Dassault Systèmes Reports 3DEXPERIENCE Software Revenue Up 40%

Dassault Systèmes Reports 3DEXPERIENCE Software Revenue Up 40% in 2016 Third Quarter

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				Nine months ended
In millions of Euros, except per share data and percentages	September 30, 2016	September 30, 2015	Change	Change in cc*	September 30, 2016	September 30, 2015	Change	Change in cc*
Non-IFRS Revenue	€ 735.5	€ 686.0	7%	7%	€ 2,183.0	€ 2,074.6	5%	6%

Non-IFRS Revenue breakdown by activity
Software revenue	647.1	602.8	7%	7%	1,930.4	1,829.2	6%	6%
of which new licenses revenue	161.5	149.4	8%	6%	511.0	495.8	3%	3%
of which periodic licenses, maintenance and other software-related revenue	485.6	453.4	7%	8%	1,419.4	1,333.4	6%	8%
Services and other revenue	88.4	83.2	6%	6%	252.6	245.4	3%	3%

Non-IFRS Recurring software revenue	482.6	450.5	7%	8%	1,411.2	1,317.2	7%	8%

Non-IFRS software revenue breakdown by product line
CATIA software revenue	237.5	221.8	7%	7%	703.0	676.4	4%	4%
ENOVIA software revenue	77.0	69.9	10%	9%	229.6	206.7	11%	11%
SOLIDWORKS software revenue	152.2	135.5	12%	14%	455.9	418.5	9%	11%
Other software revenue	180.4	175.6	3%	2%	541.9	527.6	3%	3%

Non-IFRS Revenue breakdown by geography
Americas	225.4	224.4	0%	1%	674.8	652.7	3%	4%
Europe	302.4	294.6	3%	5%	915.5	889.6	3%	5%
Asia	207.7	167.0	24%	18%	592.7	532.3	11%	9%

Non-IFRS operating income	€ 235.3	€ 213.7	10%		€ 646.2	€ 597.8	8%
Non-IFRS operating margin	32.0%	31.2%			29.6%	28.8%
Non-IFRS net income attributable to shareholders	161.6	148.5	9%		439.0	395.5	11%
Non-IFRS diluted net income per share	€ 0.63	€ 0.58	9%		€ 1.71	€ 1.54	11%
Closing headcount	14,921	13,813	8%		14,921	13,813	8%

Average Rate USD per Euro	1.12	1.11	1%		1.12	1.11	1%
Average Rate JPY per Euro	114.3	135.9	-16%		121.0	134.8	-10%
*In constant currencies


DASSAULT SYSTEMES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS) (unaudited; in millions of Euros, except per share data)

In millions of Euros, except per share data and percentages	Three months ended		Nine months ended
	September 30,	September 30,	September 30,	September 30,
	2016	2015	2016	2015
New licenses revenue	161.5	145.8	510.4	479.7
Periodic licenses, maintenance and other software-related revenue	485.3	447.7	1,418.0	1,319.8
Software revenue	646.8	593.5	1,928.4	1,799.5
Services and other revenue	88.4	82.2	252.2	243.5
Total Revenue	€ 735.2	€ 675.7	€ 2,180.6	€ 2,043.0
Cost of software revenue (excluding amortization of acquired intangibles)	(36.9)	(33.4)	(112.1)	(105.4)
Cost of services and other revenue	(74.6)	(72.3)	(230.4)	(217.2)
Research and development	(131.8)	(114.9)	(401.0)	(366.5)
Marketing and sales	(224.1)	(211.3)	(684.1)	(657.1)
General and administrative	(56.3)	(51.6)	(166.7)	(152.5)
Amortization of acquired intangibles	(37.8)	(42.8)	(115.2)	(120.4)
Other operating income and expense, net	(12.8)	(0.6)	(26.3)	(6.8)
Total Operating Expenses	(€ 574.3)	(€ 526.9)	(€ 1,735.8)	(€ 1,625.9)
Operating Income	€ 160.9	€ 148.8	€ 444.8	€ 417.1
Financial revenue and other, net	(0.8)	(1.0)	(17.6)	2.7
Income before income taxes	160.1	147.8	427.2	419.8
Income tax expense	(45.1)	(41.7)	(118.6)	(141.2)
Net Income	115.0	106.1	308.6	278.6
Non-controlling interest	(1.9)	(0.6)	(4.3)	(2.9)
Net Income attributable to equity holders of the parent	€ 113.1	€ 105.5	€ 304.3	€ 275.7
Basic net income per share	0.44	0.42	1.20	1.09
Diluted net income per share	€ 0.44	€ 0.41	€ 1.18	€ 1.08
Basic weighted average shares outstanding (in millions)	254.3	252.8	254.0	252.3
Diluted weighted average shares outstanding (in millions)	257.7	256.5	257.4	256.4


IFRS revenue variation as reported and in constant currencies

	Three months ended September 30, 2016		Nine months ended September 30, 2016
	Change*	Change in cc**	Change*	Change in cc**
IFRS Revenue	9%	9%	7%	7%
IFRS Revenue by activity
Software revenue	9%	9%	7%	8%
Services and other revenue	8%	7%	4%	4%
IFRS Software Revenue by product line
CATIA software revenue	7%	7%	4%	4%
ENOVIA software revenue	10%	9%	11%	11%
SOLIDWORKS software revenue	12%	14%	9%	11%
Other software revenue	8%	8%	8%	9%
IFRS Revenue by geography
Americas	3%	3%	6%	6%
Europe	4%	6%	4%	6%
Asia	25%	19%	12%	10%
*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	September 30,	December 31,
In millions of Euros	2016	2015

ASSETS
Cash and cash equivalents	2,452.9	2,280.5
Short-term investments	49.5	70.8
Accounts receivable, net	539.5	739.1
Other current assets	230.3	150.8
Total current assets	3,272.2	3,241.2
Property and equipment, net	130.6	135.3
Goodwill and Intangible assets, net	2,872.2	2,687.1
Other non-current assets	320.0	247.8
Total Assets	€ 6,595.0	€ 6,311.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	122.8	119.8
Unearned revenues	801.1	778.0
Other current liabilities	438.2	414.0
Total current liabilities	1,362.1	1,311.8
Long-term debt	1,000.0	1,000.0
Other non-current obligations	577.3	511.9
Total long-term liabilities	1,577.3	1,511.9
Non-controlling interests	20.8	19.2
Parent shareholders' equity	3,634.8	3,468.5
Total Liabilities and Shareholders' equity	€ 6,595.0	€ 6,311.4


DASSAULT SYSTEMES CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS) (unaudited; in millions of Euros)

In millions of Euros	Three months ended			Nine months ended
In millions of Euros	September 30, 2016	September 30, 2015	Change	September 30, 2016	September 30, 2015	Change
Net Income attributable to equity holders of the parent	113.1	105.5	7.6	304.3	275.7	28.6
Non-controlling interest	1.9	0.6	1.3	4.3	2.9	1.4
Net Income	115.0	106.1	8.9	308.6	278.6	30.0
Depreciation of property & equipment	10.1	10.5	(0.4)	31.5	31.5	0.0
Amortization of intangible assets	39.9	45.0	(5.1)	121.6	126.7	(5.1)
Other non cash P&L Items	22.2	(2.5)	24.7	13.4	(22.8)	36.2
Changes in working capital	(110.6)	(45.7)	(64.9)	50.6	116.2	(65.6)
Net Cash provided by operating activities	€ 76.6	€ 113.4	(€ 36.8)	€ 525.7	€ 530.2	(€ 4.5)

Additions to property, equipment and intangibles	(13.6)	(12.8)	(0.8)	(32.0)	(30.8)	(1.2)
Payments for acquisition of businesses, net of cash acquired	(234.7)	-	(234.7)	(245.9)	(18.1)	(227.8)
Sale (purchase) of short term investments, net	0.7	1.4	(0.7)	20.5	17.7	2.8
Sale (purchase) of investments, loans and others	-	0.3	(0.3)	0.6	(3.3)	3.9
Net Cash provided by (used in) investing activities	(€ 247.6)	(€ 11.1)	(€ 236.5)	(€ 256.8)	(€ 34.5)	(€ 222.3)

Proceeds (Repayments) of short-term and long-term debt	-	-	-	-	(10.8)	10.8
(Purchase) Sale of treasury stock	(9.2)	(22.9)	13.7	(52.5)	(28.0)	(24.5)
Proceeds from exercise of stock options	5.4	5.5	(0.1)	15.9	25.0	(9.1)
Cash dividend paid	-	(2.9)	2.9	(101.9)	(98.5)	(3.4)
Net Cash provided by (used in) financing activities	(€ 3.8)	(€ 20.3)	€ 16.5	(€ 138.5)	(€ 112.3)	(€ 26.2)

Effect of exchange rate changes on cash and cash equivalents	(3.4)	(6.1)	2.7	(3.3)	32.4	(35.7)

Increase (decrease) in cash and cash equivalents	(€ 178.2)	€ 75.9	(€ 254.1)	€ 127.1	€ 415.8	(€ 288.7)

Cash and cash equivalents at beginning of period	€ 2,585.8	€ 1,444.1		€ 2,280.5	€ 1,104.2
Cash and cash equivalents at end of period	€ 2,407.6	€ 1,520.0		€ 2,407.6	€ 1,520.0

DASSAULT SYSTEMES

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