Dassault Systèmes Reports Strong 3DEXPERIENCE-driven Growth with Fourth Quarter Total Revenue up 13% and Software Revenue up 11% at Constant Currency

DASSAULT SYSTEMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – 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, 2017 filed with the AMF on March 21, 2018. 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 Twelve months ended December 31,   Change
  2018
IFRS
  Adjustment (1)   2018
Non-IFRS
  2017
IFRS
  Adjustment (1)   2017
Non-IFRS
  IFRS  

Non-IFRS
(2)

Total Revenue IAS18 € 3,474.3   € 13.7   € 3,488.0   € 3,228.0   € 14.0   € 3,242.0 8%   8%
Total Revenue IAS18 breakdown by activity
Software revenue 3,078.7 12.0 3,090.8 2,869.3 13.9 2,883.2 7% 7%
Licenses and other software revenue 923.5 923.5 855.8 855.8 8% 8%
Subscription and Support revenue 2,155.3 12.0 2,167.3 2,013.5 13.9 2,027.4 7% 7%
Recurring portion of Software revenue 70% 70% 70% 70%
Services revenue 395.6 1.6 397.2 358.7 0.1 358.8 10% 11%
Total Software Revenue IA18 breakdown by product line
CATIA software revenue 1,028.3 2.5 1,030.8 1,004.9 1,004.9 2% 3%
ENOVIA software revenue 358.7 358.7 321.9 321.9 11% 11%
SOLIDWORKS software revenue 746.1 746.1 695.8 695.8 7% 7%
Other software revenue 945.6 9.6 955.2 846.7 13.9 860.6 12% 11%
Total Revenue IAS18 breakdown by geography
Americas 1,010.6 8.7 1,019.3 977.3 4.8 982.1 3% 4%
Europe 1,513.4 3.2 1,516.6 1,398.5 8.0 1,406.5 8% 8%
Asia   950.2   1.8   952.1   852.2   1.2   853.4   12%   12%
Total Operating Expenses (€ 2,709.2) 330.6 (€ 2,378.6) (€ 2,499.0) 294.1 (€ 2,204.9) 8% 8%
Share-based compensation expense (120.6) 120.6 - (103.9) 103.9 -
Amortization of acquired intangibles (171.6) 171.6 - (160.3) 160.3 -
Other operating income and expense, net   (38.4)   38.4   -   (29.9)   29.9   -        
Operating Income € 765.1 344.3 € 1,109.4 € 729.0 308.1 € 1,037.1 5% 7%
Operating Margin 22.0% 31.8% 22.6% 32.0%
Financial revenue & other, net 15.5 0.8 16.3 22.4 (20.7) 1.7 -31% N/A
Income tax expense (218.7) (98.6) (317.3) (231.3) (113.9) (345.2) -5% -8%
Non-controlling interest 6.0 (3.3) 2.7 (0.7) (0.7)
Net Income attributable to shareholders € 568.0 243.1 € 811.1 € 519.4 173.5 € 692.9 9% 17%
Diluted Net Income Per Share   € 2.18   0.9   € 3.11   € 2.01   0.7   € 2.68   8%   16%

(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, including impairment of goodwill and acquired
intangible assets of €22 million in 2018, (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 for
net income and diluted net income per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

 
In millions of Euros   Twelve months ended December 31,   Change
  2018 IFRS   Adjustment   2018
Non-IFRS
  2017 IFRS   Adjustment   2017
Non-IFRS
  IFRS   Non-IFRS
Cost of revenue (510.9)   4.8   (506.1)   (473.9)   4.1   (469.8)   8%   8%
Research and development (631.1) 47.1 (584.1) (576.6) 41.6 (535.0) 9% 9%
Marketing and sales (1,069.8) 31.0 (1,038.8) (1,015.0) 36.6 (978.4) 5% 6%
General and administrative (287.4) 37.7 (249.7) (243.3) 21.6 (221.7) 18% 13%
Total share-based compensation expense       € 120.6           € 103.9            

(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 260.8 million diluted shares for 2018 and 258.3 million diluted shares for 2017.

 

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