Regulatory News:
Dassault 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 first
quarter ended March 31, 2017. These results were reviewed by the
Company’s Board of Directors on April 25, 2017.
Summary First Quarter 2017
Highlights(Unaudited; revenue figures in constant currencies;
non-IFRS)
- Total IFRS Revenue up 7% and Non-IFRS
Revenue up 8%
- SOLIDWORKS software revenue up 12%
- High Growth Countries software revenue
up 17%
- Diversification Industries 32% of total
software revenue
- Cash flow from operations up 12% to
€348 million
- 2017 non-IFRS financial objectives
reaffirmed and upgraded for currency
- Board of Directors proposes 13%
increase in annual dividend for the 2016 fiscal year
2017 First Quarter Financial Highlights
(Unaudited)
In millions of Euros, except per share data
IFRS Non-IFRS
Change
Change in cc* Change
Change in cc* Q1 2017 Total Revenue
759.8 10% 7% 765.7
10% 8% Q1 2017 Operating Margin
15.7%
26.2% Q1 2017 EPS
0.33 -6%
0.53 4%
*In constant currencies
Bernard Charlès, Dassault Systèmes’ Vice Chairman and Chief
Executive Officer commented, “In early April Dassault Systèmes
brought together in Milan key innovators from around the globe who
demonstrated that a new era, Design in the Age of Experience is
well underway. In this era design is about creating experiences,
introducing new business plans, leveraging science, learning from
nature and creating unique consumer experiences, thanks to
increased affordability of virtual and augmented reality
technologies.
“Our software portfolio is well positioned to respond to these
new market needs and to help our clients succeed in this new era.
FCA, Fiat Chrysler Automobiles, selected our ‘Drive Emotion’
industry solution experience based on the 3DEXPERIENCE platform to
unify its global design studios and to develop the mobility
experiences of tomorrow. Working with 3DEXCITE, Ford Motor Company
and DS Automobiles, a division of PSA, have created for consumers
immersive virtual reality experiences leveraging their digital
assets. Partnering with the National Institute for Aerospace
Research, the 3DEXPERIENCE Center is opening at Wichita State
University as part of WSU’s Innovation Campus. This represents
another initiative we are doing to contribute to the aerospace
industry’s development in important areas such as new engineered
materials, additive manufacturing processes and multi-robotics
advanced manufacturing.
“From a financial perspective, the strength of our offer
translated into 8% non-IFRS revenue growth in constant currencies
during the first quarter. Our two largest industries,
Transportation & Mobility and Industrial Equipment, drove these
results. On top of this our Diversification Industries represented
32% of total software revenue in the quarter, with our presence in
High Tech continuing to expand, and notable performances from
Consumer Product Goods-Retail and Architecture, Engineering &
Construction.”
2017 First Quarter Financial Summary
(Unaudited)
In millions of Euros, except per share data
IFRS Non-IFRS
Change
Change in cc*
Change Change in cc* Q1 2017
Total Revenue 759.8 10% 7%
765.7 10% 8% Q1
2017 Software Revenue 670.2 9%
7% 676.1 10% 7% Q1
2017 Service Revenue 89.6 13%
11% 89.6 13% 10%
Q1 2017 Operating Margin 15.7%
26.2%
Q1 2017 EPS 0.33
-6% 0.53 4%
Total Software Revenue in millions of Euros
IFRS Non-IFRS
Q1 2017 Q1 2016
Change in cc* Q1 2017
Q1 2016 Change in cc* Americas
201.3 185.4 5%
203.1 186.4 5% Europe
280.7 258.2 9%
284.4 258.7 10% Asia
188.2 168.5 6% 188.6
168.8 6%
*In constant currencies
- IFRS total revenue increased 7%.
Non-IFRS total revenue increased 8% with software revenue growth of
7% and services revenue growth of 10%. First quarter results
include the addition of CST, following the completion of its
acquisition on September 30, 2016. Excluding acquisitions, total
revenue and software revenue growth would have been 6% and 5%,
respectively. (All growth rates in constant currencies.)
- During the 2017 first quarter the
Company’s largest industries, Transportation and Mobility and
Industrial Equipment led the growth in software revenue.
Diversification Industries represented 32% of total software
revenue in the 2017 first quarter, with the strongest growth
recorded in Consumer Products Good-Retail and Architecture,
Engineering and Construction, well supported by High Tech.
- On a regional basis, Asia non-IFRS
software revenue increased 6% led by China, South Korea and India.
In Europe non-IFRS software revenue increased 10% and was led by
France and Southern Europe. In the Americas, non-IFRS software
revenue increased 5%. The Company saw strong and broad growth in
total for High Growth Countries. (All growth rates in constant
currencies.)
- Non-IFRS software revenue, which
includes new licenses and recurring software revenue, increased 7%.
Specifically, recurring software revenue grew 8% on strong
maintenance subscription performance and represented 74% of total
software revenue in the 2017 first quarter. New licenses revenue
increased 6% including other software revenue. (All growth
comparisons are in constant currencies.)
- By product line and on a non-IFRS
basis, SOLIDWORKS software revenue increased 12% reflecting a good
progression in new licenses software revenue. CATIA software
revenue increased 4% with growth across the three regions. ENOVIA
software revenue increased 2% with fewer large deals in the quarter
compared to the year-ago period. Other Software increased 10%
reflecting the addition of CST and on an organic basis was led by
QUINTIQ, EXALEAD and SIMULIA. (All growth comparisons are in
constant currencies.)
- IFRS operating income decreased 2%.
Non-IFRS operating income increased 10% to €200.7 million. The
non-IFRS operating margin was stable at 26.2%, with increased
investments and acquisition dilution offset by net favorable
currency fluctuations.
- The IFRS and non-IFRS effective tax
rates were 31.8% and 31.9%, respectively in the 2017 first quarter.
In comparison, the year-ago period IFRS and non-IFRS effective tax
rates of 19.9% and 25.8%, respectively, benefited from a large tax
reserve reversal.
- Net income and net income per share on
both an IFRS and non-IFRS basis reflected strong increases in the
2017 first quarter effective income tax rates as discussed above.
On an IFRS basis, diluted net income per share of €0.33 decreased
6%. Non-IFRS diluted net income per share of €0.53 increased 4% in
total or 15% excluding a 5 cents impact from a reversal of tax
reserves in the year-ago first quarter.
Cash Flow and Other Financial Highlights
Net operating cash flow increased 12% to €348 million for the
quarter ended March 31, 2017, compared to €309 million for the 2016
first quarter, reflecting working capital evolution including
change in timing of US tax down-payments, growth in unearned
revenue and net results adjusted for non-cash items.
Dassault Systèmes’ net financial position totaled €1.83 billion
at March 31, 2017, compared to €1.49 billion at December 31, 2016,
reflecting an increase in cash, cash equivalents and short-term
investments from €2.49 billion to €2.83 billion, with long-term
debt stable at €1.00 billion.
Cash Dividend Recommendation, Annual Shareholders’ Meeting
Date and Filing of Regulatory Annual Report
The Board of Directors has scheduled the Annual Shareholders’
Meeting for May 23, 2017 and is recommending a dividend per share
equivalent to €0.53 per share for the fiscal year ended December
31, 2016, representing an increase of approximately 13% compared to
the prior year €0.47 per share. In addition, as in recent years, it
will also be proposed that each shareholder be granted the option
to choose to receive payment of the dividend in cash or new shares.
Shareholders may choose payment of the dividend in cash or new
shares between May 30, 2017 and June 15, 2017, inclusive.
Shares will be traded ex-dividend as of May 30, 2017. Dividends
will be made payable as from June 26, 2017. These recommendations
are subject to approval by shareholders at the Annual Shareholders’
Meeting. For further information, see the Company’s 2016 Document
de Référence filed with the French Autorité des Marchés Financiers
(AMF) on March 22, 2017. The 2016 Document de Référence and an
English language translation of this document are available on the
Company’s website.
Summary of Recent Business, Technology and Customer
Highlights
Customers
On April 6, 2017, Dassault Systèmes announced that Fossil
Group, a global lifestyle accessories company, is using its “My
Collection” industry solution experience for consumer goods and
retail companies, to develop and manage the lifecycles of the
company’s diverse and differentiated products. Fossil Group,
whose owned and licensed brand accessories are sold globally, was
seeking to support its long-term corporate vision to accelerate its
business globally. Specifically, it needed a scalable solution to
streamline the development of its watch, jewelry and handbag
collections, support creativity and innovation, improve sourcing
and supply chain management, and launch products closer to consumer
demand.
On April 4, 2017, the Company announced that Groupama Team
France, one of the five challengers in the 35th America’s Cup
sailing competition, is using the “Designed for Sea” industry
solution experience to design and simulate a lightweight, high
performing racing catamaran that complies with the competition’s
design and schedule requirements. Based on Dassault Systèmes’
3DEXPERIENCE platform, “Designed for Sea” industry solution
experience enables Groupama Team France to virtually design,
simulate and optimize its catamaran’s weight, performance,
stability, strength and safety in a collaborative digital
environment, before any construction begins.
On April 5, 2017 Dassault Systèmes announced that Fiat
Chrysler Automobiles, the seventh-largest automaker in the world,
has begun to deploy the “Drive Emotion” industry solution
experience based on the 3DEXPERIENCE platform across its global
design studios. A vehicle’s style creates an emotional
connection with customers and becomes an important buying criterion
for many. Successful design requires designers to harness this
emotive power within the context of the broader customer experience
and collaborate with different disciplines from aerodynamics to
marketing to bring this holistic experience to life.
On March 28, 2017 Dassault Systèmes announced that McDermott
International, Inc., a leading provider of engineering,
procurement, construction and installation services, has chosen the
3DEXPERIENCE platform to improve efficiency and performance.
McDermott will use “Integrated Plant Engineering,” “Optimized Plant
Construction” and “Efficient Plant Operation” industry solution
experiences to collaboratively engineer, build, and operate fixed
and floating offshore production facilities, pipelines and subsea
systems for its client base of oil companies.
On March 21, 2017 announced that, Aditya Birla Fashion and
Retail Ltd. (ABFRL), India’s largest fashion and lifestyle company
has adopted its “My Collection” industry solution experience to
accelerate the time to market of its fashion collections and
increase consumer satisfaction. ABFRL is India's number one
fashion lifestyle entity. The company recently engaged in a
customer-centric strategy to develop innovative collections
inspired by customers and trendsetters for its more than 7,000
points of sale across premium multi-brand stores and department
stores. With Dassault Systèmes’ “My Collection,” the company has
one digital solution to manage its collections from their initial
concept to the retail environment.
As announced on March 9, 2017 Damen Shipyards Group, an
international shipbuilding group, has selected Dassault Systèmes’
3DEXPERIENCE platform and Marine and Offshore industry solution
experiences to digitally transform its operations. The
“Designed for Sea,” “Winning Bid for Sea,” “Optimized Production
for Sea,” and “On Time to Sea” industry solution experiences
integrate sales, marketing, design, engineering, manufacturing and
services. Damen Shipyards Group, with 32 shipyards and 9,000
employees, can improve collaboration, optimize its existing
products, processes and services, and accelerate the delivery of
innovative and configurable products.
On February 2, 2017, the Company announced that Doosan
Infracore, a global construction equipment manufacturer, is
successfully deploying the 3DEXPERIENCE platform to drive its
business transformation strategy to become a global leader in the
infrastructure support business. The “Single Source for Speed,”
“Simple Solution Selection” and “Ready to Make” industry solution
experiences, all based on the 3DEXPERIENCE platform, provide Doosan
Infracore with powerful virtual applications for innovation
management, cost controls and quality improvement across its 13
plants, 4 research and development facilities and 46 branch and
sales offices worldwide.
Products and Industry Solution
Experiences
On April 4, 2017 the Company announced that Ford Motor
Company is using Dassault Systèmes’ 3DEXCITE applications
powered by the 3DEXPERIENCE platform to create a virtual reality
experience that transports individuals to the top of the Empire
State Building where they can build a Ford Mustang sports car.
As announced on March 13, 2017, DS Automobiles, the premium
brand of PSA Group, is using the Company’s “Virtual Garage”
industry solution experience to fully support the launch of its new
SUV, DS 7 CROSSBACK, unveiled at the 87th Geneva International
Motor Show. With this, DS Automobiles transforms its showrooms
and invigorates the car buying experience by offering “DS Virtual
Vision” immersive virtual reality experiences for all its
vehicles.
In February, Dassault Systèmes announced the launch of three
new industry solution experiences and the enhancement of its
current portfolio based on the 3DEXPERIENCE platform, for the
Consumer Goods and Retail industry. The new solutions include:
“My Design”, providing 3D design, performance testing and
simulation, visualization and rendering capabilities for creative
and detailed design; “My Production” addressing tooling design,
product documentation, machining simulation, quality, compliance
traceability and real-time manufacturing analytics to define ideal
tooling and processes for flexible manufacturing operations; and
“My Operations” leveraging intelligent logistics, agile production,
supply and demand planning capabilities to improve efficiencies and
operating margin.
Business Outlook
Thibault de Tersant, Senior Executive Vice President, CFO,
commented, “First quarter financial results were well aligned with
our objectives. We saw a strong global performance for recurring
software revenue. SOLIDWORKS new licenses activity continued to
demonstrate an excellent dynamic, benefitting from its leadership
position. For larger clients, sales during the first quarter
reflected the increased seasonality of decision-making as expected,
while discussions with clients gave us improved visibility for the
year.
“Looking forward, we anticipate a year of improved new licenses
revenue growth, accompanied by recurring software revenue growth of
about 6% in the coming quarters. Drivers animating our revenue
growth are 3DEXPERIENCE, pioneering the next generation innovation
platform, and expansion in our core and diversification industries
thanks to the end to end digital continuity provided by our
industry solutions experiences, enabling our customers to build
their value chain. For 2017, we are reconfirming and upgrading our
financial objectives for the full amount of the currency upside
during the first quarter leading to a target revenue growth of
about 6 to 7% in constant currencies translating to €3.290 to
€3.315 billion in total revenue, a non-IFRS operating margin of
about 31.5% and non-IFRS EPS growth of about 7 to 9%.” (All figures
on a non-IFRS basis)
The Company’s second quarter and full year 2017 financial
objectives are as follows:
- Second quarter 2017 non-IFRS total
revenue objective of about €805 to €815 million based upon the
exchange rates assumptions below, growing about 6% to 7% in
constant currencies; non-IFRS operating margin of about 29.4% to
30.4%; and non-IFRS EPS of about €0.60 to €0.62;
- 2017 non-IFRS revenue growth objective
of about 6% to 7% in constant currencies at €3.290 to €3.315
billion (reflecting the principal 2017 currency exchange rate
assumptions below for the US dollar and Japanese yen) as well as
the potential impact from additional currencies representing about
10% of the Company’s total revenue in 2016;
- 2017 non-IFRS operating margin of about
31.5% compared to 2016 where the non-IFRS operating margin was
31.2%;
- 2017 non-IFRS EPS of about €2.67 to
€2.72, representing a growth objective of about 7% to 9%;
- Objectives are based upon exchange rate
assumptions of US$1.10 per €1.00 for the 2017 second quarter and
US$1.09 per €1.00 for the full year; and JPY117 per €1.00 for the
2017 second quarter and JPY118 per €1.00 for the full year before
hedging.
The Company’s objectives are prepared and communicated only on a
non-IFRS basis and are subject to the cautionary statement set
forth below.
The 2017 non-IFRS objectives set forth above do not take into
account the following accounting elements and are estimated based
upon the 2017 principal currency exchange rates above: deferred
revenue write-downs estimated at approximately €12 million,
share-based compensation expense, including related social charges,
estimated at approximately €81 million and amortization of acquired
intangibles estimated at approximately €161 million. The above
objectives also do not include any impact from other operating
income and expense, net principally comprised of acquisition,
integration and restructuring expenses, from one-time items
included in financial revenue and from one-time tax restructuring
gains and losses. Finally, these estimates do not include any new
stock option or share grants, or any new acquisitions or
restructurings completed after April 26, 2017.
Today’s Webcast and Conference Call
Information
Today, Wednesday, April 26, 2017, Dassault Systèmes will first
host a webcasted meeting from London at 8:30 AM London time/ 9:30
AM Paris time and will then host a conference call at 9:00 AM New
York time/ 2:00 PM London time/ 3:00 PM Paris time. The webcasted
meeting and conference call will be available via the Internet by
accessing http://www.3ds.com/investors/. Please go to the website
at least 15 minutes prior to the webcast or conference call to
register, download and install any necessary audio software. The
webcast and conference call will be archived for 1 year.
Additional investor information can be accessed at
http://www.3ds.com/investors/ or by calling Dassault Systèmes’
Investor Relations at 33.1.61.62.69.24.
Key Investor Relations Events
Annual Meeting of Shareholders, May 23, 2017Second Quarter 2017
Earnings, July 25, 2017Third Quarter 2017 Earnings, October 25,
2017
Forward-looking Information
Statements herein that are not historical facts but express
expectations or objectives for the future, including but not
limited to statements regarding the Company’s non-IFRS financial
performance objectives, are forward-looking statements.
Such forward-looking statements are based on Dassault Systèmes
management's current views and assumptions and involve known and
unknown risks and uncertainties. Actual results or performances may
differ materially from those in such statements due to a range of
factors. The Company’s current outlook for 2017 takes into
consideration, among other things, an uncertain global economic
environment. In light of the continuing uncertainties regarding
economic, business, social and geopolitical conditions at the
global level, the Company’s revenue, net earnings and cash flows
may grow more slowly, whether on an annual or quarterly basis.
While the Company makes every effort to take into consideration
this uncertain macroeconomic outlook, the Company’s business
results, however, may not develop as anticipated. Further, there
may be a substantial time lag between an improvement in global
economic and business conditions and an upswing in the Company’s
business results. The Company’s actual results or performance may
also be materially negatively affected by numerous risks and
uncertainties, as described in the “Risk Factors” section of the
2016 Document de Référence (Annual Report) filed with the AMF
(French Financial Markets Authority) on March 22, 2017, and also
available on the Company’s website www.3ds.com.
In preparing such forward-looking statements, the Company has in
particular assumed an average US dollar to euro exchange rate
of US$1.10 per €1.00 for the 2017 second quarter and US$1.09 per
€1.00 for the full year 2017 as well as an average Japanese yen to
euro exchange rate of JPY117 to €1.00 for the second quarter and
JPY118 to €1.00 for the full year 2017 before hedging; however,
currency values fluctuate, and the Company’s results of operations
may be significantly affected by changes in exchange rates.
Non-IFRS Financial Information
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 2016
Document de Référence filed with the AMF on March 22, 2017.
In the tables accompanying this press release the Company sets
forth its supplemental non-IFRS figures for revenue, operating
income, operating margin, net income and diluted earnings per
share, which exclude the effect of adjusting the carrying value of
acquired companies’ deferred revenue, share-based compensation
expense and related social charges, the amortization of acquired
intangible assets, other operating income and expense, net, certain
one-time items included in financial revenue and other, net, and
the income tax effect of the non-IFRS adjustments and certain
one-time tax effects. The tables also set forth the most comparable
IFRS financial measure and reconciliations of this information with
non-IFRS information.
Information in Constant Currencies
When the Company believes it would be helpful for understanding
trends in its business, the Company provides percentage increases
or decreases in its revenue (in both IFRS as well as non-IFRS) to
eliminate the effect of changes in currency values, particularly
the U.S. dollar and the Japanese yen, relative to the euro.
When trend information is expressed herein "in constant
currencies", the results of the "prior" period have first been
recalculated using the average exchange rates of the comparable
period in the current year, and then compared with the results of
the comparable period in the current year.
This press release constitutes the quarterly financial
information required by article L.451-1-2 IV of the French Monetary
and Financial Code (Code Monétaire et Financier).
About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, provides business
and people with virtual universes to imagine sustainable
innovations. Its world-leading solutions transform the way products
are designed, produced, and supported. Dassault Systèmes’
collaborative solutions foster social innovation, expanding
possibilities for the virtual world to improve the real world. The
group brings value to over 220,000 customers of all sizes, in all
industries, in more than 140 countries. For more information, visit
www.3ds.com.
3DEXPERIENCE, the Compass logo and the 3DS logo, CATIA,
SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA,
BIOVIA, NETVIBES and 3DEXCITE are registered trademarks of Dassault
Systèmes or its subsidiaries in the US and/or other countries.
(Tables to Follow)
TABLE OF CONTENTS
Non-IFRS key figures
Condensed consolidated statements of income
Condensed consolidated balance sheets
Condensed consolidated cash flow statements
IFRS – non-IFRS reconciliation
DASSAULT SYSTEMESNON-IFRS KEY
FIGURES(unaudited; in millions of Euros, except per share data,
headcount and exchange rates)
Non-IFRS key figures exclude the effects of adjusting the
carrying value of acquired companies’ deferred revenue, share-based
compensation expense and related social charges, amortization of
acquired intangible assets, other operating income and expense,
net, certain one-time financial revenue items and the income tax
effects of these non-IFRS adjustments.
Comparable IFRS financial information and a reconciliation of
the IFRS and non-IFRS measures are set forth in the separate tables
within this Attachment.
In millions
of Euros, except per share data and percentages
Three months ended
March 31,2017
March 31,2016
Change
Changein cc*
Non-IFRS Revenue € 765.7 €
693.5 10% 8% Non-IFRS
Revenue breakdown by activity Software revenue 676.1 613.9 10%
7% of which new licenses and other software-related revenue 173.0
160.2 8% 6% of which periodic licenses, maintenance 503.1 453.7 11%
8% Services revenue 89.6 79.6 13% 10%
Non-IFRS software
revenue breakdown by product line CATIA software revenue 236.4
221.4 7% 4% ENOVIA software revenue 73.6 70.9 4% 2% SOLIDWORKS
software revenue 174.2 151.5 15% 12% Other software revenue 191.9
170.1 13% 10%
Non-IFRS Revenue breakdown by geography
Americas 235.8 216.5 9% 5% Europe 323.0 292.8 10% 11% Asia
206.9 184.2 12% 7%
Non-IFRS operating income € 200.7 €
181.7 10% Non-IFRS operating margin 26.2%
26.2% Non-IFRS net income attributable to
shareholders € 135.7 € 131.1 4%
Non-IFRS diluted net income per share
€ 0.53 € 0.51 4%
Closing headcount
15,262 14,207 7%
Average Rate USD per Euro 1.06 1.10 -4%
Average Rate JPY per Euro 121.0 127.0
-5%
* In constant currencies
DASSAULT SYSTEMES CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (IFRS)
(unaudited; in millions of Euros, except
per share data)
In millions of Euros, except per share data and percentages
Three months ended
March 31, March 31,
2017 2016 New licenses and other
software-related revenue 173.0 159.6 Periodic licenses, maintenance
497.2 452.5 Software revenue 670.2 612.1
Services revenue 89.6 79.3
Total
Revenue € 759.8 € 691.4 Cost of software revenue
(excluding amortization of acquired intangibles) (40.4) (37.5) Cost
of services and other revenue (82.8) (77.1) Research and
development (149.7) (130.5) Marketing and sales (259.8) (227.8)
General and administrative (60.3) (54.4) Amortization of acquired
intangibles (41.2) (39.2) Other operating income and expense, net
(6.1) (2.4) Total Operating Expenses
(640.3) (568.9)
Operating Income €
119.5 € 122.5 Financial revenue and other, net
7.2 (9.2) Income before income taxes 126.7 113.3
Income tax expense (40.3) (22.6)
Net Income € 86.4
€ 90.7 Non-controlling interest (1.4) (0.8)
Net Income attributable to equity holders of the
parent € 85.0 € 89.9 Basic
net income per share 0.33 0.35
Diluted net
income per share € 0.33 € 0.35
Basic weighted average shares outstanding (in millions)
253.8 253.7 Diluted weighted average
shares outstanding (in millions) 257.3
257.2
Three months ended March 31,
2017 Change*
Change in cc** IFRS Revenue 10% 7%
IFRS Revenue by activity Software revenue 9% 7% Services
Revenue 13% 11%
IFRS Software Revenue by product line CATIA
software revenue 7% 4% ENOVIA software revenue 4% 2% SOLIDWORKS
software revenue 15% 12% Other software revenue 11% 8%
IFRS
Revenue by geography Americas 9% 5% Europe 9% 10% Asia
12% 7%
*Variation compared to the same period in the
prior year. **In constant currencies
DASSAULT SYSTEMES CONDENSED CONSOLIDATED BALANCE
SHEETS (IFRS)
(unaudited; in millions of Euros)
In millions of Euros
March 31,
December 31, 2017
2016 ASSETS Cash and cash
equivalents 2,765.4 2,436.7 Short-term investments 63.6 56.1
Accounts receivable, net 705.6 820.4 Other current assets 268.7
257.2
Total current assets 3,803.3 3,570.4
Property and equipment, net 137.3 135.4 Goodwill and Intangible
assets, net 2,873.7 2,926.5 Other non-current assets 312.5
310.7
Total Assets
€ 7,126.8 € 6,943.0 LIABILITIES AND
SHAREHOLDERS' EQUITY Accounts payable 127.1 144.9 Unearned
revenues 1,008.9 853.1 Other current liabilities 489.4 467.6
Total current liabilities 1,625.4 1,465.6
Long-term debt 1,000.0 1,000.0 Other non-current obligations 581.4
594.6
Total long-term liabilities 1,581.4
1,594.6 Non-controlling interests 0.0 22.6 Parent
shareholders' equity 3,920.0 3,860.2
Total Liabilities and Shareholders' equity
€ 7,126.8 € 6,943.0
DASSAULT SYSTEMES CONDENSED CONSOLIDATED
CASH FLOW STATEMENTS (IFRS) In millions of Euros
Three months ended
March 31,2017
March 31,2016
Change Net Income attributable to equity
holders of the parent 85.0 89.9 (4.9)
Non-controlling interest
1.4
0.8
0.6
Net Income 86.4 90.7 (4.3) Depreciation of property & equipment
11.7 10.5 1.2 Amortization of intangible assets 43.3 41.2 2.1 Other
non cash P&L Items 7.8 (9.3) 17.1 Changes in working capital
198.6 176.2 22.4
Net Cash provided
by operating activities € 347.8 € 309.3 €
38.5 Additions to property, equipment and intangibles
(18.3) (8.8) (9.5) Payments for acquisition of businesses, net of
cash acquired (0.4) - (0.4) Sale (purchase) of short term
investments, net (8.8) 20.8 (29.6) Investments, loans and others
6.3 1.1 5.2
Net Cash provided by
(used in) investing activities (€ 21.2) € 13.1
(€ 34.3) (Purchase) Sale of treasury stock 3.1 (34.3)
37.4 Proceeds from exercise of stock-options 5.3 3.2 2.1 Cash
dividend paid - (1.8) 1.8
Net Cash
provided by (used in) financing activities € 8.4 (€
32.9) € 41.3 Effect of exchange rate changes
on
cash and cash equivalents
(6.3) (28.0) 21.7
Increase (decrease) in cash and cash
equivalents € 328.7 €
261.5 € 67.2
Cash and cash
equivalents at beginning of period € 2,436.7 €
2,280.5 Cash and cash equivalents at end of
period € 2,765.4 €
2,542.0
DASSAULT SYSTEMESSUPPLEMENTAL
NON-IFRS FINANCIAL INFORMATIONIFRS – NON-IFRS
RECONCILIATION(unaudited; in millions of Euros, except per
share data)
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, 2016 filed
with the AMF on March 22, 2017. 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
2017
Adjustment
2017 2016
Adjustment
2016 IFRS
Non-IFRS
IFRS
(1)
non-IFRS IFRS
(1)
non-IFRS
(2)
Total Revenue € 759.8 € 5.9 €
765.7 € 691.4 € 2.1 € 693.5 10%
10% Total Revenue breakdown by activity Software
revenue 670.2 5.9 676.1 612.1 1.8 613.9 9% 10% of which new
licenses and other software-related revenue 173.0 173.0 159.6 0.6
160.2 8% 8% of which periodic licenses, maintenance 497.2 5.9 503.1
452.5 1.2 453.7 10% 11% Recurring portion of Software revenue 74%
74% 74% 74% Services revenue 89.6 89.6 79.3 0.3 79.6 13% 13%
Total Software Revenue breakdown by product line CATIA
software revenue 236.4 236.4 221.4 221.4 7% 7% ENOVIA software
revenue 73.6 73.6 70.9 70.9 4% 4% SOLIDWORKS software revenue 174.2
174.2 151.5 151.5 15% 15% Other software revenue 186.0 5.9 191.9
168.3 1.8 170.1 11% 13%
Total Revenue breakdown by geography
Americas 233.9 1.9 235.8 215.3 1.2 216.5 9% 9% Europe 319.4 3.6
323.0 292.3 0.5 292.8 9% 10% Asia 206.5
0.4 206.9 183.8 0.4
184.2 12% 12%
Total
Operating Expenses (€ 640.3) € 75.3 (€
565.0) (€ 568.9) € 57.1 (€ 511.8)
13% 10% Share-based compensation expense (28.0) 28.0
- (15.5) 15.5 - Amortization of acquired intangibles (41.2) 41.2 -
(39.2) 39.2 - Other operating income and expense, net
(6.1) 6.1 - (2.4)
2.4 -
Operating Income € 119.5 € 81.2 €
200.7 € 122.5 € 59.2 € 181.7 -2%
10% Operating Margin 15.7% 26.2%
17.7% 26.2% Financial revenue & other, net 7.2
(6.7) 0.5 (9.2) 5.4 (3.8) -178% -113% Income tax expense (40.3)
(23.8) (64.1) (22.6) (23.4) (46.0) 78% 39% Non-controlling interest
(1.4) (1.4) (0.8) (0.8) 75% 75%
Net Income attributable to
shareholders € 85.0 € 50.7 € 135.7 €
89.9 € 41.2 € 131.1 -5% 4%
Diluted Net Income Per Share (3) €
0.33 € 0.20 € 0.53
€ 0.35 € 0.16 € 0.51
-6% 4%
(1) In the reconciliation schedule above, (i) all adjustments to
IFRS revenue data reflect the exclusion of the deferred revenue
adjustment of acquired companies; (ii) adjustments to IFRS
operating expense data reflect the exclusion of the amortization of
acquired intangibles, share-based compensation expense and related
social charges, and other operating income and expense, (iii)
adjustments to IFRS financial revenue and other, net reflect the
exclusion of certain one-time items included in financial revenue
and other, net, and (iv) all adjustments to IFRS income data
reflect the combined effect of these adjustments, plus with respect
to net income and diluted net income per share, the income tax
effect of the non-IFRS adjustments.
In millions of
Euros
Three months ended March 31,
2017 IFRS Adjustment 2017
2016 IFRS Adjustment 2016
non-IFRS
non-IFRS Cost of revenue (123.2) 1.0 (122.2) (114.6) 0.6
(114.0) Research and development (149.7) 11.8 (137.9) (130.5) 6.5
(124.0) Marketing and sales (259.8) 9.3 (250.5) (227.8) 5.2 (222.6)
General and administrative (60.3) 5.9 (54.4) (54.4) 3.2 (51.2)
Total share-based compensation expense
€ 28.0
€ 15.5
(2) The non-IFRS percentage increase (decrease) compares
non-IFRS measures for the two different periods. In the event there
is non-IFRS adjustment to the relevant measure for only one of the
periods under comparison, the non-IFRS increase (decrease) compares
the non-IFRS measure to the relevant IFRS measure.
(3) Based on a weighted average 257.3 million diluted shares for
Q1 2017 and 257.2 million diluted shares for Q1 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170425006631/en/
Dassault Systèmes:François-José Bordonado/Béatrix
Martinez+33.1.61.62.69.24United States and
Canada:Michele.Katz@3ds.comorFTI Consulting:Rob
Mindell+44.20.3727.1000Arnaud de Cheffontaines+33.1.47.03.69.48
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