Dassault Systèmes’ Third Quarter Non-IFRS Software Revenue Up 8% with Non-IFRS New Licenses Revenue Growth of 12% in Constant Currencies

*In constant currencies

  • IFRS and non-IFRS software revenue increased 8% and represented 89% of total revenue. IFRS and non-IFRS new licenses and other software related revenue increased 12% benefiting from a strong growth dynamic across a majority of geos. Recurring revenue grew 6% on a non-IFRS basis and represented 74% of total software revenue. (All growth rates are in constant currencies.)
  • Services revenue, representing 11% of total revenue, decreased 3% in constant currencies (IFRS and non-IFRS), with growth in manufacturing and 3DEXPERIENCE service engagements offset by the expansion of the role of system integrators in service engagements and by mixed results for select brands.
  • Total revenue increased 6% (IFRS and non-IFRS). Third quarter financial results include CST, an acquisition completed on September 30, 2016. Excluding acquisitions, non-IFRS software revenue increased 5% and non-IFRS total revenue increased 4% on lower services revenue. (All growth rates are in constant currencies.)
  • Core Industries represented 68% of non-IFRS software revenue for the third quarter 2017. Diversification Industries represented 32% of total non-IFRS software compared to 31% in the 2016 third quarter. The largest 3DEXPERIENCE transactions recorded in the quarter included companies in High Tech, Transportation & Mobility, Aerospace & Defense, and Marine & Offshore, most notably.
  • Non-IFRS software revenue increased 9% in the Americas, with strong growth in both North America and Latin America. In Europe, non-IFRS software revenue increased 8% with strong results in multiple geos. In Asia, non-IFRS software revenue increased 6% with growth across the region except China with mixed channel performance. (All growth figures in constant currencies.)
  • By product line and on a non-IFRS basis, SOLIDWORKS software revenue increased 16% led by strong growth in new licenses revenue on a global basis. Other Software increased 13% and excluding acquisitions was led by SIMULIA and GEOVIA in the quarter. CATIA software revenue decreased 1% on mixed results by certain sales channel and in China. ENOVIA software revenue increased 5%. (All growth comparisons are in constant currencies.)
  • IFRS operating income was essentially unchanged as reported. Non-IFRS operating income of €240.7 million increased 2%, with a negative currency impact of 5 percentage points. The non-IFRS operating margin was 32%, stable with the year-ago quarter, thanks to operational improvements offsetting the negative impact from currency of 30 basis points.
  • The IFRS effective tax rate increased to 32.9% from 28.2% in the prior year quarter. On a non-IFRS basis, the effective tax rate increased 120 basis points to 31.4% in the 2017 third quarter compared to 30.2% in the year-ago period.
  • Currency had six points of growth negative influence on earnings per share results on both an IFRS and non-IFRS basis. IFRS diluted net income per share decreased 7% to €0.41. Non-IFRS diluted net income per share increased 2% to €0.64 and increased an estimated 8% in constant currencies.

2017 Nine Months Financial Summary
(Unaudited)

                         
In millions of Euros, except per share data   IFRS   Non-IFRS
        Change   Change in cc*     Change   Change in cc*
YTD 2017 Total Revenue   2,317.6   6%   6%   2,329.2   7%   7%
YTD 2017 Software Revenue   2,057.8   7%   7%   2,069.4   7%   7%
YTD 2017 Services Revenue   259.8   3%   3%   259.8   3%   3%
YTD 2017 Operating Margin   19.4%           29.4%        
YTD 2017 EPS   1.22   3%       1.79   5%    
                         
Total Software Revenue in millions of Euros IFRS   Non-IFRS
    YTD 2017   YTD 2016   Change in cc*   YTD 2017   YTD 2016   Change in cc*
Americas   626.1   582.2   7%   629.7   583.2   8%
Europe   855.9   803.5   8%   863.2   804.2   8%
Asia   575.8   542.7   5%   576.5   543.0   5%

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