Dassault Systèmes Reports Strong Growth in Revenue, Earnings and Operating Margin for 2010

(1) The acquisition of the IBM PLM operations is presented net of payments received from IBM in connection with the settlement of royalties due as of March 31, 2010. As a result, reported cash flows from operations are lower in the periods presented above than they would have been had this transaction not occurred.

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, 2009 and 2010 Half Year report filed with the AMF on April 1, 2010, and August 2, 2010, respectively. 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 December 31,   Change
2010  

Adjustment

  2010   2009  

Adjustment

  2009   IFRS  

Non-IFRS

    IFRS  

(1)

  non-IFRS   IFRS  

(1)

  non-IFRS      

(2)

Total Revenue € 462.7 4.6 € 467.3 € 339.0 0.1 € 339.1 36% 38%
Total Revenue breakdown by activity
Software revenue 418.2 4.6 422.8 301.1 0.1 301.2 39% 40%
New Licenses 135.8 96.7 40%
Product Development 1.8 2.0
Periodic Licenses and Maintenance 280.6 4.6 285.2 202.4 0.1 202.5 39% 41%
Recurring portion of Software revenue 67% 67% 67% 67%
Services and other revenue 44.5 37.9 17%
Total Software Revenue breakdown by product line
PLM software revenue 335.4 4.6 340.0 237.1 0.1 237.2 41% 43%
of which CATIA software revenue 199.0 3.8 202.8 134.3 48% 51%
of which ENOVIA software revenue 67.0 0.9 67.9 48.6 38% 40%
Mainstream 3D software revenue 82.8 64.0 29%
Total Revenue breakdown by geography
Americas 132.3 1.8 134.1 103.3 0.0 103.3 28% 30%
Europe 215.3 3.4 218.7 160.9 0.1 161.0 34% 36%
Asia   115.1   (0.6)   114.5   74.8   0.0   74.8   54%   53%
Total Operating Expenses (€ 338.0) 29.3 (€ 308.7) (€ 247.3) 18.9 (€ 228.4) 37% 35%
Stock-based compensation expense (3.9) 3.9 - (6.1) 6.1 - - -
Amortization of acquired intangibles (23.5) 23.5 - (9.4) 9.4 - - -
Other operating income and expense, net   (1.9)   1.9   -   (3.4)   3.4   -   -   -
Operating Income € 124.7 33.9 € 158.6 € 91.7 19.0 € 110.7 36% 43%
Operating Margin 27.0% 33.9% 27.1% 32.6%
Income before Income Taxes 124.7 33.9 158.6 92.6 19.0 111.6 35% 42%
Income tax expense (46.0) (10.8) (56.8) (15.6) (14.4) (30.0) - -
Income tax adjustments (10.8) 10.8 - (14.4) 14.4 - - -
Minority interest 0.0 (0.1) -
Net Income attributable to shareholders € 78.7 23.1 € 101.8 € 76.9 4.6 € 81.5 2% 25%
Diluted Net Income Per Share (3)   € 0.64   0.19   € 0.83   € 0.65   0.03   € 0.68   (2%)   22%
 
  Three months ended December 31,
In millions of Euros 2010 IFRS   Adjustment   2010   2009 IFRS   Adjustment   2009
            non-IFRS           non-IFRS
Cost of services and other revenue (38.6) 0.2 (38.4) (33.6) 0.2 (33.4)
Research and development (77.7) 2.2 (75.5) (66.8) 3.5 (63.3)
Marketing and sales (138.0) 0.8 (137.2) (89.6) 1.2 (88.4)
General and administrative (37.5) 0.7 (36.8) (28.7) 1.2 (27.5)
Total stock-based compensation expense       3.9           6.1    

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