PARIS — (BUSINESS WIRE) — October 26, 2011 — Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “We are pleased with our third quarter financial performance. Our non-IFRS total revenue, up 9% in constant currencies, was particularly gratifying given the very high year-ago comparison base. The quarter’s performance was driven by solid demand from customers and the benefits we are deriving from our addressable market expansion. With a dynamic first half and third quarter above our expectations, we are increasing our full year financial objectives.
“The third quarter’s sales growth benefited from favorable dynamics across our three sales channels. In Enterprise direct sales, the value of V6 as an open integration platform was demonstrated by leading companies’ engagements in the automotive, high tech, energy and industrial equipment sectors as well as a number of mid-sized transactions. In addition to new V6 clients, several large customers have moved into the deployment phase with V6. Along with our direct sales channel, our SMB sales channels have been experiencing good demand, driven by the value of supply chain integration and this quarter was no different.”
Third Quarter 2011 Financial Review
|In millions of Euros||IFRS||Non-IFRS|
|Q3 2011||Q3 2010||Change in cc*||Q3 2011||Q3 2010||Change in cc*|
|Services and other Revenue||38.6||36.9||8%||38.6||36.9||8%|
|PLM software Revenue||309.8||286.9||11%||309.9||292.1||9%|
|Mainstream 3D software Revenue||84.4||79.8||11%||84.4||79.8||11%|
*In constant currencies.
- IFRS and non-IFRS total revenue increased 11% and 9%, respectively, reflecting growth in both software and services and other revenue. IFRS and non-IFRS software revenue increased 11% and 10%, respectively. Services and other revenue increased 8%. (All figures in constant currencies.)
- By region, revenue growth was highest in Europe during the third quarter reflecting several multi-brand transactions in the automotive, high tech, energy and industrial equipment sectors.
- New licenses revenue increased 7% (IFRS and non-IFRS) in constant currencies and reflected a strong comparison base to the year-ago period where new licenses revenue increased 54% in constant currencies.
- Recurring software revenue rose 12% (IFRS) and 10% (non-IFRS) in constant currencies reflecting growth in maintenance from higher new licensing activity and strong maintenance renewals and rental licensing.
- IFRS PLM software revenue increased 11% in constant currencies. Non-IFRS PLM software revenue increased 9% with CATIA software revenue higher by 7%, ENOVIA by 10% and Other PLM by 16% which includes SIMULIA and DELMIA as the largest components. (All growth comparisons in constant currencies.)
- SolidWorks (Mainstream 3D) software revenue increased 11% in constant currencies on both an IFRS and non-IFRS basis. New SolidWorks commercial seats licensed in the third quarter increased 11% to 11,748 seats.
- Earnings per diluted share and operating margin increased significantly on both an IFRS and a non-IFRS basis, reflecting principally revenue growth and operating margin expansion. IFRS earnings per diluted share increased 35% to €0.62. Non-IFRS earnings per diluted share increased 18% to €0.77 and non-IFRS operating margin increased 400 basis points to 32.0%.
2011 Nine Month Financial Summary