Dassault Systèmes Reports Second Quarter Results with Strong EPS Growth

(1) The acquisition of the IBM PLM operations is presented net of payments received from IBM in connection with the settlement of royalties due as of March 31, 2010. As a result, reported cash flows from operations are lower in the periods presented above (and for the remainder of 2010) than they would have been had this transaction not occurred.

DASSAULT SYSTEMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company’s supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company’s Document de référence for the year ended December 31, 2009 filed with the AMF on April 1, 2010 To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages   Three months ended June 30,   Change
2010  

Adjustment

  2010   2009  

Adjustment

  2009   IFRS  

Non-IFRS

    IFRS  

(1)

  non-IFRS   IFRS  

(1)

  non-IFRS      

(2)

Total Revenue € 385.6 6.3 € 391.9 € 310.9 0.3 € 311.2 24% 26%
Total Revenue breakdown by activity
Software revenue 346.4 6.3 352.7 271.3 0.3 271.6 28% 30%
New Licenses 85.4 69.4 23%
Product Development 0.3 1.4
Periodic Licenses and Maintenance 260.7 6.3 267.0 200.5 0.3 200.8 30% 33%
Recurring portion of Software revenue 75% 76% 74% 74%
Services and other revenue 39.2 39.6 (1%)
Total Software Revenue breakdown by product line
PLM software revenue 268.4 6.3 274.7 206.5 0.3 206.8 30% 33%
of which CATIA software revenue 162.7 5.4 168.1 117.9 38% 43%
of which ENOVIA software revenue 47.6 0.9 48.5 40.1 19% 21%
Mainstream 3D software revenue 78.0 64.8 20%
Total Revenue breakdown by geography
Americas 116.2 1.0 117.2 96.5 0.1 96.6 20% 21%
Europe 173.7 1.4 175.1 144.2 20% 21%
Asia   95.7   3.9   99.6   70.2   0.2   70.4   36%   41%
Total Operating Expenses (€ 313.6) 31.2 (€ 282.4) (€ 268.5) 25.4 (€ 243.1) 17% 16%
Stock-based compensation expense (6.9) 6.9 - (6.4) 6.4 - - -
Amortization of acquired intangibles (17.7) 17.7 - (11.9) 11.9 - - -
Other operating income and expense, net   (6.6)   6.6   -   (7.1)   7.1   -   -   -
Operating Income € 72.0 37.5 € 109.5 € 42.4 25.7 € 68.1 70% 61%
Operating Margin 18.7% 27.9% 13.6% 21.9%
Income before Income Taxes 68.7 37.5 106.2 37.9 25.7 63.6 81% 67%
Income tax expense (20.0) (15.9) (35.9) (12.2) (7.4) (19.6) - -
Income tax adjustments (15.9) 15.9 - (7.4) 7.4 - - -
Minority interest (0.1) (0.1) -
Net Income attributable to shareholders € 48.6 21.6 € 70.2 € 25.6 18.3 € 43.9 90% 60%
Diluted Net Income Per Share (3)   € 0.40   0.18   € 0.58   € 0.22   0.15   € 0.37   82%   57%

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