Dassault SystÈmes Reports Q2 2013 Earnings Ahead of Guidance, Reaffirms New Licenses Acceleration and Upgrades FY EPS Objective
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*In constant currencies.
Total revenue grew 6% (IFRS) and 7% (non-IFRS) in constant currencies,
with growth in both software and services and growth in all three
regions. 2013 First Half results include the acquisition of Gemcom
(part of GEOVIA) and the divestiture of Transcat PLM GmbH.
On a regional basis, Asia revenue increased 10% (IFRS) and 11%
(non-IFRS) led by China and Korea. The Americas reported revenue
growth of 6% (IFRS) and 7% (non-IFRS) with software revenue growing
10%. In Europe total revenue increased 4% (IFRS and non-IFRS), with
mixed results by countries. High-growth countries grew 19% on strong
growth in Latin America well supported by India, Russia, Korea and
China, representing about 12% of total revenue. (All growth figures in
Software revenue growth of 7% (IFRS and non-IFRS) was principally
driven by recurring software revenue. Recurring software revenue
increased 9% (IFRS and non-IFRS) from growth in maintenance from new
licensing activity, strong renewal rates and growth in rental
licensing. New licenses revenue increased 1%, with growth in Asia and
the Americas offset by a decrease in new licenses revenue in Europe.
In the 2012 First Half, new licenses revenue in Europe increased
PLM software revenue increased 7% (IFRS and non-IFRS) led by Other
PLM, reflecting the addition of GEOVIA, strong results in
manufacturing with DELMIA, and was well supported by growth in
simulation. PLM software saw its strongest results in Asia, led by
SOLIDWORKS software revenue increased 6% (IFRS and non-IFRS) in
constant currencies on strong growth in recurring software revenue and
growth in new licenses revenue from multi-product sales. New
commercial seats licensed decreased 1% to 26,914.
IFRS operating income totaled €223.7 million, representing a decrease
of 3.8% on higher revenue offset by growth in operating expenses of
6.9%. On a non-IFRS basis, operating income increased 5.7% to €298.4
million on higher revenue and operating expense growth limited to
4.3%. The non-IFRS operating margin increased slightly to 29.5%
compared to 29.2%.
IFRS net income per diluted share decreased 2.4% to €1.22 per share,
principally reflecting a one-time gain on the sale of a distribution
activity in the 2012 First Half as well as higher shared-based payment
expense in the 2013 First-Half. Non-IFRS net income per diluted share
increased 9.5% to €1.61 principally reflecting growth in operating
income, financial revenue and a lower tax rate.
New business in the First Half included V6 architected software
applications purchases by companies in Aerospace & Defense,
Transportation & Mobility, Consumer Packaged Goods, Consumer
Goods-retail, and Industrial Equipment and included Alstom Transport,
Metso Pulp, Paper & Power, Parker Hannifin, P&G and Renault, among