Dassault Systèmes Reports Strong Revenue and EPS Growth

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.


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