The EDA & MCAD/MCAE Almanac: Q2 2011

Q2 2011 Summary Highlights

  • Software revenue growth up 18% (IFRS) in constant currencies
  • Net operating cash flow of €148 million ($US 213 million)
  • Version 6 deployments and signings included Jaguar Land Rover, Cessna, Alstom Transport and Benetton Group
  • Introduction of first Dassault Systèmes solution on the Cloud
  • Upgrading 2011 Financial Objectives on based on Q2 Performance


Second Quarter 2011 Financial Summary                            

Worldwide revenue for Dassault Systemes for nominal Q2 2011 was € 428.6 million, 11.15% above the € 385.6 million in YOY nominal Q2 2010.

Using average fx rates supplied by Dassault (and verified by of 1.44 €/$ for Q2 2011, and 1.27 €/$ for Q2 2010, this translates to $US 617.2 million in Q2 2011 revenue, or 11.3% more than $US 544.3 million in Q2 2010 revenue.

Worldwide net income for Dassault Systemes for nominal Q2 2011 was € 64.3 million, 32.0% above the € 48.7 million in YOY nominal Q2 2010.

Using the same average fx rates supplied by Dassault of 1.44 €/$ for Q2 2011, and 1.27 €/$ for Q2 2010, this translates to $US 92.6 million in Q2 2011 net income, or 49.6% more than $US 61.9 million in Q2 2010 net income.

Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “Dassault Systèmes delivered a very solid second quarter set of results. In particular, new licenses software revenue growth was up 36%, led by ENOVIA with a 49% increase, and a strong dynamic for the Company as a whole in high growth countries. CATIA had an excellent quarter with software revenue up 13% in constant currencies with Version 6 deployments, more active aerospace and automotive markets and a strong performance in the SMB channel.”

“June was an important period for product launches, including our Version 6 Release 2012 and the introduction of our first Cloud services providing affordable and flexible usage for organizations and projects of any scale. Version 6 Release 2012 with its open architecture offers many improvements to enable companies to achieve efficient and secure inter-operability with their various enterprise systems. Exalead, acquired one year ago, further enables this data inter-operability through its ability to find, integrate and analyze data wherever it resides in a simple, quick and cost effective manner thanks to its powerful search capabilities”

Additional Facts and Figures

  • IFRS total revenue increased 17% principally reflecting strong software growth and to a lesser extent growth in services and other revenue. By region, growth was highest in Asia followed by the Americas and Europe. (All growth comparisons in constant currencies.)
  • IFRS software revenue grew 18% on sharply higher new licenses revenue, which increased 36%. ENOVIA was the strongest with a 49% increase in new licenses revenue.
  • IFRS nonrecurring software revenue grew 12% benefiting from strong subscription rental trends, increase in new licenses activity and higher rental revenue.
  • IFRS PLM software revenue increased 20%. PLM software revenue growth benefited from a significant increase in new license revenue activity, including larger transaction sizes and strong activity in the PLM Value Solutions channel.
  • Mainstream 3D software revenue increased 11% in constant currencies on strong new licenses revenue and growth in maintenance revenue.

New SolidWorks commercial seats licensed in the second quarter increased 22% to 11,893 seats.

Earnings growth benefited from operating leverage offset in part by strong currency headwinds. IFRS earnings per diluted share increased 30% to €0.52. The IFRS operating margin was 21.7% in the 2011 second quarter.

Cash Flow and Other Financial Highlights

Net operating cash flow was €147.6 million for the 2011 second quarter, compared to €132.3 million in the year-ago period. IFRS net operating cash flow was €281.3 million for the 2011 First Half, compared to €265.6 million for the 2010 First Half. During the 2011 second quarter, the Company received cash of €98.9 million in connection with stock options exercised, completed share repurchases in the amount of €61.2 million, and paid cash dividends of €65.8 million in total. Stock options exercised were primarily in connection with the 2011 expiration of several major ten-year stock option programs.

Additional Business and Corporate Highlights

Premier Defense Contractor, Lockheed Martin, Optimizes Assembly, Integration and Test Processes with Dassault Systèmes DELMIA Simulation Solutions. Dassault Systèmes’ DELMIA solutions are being used for product and process simulations at Lockheed Martin Space Systems Company. The DELMIA solutions are also a major software component of the new Lockheed Martin Collaborative Human Immersive Lab (CHIL), an advanced technology virtual reality and simulation laboratory that offers a smarter, reduced cost, and lower risk opportunity in building space systems, including satellites, exploration spacecraft, launch vehicles and missile defense systems.

Alstom, a world leader in transport infrastructure, power generation and transmission, has selected Dassault Systèmes Version 6 PLM platform to improve end to end business processes. As a first step in this major transformation, Alstom Transport will leverage Dassault Systèmes’ ENOVIA Version 6 to unify its different sites under a unique, worldwide platform enabling its employees to efficiently collaborate on customer projects. Alstom is consolidating its PLM system in order to streamline information sharing, increase its manufacturing capacity and reduce time-to-market.

Benetton Group has selected Dassault Systèmes Version 6 PLM solution as its platform for global development and sourcing. Dassault Systèmes’ ENOVIA Version 6 will provide Benetton with deep domain-specific apparel design and production capabilities and industry-leading global sourcing management that will enable Benetton to achieve lead time reduction, optimize its sourcing operations, streamline product line complexities and enhance collaboration while accommodating the Benetton Group’s diverse product portfolio.

Embraer SA, the world’s fourth-largest plane maker, is deploying a complete 3D solution for the design and manufacturing of its Phenom and Legacy 500 executive jets at its Melbourne, Florida, US and Sao Jose dos Campos, Brazil plants. Digital Factory is a 3D source for product information aimed at reducing design and manufacturing costs by creating a single set of plans, design models, work and product instructions, all integrated into a secure, collaborative platform.

Dassault Systèmes Goes Cloud with Version 6. In June, Dassault Systèmes announced its new online Version 6 platform, its new store, 3DStore online (, for lifelike experiences and applications, and its first online cloud business services. Dassault Systèmes also announced its strategic investment in Outscale, a start-up providing SaaS operator services. With Version 6 cloud-based solutions, users can get what they need, when they need it. Offered as a flexible subscription model, without upfront investments in additional infrastructure, long-term volume commitments or administrative burden, Version 6 Online solutions are designed to adapt to the needs of organizations or projects of any scale.

Dassault Systèmes Goes Cloud with Amazon Web Services. Dassault Systèmes and Amazon Web Services (AWS), an company and leader in elastic cloud infrastructure, are working together to enable companies of all sizes to get started quickly with Dassault Systèmes Version 6 solutions on AWS.

Dassault Systèmes Launches Version 6 Release 2012 and Introduces New Levels of Openness and Lifelike Experience. This release demonstrates Dassault Systèmes’ focus on delivering an open collaborative platform to its customer base and beyond. Release 2012 introduces new interoperability solutions between Version 6 and other PDM systems, and new levels of integration between Version 6 and ERP solutions. It broadens the value of digital assets into new solutions such as immersive retail store experiences and global production system planning with 3DVIA Shopper and DELMIA Global Production System Planning.

Business Outlook

Thibault de Tersant , Senior Executive Vice President and CFO, commented, “The second quarter exceeded our expectations on very healthy demand for our software solutions, with the upside coming both from new licenses revenue and recurring revenue. We are upgrading our 2011 financial objectives for the full €20 million second quarter revenue over-performance, leading to a 2011 revenue growth outlook of 11 to 12% in constant currencies, and earnings per share growth of about 8 to 12% in spite of currency headwinds.”

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