Dassault Systèmes Reports New Licenses Revenue Growth of 36% in Q2

*In constant currencies.

  • IFRS total revenue increased 22% and non-IFRS total revenue increased 21% primarily driven by software revenue growth of 23% and 22%, respectively, and by services and other revenue growth of 10%. By region, Asia was the fastest growing, followed by the Americas and Europe. (All figures in constant currencies.)
  • The Company saw a strong increase in new business activity during the 2011 First Half leading to new licenses revenue growth of 32% in constant currencies.
  • The Company continued to see a favorable evolution of recurring revenue with strong renewal rates on maintenance, growth in rental licensing and growth from higher new license activity leading to an increase in recurring software revenue of 20% (IFRS) and 19% (non-IFRS) for the 2011 First Half. (All growth comparisons in constant currencies.)
  • The trends in new licenses revenue and recurring software revenue growth (as well as the important contribution of the IBM PLM acquisition to the PLM segment) were reflected in the financial results of the Company’s business segments, PLM and Mainstream 3D. IFRS PLM software revenue increased 26%, and non-IFRS PLM software revenue rose 25% with CATIA up 26%, ENOVIA up 25% and Other PLM higher by 21%. Mainstream 3D software revenue increased 14%. New SolidWorks commercial seats licensed during the 2011 First Half increased 22% to 24,021 seats. (All growth figures in constant currencies.)
  • Reflecting revenue growth, expense management and operating margin expansion, net income per diluted share increased 43.1% to €1.03 (IFRS) and 26.7% to €1.28 (non-IFRS) per share. IFRS operating income increased 51.4% to €184.0 million and the operating margin improved to 22.0%. On a non-IFRS basis, operating income increased 32.3% to €236.3 million and the non-IFRS operating margin expanded 280 basis points to 28.2%.

Cash Flow and Other Financial Highlights

Net operating cash flow was €147.6 million for the 2011 second quarter, compared to €132.3 million in the year-ago period. IFRS net operating cash flow was €281.3 million for the 2011 First Half, compared to €265.6 million for the 2010 First Half. During the 2011 second quarter, the Company received cash of €98.9 million in connection with stock options exercised, completed share repurchases in the amount of €61.2 million, and paid cash dividends of €65.8 million in total. Stock options exercised were primarily in connection with the 2011 expiration of several major ten-year stock option programs.

The Company’s net financial position, comprised of cash, cash equivalents and short-term investments less long-term debt, was €973.1 million at June 30, 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 totaled €1.25 billion and long-term debt was €274.8 million, at June 30, 2011 compared to €1.14 billion and €293.4 million, respectively at December 31, 2010.

Annual Shareholders’ Meeting Approved 17% Increase in Cash Dividend Payment

At the Annual Shareholders’ Meeting held on May 26, 2011, shareholders approved the payment of an annual cash dividend equivalent to €0.54 per share for the fiscal year ended December 31, 2010, representing a 17% increase compared to the prior fiscal year. The cash dividend was paid on June 16, 2011.

Additional Summary Business and Corporate Highlights

Premier Defense Contractor, Lockheed Martin, Optimizes Assembly, Integration and Test Processes with Dassault Systèmes DELMIA Simulation Solutions. Dassault Systèmes’ DELMIA solutions are being used for product and process simulations at Lockheed Martin Space Systems Company. The DELMIA solutions are also a major software component of the new Lockheed Martin Collaborative Human Immersive Lab (CHIL), an advanced technology virtual reality and simulation laboratory that offers a smarter, reduced cost, and lower risk opportunity in building space systems, including satellites, exploration spacecraft, launch vehicles and missile defense systems.

Alstom, a world leader in transport infrastructure, power generation and transmission, has selected Dassault Systèmes Version 6 PLM platform to improve end to end business processes. As a first step in this major transformation, Alstom Transport will leverage Dassault Systèmes’ ENOVIA Version 6 to unify its different sites under a unique, worldwide platform enabling its employees to efficiently collaborate on customer projects. Alstom is consolidating its PLM system in order to streamline information sharing, increase its manufacturing capacity and reduce time-to-market.

Benetton Group has selected Dassault Systèmes Version 6 PLM solution as its platform for global development and sourcing. Dassault Systèmes’ ENOVIA Version 6 will provide Benetton with deep domain-specific apparel design and production capabilities and industry-leading global sourcing management that will enable Benetton to achieve lead time reduction, optimize its sourcing operations, streamline product line complexities and enhance collaboration while accommodating the Benetton Group’s diverse product portfolio.

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