Information in constant currencies
When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (in both U.S. GAAP and on a non-GAAP basis) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding year.
About Dassault Systèmes:
As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 100,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systèmes develops and markets PLM application software and services that support industrial processes and provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systèmes portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, and 3DVIA for online 3D lifelike experiences. Dassault Systèmes’ shares are listed on Euronext Paris (#13065, DSY.PA) and Dassault Systèmes’ ADRs may be traded on the U.S. Over-The-Counter (OTC) market (DASTY). For more information, visit http://www.3ds.com
CATIA, DELMIA, ENOVIA, SIMULIA, SolidWorks and 3DVIA are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.
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DASSAULT SYSTEMES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (U.S. GAAP) |
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(in millions of Euro, except per share data, unaudited) |
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| Three months ended | Nine months ended | |||||||
| Sept. 30, | Sept. 30, | Sept. 30, | Sept. 30, | |||||
| 2008 | 2007 | 2008 | 2007 | |||||
| New licenses revenue | 90.5 | 92.8 | 292.4 | 284.8 | ||||
| Periodic licenses, maintenance and product development revenue | 186.0 | 163.1 | 531.2 | 470.2 | ||||
| Software revenue | 276.5 | 255.9 | 823.6 | 755.0 | ||||
| Services and other revenue | 41.8 | 43.2 | 128.3 | 140.7 | ||||
| Total Revenue | € 318.3 | € 299.1 | € 951.9 | € 895.7 | ||||
| Cost of software revenue (excluding amortization of acquired intangibles) | 14.3 | 16.0 | 41.7 | 41.8 | ||||
| Cost of services and other revenue | 37.6 | 38.4 | 112.1 | 117.1 | ||||
| Research and development | 78.1 | 76.3 | 228.4 | 228.3 | ||||
| Marketing and sales | 91.3 | 83.5 | 279.0 | 254.9 | ||||
| General and administrative | 26.5 | 24.4 | 78.5 | 70.4 | ||||
| Amortization of acquired intangibles | 11.4 | 13.6 | 32.9 | 35.4 | ||||
| Other operating income and expense, net | 6.0 | 0.0 | 8.5 | 0.0 | ||||
| Total Operating Expenses | € 265.2 | € 252.2 | € 781.1 | € 747.9 | ||||
| Operating Income | € 53.1 | € 46.9 | € 170.8 | € 147.8 | ||||
| Financial revenue and other, net | 9.9 | 1.7 | 10.1 | 8.0 | ||||
| Income before income taxes | 63.0 | 48.6 | 180.9 | 155.8 | ||||
| Income tax expense | (19.6) | (17.4) | (54.3) | (53.7) | ||||
| Minority interest | (0.1) | (0.1) | (0.2) | (0.2) | ||||
| Net Income | € 43.3 | € 31.1 | € 126.4 | € 101.9 | ||||
| Basic net income per share | 0.37 | 0.27 | 1.08 | 0.88 | ||||
| Diluted net income per share | € 0.36 | € 0.26 | € 1.06 | € 0.85 | ||||
| Basic weighted average shares outstanding (in millions) | 117.9 | 116.8 | 117.5 | 116.3 | ||||
| Diluted weighted average shares outstanding (in millions) | 119.9 | 120.4 | 119.5 | 119.5 | ||||
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U.S. GAAP revenue variation as reported and in constant currencies |
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| Three months ended Sept. 30, 2008 | Nine months ended Sept. 30, 2008 | |||||||
| Variation* | Variation in cc** | Variation* | Variation in cc** | |||||
| GAAP Revenue | 6% | 10% | 6% | 12% | ||||
| GAAP Revenue by activity | ||||||||
| Software Revenue | 8% | 12% | 9% | 15% | ||||
| Services and other Revenue | (3%) | 0% | (9%) | (4%) | ||||
| GAAP Software Revenue by segment | ||||||||
| PLM software revenue | 8% | 11% | 9% | 14% | ||||
| of which CATIA software revenue | 6% | 9% | 11% | 17% | ||||
| of which ENOVIA software revenue | 16% | 22% | 7% | 13% | ||||
| Mainstream 3D software revenue | 9% | 14% | 9% | 13% | ||||
| GAAP Revenue by geography | ||||||||
| Americas | 6% | 15% | 2% | 15% | ||||
| Europe | 12% | 12% | 12% | 12% | ||||
| Asia | (2%) | 1% | 2% | 7% | ||||
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* Variation compared to the same period in the prior year. ** In constant currencies. |
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DASSAULT SYSTEMES |
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CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. GAAP) |
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(in millions of Euro, unaudited) |
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| Sept. 30, | Dec. 31, | |||
| 2008 | 2007 | |||
| ASSETS | ||||
| Cash and short-term investments | 829.6 | 626.6 | ||
| Accounts receivable, net | 265.1 | 320.0 | ||
| Other assets | 1,069.5 | 1,004.5 | ||
| Total Assets | € 2,164.2 | € 1,951.1 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Long-term debt | 200.8 | 202.9 | ||
| Other liabilities | 651.9 | 552.4 | ||
| Shareholders' equity | 1,311.5 | 1,195.8 | ||
| Total Liabilities and Shareholders' equity | € 2,164.2 | € 1,951.1 | ||
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DASSAULT SYSTEMES |
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CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (U.S. GAAP) |
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(in millions of Euro, unaudited) |
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| Three months ended | Nine months ended | |||||||||||
| Sept. 30, 2008 | Sept. 30, 2007 | Variation | Sept. 30, 2008 | Sept. 30, 2007 | Variation | |||||||
| Net Income | 43.3 | 31.1 | 12.2 | 126.4 | 101.9 | 24.5 | ||||||
| Depreciation and Amortization of Property, Plant & Equipment | 5.5 | 7.3 | (1.8) | 17.0 | 19.8 | (2.8) | ||||||
| Amortization of intangible assets | 12.6 | 12.2 | 0.4 | 36.2 | 37.1 | (0.9) | ||||||
| Other Non Cash P&L Items | 0.1 | 1.4 | (1.3) | 0.2 | (4.2) | 4.4 | ||||||
| Changes in working capital | 6.0 | 10.9 | (4.9) | 81.8 | 85.5 | (3.7) | ||||||
| Net Cash provided by operating activities | 67.5 | 62.9 | 4.6 | 261.6 | 240.1 | 21.5 | ||||||
| Acquisition of assets and equity, net of cash acquired | (42.1) | (30.4) | (11.7) | (66.7) | (90.3) | 23.6 | ||||||
| Sale of assets and equity | 0.4 | 0.1 | 0.3 | 36.6 | 0.1 | 36.5 | ||||||
| Loans and others | (0.3) | 0.2 | (0.5) | (0.3) | (0.5) | 0.2 | ||||||
| Net Cash provided by (used in) investing activities | (42.0) | (30.1) | (11.9) | (30.4) | (90.7) | 60.3 | ||||||
| Borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||
| Share repurchase | 0.0 | 0.0 | 0.0 | (35.0) | 0.0 | (35.0) | ||||||
| DS Stock Option and preferred Stock Exercise | 19.5 | 10.1 | 9.4 | 42.8 | 37.9 | 4.9 | ||||||
| Cash dividend paid | 0.0 | 0.0 | 0.0 | (53.7) | (50.8) | (2.9) | ||||||
| Payments on capital lease obligations | 0.0 | 0.0 | 0.0 | 0.0 | (0.4) | 0.4 | ||||||
| Net Cash provided by (used in) financing activities (1) | 19.5 | 10.1 | 9.4 | (45.9) | (13.3) | (32.6) | ||||||
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Effect of exchange rate changes on
treasury (2) |
44.9 | (16.4) | 61.3 | 17.7 | (24.2) | 41.9 | ||||||
| Increase in treasury (2) | 89.9 | 26.5 | 63.4 | 203.0 | 111.9 | 91.1 | ||||||
| Treasury (2) at beginning of period | 739.7 | 544.6 | 626.6 | 459.2 | ||||||||
| Treasury (2) at end of period | 829.6 | 571.1 | 829.6 | 571.1 | ||||||||
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(1) Excluding changes in short-term investments. |
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(2) Treasury includes cash, cash equivalents and short-term investments. |
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DASSAULT SYSTEMES
