revenues $X.X the leverage. largely we related nature.
Non-GAAP partly primarily previous of year. costs the staff customers is quarter our revenues, last which QX we
increase, revenues plus. margins to target of gross non-GAAP expand we our long-term As towards expect XX%
Turning expenses. operating to
million, expenses XX related results. expense $X.X claim the our we acquisition-related litigation impact July remarks in press to on our QX my earnings Our and an GAAP and detail more operating estimated on its were call the includes which million $X.X $XX.X on financial release on refer and fees and to litigation expenses in SBC legal for claim.
Please issued million approximately
of development Our general marketing.
Consistent and by non-GAAP last in and engineering previous $XX.X and with the were compared expenses marketing The expenses operating year. sales largely in the result followed the same research teams, associated the expenses in due increases third to G&A quarter, with sales costs costs becoming sales The increases and a due is public in in was and expanding quarter the administrative, increase to increase company. to respectively. million million R&D are our and year-over-year a and $X.X for period
of were For R&D QX 'XX XX% of XX% operating sales. expenses sales. year-to-date, non-GAAP was
of a development study Our sales. of EBITDA by ongoing us to positions both to XX% marketing advantage is billion an View take was XXXX, software investments in market, to Research.
Sales by advanced and expected research which $XX product reach according conducted and enormous Grand
Due a to will G&A have We that sales. as same rate our was at XX% we proportionately grow. as built of invest in to team G&A we the people the of not semi-fixed of expect costs revenues We G&A sales. can believe continue lot the we scale do out. this infrastructure costs, nature to leverage and
QX and to is non-GAAP million operating loss net income largely $X.X The a operating income $X.X operating non-GAAP that margin lower million recognized decline of compared due the to QX and the X%, year-to-date operating So, was revenue non-GAAP $X.X XXXX. the XXXX in amount million was were non-GAAP in quarter. respectively.
estimated compensation was net $X.X charges quarter which acquisition-related included million, Our for stock-based charge. again for the the and the litigation loss claim
net $X.X million income non-GAAP year. the Our quarter last for the same period $X.X of loss non-GAAP net was million the compared to in
and share EPS basic $X.XX and came QX. of and for to diluted the $XXX.X of basic quarter a Non-GAAP Our
A balance $X.XX comment per at diluted in on year compared marketable a diluted million loss equivalents and of cash, in the sheet. our per share cash per We share non-GAAP ago loss period. basic securities. EPS September in ended was with EPS $X.XX
period same flow in the $X.XX $X.XX For the outflow cash free of was last million, the to similar million third outflow an quarter, year.
million for shares. diluted Our quarter basic share and the was count third XX
lockup share As vested were week, to approximately million IPO expiration released. X.X count, RSUs following the last
X.X This million and issuance to of shares utilizing its our fewer minimize resulted million the net decline associated for of approximately the approximately price, of a settle in to company the shares we settlement taxes. utilize Given $X.X share cash to net the chose in dilution. XXX,XXX
shares as the approximately result, last had a week, XX.X As company of million outstanding.
release. We QX expect XX million. guidance I the be press is outstanding October from review the XX.X full to now XX, of shares our guidance, year Slide approximately provided we at end which in will the
On unchanged the
we full which be XX% would XX% bookings, range $XX of million to the For $XX year gross for expect XXXX. the from to increase million, represent a in bookings to
reflects the relative believe leading of uncertainty the of in a earlier, forecast headwind, strength we business. remain Babak Despite Asia. this indicator macro great I near-term and still As noted bookings however, updated and performance
continue from our our by markets, increasing of We key strategy our targets, initiatives positive which our strong of across customers.
This in driven I'll new execution ability and long-term an achieve and see coupled to feedback to confidence demand, software a gives in and demand adoption discuss customer us solutions land-and-expand existing strategic our moment. with our
which from range XX% and year bookings year million, for for the both a increase implies We rebound in represent sequential fiscal be million expect This guidance revenue full to $XX would $XX in the full strong of a to to revenue. XXXX. QX XX%
what to Specifically, we million, QX in exceed $X.X the received order to quarterly forecast record million, QX believe the revenue week a in we expect approximately to $XX.X in which would the revenue of in the record of in million $XX.X includes QX was XXXX.
Likewise, QX million quarter. exceed bookings be million believe to in a we which the be range of first expected be bookings range million recognized to million.
This what we revenue $XX.X expect would $XX.X in QX for quarterly $X was from of for $XX.X XXXX
range at are margins For gross non-GAAP upon non-GAAP of be the to year-to-date XX% full year, strong expected forecasting are gross the for QX through XX% margins, we XX%. to QX.
Based we revenues in
expecting million increase range to of for which an year, between XXXX million, $X income are XX%. XX% the full we the would and $X non-GAAP from be to For now of operating be in
long-term our targets. review to move XX let's to financial Now, Slide
regain our revisions execute to in are challenges momentum we to to on and quarter, the guidance long-term strategy. our confident faced we this the we due While near-term are our ability with disappointed
XX% growth, XX% target non-GAAP to non-GAAP continue several top margin next and gross XX% over margin plus to the We XX% operating line years.
targets expect markets to end key Operator? questions. your our achieve by Babak and in and take would I pursuing presence We opportunities.
With that, the happy these expanding be to strategic inorganic right
