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

(“IAS 18 IFRS and IAS 18 non-IFRS”)

  • On an IAS 18 basis and in constant currencies: Total revenue increased 13% (IFRS and non-IFRS). Acquisitions contributed 3 percentage points to the revenue growth rate.
  • On an IAS 18 basis and in constant currencies: Software revenue increased 11% (IFRS and non-IFRS). Licenses and other software revenue increased 13% (IFRS and non-IFRS). Non-IFRS recurring revenue, comprised of subscription and support revenue, increased 10%. On an organic basis, non-IFRS software revenue increased 8% with licenses and other software growth of 11%, subscription growth of 9% and support growth of 6%.
  • On an IAS 18 basis and in constant currencies: Asia non-IFRS software revenue increased 19% on broad-based growth across all of Asia including Japan and China, its two largest geographies. Europe non-IFRS software revenue increased 12%, driven by significantly higher results in Western Europe and broad strength in direct sales with records set in large deal transactions. Americas non-IFRS software revenue increased 4% on mixed results by sales channels. High Growth Countries non-IFRS software revenue rose 18%.
  • 3DEXPERIENCE software revenue was up 33% at constant currency on an IAS 18 basis and represented 30% of related software revenue, compared to 25% in 2017, led by large 3DEXPERIENCE transactions in Aerospace & Defense, Transportation & Mobility, Industrial Equipment and Energy, Process & Utilities and higher activity generally.
  • On an IAS 18 basis and in constant currencies: Services revenue increased 32% (IFRS) and 33% (Non-IFRS) led by 3DEXPERIENCE deployment activities, contribution from acquisitions and catch-up from prior quarters on certain brands.
  • On an IAS 18 basis: IFRS operating income increased 1%. Non-IFRS operating income increased 11% to €390.8 million. The non-IFRS operating margin was 37.4%, coming in ahead of the Company’s objectives on stronger revenue results. In comparison to the year-ago period, the non-IFRS operating margin decreased 120 basis points reflecting dilution from acquisitions.
  • In the 2018 fourth quarter, IAS 18 IFRS and non-IFRS effective tax rates were 30.4% and 27.5%, respectively. In the 2017 fourth quarter, the IAS 18 IFRS and non-IFRS effective tax rate was 27.4% and 34.4%, respectively, with the IFRS tax rate benefiting from a deferred tax re-measurement following the enactment of the U.S. Tax Reform Act while on a non-IFRS basis, the Company excluded this one-time tax benefit.
  • On an IAS 18 basis: IFRS diluted net income per share decreased 1%. Non-IFRS diluted net income per share increased 24%, both as reported and in constant currency.
       

Twelve 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   3,477.4 3,474.3   8%   10% 3,491.1 3,488.0   8%   10%
YTD 2018 Software Revenue   3,081.8 3,078.7   7%   10% 3,093.9 3,090.8   7%   10%
YTD 2018 Services Revenue   395.6 395.6   10%   13% 397.2 397.2   11%   14%
YTD 2018 Operating Margin   22.1% 22.0%   -0.6pts     31.9% 31.8%   -0.2pts    
YTD 2018 EPS 2.18 2.18   8%     3.12 3.11   16%   20%
                         

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 864.7 874.0   855.4   7% 872.4 881.7   860.1   7%
Europe 1,340.3 1,329.5   1,233.5   9% 1,342.8 1,332.0   1,241.5   8%
Asia 876.8 875.2   780.4   16% 878.6 877.1   781.6   16%

* In constant currencies

       

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

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