Dassault Systèmes Reports Solid Third Quarter Led by Large Accounts Industry Solutions Engagements

*In constant currencies.

  • IFRS total revenue increased 13%. Non-IFRS total revenue increased 14%, on software revenue growth of 11% and services and other revenue growth of 43%. The non-IFRS services gross margin improved to 16.6% from 8.3%, benefiting from the higher service margin profile of various acquisitions as well as ongoing operational improvements. Excluding acquisitions and divestitures, non-IFRS total revenue and software revenue increased 5% and 6%, respectively. (All growth rates in constant currencies.)
  • On a regional basis, non-IFRS revenue in Europe increased 13%, led by the United Kingdom and Germany; revenue in the Americas increased 16%, with an improved new business dynamic; and in Asia, revenue increased 15%, on strong demand in Japan and Korea. (All growth rates in constant currencies.)
  • Non-IFRS software revenue increased 11%, with non-IFRS new licenses revenue increasing 14% and non-IFRS recurring software revenue higher by 11%. On an organic basis, new licenses revenue increased 9% led by Asia and Europe, and recurring software revenue increased 5% on strong renewals and growth in maintenance while reflecting mixed results for rental. (All growth comparisons are in constant currencies.)
  • By product line, non-IFRS software revenue increased 6% for CATIA; 8% for ENOVIA; 9% for SOLIDWORKS; and Other software was higher by 27%, reflecting the addition of Accelrys, Apriso, RTT and Quintiq as well as broad global demand for SIMULIA. (All growth comparisons are in constant currencies.)
  • IFRS operating income was €282.2 million, a decrease of 16%. Non-IFRS operating income increased 4% to €473.8 million, and excluding currency effects, would have increased approximately 12%. The non-IFRS operating margin was 28.7% compared to 30.2% in the year-ago period. Non-IFRS operating margin results reflect the temporary impact from acquisition dilution as well as net negative currency impacts.
  • The Company noted that on an organic basis, the non-IFRS operating margin increased an estimated 150 basis points year-to-date, reflecting the focus on driving significant non-IFRS organic operating margin expansion.
  • IFRS and non-IFRS net income per share comparisons to the year-ago period principally reflect the combined impact from currency and higher effective tax rates. Non-IFRS diluted net income per share was flat at €1.24 and excluding currency impacts would have increased an estimated 9%.

Cash Flow and Other Financial Highlights

Net operating cash flow was €90.1 million and €444.7 million for the three and nine months ended September 30, 2014, compared to €75.1 million and €428.4 million for the 2013 respective periods.

For the first nine months of 2014, the Company uses of cash were for acquisitions of €935.0 million, net of cash acquired; share repurchases of €151.3 million, cash dividends of €35.8 million and capital expenditures of €27.2 million. The Company received cash for stock options exercised of €48.3 million.

At September 30, 2014, the net financial position was €821.3 million, compared to €1.44 billion at December 31, 2013. Cash, cash equivalents and short-term investments totaled €1.17 billion and long-term debt was €350.0 million, compared to €1.80 billion, and €360.0 million, respectively, at December 31, 2013.

Summary of Recent Business, Technology and Customer Highlights

Acquisitions

Dassault Systèmes Extends 3DEXPERIENCE Platform to Global Business Operations Planning With Completion of Quintiq Acquisition. Quintiq, with 800 employees, is a global leader in supply chain management and optimization with offerings spanning production, logistics and workforce planning applications. Receiving a top ranking by leading industry analysts, Quintiq’s solutions are used today by 250 customers, at 1,000 sites, in more than 90 countries. For Dassault Systèmes, Quintiq provides new reach into industries such as metals, mining, oil & gas, rail, delivery and freight, among key target markets for investment.

Software Introductions

Dassault Systèmes Introduces SOLIDWORKS 2015, giving users access to cloud-based capabilities and a wider range of choices for improving productivity, work processes and operating costs. SOLIDWORKS 2015 covers all comprehensive aspects of the product development process with an intuitive, integrated 3D development environment that includes 3D design, simulation, electrical design, product data management and technical communication. In addition, starting with the new Collaborative Sharing feature, SOLIDWORKS 2015 enables access to Dassault Systèmes’ 3DEXPERIENCE platform and its cloud-based capabilities. Designers and engineers can span multiple disciplines with ease, shortening the design cycle, increasing productivity and collaborating to deliver innovative products to market faster.

Education

Dartmouth College Expands Use of SOLIDWORKS Applications for Innovative Engineering Education. The Thayer School of Engineering at Dartmouth College has expanded its implementation of SOLIDWORKS. Powered by the 3DEXPERIENCE platform, the application is now introduced to all engineering majors as part of the core curriculum in the school. The expansion is an integral part of recent enhancements made to the school’s innovative engineering programs, integrating SOLIDWORKS into more courses and research programs at all levels each year.

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