SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE
13a-16 OR 15d-16 OF
THE SECURITIES
EXCHANGE ACT OF 1934
Report on Form 6-K
dated April 29, 2008
Commission File No.
0-28578
DASSAULT
SYSTEMES S.A.
(Name of
Registrant)
9,
Quai Marcel Dassault, B.P. 310, 92156 Suresnes Cedex, France
(Address of
Principal Executive Offices)
Indicate
by check mark
whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F
Form
20-F X Form
40-F __
Indicate
by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1):
Yes __ No X
Indicate
by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):
Yes __ No X
Indicate by check
mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes __ No X
If “Yes” is marked,
indicate below the file number assigned to the registrant in connection with
Rule
12g3-2(b):
82-___________
ENCLOSURES:
Dassault Systemes
S.A. is furnishing under cover of Form 6-K a press release dated April 29, 2008,
reporting financial results for the first quarter ended March 31,
2008.
DS
Reports 2008 First Quarter Software Revenue Growth Above
14%
in Constant Currencies
Paris,
France, April
29,
2008
─ Dassault Systèmes (DS) (Nasdaq: DASTY; Euronext Paris: #13065, DSY.PA)
reported U.S. GAAP unaudited financial results for the first quarter ended March
31, 2008.
Summary
Financial Highlights
| ● | Q1 GAAP total revenue up 12% on GAAP software revenue growth of 16%, both in constant currencies | |
| ● | Q1 non-GAAP total revenue up 10% on non-GAAP software revenue growth of 14%, both in constant currencies | |
| ● | Q1 EPS €0.34 on GAAP basis and €0.41 on non-GAAP basis | |
| ● | DS reconfirms 2008 Business Outlook: reconfirms constant currencies non-GAAP software and non-GAAP total revenue growth objectives for 2008; reconfirms non-GAAP operating margin expansion objective for 2008; adjusts non-GAAP EPS growth objective for 2008 to between 6% and 10% growth solely due to US dollar weakness |
First
Quarter 2008 Financial Summary
|
U.S. GAAP
|
Non-GAAP
|
|||||
| In millions of Euros, except per share data |
Growth
|
Growth
in cc*
|
Growth
|
Growth
in cc*
|
||
| Q1 Total Revenue |
307.4
|
6%
|
12%
|
307.9
|
4%
|
10%
|
| Q1 Software Revenue |
269.1
|
9%
|
16%
|
269.6
|
8%
|
14%
|
| Q1 EPS |
0.34
|
21%
|
0.41
|
5%
|
||
| Q1 Operating Margin |
17.3%
|
22.8%
|
||||
* In
constant currencies.
Bernard Charlès, Dassault
Systèmes President and Chief Executive Officer, commented,
“Dassault Systèmes had a solid start to 2008, meeting all of our financial
objectives for revenue, operating margin and earnings per share. We are seeing
good dynamics in our core industries and new verticals. In particular, we had a
very strong quarter for CATIA benefiting from broad-based demand among
automotive and aerospace companies and good execution in our Business
Transformation Channel for large accounts.
“This
year will mark the final steps in the creation of our PLM indirect channel. In
this regard, our first quarter was an important milestone as we moved ahead with
the planned country transitions, including Germany and Japan. In less than
fifteen months, a remarkably short period of time, we have developed an indirect
PLM channel spanning more than 60 countries.
“Looking
ahead, our number one focus is our customers - helping our customers improve
their product innovation, product quality, business processes and investment
returns. By doing this, we are confident in our ability to continue to grow our
PLM market footprint.”
First
Quarter Financial Highlights
| ● | GAAP total revenue increased 12% in constant currencies and non-GAAP total revenue increased 10% in constant currencies. | |
| ● | By geographic region and in constant currencies, total GAAP revenue in Europe was up 13% (non-GAAP up 12%) followed by the Americas with growth of 12% (non-GAAP up 10%) and Asia with growth of 10% (non-GAAP up 9%). From a regional perspective, software revenue grew in double-digits in constant currencies in the Company’s three geographic regions. | |
| ● | GAAP software revenue increased 16% in constant currencies. Non-GAAP software revenue increased 14% on new licenses revenue growth of 11% and non-GAAP recurring software revenue growth of 17%, all figures in constant currencies. | |
| ● | GAAP PLM software revenue increased 15% in constant currencies. Non-GAAP PLM software revenue growth of 14% in constant currencies was led by CATIA with non-GAAP software revenue growth of 21% in constant currencies, on strong dynamics with automotive and aerospace companies, channel capacity increases and the inclusion of ICEM. CATIA new seats licensed in the first quarter increased 7% to 8,325 seats. ENOVIA non-GAAP software revenue performance in the first quarter increased 1% in constant currencies, on a strong year-ago comparison. | |
| ● | GAAP Mainstream 3D software revenue increased 18% in constant currencies. Non-GAAP Mainstream 3D software revenue increased 15% in constant currencies on new SolidWorks seat growth of 15% (13,536 new seats licensed) and strong growth in maintenance revenue. | |
| ● | Services and other revenue, representing 12% of total revenue, decreased approximately 10% in constant currencies. These results largely reflect the winding down of certain historical channel management activities and related fee revenue which will continue over the course of 2008 as the Company completes the formation of its indirect PLM channel. | |
| ● | GAAP operating margin was 17.3%. Non-GAAP operating margin increased 70 basis points to 22.8%, compared to 22.1% in the year-ago period. | |
| ● | GAAP earnings per diluted share increased 21%. Non-GAAP earnings per diluted share increased 5% to €0.41 reflecting an increase in non-GAAP operating income of 8% offset by a significant decrease in financial revenue and other, net. While net interest income increased 26%, quarter-end currency exchange losses largely offset this increase. | |
| ● | New wins in the first quarter included: Skanska in construction in Europe; Bell Helicopter in aerospace and Leviton in high tech in the Americas; and Tata Motors in automotive in Asia. Re-orders included: Gulfstream and Spirit in aerospace and Northrop Grumman in shipbuilding in the Americas, and Honda, Mitsubishi and Toyota in automotive in Asia. | |
| ● | During the first quarter, DS repurchased 961,986 common shares for a total cost of approximately €35 million. |
Cash
flow and other financial highlights
Net
operating cash flow was €88.4 million for the first quarter. Cash and short-term
investments totaled €682.9 million and long-term debt totalled €202.7 million at
March 31, 2008.
Annual
Shareholders’ Meeting date and cash dividend recommendation
The
Annual Shareholders’ Meeting has been scheduled for May 22, 2008. The Board of
Directors has recommended an annual cash dividend equivalent to €0.46 per share,
representing about €54 million in the aggregate, for the fiscal year ended
December 31, 2007, and a 5% increase from last year’s dividend per share. The
dividend is subject to approval by shareholders at the Annual Shareholders’
Meeting.
Other
Corporate Announcements
On April 8th, 2008 DS announced that
it has been named the leader in several categories of CIMdata’s newly published
“2008 PLM Market Analysis Report” and that 2007 was DS’ third consecutive
year at the top of the industry mindshare rankings. In the report,
CIMdata ranked Dassault Systèmes the leader in overall PLM industry market
presence among the industry’s Mindshare Leaders – rankings which reflect
Dassault Systèmes’ leadership in both the “mainstream PLM” and more expansive
“comprehensive PLM” market sectors. CIMdata defines a mindshare leader as
the company end-users most readily identified with the term “PLM”.
Business
Outlook
Thibault de Tersant,
Senior Executive Vice President and CFO, commented, “Our
2008 outlook remains good and essentially unchanged from when we released it in
February. We, therefore, are reconfirming our 2008 non-GAAP constant currency
objectives for total revenue growth of about 10% and slightly increasing our
software revenue growth to about 12% to 13%. We are also reconfirming our
objective to increase our 2008 non-GAAP operating margin by 80 to 130 basis
points in comparison to 2007. We are reducing our 2008 non-GAAP earnings per
share growth objective to a range between 6% and 10% solely to reflect the
severity of the US dollar weakness as our overall business outlook remains
unchanged.”
The
Company’s objectives are prepared and communicated only on a non-GAAP basis and
are subject to the cautionary statement set forth below:
| ● | Second quarter 2008 non-GAAP total revenue objective of about €315 to €320 million and non-GAAP EPS of about €0.44 to €0.46; | |
| ● | 2008 non-GAAP total revenue objective reiterated at about 10% growth in constant currencies; 2008 non-GAAP software revenue objective reiterated at about 12% to 13% growth in constant currencies; | |
| ● | 2008 non-GAAP EPS objective adjusted down solely on U.S. dollar weakness from previous guidance to about €2.10 to €2.17, representing about 6% to 10% growth; | |
| ● | 2008 non-GAAP operating margin objective reiterated at about 27% to 27.5%; | |
| ● | Objectives based upon exchange rate assumptions for the 2008 second quarter of US$1.60 per €1.00 and JPY 160 per €1.00 and 2008 full year exchange rate assumptions of US$1.57 per €1.00 and JPY 159 per €1.00. | |
| ● | The constant currency revenue objective leads to a reported 2008 non-GAAP revenue range of about €1.325 to €1.340 billion based upon the above assumed currency exchanges rates for 2008; |
The
non-GAAP objectives set forth above do not take into account the following
accounting elements: deferred revenue write-downs estimated at approximately €1
million for 2008; stock-based compensation expense estimated at approximately
€18 million for 2008; amortization of acquired intangibles estimated at
approximately €48 million for 2008. The above objectives do not include any
impact from one-time costs and one-time gains related to the anticipated DS
global headquarters’ relocation in 2008. These estimates also do not include any
new stock option or share grants, or any new acquisitions completed after April
29, 2008.
Recent
Business News Highlights
| ● | On April 3rd, DS announced the new Abaqus release for CATIA V5. | |
| ● | On March 12th, DS launched PLM solutions for Life Sciences. | |
| ● | On March 3rd, DS unveiled Dymola 7.0, its next-generation Modelica-based multi-engineering modeling and simulation solution. |
Webcast
and conference call information
Dassault
Systèmes will host a webcast and a conference call today, Tuesday, April 29,
2008. Management will host the webcast at 8:15 AM London time/9:15 AM Paris time
and will then host the conference call at 3:00 PM CET/2:00 PM London time/9:00
AM New York time. The webcast and conference call will be available via the
Internet by accessing http://www.3ds.com/corporate/investors/.
Please go to the website at least fifteen minutes prior to the webcast or
conference call to register, download and install any necessary audio
software.
The
webcast and conference call will be archived for 30 days. Additional investor
information can be accessed at http://www.3ds.com/corporate/investors/
or by calling Dassault Systèmes’ Investor Relations at
33.1.40.99.69.24.
Forward-looking
information
Statements
herein that are not historical facts but express expectations or objectives for
the future, including but not limited to statements regarding our non-GAAP
financial performance objectives, are forward-looking statements (within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended).
Such
forward-looking statements are based on our management's current views and
assumptions and involve known and unknown risks and uncertainties. Actual
results or performances may differ materially from those in such statements due
to a range of factors. In preparing such forward-looking statements, we have in
particular assumed an average U.S. dollar to euro exchange rate of US$1.60
per €1.00 and an average Japanese yen to euro exchange rate of JPY160 to €1.00
for the 2008 second quarter and an average U.S. dollar to euro exchange rate of
US$1.57 per €1.00 and an average Japanese yen to euro exchange rate of JPY159 to
€1.00 for the full year 2008; however, currency values fluctuate, and our
results of operations may be significantly affected by changes in exchange
rates. We have also assumed that there will be no substantial decline in general
levels of corporate spending on information technology, and that our increased
responsibility for both indirect and direct PLM sales channels, and the
resulting commercial and management challenges, will not prevent us from
maintaining growth in revenues or cause us to incur substantial unanticipated
costs and inefficiencies. Our actual results or performance may also be
materially negatively affected by difficulties or adverse changes affecting our
partners or our relationships with our partners, including our longstanding,
strategic partner, IBM; new product developments and technological changes;
errors or defects in our products; growth in market share by our competitors;
and the realization of any risks related to the integration of any newly
acquired company and internal reorganizations. Unfavorable changes in any of the
above or other factors described in the Company’s SEC reports, including the
Form 20-F for the year ended December 31, 2007, which was filed with the SEC on
April 4, 2008, could materially affect the Company's financial position or
results of operations.
Non-GAAP
financial information
Readers
are cautioned that the supplemental non-GAAP 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 U.S. GAAP measurements. Also, our supplemental non-GAAP financial
information may not be comparable to similarly titled non-GAAP measures used by
other companies. Further specific limitations for individual non-GAAP measures,
and the reasons for presenting non-GAAP financial information, are set forth in
the Company’s annual report for the year ended December 31, 2007 on Form 20-F
filed with the SEC on April 4, 2008 and in the paragraph below.
In
addition to the individual non-GAAP measures described in our most recent Form
20-F, our unaudited U.S. GAAP 2008 quarterly financial
statements will reflect income and expenses related to the relocation of our
corporate headquarters during 2008. In our supplemental non-GAAP financial
information, we exclude the income and expense effects directly attributable to
this corporate headquarters relocation because of their unusual nature. As a
result, we believe that our supplemental non-GAAP financial information helps
investors better understand the current trends in our operating
performance. However, the one-time effects of our corporate
headquarters relocation are components of our income and expenses for 2008 and
by excluding these effects, the supplemental non-GAAP financial information
understates the net impact to our net income in 2008. These corporate
headquarters relocation effects are not recurring, and we do not expect such
effects to occur as part of our normal business on a regular basis.
To
compensate for these limitations, the supplemental non-GAAP financial
information should be read not in isolation, but only in conjunction with our
consolidated financial statements prepared in accordance with U.S.
GAAP.
The
tables on pages 10 and 11 of this press release set forth our supplemental
non-GAAP revenue, non-GAAP operating income, non-GAAP operating margin, non-GAAP
net income and non-GAAP diluted earnings per share, which exclude the effect of
adjusting the carrying value of acquired companies’ deferred revenue, the
expenses for the amortization of acquired intangible assets and stock-based
compensation expense (in each case, as explained in our Form 20-F), as well as
the effects attributable to our corporate headquarters relocation (as
explained above). The tables also set forth the most comparable GAAP financial
measure and a reconciliation of the GAAP and non-GAAP information.
Information
in constant currencies
When we
believe it would be helpful for understanding trends in our business, we provide
percentage increases or decreases in our revenue (in both US 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 is listed on the Nasdaq (DASTY)
and Euronext Paris (#13065, DSY.PA) stock exchanges. 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.
(Tables
to follow)
CONTACTS:
| Dassault Systèmes: | Financial Dynamics: |
| Valérie Agathon/Beatrix Martinez | Harriet Keen/Haya Chelhot/Erwan Gouraud |
| 33.1.40.99.69.24 | 44.20.7831.3113 |
| Laurence Borbalan/Eloi Perrin-Aussedat | |
| Florence de Montmarin | |
| 33.1.47.03.68.10 |
DASSAULT
SYSTEMES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (U.S. GAAP)
(in
millions of Euro, except per share data, unaudited)
|
Three
months ended
|
||
|
March
31,
2008
|
March
31,
2007
|
|
|
New
licenses revenue
|
100.7
|
95.8
|
|
Periodic
licenses, maintenance and product development revenue
|
168.4
|
150.0
|
|
Software
revenue
|
269.1
|
245.8
|
|
Services
and other revenue
|
38.3
|
45.1
|
|
Total
Revenue
|
€
307.4
|
€
290.9
|
|
Cost
of software revenue (excluding amortization of acquired
intangibles)
|
14.6
|
12.7
|
|
Cost
of services and other revenue
|
35.6
|
40.2
|
|
Research
and development
|
73.7
|
76.5
|
|
Marketing
and sales
|
92.5
|
83.1
|
|
General
and administrative
|
26.4
|
21.4
|
|
Amortization
of acquired intangibles*
|
11.5
|
10.9
|
|
Total
Operating Expenses
|
€
254.3
|
€
244.8
|
|
Operating
Income
|
€
53.1
|
€
46.1
|
|
Financial
revenue and other, net
|
0.2
|
3.0
|
|
Income
before income taxes
|
53.3
|
49.1
|
|
Income
tax expense
|
(12.7)
|
(16.2)
|
|
Minority
interest
|
0.0
|
0.0
|
|
Net
Income
|
€
40.6
|
€
32.9
|
|
Basic
net income per share
|
0.35
|
0.28
|
|
Diluted
net income per share
|
€
0.34
|
€
0.28
|
|
Basic
weighted average shares outstanding (in millions)
|
116.9
|
115.6
|
|
Diluted
weighted average shares outstanding (in millions)
|
119.6
|
118.8
|
|
*
Including relocation of
headquarters
|
||
U.S. GAAP
revenue
variation as
reported and in
constant currencies
|
Three
months ended March 31, 2008
|
||
|
Variation*
|
Variation
in cc**
|
|
|
GAAP
Revenue
|
6%
|
12%
|
|
GAAP
Revenue by activity
|
||
|
Software
Revenue
|
9%
|
16%
|
|
Services
and other Revenue
|
(15%)
|
(10%)
|
|
GAAP
Software Revenue by segment
|
||
|
PLM
software revenue
|
9%
|
15%
|
|
of
which CATIA software revenue
|
15%
|
21%
|
|
of
which ENOVIA software revenue
|
(1%)
|
6%
|
|
Mainstream
3D software revenue
|
11%
|
18%
|
|
GAAP
Revenue by geography
|
||
|
Americas
|
(2%)
|
12%
|
|
Europe
|
13%
|
13%
|
|
Asia
|
4%
|
10%
|
* Variation
compared to the same period in the prior year. - ** In constant
currencies.
DASSAULT
SYSTEMES
CONDENSED
CONSOLIDATED BALANCE SHEETS (U.S. GAAP)
(in
millions of Euro, unaudited)
|
March
31,
2008 |
Dec.
31,
2007 |
|
|
TOTAL
ASSETS
|
||
|
Cash
and short-term investments
|
682.9
|
626.6
|
|
Accounts
receivable, net
|
283.0
|
320.0
|
|
Other
assets
|
968.8
|
1,004.5
|
|
Total
Assets
|
€
1,934.7
|
€
1,951.1
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
Long-term
debt
|
202.7
|
202.9
|
|
Other
liabilities
|
585.4
|
552.4
|
|
Shareholders’
equity
|
1,146.6
|
1,195.8
|
|
Total
Liabilities and Shareholders’ equity
|
€
1,934.7
|
€
1,951.1
|
DASSAULT
SYSTEMES
CONDENSED
CONSOLIDATED CASH FLOW STATEMENTS (U.S. GAAP)
(in
millions of Euro, unaudited)
|
Three
months ended
|
|||
|
March
31,
2008 |
March
31,
2007 |
Variation
|
|
|
Net
Income
|
40.6
|
32.9
|
7.7
|
|
Depreciation
and Amortization of Property, Plant & Equipment
|
6.0
|
5.9
|
0.1
|
|
Amortization
of intangible assets
|
12.1
|
12.1
|
0.0
|
|
Other
Non Cash P&L Items
|
(1.7)
|
0.0
|
(1.7)
|
|
Changes
in working capital
|
31.4
|
57.5
|
(26.1)
|
|
Net
Cash provided by operating activities
|
88.4
|
108.4
|
(20.0)
|
|
Acquisition
of assets and equity, net of cash
|
(10.3)
|
(6.7)
|
(3.6)
|
|
Sale
of assets and equity
|
36.2
|
0.0
|
36.2
|
|
Loans
and others
|
(0.2)
|
0.0
|
(0.2)
|
|
Net
Cash provided by (used in) investing activities
|
25.7
|
(6.7)
|
32.4
|
|
Borrowings
|
0.0
|
0.0
|
0.0
|
|
Share
repurchase
|
(35.0)
|
0.0
|
(35.0)
|
|
DS
Stock Option and preferred Stock Exercise
|
4.2
|
5.2
|
(1.0)
|
|
Cash
dividend paid
|
0.0
|
0.0
|
0.0
|
|
Payments
on capital lease obligations
|
0.0
|
(0.4)
|
0.4
|
|
Net
Cash provided by (used in) financing activities (1)
|
(30.8)
|
4.8
|
(35.6)
|
|
Effect
of exchange rate changes on treasury (2)
|
(27.0)
|
(3.6)
|
(23.4)
|
|
Increase
in treasury (2)
|
56.3
|
102.9
|
(46.6)
|
|
Treasury
(2) at beginning of period
|
626.6
|
459.2
|
|
|
Treasury
(2) at end of period
|
682.9
|
562.1
|
|
|
(1)
|
Excluding
changes in short-term investments.
|
|
(2)
|
Treasury
includes cash, cash equivalents and short-term
investments.
|
DASSAULT
SYSTEMES
SUPPPLEMENTAL
NON-GAAP FINANCIAL INFORMATION
U.S.
GAAP – NON-GAAP RECONCILIATION
(in
millions of Euro, except per share data, unaudited)
Readers
are cautioned that the supplemental non-GAAP 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 U.S. GAAP measurements. Also, our supplemental non-GAAP
financial information may not be comparable to similarly titled non-GAAP
measures used by other companies. Further specific limitations for individual
non-GAAP measures, and the reasons for presenting non-GAAP financial
information, are set forth in today’s press release with respect to our
corporate headquarters relocation and in the Company’s annual report for the
year ended December 31, 2007 on Form 20-F filed with the SEC on April 4, 2008
for the other non-GAAP financial measures. To compensate for these limitations,
the supplemental non-GAAP financial information should be read not in isolation,
but only in conjunction with our consolidated financial statements prepared in
accordance with U.S. GAAP.
|
Three
months ended March 31,
|
Variation | |||||||
|
In
millions of Euros, except per share data and percentages
|
2008
U.S.
GAAP
|
Adjustment (1) |
2008
non-GAAP
|
2007
U.S.
GAAP
|
Adjustment
(1)
|
2007
non-GAAP
|
U.S.
GAAP
|
Non-GAAP
(2)
|
|
Total
Revenue
|
€
307.4
|
0.5
|
€
307.9
|
€
290.9
|
3.8
|
€
294.7
|
6%
|
4%
|
|
Total
Revenue breakdown by activity
|
||||||||
|
Software
revenue
|
269.1
|
0.5
|
269.6
|
245.8
|
3.8
|
249.6
|
9%
|
8%
|
|
New
Licenses
|
100.7
|
95.8
|
5%
|
|||||
|
Product
Development
|
0.2
|
1.6
|
(88%)
|
|||||
|
Periodic
Licenses and Maintenance
|
168.2
|
0.5
|
168.7
|
148.4
|
3.8
|
152.2
|
13%
|
11%
|
|
Recurring
portion of Software revenue
|
63%
|
63%
|
60%
|
61%
|
||||
|
Services
and other revenue
|
38.3
|
45.1
|
(15%)
|
|||||
|
Total
Software Revenue breakdown by segment
|
||||||||
|
PLM
software revenue
|
201.9
|
0.5
|
202.4
|
185.0
|
2.3
|
187.3
|
9%
|
8%
|
|
of
which CATIA software revenue
|
122.4
|
0.3
|
122.7
|
106.3
|
15%
|
15%
|
||
|
of
which ENOVIA software revenue
|
38.1
|
0.2
|
38.3
|
38.6
|
2.3
|
40.9
|
(1%)
|
(6%)
|
|
Mainstream
3D software revenue
|
67.2
|
60.8
|
1.5
|
62.3
|
11%
|
8%
|
||
|
Total
Revenue breakdown by geography
|
||||||||
|
Americas
|
93.9
|
0.2
|
94.1
|
96.1
|
1.9
|
98.0
|
(2%)
|
(4%)
|
|
Europe
|
138.7
|
0.2
|
138.9
|
122.8
|
1.4
|
124.2
|
13%
|
12%
|
|
Asia
|
74.8
|
0.1
|
74.9
|
72.0
|
0.5
|
72.5
|
4%
|
3%
|
|
Total
Operating Expenses
|
€
254.3
|
(16.6)
|
€
237.7
|
€
244.8
|
(15.2)
|
€
229.6
|
4%
|
4%
|
|
Stock-based
compensation expense
|
5.1
|
(5.1)
|
-
|
4.3
|
(4.3)
|
-
|
n/a
|
n/a
|
|
Amortization
of acquired intangibles
|
11.1
|
(11.1)
|
-
|
10.9
|
(10.9)
|
-
|
n/a
|
n/a
|
|
Relocation
of Headquarters
|
0.4
|
(0.4)
|
-
|
0.0
|
n/a
|
n/a
|
||
|
Operating
Income
|
€
53.1
|
17.1
|
€
70.2
|
€
46.1
|
19.0
|
€
65.1
|
15%
|
8%
|
|
Operating
Margin
|
17.3%
|
22.8%
|
15.8%
|
22.1%
|
||||
|
Income
before Income Taxes
|
53.3
|
17.1
|
70.4
|
49.1
|
19.0
|
68.1
|
9%
|
3%
|
|
Income
tax expense
|
(12.7)
|
(9.0)
|
(21.7)
|
(16.2)
|
(5.6)
|
(21.8)
|
--
|
--
|
|
Income
tax effect of adjustments above
|
9.0
|
(9.0)
|
-
|
5.6
|
(5.6)
|
-
|
-
-
|
--
|
|
Minority
interest
|
0.0
|
0.0
|
--
|
|||||
|
Net
Income
|
€
40.6
|
8.1
|
€
48.7
|
€
32.9
|
13.4
|
€
46.3
|
23%
|
5%
|
|
Diluted
Net Income Per Share (3)
|
€
0.34
|
0.07
|
€
0.41
|
€
0.28
|
0.11
|
€
0.39
|
21%
|
5%
|
(1) In
the reconciliation schedule above, (i) all non-GAAP adjustments to GAAP revenue
data reflect the exclusion of the deferred revenue adjustment; (ii) non-GAAP
adjustments to operating expenses data reflect the exclusion of the amortization
of acquired intangibles, the effects related to the corporate
headquarters relocation and stock-based compensation expense (as detailed
below); and (iii) all non-GAAP adjustments to GAAP income data reflect the
combined effect of these non-GAAP adjustments.
|
Three
months ended March 31,
|
||||||
|
Millions
of Euros
|
2008
GAAP
|
Adjustment
|
2008
non-GAAP
|
2007
GAAP
|
Adjustment
|
2007
non-GAAP
|
|
Cost
of services and other revenue
|
35.6
|
(0.2)
|
35.4
|
40.2
|
(0.1)
|
40.1
|
|
Research
and development
|
73.7
|
(2.9)
|
70.8
|
76.5
|
(2.5)
|
74.0
|
|
Marketing
and sales
|
92.5
|
(1.0)
|
91.5
|
83.1
|
(0.9)
|
82.2
|
|
General
and administrative
|
26.4
|
(1.0)
|
25.4
|
21.4
|
(0.8)
|
20.6
|
|
Total
stock-based compensation expense
|
(5.1)
|
(4.3)
|
||||
(2) The
non-GAAP percentage increase (decrease) compares non-GAAP measures for the two
different periods. In the event there is a non-GAAP adjustment to the
relevant measure for only one of the periods under comparison, the non-GAAP
increase (decrease) compares the non-GAAP measure to the relevant GAAP
measure.
(3) Based
on a weighted average 119.6 million diluted shares for Q1 2008 and 118.8 million
diluted shares for Q1 2007.
DASSAULT
SYSTEMES
NON-GAAP
KEY FIGURES
(in
millions of Euro, except per share data, headcount and exchange rates,
unaudited)
Non-GAAP
key figures exclude the effects of adjusting the carrying value of acquired
companies’ deferred revenue, amortization of acquired intangible assets,
stock-based compensation expense and the effects related to the corporate
headquarters relocation.
Comparable
U.S. GAAP financial information and a reconciliation of the GAAP and non-GAAP
measures are set forth in the preceding tables.
|
Three
months ended
|
||||
|
March
31,
2008
|
March
31,
2007
|
Variation
|
Variation in
cc*
|
|
|
Non-GAAP
Revenue
|
€
307.9
|
€
294.7
|
4%
|
10%
|
|
Non-GAAP
Revenue breakdown by activity
|
||||
|
Software
Revenue
|
269.6
|
249.6
|
8%
|
14%
|
|
of
which New Licenses Revenue
|
100.7
|
95.8
|
5%
|
11%
|
|
of
which Periodic Licenses, Maintenance and Product Development
Revenue
|
168.9
|
153.8
|
10%
|
16%
|
|
Services
and other Revenue
|
38.3
|
45.1
|
(15%)
|
(10%)
|
|
Non-GAAP
Software Revenue breakdown by segment
|
||||
|
PLM
software Revenue
|
202.4
|
187.3
|
8%
|
14%
|
|
of
which CATIA software Revenue
|
122.7
|
106.3
|
15%
|
21%
|
|
of
which ENOVIA software Revenue
|
38.3
|
40.9
|
(6%)
|
1%
|
|
Mainstream
3D software Revenue
|
67.2
|
62.3
|
8%
|
15%
|
|
Non-GAAP
Revenue breakdown by geography
|
||||
|
Americas
|
94.1
|
98.0
|
(4%)
|
10%
|
|
Europe
|
138.9
|
124.2
|
12%
|
12%
|
|
Asia
|
74.9
|
72.5
|
3%
|
9%
|
|
Non-GAAP
Operating Income
|
€
70.2
|
€
65.1
|
8%
|
|
|
Non-GAAP
Operating Margin
|
22.8%
|
22.1%
|
||
|
Non-GAAP
Net Income
|
48.7
|
46.3
|
5%
|
|
|
Non-GAAP
Diluted Net Income Per Share
|
€
0.41
|
€
0.39
|
5%
|
|
|
Closing
headcount
|
7,628
|
6,967
|
||
|
Average
Rate USD per Euro
|
1.50
|
1.31
|
14%
|
|
|
Average
Rate JPY per Euro
|
157.7
|
156.5
|
1%
|
|
* In
constant currencies.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
|
DASSAULT
SYSTEMES S.A.
|
|||
|
Date: April
29, 2008
|
By:
|
/s/ Thibault de Tersant | |
| Name: | Thibault de Tersant | ||
| Title: | Senior EVP and Chief | ||
| Financial Officer | |||