Dassault Systèmes Reports Solid Q3 and Upgrades Q4 and Full Year 2012 Financial Objectives

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Dassault Systèmes Reports Solid Q3 andUpgrades Q4 and Full Year 2012 Financial Objectives

PARIS--(BUSINESS WIRE)-- Regulatory News:

Dassault Systèmes (Euronext Paris: #13065, DSY.PA) (Paris:DSY), the 3DEXPERIENCE Company, world leader in 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions, today reports IFRS unaudited financial results for the third quarter and nine months ended September 30, 2012. These results were reviewed by the Company's Board of Directors on October 24, 2012.


Summary Highlights
(unaudited)

  • Q3 non-IFRS software revenue up 10% in constant currencies and non-IFRS EPS up 16%
  • Year-to-date, software and total revenue up 10% in constant currencies, EPS up 15%
  • Year-to-date, net operating cash flow up 23% to €469 million
  • Upgrades FY 2012 Revenue objective: €2.02 - €2.03 billion, +9-10% at constant currencies vs. FY 2011 and EPS objective: €3.30 - €3.35, +13-15% vs. FY 2011

2012 Third Quarter Financial Summary
(unaudited)

         
In millions of Euros, except per share data   IFRS   Non-IFRS
       Change   Change in cc*       Change   Change in cc*
Q3 Total Revenue   499.5   15%   8%   505.0   17%   10%
Q3 Software Revenue   454.7   15%   8%   460.2   17%   10%
Q3 EPS   0.66   6%       0.89   16%    
Q3 Operating Margin   22.3%           32.6%        

*In constant currencies.

               

"2012 represents the beginning of a new horizon for Dassault Systèmes as we look to our next decade of growth with our 3DEXPERIENCE platform," commented Bernard Charlès, Dassault Systèmes President and Chief Executive Officer.

"Responding to the demand of our customers, we are developing new industry-specific solutions, based on our V6 architecture. Well attuned with our clients' critical processes, these solutions bring customers the significant values of simplification and integration at both the enterprise and end-user level. Moreover, they will benefit rapidly from all the potential of our Industry Solutions Experience, which are providing them with measurable advantages and a quick return on investment.

"Finally, as our results to date in 2012 demonstrate, we have made important investments to support our industry solutions, while also delivering a good financial performance, thanks to our 10,000 high-talented employees working closely with our large and fast-growing network of partners."

2012 Third Quarter Financial Summary
(unaudited)

 
In millions of Euros   IFRS   Non-IFRS
   Q3 2012   Q3 2011   Change in cc*   Q3 2012   Q3 2011   Change in cc*
Total Revenue   499.5   432.8   8%   505.0   432.9   10%
Software Revenue   454.7   394.2   8%   460.2   394.3   10%
Services and other Revenue   44.8   38.6   9%   44.8   38.6   9%
                         
PLM software Revenue   354.8   309.8   8%   360.3   309.9   10%
SOLIDWORKS software Revenue   99.9   84.4   9%   99.9   84.4   9%
                         
Americas   146.1   116.0   12%   147.7   116.0   13%
Europe   210.8   200.6   2%   211.9   200.7   3%
Asia   142.6   116.2   16%   145.4   116.2   18%

*In constant currencies.

               
  • IFRS total revenue increased 8% and non-IFRS total revenue increased 10% in constant currencies. The 2012 third quarter includes the acquisition of Gemcom. Excluding the Gemcom acquisition (under the new brand name, GEOVIA) and the sale of Transcat PLM GmbH, Dassault Systèmes non-IFRS software revenue growth would have been about 8% in constant currencies.
  • By region and in constant currencies, non-IFRS revenue growth was strongest in Asia, increasing 18%, reflecting growth across a number of countries including China and Japan, among others. In the Americas, non-IFRS revenue increased 13% with an improving performance in both North America and Latin America in the quarter. Non-IFRS software revenue growth in Europe was 3%, on a strong year-ago comparison, as well as some softness, particularly in South Europe. Higher growth countries revenue increased by 20%.
  • Services and other revenue increased 9% in constant currencies.
  • New licenses revenue in the third quarter increased 10% in constant currencies led by CATIA and SIMULIA and included the contribution of Gemcom.
  • The business dynamic was also strong in rental licensing, with a 14% revenue increase in constant currencies, principally driven by strong growth for SIMULIA and regionally led by rental demand in Europe.
  • Recurring software revenue increased 8% (IFRS) and 10% (non-IFRS) in constant currencies, reflecting growth in maintenance and rental licensing activity.
  • IFRS PLM software revenue increased 8%. Non-IFRS PLM software revenue increased 10% led by Other PLM, with SIMULIA up double-digits and including the addition of Gemcom; CATIA was higher by 5% with double-digits new licenses revenue growth and ENOVIA software revenue growth by 3% (all growth comparisons in constant currencies).
  • SOLIDWORKS software revenue increased 9% in constant currencies on strong growth in recurring software revenue.New SOLIDWORKS commercial seats licensed in the quarter increased 2% to 11,984.
  • IFRS operating income increased 3.0% to €111.4 million and IFRS earnings per diluted share increased 6% to €0.66. Non-IFRS earnings per diluted share increased 16% on revenue and operating income growth, as well as operating margin expansion, offset in part by an increase in the effective tax rate. Specifically, non-IFRS EPS increased to €0.89 from €0.77, with operating income growth of 19% to €164.6 million and operating margin growth of 60 basis points to 32.6%.
  • The Company's non-IFRS effective tax rate increased to 32.8% from 30.5% in the year-ago quarter, notably on a higher corporate income tax rate in France.

2012 Nine-Month Financial Summary
(unaudited)

 
In millions of Euros   IFRS   Non-IFRS
   Q3 2012   Q3 2011   Change in cc*   Q3 2012   Q3 2011   Change in cc*
Total Revenue   499.5   432.8   8%   505.0   432.9   10%
Software Revenue   454.7   394.2   8%   460.2   394.3   10%
Services and other Revenue   44.8   38.6   9%   44.8   38.6   9%
                         
PLM software Revenue   354.8   309.8   8%   360.3   309.9   10%
SOLIDWORKS software Revenue   99.9   84.4   9%   99.9   84.4   9%
                         
Americas   146.1   116.0   12%   147.7   116.0   13%
Europe   210.8   200.6   2%   211.9   200.7   3%
Asia   142.6   116.2   16%   145.4   116.2   18%

*In constant currencies.

 
In millions of EurosIFRS   Non-IFRS
   2012 YTD   2011 YTD   Change in cc*   2012 YTD   2011 YTD   Change in cc*
Total Revenue   1,464.8   1,270.9   10%   1,470.3   1,271.4   10%
Software Revenue   1,332.4   1,154.8   10%   1,337.9   1,155.3   10%
Services and other Revenue   132.4   116.1   9%   132.4   116.1   9%
                         
PLM software Revenue   1,032.6   904.9   9%   1,038.1   905.4   9%
SOLIDWORKS software Revenue   Read Full Story

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