SAN RAFAEL, CA -- Autodesk reported third-quarter revenues of $842.7 million, up 27.5% year-over-year and beating management guidance of $820 million of $830 million.

Net income was $66.7 million, reversing a loss last year of $23.7 million.

GAAP operating margin was 13%, up 11 percentage points. Non-GAAP gross margin rose 180 basis points to 92.2%, and non-GAAP operating income was up 144% o $225.3 million. Cash flow from operations was $276 million, up from $219 million sequentially.

Autodesk is the parent company of Eagle CAD software.

Acquisitions contributed 4% to revenue growth. Recurring revenues represented 96% of revenues, flat year-over-year. Subscription revenues (84.8% of revenues) soared 48.6% to $715 million. However, maintenance revenues (10.8% of revenues) slumped 39.2% to $91.2 million.

Geographically, revenues from the Americas (41.5% of revenues) increased 30.1% from the year-ago quarter to $349.3 million. Europe, Middle East and Africa (EMEA) revenues (39.1% of revenues) increased 23.7% to $329.6 million. Revenues from Asia-Pacific (19.4% of revenues) grew 30.1% to $163.8 million.

Billings of $1.01 billion were up 55% from a year ago.

"Our strong performance continued in the third quarter as revenue, billings, ARR, earnings and free cash flow came in above expectations," said Andrew Anagnost, president and CEO, Autodesk. "We continue to demonstrate the cash generating power of our business model, and this quarter drove a record last 12 months free cash flow of nearly $1 billion. The breadth and depth of our product portfolio in construction paved the way for another strong quarter. In Manufacturing, we continue to displace competitors and grow faster than the overall market."

Autodesk guided for fourth-quarter revenues of $880 million to $895 million. For fiscal 2020, Autodesk expects revenues of $3.26 billion and $3.27 billion, up 27% year-over-year.

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