Dassault Systèmes Reports First Quarter Revenue and EPS Growth Up Double-digits, Reaffirms 2019 Financial Objectives and Updates for 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, 2018 filed with the AMF on March 26, 2019. 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
2019 Adjustment (1) 2019 2018 Adjustment (1) 2018 IFRS Non-IFRS (2) 
IFRS Non-IFRS IFRS Non-IFRS 
Total Revenue € 958.9 € 5.1 € 964.0 € 818.7 € 1.9 € 820.6 17% 17% 
Total Revenue breakdown by activity         
Software revenue855.34.2859.5735.11.9737.016%17% 
Licenses and other software revenue213.2 213.2179.1 179.119%19% 
Subscription and Support revenue642.04.2646.2556.01.9557.915%16% 
  Recurring portion of Software revenue75% 75%76% 76%   
Services revenue103.60.9104.583.5 83.524%25% 
Total Software Revenue breakdown by product line         
CATIA software revenue270.1 270.1250.7 250.78%8% 
ENOVIA software revenue92.3 92.374.7 74.724%24% 
SOLIDWORKS software revenue191.4 191.4169.9 169.913%13% 
Other software revenue301.54.2305.7239.81.9241.726%26% 
Total Revenue breakdown by geography         
Americas307.04.0311.1238.10.9239.029%30% 
Europe408.41.1409.5362.20.4362.613%13% 
Asia 243.5   243.5 218.4 0.6 219.0 12% 11%  
Total Operating Expenses (€ 743.1) € 95.5 (€ 647.6) (€ 639.9) € 77.1 (€ 562.8) 16% 15%  
Share-based compensation expense (46.3) 46.3 - (32.8) 32.8 -      
Amortization of acquired intangibles (50.1) 50.1 - (41.8) 41.8 -      
Other operating income and expense, net 0.9 (0.9) - (2.5) 2.5 -      
Operating Income € 215.8 € 100.6 € 316.4 € 178.7 € 79.0 € 257.8 21% 23%  
Operating Margin 22.5%   32.8% 21.8%   31.4%      
Financial revenue & other, net 5.2 (0.9) 4.2 4.7 0.5 5.2 9% -19%  
Income tax expense (62.9) (32.3) (95.2) (47.5) (28.2) (75.6) 33% 26%  
Non-controlling interest 2.8 (1.8) 1.0 0.3   0.3      
Net Income attributable to shareholders € 160.8 € 65.7 € 226.5 € 136.3 € 51.4 € 187.6 18% 21%  
Diluted Net Income Per Share (3) € 0.62 € 0.25 € 0.87 € 0.53 € 0.20 € 0.72 17% 21%  

(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 for net income and diluted net income per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

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