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Dassault Systèmes Reports Strong Revenue and EPS Growth

VÉLIZY-VILLACOUBLAY, France — (BUSINESS WIRE) — April 22, 2015Dassault Systèmes (Paris: DSY) (Euronext Paris: #13065, DSY.PA), the 3DEXPERIENCE Company, world leader in 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions, today announced IFRS unaudited financial results for the three months ended March 31, 2015. These results were reviewed by the Company’s Board of Directors on April 22, 2015.

Summary Highlights
(unaudited)

2015 First Quarter Financial Highlights
(unaudited)

                                     

In millions of Euros, except per share data
                                   
IFRS     Non-IFRS
            Change     Change in cc*           Change     Change in cc*
Q1 Total Revenue     651.5     30%     17%     665.1     32%     19%
Q1 Operating Margin     17.0%                 25.8%            
Q1 EPS     0.27     29%           0.43     18%      

*In constant currencies

                   
 

“It is becoming clearer that our clients’ priority is to provide successful consumer experiences, thus creating significant challenges to adopt open innovation platforms that extend collaboration, modeling and simulation to a new level. This is exactly what our 3DEXPERIENCE platform and Industry Solution Experiences are delivering,” commented Bernard Charlès, Dassault Systèmes President and Chief Executive Officer.

“Life Science is a perfect illustration of it, and why a comprehensive approach can be incredibly valuable. Our brand BIOVIA, integrating our BioIntelligence project and the Accelrys acquisition, leveraging the recent 2015X release of the 3DEXPERIENCE platform, is a true game-changer, powering all types of applications as well as simplifying enterprise integration and transformation.

More broadly, products as well as processes are becoming more complex. Products are becoming smarter with sophisticated embedded systems, underscoring our development of CATIA Systems, which was further strengthened recently with the technology of Modelon GmbH.

“Finally, looking at our results and future opportunities, we see a year of strong financial performance in 2015. Thanks to multiple access points we can better serve our customer base, reach an expanded market opportunity and accelerate our organic growth.”

 

2015 First Quarter Financial Summary
(unaudited)

                       
In millions of Euros, except per share data IFRS     Non-IFRS
            Change     Change in cc*           Change     Change in cc*
Q1 Total Revenue     651.5     30%     17%     665.1     32%     19%
Q1 Software Revenue     578.2     29%     16%     591.0     31%     18%
Q1 Services and other revenue     73.3     39%     27%     74.1     41%     29%
Q1 Operating Margin     17.0%                 25.8%            
Q1 EPS     0.27     29%           0.43     18%      
                                     
In millions of Euros IFRS     Non-IFRS
      Q1 2015     Q1 2014     Change in cc*     Q1 2015     Q1 2014     Change in cc*
Americas     197.4     138.4     18%     204.3     138.4     23%
Europe     282.5     231.6     16%     287.0     232.1     18%
Asia     171.6     132.3     17%     173.8     132.3     18%

*In constant currencies

 

Cash Flow and Other Financial Highlights

Net operating cash flow was €265 million for the 2015 first quarter, compared to net operating cash flow of €182 million in the year-ago quarter. The growth in net operating cash flow benefited from an increase in working capital in the current quarter.

At March 31, 2015, the Company’s net financial position increased to €1.15 billion, compared to €825.5 million at December 31, 2014. Cash, cash equivalents and short-term investments increased to €1.50 billion and long-term debt was €350.0 million, compared to €1.18 billion, and €350.0 million, respectively, at December 31, 2014.

Cash Dividend Recommendation, Annual Shareholders’ Meeting Date and Filing of Regulatory Annual Report

The Board of Directors has scheduled the Annual Shareholders’ Meeting for May 28, 2015 and is recommending a dividend per share equivalent to €0.43 per share for the fiscal year ended December 31, 2014, representing an increase of approximately 4% compared to the prior year. In addition, as in recent years, it will also be proposed that each shareholder be granted the option to choose to receive payment of the dividend in cash or new shares. Shareholders may choose payment of the dividend in cash or new shares between June 3, 2015 and June 16, 2015, inclusive. Shares will trade ex-dividend as of June 3, 2015, with the ex-dividend date June 3, 2015. Dividends will be made payable as from June 25, 2015.

These recommendations are subject to approval by shareholders at the Annual Shareholders’ Meeting. For further information, see the Company’s 2014 Document de Référence filed with the French Autorité des Marchés Financiers (AMF) on March 24, 2015. The 2014 Document de Référence and an English language translation of this document are available on the Company’s website.

Summary of Recent Business, Technology and Customer Highlights

In early March, the Company announced the general availability of Release 2015x of the 3DEXPERIENCE platform, offering a simplified and improved user experience with powerful enhancements that significantly increase productivity on premise as well as on public or private cloud. In addition, R2015x introduces groupings of applications called ‘roles’, designed to cover a broader set of activities users need to accomplish in industry-specific domains. In R2015x, there are 219 roles on premise, 115 roles on public and private cloud. Importantly, R2015X continues the Company’s focus on further advancing ease of interface enabling V5 customers to benefit from their existing deployments while also taking advantage of V6 applications, as well as powerful openness and coexistence capabilities for a heterogeneous environment with a user’s suppliers and other software.

Dassault Systèmes acquires Modelon GmbH, a new milestone to achieve Ready-to-Experience mechatronics systems. With this transaction, Dassault Systèmes reinforces its portfolio of industry-leading content, applications and services. Modelon GmbH’s proprietary, multi-physics modular and reusable content—based on the Modelica open standard modeling language—brings industries beyond digital mock up to deliver functional mock up, transforming the engineering and experimentation of connected vehicles. From electric power storage to electric power distribution, its portfolio delivers a unified picture of complex product subsystem interaction and performance. This accelerates virtual product development and ensures the relevance and quality of Transportation and Mobility industry projects.

El Corte Inglés, a world leader in large department stores, has selected Dassault Systèmes “My Collection for Fashion” industry solution experience to accelerate time-to-market of its private-label fashion collections. Dassault Systèmes’ “My Collection for Fashion” industry solution experience applies collaborative innovation to product development and the consumer experience in order to enhance a brand’s identity. Brand retailers can rely on applications that encompass global sourcing and global collaboration, consumer-led design, virtual prototyping, virtual stores and channels, integrated merchandise assortment planning, product development and social analytics.

Business Outlook

Thibault de Tersant, Senior Executive Vice President, CFO, commented, All in all, we delivered a strong first quarter with organic software revenue growth increasing to 9% in constant currencies. These results well illustrate and support our 2015 financial objectives.

“Importantly, our first quarter performance underscores the value brought by our multiple growth engines. During the quarter revenue was driven by a diverse set of industries, including Transportation & Mobility, Industrial Equipment and Marine & Offshore in our core industries, well complemented by increased activity in Life Sciences, CPG and Energy, Process & Utilities. We benefited from strong growth for SOLIDWORKS and SIMULIA. And our revenue results also demonstrate that our acquisitions, most notably BIOVIA and QUINTIQ, are delivering on plan.

“Looking forward, we are confirming our 2015 full year financial objectives and updating them for currency. In total we see a year of organic, double-digit new licenses revenue growth, improvement in our underlying operating margin of about 100 basis points, leading to a non-IFRS operating margin of about 30% and earnings per share growth of about 15% to 17%.”

The Company’s second quarter and full year 2015 financial objectives are as follows:

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 2015 non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2015 currency exchange rates above: deferred revenue write-downs estimated at approximately €38 million, share-based compensation expense, estimated at approximately €19 million and amortization of acquired intangibles estimated at approximately €160 million. The above objectives do not include any impact from other operating income and expense, net principally comprised of acquisition, integration and restructuring expenses. Finally, these estimates do not include any new stock option or share grants, or any new acquisitions or restructurings completed after April 23, 2015.

Today’s Webcast and Conference Call Information

Today, Thursday, April 23, 2015, Dassault Systèmes will first host a meeting in London, which will be simultaneously webcasted at 8:30 AM London time/9:30 AM Paris time and will then also host a conference call at 9:00 AM New York time/ 2:00 PM London time/3:00 PM Paris time. The webcasted meeting and conference call will be available via the Internet by accessing http://www.3ds.com/investors/. Please go to the website at least 15 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 1 year.

Additional investor information can be accessed at http://www.3ds.com/investors/ or by calling Dassault Systèmes’ Investor Relations at 33.1.61.62.69.24.

2015 Key Investor Relations Events

2014 Annual Shareholders’ Meeting, May 28, 2015
Second Quarter 2015 Earnings, July 23, 2015
Third Quarter 2015 Earnings, October 22, 2015

Forward-looking Information

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 2015 takes into consideration, among other things, an uncertain global economic environment. In light of the continuing uncertainties regarding economic, business, social and geopolitical conditions at the global level, the Company’s revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis. While the Company makes every effort to take into consideration this uncertain macroeconomic outlook, the Company’s business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of the Company’s products and services as described above, 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 US dollar to euro exchange rate of US$1.15 per €1.00 for the 2015 second quarter and US$1.14 per €1.00 for the full year as well as an average Japanese yen to euro exchange rate of JPY135.0 to €1.00 for the second quarter and JPY134.8 to €1.00 for the full year; 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 numerous risks and uncertainties, as described in the “Risk Factors” section of the 2014 Document de Référence, filed with the AMF on March 24, 2015, and also available on the Company’s website www.3ds.com.

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, 2014 included in the Company’s 2014 Document de Référence filed with the AMF on March 24, 2015.

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, share-based compensation expense and related social charges, the amortization of acquired intangible assets, other operating income and expense, net, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. 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 "prior" period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

About Dassault Systèmes

Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations. Its world-leading solutions transform the way products are designed, produced, and supported. Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world. The group brings value to over 190,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com.

CATIA, SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA, 3DSWYM, BIOVIA, NETVIBES, 3DEXCITE are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.

(Tables to Follow)

Contacts:    
 

Dassault Systèmes:

FTI Consulting:

François-José Bordonado/Béatrix Martinez

Rob Mindell

+33.1.61.62.69.24

+44.20.3727.1000

North America:

Clément Bénétreau

Michele.Katz@3ds.com

+33.1.47.03.68.10
 

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

DASSAULT SYSTEMES
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, share-based compensation expense and related social charges, amortization of acquired intangible assets, other operating income and expense, net, certain one-time financial revenue items and the income tax effects of these non-IFRS adjustments and certain one-time tax effects.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

         
 

In millions of Euros, except per share data and
percentages

  Three months ended
     

March 31,
2015

   

March 31,
2014

   

Change

   

Change
in cc*

Non-IFRS Revenue € 665.1     € 502.8     32%     19%
 
Non-IFRS Revenue breakdown by activity
Software revenue 591.0 450.1 31% 18%
of which new licenses revenue 163.6 118.1 39% 24%
of which periodic licenses, maintenance and

other software-related revenue

427.4 332.0 29% 16%
Services and other revenue 74.1 52.7 41% 29%
 
Non-IFRS Recurring software revenue 421.8 330.4 28% 15%
 

Non-IFRS software revenue breakdown by product line

CATIA software revenue 210.6 187.5 12% 4%
ENOVIA software revenue 63.7 59.7 7% (4%)
SOLIDWORKS software revenue 142.7 103.5 38% 17%
Other software revenue 174.0 99.4 75% 59%
 
Non-IFRS Revenue breakdown by geography
Americas 204.3 138.4 48% 23%
Europe 287.0 232.1 24% 18%
Asia     173.8     132.3     31%     18%
 
Non-IFRS operating income € 171.7 € 139.5 23%
Non-IFRS operating margin 25.8% 27.7%
Non-IFRS net income 110.7 92.6 20%
Non-IFRS diluted net income per share **     € 0.43     € 0.37     18%      
Closing headcount     13,409     11,424     17%      
 
Average Rate USD per Euro 1.13 1.37 (18%)
Average Rate JPY per Euro     134.1     140.8     (5%)      

 

*In constant currencies

** 2014 EPS adjusted to reflect the two-for-one stock split effected on July 17, 2014

 

               

 

    Three months ended

In millions of Euros, except per share data and
percentages

   

March 31,

2015

   

March 31,

2014

New licenses revenue 156.5     118.1
Periodic licenses, maintenance and other software-related revenue 421.7     331.5
Software revenue 578.2 449.6
Services and other revenue 73.3     52.7
Total Revenue € 651.5 € 502.3
Cost of software revenue (excluding amortization of acquired intangibles) (36.7) (24.8)
Cost of services and other revenue (70.8) (46.4)
Research and development (123.2) (86.8)
Marketing and sales (217.5) (175.9)
General and administrative (50.4) (49.8)
Amortization of acquired intangibles (40.1) (27.5)
Other operating income and expense, net (2.3)     (10.8)
Total Operating Expenses (€ 541.0)     (€ 422.0)
Operating Income € 110.5 € 80.3
Financial revenue and other, net 0.7     3.9
Income before income taxes 111.2 84.2
Income tax expense (40.2) (30.1)
Net Income 71.0 54.1
Non-controlling interest (1.1)     (0.2)
Net Income attributable to equity holders of the parent € 69.9     € 53.9
Basic net income per share * 0.28     0.22
Diluted net income per share * € 0.27     € 0.21
Basic weighted average shares outstanding (in millions) * 251.8     250.1
Diluted weighted average shares outstanding (in millions) *     255.6     255.2

* 2014 adjusted to reflect the two-for-one stock split effected on July 17, 2014

 

IFRS revenue variation as reported and in constant currencies

         
      Three months ended March 31, 2015
      Change*    

Change in cc**

IFRS Revenue 30%     17%
IFRS Revenue by activity
Software revenue 29% 16%
Services and other revenue 39% 27%
IFRS Software Revenue by product line
CATIA software revenue 12% 4%
ENOVIA software revenue 7% (4%)
SOLIDWORKS software revenue 38% 17%
Other software revenue 63% 47%
IFRS Revenue by geography
Americas 43% 18%
Europe 22% 16%
Asia     30%     17%

*Variation compared to the same period in the prior year.

**In constant currencies

DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS (IFRS)
(unaudited; in millions of Euros)

               
In millions of Euros     March 31,     December 31,
      2015     2014
 
ASSETS
Cash and cash equivalents 1,412.5 1,104.2
Short-term investments 87.4 71.3
Accounts receivable, net 624.9 627.7
Other current assets 196.7 176.4
Total current assets 2,321.5 1,979.6
Property and equipment, net 143.1 136.7
Goodwill and Intangible assets, net 2,859.1 2,702.6
Other non-current assets 160.1     149.2

Total Assets

    € 5,483.8     € 4,968.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 118.4 130.3
Unearned revenues 839.6 636.8
Short-term debt 11.2 10.0
Other current liabilities 364.4 362.1
Total current liabilities 1,333.6 1,139.2
Long-term debt 350.0 350.0
Other non-current obligations 541.3 519.4
Total long-term liabilities 891.3 869.4
Non-controlling interests 20.8 16.0
Parent shareholders' equity 3,238.1     2,943.5
Total Liabilities and Shareholders' equity     € 5,483.8     € 4,968.1
 

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS)

(unaudited; in millions of Euros)

                     

 

    Three months ended

In millions of Euros

   

March 31,
2015

   

March 31,
2014

    Change
Net Income attributable to equity holders of the parent 69.9     53.9     16.0
Non-controlling interest

1.1

0.2

0.9

Net Income 71.0 54.1 16.9
Depreciation of property & equipment 10.4 8.2 2.2
Amortization of intangible assets 42.2 29.1 13.1
Other non cash P&L Items (10.2) 11.3 (21.5)
Changes in working capital 151.8     79.6     72.2
Net Cash provided by operating activities € 265.2 € 182.3 € 82.9
 
Additions to property, equipment and intangibles (9.0) (4.8) (4.2)
Payments for acquisition of businesses, net of cash acquired (6.7) (159.9) 153.2
Sale (purchase) of short term investments, net (10.0) (43.2) 33.2
Purchase of investments, loans and others (5.0)     (4.8)     (0.2)
Net Cash provided by (used in) investing activities (€ 30.7) (€ 212.7) € 182.0
 
(Purchase) Sale of treasury stock (3.5) (53.5) 50.0
Proceeds from exercise of stock options 10.2     13.3     (3.1)
Net Cash provided by (used in) financing activities € 6.7 (€ 40.2) € 46.9
 
Effect of exchange rate changes on

cash and cash equivalents

67.1 (2.1) 69.2
             
Increase (decrease) in cash and cash equivalents     € 308.3     (€ 72.7)     € 381.0
                   
Cash and cash equivalents at beginning of period € 1,104.2 € 1,737.9
Cash and cash equivalents at end of period     € 1,412.5     € 1,665.2      
 

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, 2014 filed with the AMF on March 24, 2015. 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.

                                     

 

  Three months ended March 31,     Change

In millions of Euros, except per share data and percentages

2015

IFRS

 

Adjustment
(1)

 

2015
non-IFRS

 

 

2014
IFRS

 

 

Adjustment
(1)

 

2014
non-IFRS

 

    IFRS  

Non-IFRS
(2)

   

 

 

 

 

 

 

 

     

 

         
Total Revenue € 651.5 13.6 € 665.1 € 502.3 0.5 € 502.8 30% 32%
Total Revenue breakdown by activity
Software revenue 578.2 12.8 591.0 449.6 0.5 450.1 29% 31%
New Licenses 156.5 7.1 163.6 118.1 33% 39%
Other software-related revenue 5.6 1.6 250%
Periodic Licenses and Maintenance 416.1 5.7 421.8 329.9 0.5 330.4 26% 28%
Recurring portion of Software revenue 72% 71% 73% 73%
Services and other revenue 73.3 0.8 74.1 52.7 39% 41%
Total Software Revenue breakdown by product line
CATIA software revenue 210.6 187.5 12%
ENOVIA software revenue 63.7 59.7 7%
SOLIDWORKS software revenue 142.7 103.5 38%
Other software revenue 161.2 12.8 174.0 98.9 0.5 99.4 63% 75%
Total Revenue breakdown by geography
Americas 197.4 6.9 204.3 138.4 138.4 43% 48%
Europe 282.5 4.5 287.0 231.6 0.5 232.1 22% 24%
Asia   171.6   2.2   173.8   132.3       132.3     30%   31%
Total Operating Expenses (€ 541.0) 47.6 (€ 493.4) (€ 422.0) 58.7 (€ 363.3) 28% 36%
Share-based compensation expense (5.2) 5.2 - (20.4) 20.4 - - -
Amortization of acquired intangibles (40.1) 40.1 - (27.5) 27.5 - - -
Other operating income and expense, net   (2.3)   2.3   -   (10.8)   10.8   -     -   -
Operating Income € 110.5 61.2 € 171.7 € 80.3 59.2 € 139.5 38% 23%
Operating Margin 17.0% 25.8% 16.0% 27.7%
Financial revenue & other, net 0.7 0.0 0.7 3.9 0.0 3.9 (82%) (82%)
Income tax expense (40.2) (20.4) (60.6) (30.1) (20.3) (50.4) 34% 20%
Non-controlling interest (1.1) 0.0 (1.1) (0.2) (0.2) (0.4) 450% 175%
Net Income attributable to shareholders € 69.9 40.8 € 110.7 € 53.9 38.7 € 92.6 30% 20%
Diluted Net Income Per Share (3)   € 0.27   0.16   € 0.43   € 0.21   0.16   € 0.37     29%   18%

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

                         
Three months ended March 31,
In millions of Euros

2015 IFRS

Adjustment

2015

non-IFRS

2014 IFRS

Adjustment

2014

non-IFRS

   

 

     

 

         

 

Cost of revenue (107.5) 0.1 (107.4) (71.2) 0.6 (70.6)
Research and development (123.2) 2.2 (121.0) (86.8) 7.8 (79.0)
Marketing and sales (217.5) 1.9 (215.6) (175.9) 5.3 (170.6)
General and administrative (50.4) 1.0 (49.4) (49.8) 6.7 (43.1)
Total share-based compensation expense       5.2           20.4    

(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 255.6 million diluted shares for Q1 2015 and 255.2 million diluted shares for Q1 2014 adjusted to reflect the
two-for-one stock split effected on July 17, 2014.



Contact:

Dassault Systèmes