Dassault Systèmes Reports Strong Revenue and EPS Growth

VÉLIZY-VILLACOUBLAY, France — (BUSINESS WIRE) — April 22, 2015Dassault Systèmes (Paris: DSY) (Euronext Paris: #13065, DSY.PA), the 3DEXPERIENCE Company, world leader in 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions, today announced IFRS unaudited financial results for the three months ended March 31, 2015. These results were reviewed by the Company’s Board of Directors on April 22, 2015.

Summary Highlights

  • Organic new licenses revenue up 14% in constant currencies
  • Strong SOLIDWORKS and SIMULIA performances, BIOVIA and QUINTIQ well in line with expectations
  • Organic software revenue up 9% in constant currencies
  • Net operating cash flow of €265 million
  • 2015 financial objectives confirmed and updated for currency positive impact

2015 First Quarter Financial Highlights


In millions of Euros, except per share data
    IFRS     Non-IFRS
            Change     Change in cc*           Change     Change in cc*
Q1 Total Revenue     651.5     30%     17%     665.1     32%     19%
Q1 Operating Margin     17.0%                 25.8%            
Q1 EPS     0.27     29%           0.43     18%      

*In constant currencies


“It is becoming clearer that our clients’ priority is to provide successful consumer experiences, thus creating significant challenges to adopt open innovation platforms that extend collaboration, modeling and simulation to a new level. This is exactly what our 3DEXPERIENCE platform and Industry Solution Experiences are delivering,” commented Bernard Charlès, Dassault Systèmes President and Chief Executive Officer.

“Life Science is a perfect illustration of it, and why a comprehensive approach can be incredibly valuable. Our brand BIOVIA, integrating our BioIntelligence project and the Accelrys acquisition, leveraging the recent 2015X release of the 3DEXPERIENCE platform, is a true game-changer, powering all types of applications as well as simplifying enterprise integration and transformation.

More broadly, products as well as processes are becoming more complex. Products are becoming smarter with sophisticated embedded systems, underscoring our development of CATIA Systems, which was further strengthened recently with the technology of Modelon GmbH.

“Finally, looking at our results and future opportunities, we see a year of strong financial performance in 2015. Thanks to multiple access points we can better serve our customer base, reach an expanded market opportunity and accelerate our organic growth.”



2015 First Quarter Financial Summary

  In millions of Euros, except per share data     IFRS     Non-IFRS
              Change     Change in cc*           Change     Change in cc*
  Q1 Total Revenue     651.5     30%     17%     665.1     32%     19%
  Q1 Software Revenue     578.2     29%     16%     591.0     31%     18%
  Q1 Services and other revenue     73.3     39%     27%     74.1     41%     29%
  Q1 Operating Margin     17.0%                 25.8%            
  Q1 EPS     0.27     29%           0.43     18%      
  In millions of Euros     IFRS     Non-IFRS
        Q1 2015     Q1 2014     Change in cc*     Q1 2015     Q1 2014     Change in cc*
  Americas     197.4     138.4     18%     204.3     138.4     23%
  Europe     282.5     231.6     16%     287.0     232.1     18%
  Asia     171.6     132.3     17%     173.8     132.3     18%

*In constant currencies

  • IFRS total revenue increased 17% on software revenue growth of 16% and services and other revenue growth of 27%. On a non-IFRS basis, total revenue increased 19%, on software revenue growth of 18% and services and other revenue growth of 29%. (All growth rates in constant currencies.)
  • The Company experienced solid new business activity in multiple industries, most notably Transportation & Mobility, Industrial Equipment, Marine & Offshore, Life Sciences, CPG and Energy, Process & Utilities.
  • On an organic basis, the Company has seen a progressive strengthening of its revenue results over the last four quarters, led by improved new licenses revenue dynamic. Excluding acquisitions and in constant currencies, non-IFRS total revenue increased 8%, software revenue grew 9% and new licenses revenue rose 14%.
  • From a regional perspective, first quarter non-IFRS revenue in Europe increased 18%, on solid growth in all major countries, and sharply improved results in Southern Europe. In Asia, non-IFRS revenue grew 18% on a strong performance in Korea, well supported by India and Japan. And in the Americas, revenue grew 23% in total with growth in North America offset in part by weaker results in Latin America. (All growth rates in constant currencies.)
  • Non-IFRS new licenses revenue increased 24% and non-IFRS recurring software revenue grew 16%, reflecting the addition of acquisitions and solid underlying performance. Recurring software revenue reflected principally growth in maintenance where the Company continued to experience high renewal trends across its software brands. (All growth comparisons are in constant currencies.)
  • By product line, non-IFRS software revenue grew 4% for CATIA and 17% for SOLIDWORKS; ENOVIA software decreased 4%, reflecting a high comparison base. Other software increased 59%, with the addition of the Accelrys and Quintiq acquisitions as well as strong SIMULIA growth. (All growth comparisons are in constant currencies.)
  • IFRS operating income increased 38% to €110.5 million and non-IFRS operating income increased 23% to €171.7 million. The non-IFRS operating margin was 25.8% in the 2015 first quarter compared to 27.7% in the year-ago quarter, reflecting acquisition dilution, offset in part by currency tailwinds and organic operating margin improvement. The 2014 first quarter included a one-time R&D tax credit benefit.
  • The IFRS effective tax rate increased to 36.1% compared to 35.8% in the 2014 first quarter. The non-IFRS effective tax rate was stable at 35.2%, compared to 35.1% in the year-ago quarter.
  • IFRS diluted net income per share increased 29% to €0.27 per share, compared to €0.21 per share on a two-for-one split-adjusted basis in the 2014 first quarter. Non-IFRS diluted net income per share increased 18% to €0.43, compared to €0.37 per share on a two-for-one split-adjusted basis in the year-ago quarter, with a strong increase notwithstanding the favorable impact of the one-time R&D tax credit in the 2014 first quarter.

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