Dassault Systèmes Posts Record Revenue and Earnings in 2011 as PLM Adoption Drives License Revenue Growth

“2011 was a great year – record revenues, record earnings, record cash flows - and it was a great finish to the year, with our first half billion euro quarterly revenue milestone reached,” commented Bernard Charlès, Dassault Systèmes President and Chief Executive Officer. “Thanks to PLM adoption, we delivered double-digit growth in new licenses revenue, across our brands and geographic regions. Moreover, we achieved these results on a strong comparison basis, 2010, which makes this performance even more relevant. But more than our financial results, 2011 was a rewarding year as it very clearly showcased the success of our customers, advancing innovation by asking the demanding questions and challenging the status quo.

“The V6 platform has evolved with our customers in the last few years. The addition of Intelligent Information search-based technologies, social innovation capabilities and realistic virtual experiences, made us ready to pioneer a new technological wave: the 3D Experience Platform to serve the ‘Social Enterprise’ of the 21st century. We must provide businesses and people with holistic 3D experiences to change the way they imagine sustainable innovations capable of harmonizing products, nature and life.”

Fourth Quarter Financial Summary
(unaudited)

In millions of Euros, except per share data       IFRS       Non-IFRS
              Change       Change in cc*               Change       Change in cc*
Q4 Total Revenue       512.1       11%       10%       512.1       10%       9%
Q4 Software Revenue       462.1       10%       9%       462.1       9%       8%
Q4 EPS       0.68       6%               0.87       5%        
Q4 Operating Margin       26.5%                       32.8%                
 
 
In millions of Euros IFRS       Non-IFRS
      Q4 2011       Q4 2010       Change in cc*       Q4 2011       Q4 2010       Change in cc*
Total Revenue       512.1       462.7       10%       512.1       467.3       9%
Software Revenue       462.1       418.2       9%       462.1       422.8       8%
Services and other Revenue       50.0       44.5       11%       50.0       44.5       11%
                                                 
PLM software Revenue       371.0       335.4       10%       371.0       340.0       8%
SolidWorks software Revenue       91.1       82.8       9%       91.1       82.8       9%
                                                 
Americas       135.7       132.3       2%       135.6       134.1       0%
Europe       251.3       215.3       17%       251.4       218.7       15%
Asia       125.1       115.1       5%       125.1       114.5       6%

*In constant currencies.

                             
  • IFRS and non-IFRS total revenue increased 10% and 9%, respectively, reflecting growth in both software and services and other revenue. IFRS and non-IFRS software revenue increased 9% and 8%, respectively. Services and other revenue increased 11%, the highest quarter for the year on an increase in V6 service engagements. (All figures in constant currencies.)
  • By region, revenue growth was highest in Europe, reflecting a number of multi-brand transactions, a strong dynamic in the automotive industry and good performance in Germany and France.
  • New licenses revenue increased 13% (IFRS and non-IFRS) in constant currencies.
  • Recurring software revenue rose 8% (IFRS) and 6% (non-IFRS) in constant currencies reflecting growth in maintenance from higher new licensing activity and strong maintenance renewals and rental licensing.
  • PLM software revenue increased 10% (IFRS) and 8% (non-IFRS) in constant currencies. CATIA non-IFRS software revenue increased 7% in comparison to the year-ago fourth quarter. ENOVIA is seeing strong V6 interest, with non-IFRS software revenue growth of 3%, reflecting a significant amount of deferred revenue related to software development projects in new industries. Other PLM non-IFRS software revenue increased 14% led by SIMULIA. (All growth comparisons in constant currencies.)
  • SolidWorks (Mainstream 3D) software revenue increased 9% in constant currencies and totaled €91.1 million, with 12,136 new commercial seats licensed.
  • IFRS operating income increased 8.8% to €135.7 million and the operating margin was 26.5% compared to 27.0% in the 2010 fourth quarter. On a non-IFRS basis, operating income increased 5.9% to €167.9 million and the non-IFRS operating margin was 32.8%, compared to 33.9% in the year-ago period.
  • Earnings per diluted share increased 6% to €0.68 (IFRS) and 5% to €0.87 (non-IFRS).

2011 Financial Summary

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