Dassault Systèmes Reports Q3 and YTD EPS Up Double-Digits and Reaffirms 2018 Growth Objectives

(“IAS 18 IFRS and IAS 18 non-IFRS”)

  • On an IAS 18 basis with year over year comparisons at constant currency: Total revenue increased 9% (IFRS) and 10% (non-IFRS). Acquisitions contributed 5 percentages points to the non-IFRS revenue growth rate in the third quarter.
  • On an IAS 18 basis and in constant currencies: Software revenue increased 9% (IFRS and non-IFRS). Licenses and other software revenue grew 7% (IFRS and non-IFRS), led by double-digit growth for CATIA, DELMIA, QUINTIQ and BIOVIA. Non-IFRS recurring revenue, comprised of subscription and support revenue, increased 10% and represented 74% of non-IFRS software revenue in the third quarter. On an organic basis, non-IFRS software revenue increased 5% in the third quarter with licenses and other software growth of 4% and recurring software growth of 6%.
  • On a regional and IAS 18 basis: Asia non-IFRS software revenue increased 13% led by China and India. Europe non-IFRS software revenue increased 8% led by North Europe and Central Europe as well as Russia. Americas non-IFRS software revenue increased 8%, principally driven by acquisitions and improving results in Latin America. High Growth Countries non-IFRS software revenue increased 15%. (All growth rates are in constant currencies.)
  • In the third quarter, 3DEXPERIENCE software revenue was up 14% at constant currency on an IAS 18 basis, with some of the larger transactions of the quarter in Marine & Offshore, Aerospace & Defense, Consumer Packaged Goods-Retail and Transportation & Mobility.
  • Services revenue increased 13% in constant currencies (IAS 18 IFRS and non-IFRS) on a year over year basis led by growth in 3DEXPERIENCE services activity as well as the contribution from acquisitions.
  • IAS 18 IFRS operating income increased 9.0%. IAS 18 non-IFRS operating income increased 6.6% to €256.6 million. The non-IFRS operating margin was 30.9%, in line with the Company’s objective, compared to 32.0% in the year-ago period, reflecting acquisition dilution of 110 basis points.
  • Principally reflecting the U.S. Tax Reform Act of 2017, the Company’s IAS 18 IFRS and non-IFRS effective tax rates decreased to 29.0% and 29.1%, respectively, in the 2018 third quarter compared to 32.9% and 31.4%, respectively, in the 2017 third quarter.
  • IAS 18 IFRS diluted net income per share increased 20% as reported. IAS 18 non-IFRS diluted net income per share totaled €0.71, increasing 11% both as reported and at constant currency.

Nine Months Financial Summary
(Unaudited)

       

In millions of Euros,
except per share data

IFRS under
IFRS15

IFRS under IAS18

Non-IFRS under
IFRS15

Non-IFRS under IAS18
YTD 2018   Change   Change in cc*   YTD 2018   Change   Change in cc*
YTD 2018 Total Revenue   2,450.9 2,433.5   5%   9% 2,460.5 2,443.1   5%   9%
YTD 2018 Software Revenue   2,186.4 2,169.1   5%   10% 2,195.6 2,178.2   5%   9%
YTD 2018 Services Revenue   264.4 264.4   2%   6% 264.9 264.9   2%   6%
YTD 2018 Operating Margin   20.4% 19.8%   +0.4pts     29.9% 29.4%   -0.0pts    
YTD 2018 EPS 1.45 1.41   16%     2.06 2.01   12%   19%
                         

Total Software Revenue in
millions of Euros

IFRS under
IFRS15

IFRS under IAS18

Non-IFRS under
IFRS15

Non-IFRS under IAS18
YTD 2018   YTD 2017   Change in cc*   YTD 2018   YTD 2017   Change in cc*
Americas 620.7 633.3   626.1   9% 626.2 638.8   629.7   9%
Europe 926.7 906.8   855.9   7% 928.5 908.6   863.2   7%
Asia 639.0 628.9   575.8   14% 640.8 630.7   576.5   14%

*In constant currencies

 

Nine Months 2018 versus 2017 Financial Comparisons on an IAS 18 Basis

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