Dassault Systèmes Reports Record First Quarter Earnings and Reconfirms 2011 Financial Growth Objectives

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, 2010 filed with the AMF on April 1, 2011. 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 March 31,   Change
2011  

Adjustment

  2011   2010  

Adjustment

  2010   IFRS  

Non-IFRS

    IFRS  

(1)

  non-IFRS   IFRS  

(1)

  non-IFRS      

(2)

Total Revenue € 409.5 0.4 € 409.9 € 311.9 0.1 € 312.0 31% 31%
Total Revenue breakdown by activity
Software revenue 372.2 0.4 372.6 279.7 0.1 279.8 33% 33%
New Licenses 99.0 76.1 30%
Product Development 0.3 0.0
Periodic Licenses and Maintenance 272.9 0.4 273.3 203.6 0.1 203.7 34% 34%
Recurring portion of Software revenue 73% 73% 73% 73%
Services and other revenue 37.3 32.2 16%
Total Software Revenue breakdown by product line
PLM software revenue 288.1 0.4 288.5 208.8 0.1 208.9 38% 38%
of which CATIA software revenue 176.6 0.4 177.0 120.7 46% 47%
of which ENOVIA software revenue 48.0 36.2 33%
Mainstream 3D software revenue 84.1 70.9 19%
Total Revenue breakdown by geography
Americas 112.7 0.1 112.8 91.7 0.1 91.8 23% 23%
Europe 186.8 140.9 33%
Asia   110.0   0.3   110.3   79.3           39%   39%
Total Operating Expenses (€ 318.7) 24.9 (€ 293.8) (€ 262.4) 19.5 (€ 242.9) 21% 21%
Stock-based compensation expense (3.8) 3.8 - (4.8) 4.8 - - -
Amortization of acquired intangibles (21.3) 21.3 - (9.7) 9.7 - - -
Other operating income and expense, net   0.2   (0.2)   -   (5.0)   5.0   -   -   -
Operating Income € 90.8 25.3 € 116.1 € 49.5 19.6 € 69.1 83% 68%
Operating Margin 22.2% 28.3% 15.9% 22.1%
Financial revenue & other, net 3.3 (3.3) 0.0 5.7 0.0 5.7 (42%) (100%)
Income tax expense (30.2) (7.1) (37.3) (17.4) (6.1) (23.5) 74% 59%
Net Income attributable to shareholders € 63.8 14.9 € 78.7 € 37.8 13.5 € 51.3 69% 53%
Diluted Net Income Per Share (3)   € 0.51   0.12   € 0.63   € 0.32   0.11   € 0.43   59%   47%
                         
Three months ended March 31,
In millions of Euros 2011 IFRS Adjustment 2011 2010 IFRS Adjustment 2010
            non-IFRS           non-IFRS
Cost of services and other revenue (39.3) 0.1 (39.2) (34.3) 0.2 (34.1)
Research and development (76.9) 1.8 (75.1) (77.4) 2.8 (74.6)
Marketing and sales (131.5) 1.0 (130.5) (92.1) 0.9 (91.2)
General and administrative (30.9) 0.9 (30.0) (27.5) 0.9 (26.6)
Total stock-based compensation expense       3.8           4.8    

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