Dassault Systèmes Raises EPS Guidance for 2018

*In constant currencies

Second Quarter 2018 versus 2017 Financial Comparisons on an IAS 18 Basis
(“IAS 18 IFRS and IAS 18 non-IFRS”)

  • On an IAS 18 basis, total revenue increased 8% (IFRS and non-IFRS). Second quarter financial results include EXA Corporation, an acquisition completed on November 17, 2017. Excluding acquisitions, IAS 18 non-IFRS total revenue and software revenue increased 6%. (All growth rates are in constant currencies.)
  • On an IAS 18 basis and in constant currencies: Software revenue increased 9% (IFRS and non-IFRS). Licenses and other software revenue grew 8% (IFRS and non-IFRS), with double-digit growth for CATIA, SOLIDWORKS, ENOVIA, DELMIA and GEOVIA. Non-IFRS Recurring revenue, comprised of Subscription and Support revenue, increased 9% reflecting double-digit growth in Subscription revenue with the acquisition of EXA, and continued high Support renewal rates.
  • On a regional and IAS 18 basis: Asia non-IFRS software revenue increased 14% on strong growth in China, South Asia and India. In Europe non-IFRS software revenue increased 6% led by Southern Europe and Russia. In the Americas, non-IFRS software revenue increased 7%, led by Latin America and well supported by North America. High Growth Countries non-IFRS software revenue increased 25% on broad-based growth. (All growth rates are in constant currencies.)
  • On an IAS 18 basis, 3DEXPERIENCE software revenue was up 18% in the second quarter of 2018 in constant currencies, with the largest transactions recorded in Aerospace & Defense, High Tech, Transportation & Mobility, Energy, Process & Utilities, Marine & Offshore and Consumer Packaged Goods.
  • Services revenue increased 4% in constant currencies (IAS 18 IFRS and non-IFRS) with strong growth in 3DEXPERIENCE services activity.
  • IAS 18 IFRS operating income increased 5.2%. IAS 18 non-IFRS operating income totaled €253.6 million, representing an increase of 4.0% as reported and 10% in constant currencies. The IAS 18 non-IFRS operating margin was 30.2%, compared to 30.1% in the year-ago quarter, reflecting underlying organic improvement of 100 basis points, off-setting negative currency effects of 40 basis points and acquisition dilution of about 50 basis points.
  • Principally reflecting the U.S. Tax Reform Act of 2017, the Company’s IAS 18 IFRS and non-IFRS effective tax rates decreased to 25.6% and 27.8%, respectively, in the 2018 second quarter compared to 33.5% and 34.5%, respectively, in the 2017 second quarter. The second quarter effective tax rates also benefited from reversal of reserves following completion of a tax audit.
  • IAS 18 non-IFRS financial revenue totaled €5.0 million, compared to € (0.7) million in the year-ago period on higher net interest income and lower currency exchange losses.
  • IAS 18 IFRS diluted net income per share increased 8% or 14% in constant currencies. IAS 18 non-IFRS diluted net income per share totaled €0.72, increasing 16% or 22% at constant currency.

2018 First Half Financial Summary
(Unaudited)

                 
In millions of Euros,

except per share data

IFRS under IFRS15 IFRS under IAS18 Non-IFRS under IFRS15 Non-IFRS under IAS18
    YTD 2018   Change   Change in cc*     YTD 2018   Change   Change in cc*
YTD 2018 Total Revenue 1,646.4 1,606.6   3%   9% 1,651.3 1,611.4   2%   9%
YTD 2018 Software Revenue   1,475.2 1,435.4   3%   10% 1,480.0 1,440.2   3%   9%
YTD 2018 Services Revenue   171.2 171.2   -4%   2% 171.2 171.2   -4%   2%
YTD 2018 Operating Margin 21.1% 19.1%   +0.7pts     30.4% 28.7%   +0.5pts    
YTD 2018 EPS 1.02 0.91   12%   22% 1.41 1.30   13%   23%
                         
Total Software Revenue in millions of Euros IFRS under IFRS15 IFRS under IAS18 Non-IFRS under IFRS15 Non-IFRS under IAS18
    YTD 2018   YTD 2017   Change in cc*     YTD 2018   YTD 2017   Change in cc*
Americas 417.7 417.2   425.7   9% 420.5 420.0   428.9   9%
Europe 631.9 602.9   578.2   7% 632.4 603.4   584.5   6%
Asia 425.6 415.3   384.9   15% 427.1 416.7   385.5   15%

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