Dassault Systèmes Reports First Quarter Financial Results With Recurring Software, Operating Margin and EPS At the High End of Its Non-IFRS Guidance

 

DASSAULT SYSTEMES

SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION

IFRS – NON-IFRS RECONCILIATION

(unaudited; in millions of Euros, except per share data and percentages)

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 Group’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 Group’s Document d’Enregistrement Universel for the year ended December 31, 2019 filed with the AMF on March 19, 2020. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’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

2020

Adjustment(1)

2020

2019

Adjustment(1)

2019

IFRS

Non-IFRS(4)

IFRS

Non-IFRS

IFRS

Non-IFRS

Total Revenue

€ 1,134.7

€ 9.7

€ 1,144.4

€ 958.9

€ 5.1

€ 964.0

18%

19%

Total Revenue breakdown by activity

               

Software revenue

1,014.2

8.8

1,023.0

855.3

4.2

859.5

19%

19%

Licenses and other software revenue

172.3

 

172.3

213.2

 

213.2

(19)%

(19)%

Subscription and Support revenue

841.9

8.8

850.7

642.0

4.2

646.2

31%

32%

Recurring portion of Software revenue

83%

 

83%

75%

 

75%

 

 

Services revenue

120.5

0.9

121.4

103.6

0.9

104.5

16%

16%

Total Software Revenue breakdown by product line

               

Industrial Innovation

604.3

0.7

605.1

605.1

 

605.1

(0)%

(0)%

Of which CATIA

270.3

0.7

271.1

270.1

 

270.1

0%

0%

Of which ENOVIA (2)

80.6

 

80.6

89.0

 

89.0

(9)%

(9)%

Life Sciences (3)

187.2

7.8

195.0

39.0

0.2

39.3

380%

396%

Mainstream Innovation

222.7

0.3

223.0

211.1

4.0

215.1

5%

4%

Of which SOLIDWORKS

201.5

 

201.5

191.4

 

191.4

5%

5%

Total Revenue breakdown by geography

               

Americas

444.6

9.2

453.8

307.0

4.0

311.1

45%

46%

Europe

421.2

0.2

421.5

408.4

1.1

409.5

3%

3%

Asia

268.8

0.3

269.1

243.5

 

243.5

10%

11%

Total Operating Expenses

€ (983.7)

€ 173.4

€ (810.3)

€ (743.1)

€ 95.5

€ (647.6)

32%

25%

Share-based compensation expense and related social charges

(44.4)

44.4

-

(46.3)

46.3

-

   

Amortization of acquired intangible assets and of tangible assets revaluation

(109.4)

109.4

-

(50.1)

50.1

-

   

Lease incentives of acquired companies

(0.7)

0.7

-

-

-

-

   

Other operating income and expense, net

(18.9)

18.9

-

0.9

(0.9)

-

   

Operating Income

€ 151.0

€ 183.1

€ 334.1

€ 215.8

€ 100.6

€ 316.4

(30)%

6%

Operating Margin

13.3%

 

29.2%

22.5%

 

32.8%

 

 

Financial revenue & other, net

(6.5)

0.3

(6.3)

5.2

(0.9)

4.2

(227)%

(249)%

Income tax expense

(35.3)

(44.5)

(79.8)

(62.9)

(32.3)

(95.2)

(44)%

(16)%

Non-controlling interest

3.2

(1.3)

1.9

2.8

(1.8)

1.0

 16%

91% 

Net Income attributable to shareholders

€ 112.4

€ 137.6

€ 250.0

€ 160.8

€ 65.7

€ 226.5

(30)%

10%

Diluted Net Income Per Share (5)

€ 0.43

€ 0.52

€ 0.95

€ 0.62

€ 0.25

€ 0.87

(31)%

9%


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