PARIS — (BUSINESS WIRE) — April 26, 2011 — Regulatory News:
Dassault Systèmes (Euronext Paris: #13065, DSY.PA) (Paris: DSY) reports IFRS unaudited financial results for the first quarter ended March 31, 2011. These results were reviewed by the Company’s Board of Directors on April 26, 2011.
- Strong revenue, earnings and operating margin performance
- New licenses revenue up 28% and recurring revenue up 32% (IFRS and non-IFRS) in constant currencies
- EPS up 59% to €0.51 (IFRS) and up 47% to €0.63 (non-IFRS)
- 2011 financial growth objectives reconfirmed, reported revenue range adjusted for currency
- First quarter Version 6 contracts signed with automotive leaders BMW and Jaguar Land Rover and agricultural engineering leader CLAAS
- Board of Directors’ recommends shareholders approve 17% increase in the cash dividend
First Quarter 2011 Financial Summary
|In millions of Euros, except per share data||IFRS||Non-IFRS|
|Change||Change in cc*||Change||Change in cc*|
|Q1 Total Revenue||409.5||31%||29%||409.9||31%||29%|
|Q1 Software Revenue||372.2||33%||31%||372.6||33%||31%|
|Q1 Operating Margin||22.2%||28.3%|
*In constant currencies.
Bernard Charlès, Dassault Systèmes President and Chief Executive Officer, commented, “Revenue and earnings came in ahead of our first quarter financial objectives. All regions were important drivers of our growth, including Asia. CATIA’s performance and record quarterly revenues at SolidWorks illustrate the progressive strengthening of the SMB market since the initial signs of recovery in mid-2010.
“The first quarter was also a time of extraordinary efforts by our Japanese employees and sales partners who quickly resumed operations in order to provide support and assistance to our customers in a number of areas. I would like to publicly thank them.
“Key to our performance and market leadership is a continuous focus on leveraging the talents of our executives and regularly evolving management responsibilities, consistent with the dynamic of our market. In this regard, we recently made some brand and channel responsibilities changes to further support our market expansion objectives.
“Finally, leading companies continue to adopt our Version 6, PLM 2 offerings. Two of the world’s foremost automotive companies are moving forward with Version 6 initiatives. In February we outlined BMW’s decision to use V6 as its new platform for Embedded Systems architecture, integration and design. In March, I was very pleased to join Jaguar Land Rover’s CEO Dr. Ralf Speth in announcing a new strategic partnership between our two companies. And most recently, CLAAS, a global leader in agricultural engineering, selected V6 – including CATIA, ENOVIA, DELMIA and SIMULIA.”
Dassault Systèmes completed the acquisition of the IBM PLM operations on March 31, 2010 and these operations were merged into the Company’s operations within its PLM business segment commencing April 1, 2010. Due to the deep integration of former IBM PLM employees into the Company’s operations, involving many changes in sales territories and responsibilities, it is not possible to isolate the IBM PLM revenue and profit since the acquisition date. As previously disclosed, the IBM PLM share of Dassault Systèmes software revenue was estimated at approximately €50 million for the 2010 first quarter.
First Quarter 2011 Financial Review
|In millions of Euros||IFRS||Non-IFRS|
|Q1 2011||Q1 2010||Change in cc*||Q1 2011||Q1 2010||Change in cc*|
|Services and other Revenue||37.3||32.2||14%||37.3||32.2||14%|
|PLM software Revenue||288.1||208.8||35%||288.5||208.9||36%|
|Mainstream 3D software Revenue||84.1||70.9||16%||84.1||70.9||16%|
*In constant currencies.
- IFRS and non-IFRS total revenue increased 29%, reflecting software revenue growth of 31%, and services and other revenue growth of 14% (all figures in constant currencies).
- IFRS and non-IFRS new license revenue increased 28% in constant currencies and IFRS and non-IFRS recurring software revenue grew 32% in constant currencies.
- IFRS PLM software revenue increased 35% in constant currencies. Non-IFRS PLM software revenue increased 36%, with CATIA software revenue higher by 44%, ENOVIA by 31% and Other PLM by 20% (all figures in constant currencies). Other PLM includes SIMULIA, DELMIA, Exalead and 3DVIA.
- Mainstream 3D (IFRS and non-IFRS) software revenue increased 16% in constant currencies. New SolidWorks commercial seats licensed in the first quarter increased 23% to 12,128 seats.
- The IFRS operating margin was 22.2%, up from 15.9% in the first quarter of 2010. The non-IFRS operating margin increased to 28.3% in the 2011 first quarter, up from 22.1% in the year-ago quarter.
- IFRS earnings per diluted share increased 59% to €0.51 up from €0.32. Non-IFRS earnings per diluted share increased 47% to €0.63 compared to €0.43 in the year-ago quarter.
Cash Flow and Other Financial Highlights
Net operating cash flow was €134 million for the 2011 first quarter, compared to €133 million in the year-ago period.
The Company’s net financial position, comprised of cash, cash equivalents and short-term investments less long-term debt, was €873.9 million at March 31, 2011, compared to a net financial position of €845.7 million at December 31, 2010. The Company’s cash, cash equivalents and short-term investments and long-term debt were €1.16 billion and €286.4 million, respectively at March 31, 2011 compared to €1.14 billion and €293.4 million, respectively at December 31, 2010.
Cash Dividend Recommendation and Annual Shareholders’ Meeting Date
The Board of Directors has scheduled the Annual Shareholders’ Meeting for May 26, 2011 and is recommending a 17% increase in the annual cash dividend equivalent to €0.54 per share for the fiscal year ended December 31, 2010, compared to €0.46 per share for the fiscal year ended December 31, 2009. The dividend is subject to approval by shareholders at the Annual Shareholders’ Meeting.
Dassault Systèmes 2011 Management Organizational Changes to Further Position PLM at the Core of Sustainable Innovation in All Businesses.
The following appointments have been made: Etienne Droit, member of the Executive Committee, has been appointed Chief Executive Officer CATIA; Bruno Latchague, member of the Executive Committee, has been appointed Executive Vice President, PLM Value Solutions; Sylvain Laurent has been promoted to Executive Vice President, PLM Enterprise Business Transformation and new member of the Executive Committee; Ken Clayton has been appointed as Vice-President, Professional Channel and Laurent Couillard has been appointed as Exalead CEO.
Other Key Business and Corporate Highlights
In a separate press release issued today, Dassault Systèmes announced the acquisition of Enginuity, to accelerate innovation for formulated products. Demonstrating its broad industry focus, the addition of Enginuity expands Dassault Systèmes’ already extensive suite of collaborative business process solutions based on the ENOVIA V6 platform. Using ENOVIA V6, formula-centric companies in the pharmaceutical, personal care, cosmetics, food and beverage, flavor/fragrance industries will be able to accelerate product innovation and product launches while successfully navigating complex regulatory requirements and more effectively managing and leveraging their formula, packaging and consumer Intellectual Property in a single, global PLM solution.
Dassault Systèmes Acquired Intercim, LLC, a market leader in manufacturing and production operations management software solutions for advanced and highly regulated industries to integrate with its V6 DELMIA software applications. The combining values of DELMIA and Intercim bring together the factory communities with the manufacturing and product engineers, for an immediate common understanding of the products being built with their potential non-conformance and deviations. This translates for customers into faster turn-around time to correct issues, improved product quality, higher production efficiency and conformity information for certification purposes.
CLAAS Boosts Innovation with V6 Solutions from Dassault Systèmes. CLAAS, one of the world’s leading manufacturers of agricultural equipment and products, has committed to shaping its entire product creation process worldwide – from design, construction and simulation to system validation and production planning – with CATIA V6, ENOVIA V6, DELMIA V6, and SIMULIA V6.
Jaguar Land Rover and Dassault Systemes Agree to New Strategic Partnership. The agreement, signed by Dassault Systèmes President and CEO Bernard Charlès and Jaguar Land Rover CEO Dr. Ralf Speth, will see advanced digital 3D simulation and development tools transform Jaguar Land Rover’s Product Development processes. The two companies will work together to jointly develop industry-leading product creation solutions. Jaguar Land Rover will deploy Dassault Systèmes’ V6 solutions for Product Lifecycle Management - the process which drives and controls all vehicle creation processes - to increase operational efficiency and reduce complexity through enhanced innovation and accelerated development capabilities.
Lockheed Martin Expands Use of Dassault Systèmes DELMIA Robotics Implementation. Lockheed Martin has migrated its F-35 Lightning II robotic painting workcells to Dassault Systèmes’ DELMIA Robotics. A long-time user of DELMIA manufacturing simulation solutions, Lockheed Martin’s new implementation of DELMIA Robotics has made the company’s manufacturing processes more efficient, leveraging a common interface across its CATIA design authoring and DELMIA digital manufacturing solutions.
Dassault Systèmes Assists Parker Aerospace in Managing Regulatory Compliance. Parker Aerospace, an operating unit of Parker Hannifin Corporation, the world’s leading producer of motion and control technology solutions, is implementing ENOVIA V6 to better manage regulatory compliance, consolidate disparate systems and enable quicker product data inquiries.
Vodafone McLaren Mercedes to Deploy Dassault Systèmes V6 Solution. McLaren Racing, the operating arm of the Vodafone McLaren Mercedes Formula 1 team, and Dassault Systèmes announced a new partnership to further enhance racing car development efficiency. The agreement sees McLaren Racing committing to Dassault Systèmes’ open V6 PLM solutions for integrated design development, analysis and management. ENOVIA V6 forms McLaren Racing’s collaborative innovation backbone by providing a single IP reference for managing engineering, intellectual property and business processes. CATIA V6 will be used for innovative design and concurrent engineering, enhancing McLaren’s development efficiency.
Other Corporate Information
On April 1, 2011, Dassault Systèmes filed its 2010 Document de référence with the French Autorité des marchés financiers. The 2010 Document de référence as well as an English language translation of this document are available on the Company’s website.
Thibault de Tersant, Senior Executive Vice President and CFO, commented, “Our first quarter financial results reflected a number of positive dynamics across our businesses and solid operational management. Our strong revenue performance in combination with good expense management led to our non-IFRS operating margin coming in at 28.3% and non-IFRS earnings per share growing 47%.
“Based upon our first quarter results, business trends and recently completed acquisitions, we believe we are positioned to offset the potential impact on revenues that may arise as a consequence of the earthquake in Japan. Therefore, although reducing the reported revenue range outlook to reflect currency assumption changes, we are reconfirming our 2011 constant currency revenue growth objective, including our 15% constant currency new licenses revenue growth goal, as well as our non-IFRS 29% operating margin and our non-IFRS earnings per share objectives. At the same time we will continue to make the appropriate investments to expand our addressable market.”
The Company’s current objectives are the following:
- Second quarter 2011 non-IFRS total revenue objective of about €400 to €410 million, non-IFRS operating margin of about 26-27% and non-IFRS EPS of about €0.56 to €0.61;
- Reconfirming 2011 non-IFRS revenue growth objective range of about 9% to 11% in constant currencies; (adjusting the reported revenue range to €1.67 to €1.70 billion from €1.68 to €1.71 billion previously, based upon the 2011 currency exchange rate assumptions outlined below);
- Reconfirming 2011 non-IFRS operating margin of about 29%;
- Reconfirming 2011 non-IFRS EPS range of €2.64 to €2.75, representing growth of about 6% to 10%;
- Objectives are based upon exchange rate assumptions for the 2011 second quarter of US$1.45 per €1.00 and JPY120 per €1.00 and a full year average of US$1.43 per €1.00 and JPY118 per €1.00.
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 non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2011 currency exchange rates above: deferred revenue write-downs estimated at approximately €1 million for 2011; share-based compensation expense estimated at approximately €15 million for 2011 and amortization of acquired intangibles estimated at approximately €80 million for 2011. The objectives outlined above do not include any impact from other operating income and expense, net principally comprised of acquisition, integration, restructuring and relocation expenses. These estimates do not include any new stock option or share grants, or any new acquisitions or restructurings completed after April 27, 2011.
Webcasted Meeting and Conference Call Information
Today, Wednesday, April 27, 2011, Dassault Systèmes will first host a meeting in Paris, which will be simultaneously webcasted at 8:30 AM London time/9:30 AM CET time and will then host a conference call at 2:00 PM London time/3:00 PM CET/ 9:00 AM New York time. The webcasted meeting and conference call will be available via the Internet by accessing http://www.3ds.com/company/finance/. Please go to the website at least fifteen 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 30 days.
Additional investor information can be accessed at http://www.3ds.com/company/finance/ or by calling Dassault Systèmes’ Investor Relations at 188.8.131.52.69.24.
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 2011 assumes, among other things, that there will be a slow economic recovery, but if global economic and business conditions improve more slowly than anticipated, or remain stable or further deteriorate, the Company’s business results may not develop as currently anticipated and may remain below their earlier levels for an extended period of time. In this regard, the impact of the earthquake of March 11, 2011, in Japan is difficult to evaluate at this time, but may be expected to have a negative impact on the Japanese economic recovery. Furthermore, due to factors affecting sales of the Company’s products and services, 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.
In preparing such forward-looking statements, the Company has in particular assumed an average U.S. dollar to euro exchange rate of US$1.43 per €1.00 and an average Japanese yen to euro exchange rate of JPY118 to €1.00 for 2011; however, currency values fluctuate, and the Company’s results of operations may be significantly affected by changes in exchange rates. The Company’s actual results or performance may also be materially negatively affected by changes in the current global economic context, difficulties or adverse changes affecting its partners or its relationships with its partners, changes in exchange rates, new product developments, and technological changes; errors or defects in its products; growth in market share by its competitors; and the realization of any risks related to the integration of any newly acquired company and internal reorganizations. Unfavorable changes in any of the above or other factors described in the Company’s regulatory reports, including the 2010 Document de référence, as filed with the French Autorité des marchés financiers (AMF) on April 1, 2011, could materially affect the Company’s financial position or results of operations.
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 annual report for the year ended December 31, 2010 included in the Company’s 2010 Document de référence filed with the AMF on April 1, 2011.
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, stock-based compensation expense, the expenses for the amortization of acquired intangible assets, other income and expense, net, certain one-time financial revenue gains, and the income tax effect of the non-IFRS adjustments. 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 "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding 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
As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 130,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systèmes applications provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systèmes portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, EXALEAD for search-based applications and 3DVIA for online 3D lifelike experiences. For more information, visit http://www.3ds.com.
CATIA, DELMIA, ENOVIA, EXALEAD, SIMULIA, SolidWorks and 3D VIA are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.
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
NON-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, stock-based compensation expense, amortization of acquired intangible assets, other operating income and expense, net and certain one-time financial revenue gains 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.
|Three months ended|
|Non-IFRS Revenue||€ 409.9||€ 312.0||31%||29%|
|Non-IFRS Revenue breakdown by activity|
|of which new licenses revenue||99.0||76.1||30%||28%|
of which periodic licenses, maintenance and
product development revenue
|Services and other revenue||37.3||32.2||16%||14%|
|Recurring software revenue||273.3||203.7||34%||32%|
|Non-IFRS software revenue breakdown by product line|
|PLM software revenue||288.5||208.9||38%||36%|
|of which CATIA software revenue||177.0||120.7||47%||44%|
|of which ENOVIA software revenue||48.0||36.2||33%||31%|
|Mainstream 3D software revenue||84.1||70.9||19%||16%|
|Non-IFRS Revenue breakdown by geography|
|Non-IFRS operating income||€ 116.1||€ 69.1||68%|
|Non-IFRS operating margin||28.3%||22.1%|
|Non-IFRS net income||78.7||51.3||53%|
|Non-IFRS diluted net income per share||€ 0.63||€ 0.43||47%|
|Average Rate USD per Euro||1.37||1.38||(1%)|
|Average Rate JPY per Euro||112.6||125.5||(10%)|
*In constant currencies
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS)
|(unaudited; in millions of Euros, except per share data)|
|Three months ended|
|March 31,||March 31,|
|New licenses revenue||99.0||76.1|
|Periodic licenses, maintenance and product development revenue||273.2||203.6|
|Services and other revenue||37.3||32.2|
|Total Revenue||€ 409.5||€ 311.9|
|Cost of software revenue (excluding amortization of acquired intangibles)||(19.0)||(16.4)|
|Cost of services and other revenue||(39.3)||(34.3)|
|Research and development||(76.9)||(77.4)|
|Marketing and sales||(131.5)||(92.1)|
|General and administrative||(30.9)||(27.5)|
|Amortization of acquired intangibles||(21.3)||(9.7)|
|Other operating income and expense, net||0.2||(5.0)|
|Total Operating Expenses||(€ 318.7)||(€ 262.4)|
|Operating Income||€ 90.8||€ 49.5|
|Financial revenue and other, net||3.3||5.7|
|Income before income taxes||94.1||55.2|
|Income tax expense||(30.2)||(17.4)|
|Net Income attributable to equity holders of the parent||€ 63.8||€ 37.8|
|Basic net income per share||0.53||0.32|
|Diluted net income per share||€ 0.51||€ 0.32|
|Basic weighted average shares outstanding (in millions)||121.2||118.2|
|Diluted weighted average shares outstanding (in millions)||124.0||119.8|
IFRS revenue variation as reported and in constant currencies
|Three months ended March 31, 2011|
|Change*||Change in cc**|
|IFRS Revenue by activity|
|Services and other Revenue||16%||14%|
|IFRS Software Revenue by product line|
|PLM software revenue||38%||35%|
|of which CATIA software revenue||46%||44%|
|of which ENOVIA software revenue||33%||31%|
|Mainstream 3D software revenue||19%||16%|
|IFRS Revenue by geography|
* Variation compared to the same period in the prior year. ** In constant currencies.
CONDENSED CONSOLIDATED BALANCE SHEETS (IFRS)
|(unaudited; in millions of Euros)|
|March 31,||December 31,|
|Cash and cash equivalents||836.8||976.5|
|Accounts receivable, net||415.3||413.5|
|Other current assets||169.2||120.6|
|Total current assets||1,744.8||1,673.2|
|Property and equipment, net||66.6||66.4|
|Goodwill and Intangible assets, net||1,201.3||1,233.3|
|Other non current assets||92.4||98.9|
|Total Assets||€ 3,105.1||€ 3,071.8|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Other current liabilities||282.7||295.0|
|Total current liabilities||807.2||775.1|
|Other non current obligations||192.6||211.5|
|Total long-term liabilities||479.0||504.9|
|Parent shareholders' equity||1,817.9||1,790.8|
|Total Liabilities and Shareholders' equity||€ 3,105.1||€ 3,071.8|
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)
|(unaudited; in millions of Euros)|
|Three months ended|
|Net Income attributable to equity holders of the parent||63.8||37.8||26.0|
|Depreciation of property & equipment||6.2||5.3||0.9|
|Amortization of intangible assets||22.1||10.7||11.4|
|Other non cash P&L Items||0.5||4.4||(3.9)|
|Changes in working capital||41.0||75.1||(34.1)|
|Net Cash provided by operating activities||133.7||133.3||0.4|
|Addition to property, equipement and intangibles||(9.2)||(8.6)||(0.6)|
|Payments for acquisition of businesses, net of cash acquired||(29.5)||(321.2)||291.7|
|Sale of fixed assets||0.1||0.2||(0.1)|
|Sale (purchase) of short term investments, net||(162.9)||19.2||(182.1)|
|Loans and others||(3.2)||0.0||(3.2)|
|Net Cash provided by (used in) investing activities||(204.7)||(310.4)||105.7|
|Proceeds (Repayments) of short-term and long-term debt||0.0||0.0||0.0|
|Exercise of DS stock option||80.1||2.2||77.9|
|Cash dividend paid||0.0||0.0||0.0|
|Net Cash provided by (used in) financing activities||(31.0)||0.7||(31.7)|
Effect of exchange rate changes on
cash and cash equivalents
|Increase in cash and cash equivalents||(139.7)||(136.2)||(3.5)|
|Cash and cash equivalents at beginning of period||976.5||939.1|
|Cash and cash equivalents at end of period||836.8||802.9|
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, 2010 filed with the AMF on April 1, 2011. 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|
|Total Revenue||€ 409.5||0.4||€ 409.9||€ 311.9||0.1||€ 312.0||31%||31%|
|Total Revenue breakdown by activity|
|Periodic Licenses and Maintenance||272.9||0.4||273.3||203.6||0.1||203.7||34%||34%|
|Recurring portion of Software revenue||73%||73%||73%||73%|
|Services and other revenue||37.3||32.2||16%|
|Total Software Revenue breakdown by product line|
|PLM software revenue||288.1||0.4||288.5||208.8||0.1||208.9||38%||38%|
|of which CATIA software revenue||176.6||0.4||177.0||120.7||46%||47%|
|of which ENOVIA software revenue||48.0||36.2||33%|
|Mainstream 3D software revenue||84.1||70.9||19%|
|Total Revenue breakdown by geography|
|Total Operating Expenses||(€ 318.7)||24.9||(€ 293.8)||(€ 262.4)||19.5||(€ 242.9)||21%||21%|
|Stock-based compensation expense||(3.8)||3.8||-||(4.8)||4.8||-||-||-|
|Amortization of acquired intangibles||(21.3)||21.3||-||(9.7)||9.7||-||-||-|
|Other operating income and expense, net||0.2||(0.2)||-||(5.0)||5.0||-||-||-|
|Operating Income||€ 90.8||25.3||€ 116.1||€ 49.5||19.6||€ 69.1||83%||68%|
|Financial revenue & other, net||3.3||(3.3)||0.0||5.7||0.0||5.7||(42%)||(100%)|
|Income tax expense||(30.2)||(7.1)||(37.3)||(17.4)||(6.1)||(23.5)||74%||59%|
|Net Income attributable to shareholders||€ 63.8||14.9||€ 78.7||€ 37.8||13.5||€ 51.3||69%||53%|
|Diluted Net Income Per Share (3)||€ 0.51||0.12||€ 0.63||€ 0.32||0.11||€ 0.43||59%||47%|
|Three months ended March 31,|
|In millions of Euros||2011 IFRS||Adjustment||2011||2010 IFRS||Adjustment||2010|
|Cost of services and other revenue||(39.3)||0.1||(39.2)||(34.3)||0.2||(34.1)|
|Research and development||(76.9)||1.8||(75.1)||(77.4)||2.8||(74.6)|
|Marketing and sales||(131.5)||1.0||(130.5)||(92.1)||0.9||(91.2)|
|General and administrative||(30.9)||0.9||(30.0)||(27.5)||0.9||(26.6)|
|Total stock-based compensation expense||3.8||4.8|
(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 expenses data reflect the exclusion of the amortization of acquired intangibles, share-based compensation expense, and other operating income and expense, (iii) adjustments to IFRS financial revenue and other, net reflect the exclusion of certain one-time financial revenue gains in 2011, 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.
(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 124.0 million diluted shares for Q1 2011 and 119.8 million diluted shares for Q1 2010.
François-José Bordonado/Beatrix Martinez, 184.108.40.206.69.24
United States and Canada:
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