Dassault Systèmes Reports Solid Third Quarter Led by Large Accounts Industry Solutions Engagements

*In constant currencies.

  • IFRS total revenue increased 16%, with software higher by 13% and services and other revenue increasing 46% reflecting the higher service and content revenue mix from 2014 acquisitions. Similarly, non-IFRS total revenue increased 19%, with software revenue growth of 16% and services and other revenue growth of 54%. Excluding acquisitions and divestitures, non-IFRS total revenue increased 7% and software revenue increased 7%. (All growth rates in constant currencies.)
  • On a regional basis, non-IFRS revenue in Europe increased 15%, led by the United Kingdom. Non-IFRS revenue in the Americas increased 22%, with an improving performance in North America. In Asia, revenue growth of 24% reflected generally strong results across all major geographies and was sharply higher on an organic basis as well. (All growth rates in constant currencies.)
  • New licenses revenue rose 22% (IFRS) and 23% (non-IFRS). On an organic basis, non-IFRS new licenses increased 14%, with 25% growth for CATIA and 35% for ENOVIA. Recurring software revenue increased 15% (IFRS) and 14% (non-IFRS). Sales performance by all three channels was solid. On an organic basis, non-IFRS recurring software revenue increased 5% on growth in maintenance, and mixed rental results. (All growth comparisons are in constant currencies.)
  • By product line and on a non-IFRS basis, CATIA increased 7%; ENOVIA grew 8%; SOLIDWORKS increased 14% with new seats licensed up 12% to 12,648; Other software grew 38% reflecting new acquisitions and double-digit software growth for SIMULIA, offset in part by softer results in mining. (All growth comparisons are in constant currencies.)
  • IFRS operating income of €102.3 million was lower by 9.6% while non-IFRS operating income increased 9.6% to €172.1 million. The non-IFRS operating margin was 29.7%, compared to 31.6% in the year-ago quarter, reflecting dilution from acquisitions, currency headwinds and the improvement of the organic operating margin.
  • During the third quarter, the IFRS effective tax rate was 33.6% compared to 23.0% in the prior year period where the Company benefited principally from a reversal of tax reserves. On a non-IFRS basis, the third quarter effective tax rate increased to 34.3% compared to 29.8% in the year-ago period.
  • IFRS diluted net income per share was €0.28 per share, compared to €0.35 per share in the year-ago period on a split-adjusted basis. Non-IFRS diluted net income per share increased 2.3% to €0.45 per share.

2014 Nine Months Financial Summary

(unaudited)

   
In millions of Euros, except per share data IFRS   Non-IFRS
      Change   Change in cc*       Change   Change in cc*
2014 YTD Total Revenue   1,621.1   8%   13%   1,652.6   10%   14%
2014 YTD Software Revenue   1,442.8   5%   10%   1,469.8   7%   11%
2014 YTD Services and other revenue   178.3   36%   39%   182.8   40%   43%
2014 YTD Operating Margin   17.4%           28.7%        
2014 YTD EPS   0.75   (22%)       1.24   0%    
                         
In millions of Euros IFRS   Non-IFRS
  2014 YTD   2013 YTD   Change in cc*   2014 YTD   2013 YTD   Change in cc*
Americas   460.7   417.6   14%   471.3   420.1   16%
Europe   734.6   665.5   11%   750.1   667.2   13%
Asia   425.8   417.6   14%   431.2   419.5   15%

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