Regulatory News:
Dassault Systèmes (Paris:DSY) (Euronext Paris: #13065, DSY.PA),
announces IFRS unaudited financial results for the third quarter
and nine months ended September 30, 2017. These results were
reviewed by the Company’s Board of Directors on October 24, 2017.
This press release also includes financial information on a
non-IFRS basis with a reconciliation included in the Appendix to
this communication.
Summary Third Quarter and Nine Months 2017
Highlights(Unaudited; revenue in constant currencies)
- Q3 New licenses and other software
revenue up 12% at €175.2 million
- Q3 software revenue up 8%, operating
margin 32.0% and EPS €0.64, well aligned with guidance (all figures
non-IFRS)
- SOLIDWORKS non-IFRS software revenue up
16% in Q3 and 14% YTD
- Cash flow from operations up 28% to
€672 million YTD
- SIMULIA extends advanced fluids
analysis with Exa proposed acquisition
- CATIA broadens its system engineering
coverage with No Magic proposed acquisition
- DS reconfirms 2017 new licenses revenue
growth of 8-10% and recurring software growth of 6% in constant
currencies; lowers EPS to €2.57-2.61 on five cent currency impact
and total revenue growth to 6% (from 6 to 7% previously) in
constant currencies on updated services outlook (all figures
non-IFRS)
2017 Third Quarter and Nine Months
Financial Summary(Unaudited)
In millions of Euros, except per share data
IFRS Q3 2017 Change
Change in cc* YTD 2017
Change Change in cc* Total Revenue
751.4 2% 6% 2,317.6 6% 6%
Software Revenue 669.1 3% 8% 2,057.8
7% 7% Operating Margin 21.3%
19.4% EPS
€0.41 -7% €1.22 3%
In millions of Euros, except per share data
Non-IFRS Q3 2017 Change
Change in cc* YTD 2017
Change Change in cc* Total Revenue
€752.9 2% 6% €2,329.2 7% 7%
Software Revenue 670.6 4% 8% 2,069.4
7% 7% Operating Margin 32.0%
29.4% EPS
€0.64 2% €1.79 5%
*In constant currencies
Bernard Charlès, Dassault Systèmes’ Vice Chairman and Chief
Executive Officer commented, “We were pleased to announce
earlier this month that we signed with Scania an agreement for a
long-term collaboration to implement the 3DEXPERIENCE Platform and
expand the usage of our industry solution experiences to support
their need for high levels of modularity and customer-specific
configurations. In July we announced the Boeing decision for the
3DEXPERIENCE Platform across all their programs and the selection
of our Manufacturing Operations Management solutions for production
performance. We were also pleased with a number of other decisions.
While sales timelines remain extended, and the progress we are
making with the 3DEXPERIENCE Platform is not fully reflected in our
financial performance, we are highly confident that momentum will
continue to build.
“We are also advancing our strategy implementation. Our
multiphysics, multiscale technology roadmap will be enhanced with
the planned acquisition of Exa to become part of our SIMULIA
portfolio. The ability to simulate the impact of highly dynamic
fluid flows is critical for industries, for cities and for
medicine. For CATIA, the acquisition of No Magic will expand our
systems engineering capabilities which will be critical
contributors to the realization of autonomous vehicles and to the
creation of entirely new customer experiences.
“Finally, at our North American 3DEXPERIENCE Forum last week, we
shared important advances in our Living Heart Program, where our
goal is to help to drive the creation and use of simulated 3D
personalized hearts in the treatment, diagnosis and prevention of
heart diseases, as one illustration of our many investments in Life
Sciences. The digital Living Heart is now available through the
3DEXPERIENCE platform on the cloud, offering the speed and
flexibility of high-performance computing (HPC) enabling medical
device companies of all sizes and life sciences companies to have
immediate access to a complete, on-demand HPC environment to scale
up virtual testing securely and collaboratively.”
2017 Third Quarter Financial
Summary(Unaudited)
In millions of Euros, except per share
data
IFRS Non-IFRS
Change Change in cc*
Change Change in cc* Q3 2017 Total Revenue
751.4 2%
6%
752.9 2% 6%
Q3 2017 Software Revenue
669.1
3%
8%
670.6
4%
8%
Q3 2017 Service Revenue 82.3 -7% -3%
82.3 -7% -3% Q3 2017 Operating Margin 21.3%
32.0%
Q3 2017 EPS 0.41 -7% 0.64
2%
Total Software
Revenue in millions of Euros
IFRS
Non-IFRS Q3 2017 Q3 2016
Change in cc* Q3 2017 Q3
2016 Change in cc* Americas 200.5
194.8 9% 200.9 194.8 9% Europe
277.7 263.0 8% 278.7 263.3 8%
Asia 190.9 189.0 6% 191.0 189.0
6%
*In constant currencies
- IFRS and non-IFRS software revenue
increased 8% and represented 89% of total revenue. IFRS and
non-IFRS new licenses and other software related revenue increased
12% benefiting from a strong growth dynamic across a majority of
geos. Recurring revenue grew 6% on a non-IFRS basis and represented
74% of total software revenue. (All growth rates are in constant
currencies.)
- Services revenue, representing 11% of
total revenue, decreased 3% in constant currencies (IFRS and
non-IFRS), with growth in manufacturing and 3DEXPERIENCE service
engagements offset by the expansion of the role of system
integrators in service engagements and by mixed results for select
brands.
- Total revenue increased 6% (IFRS and
non-IFRS). Third quarter financial results include CST, an
acquisition completed on September 30, 2016. Excluding
acquisitions, non-IFRS software revenue increased 5% and non-IFRS
total revenue increased 4% on lower services revenue. (All growth
rates are in constant currencies.)
- Core Industries represented 68% of
non-IFRS software revenue for the third quarter 2017.
Diversification Industries represented 32% of total non-IFRS
software compared to 31% in the 2016 third quarter. The largest
3DEXPERIENCE transactions recorded in the quarter included
companies in High Tech, Transportation & Mobility, Aerospace
& Defense, and Marine & Offshore, most notably.
- Non-IFRS software revenue increased 9%
in the Americas, with strong growth in both North America and Latin
America. In Europe, non-IFRS software revenue increased 8% with
strong results in multiple geos. In Asia, non-IFRS software revenue
increased 6% with growth across the region except China with mixed
channel performance. (All growth figures in constant
currencies.)
- By product line and on a non-IFRS
basis, SOLIDWORKS software revenue increased 16% led by strong
growth in new licenses revenue on a global basis. Other Software
increased 13% and excluding acquisitions was led by SIMULIA and
GEOVIA in the quarter. CATIA software revenue decreased 1% on mixed
results by certain sales channel and in China. ENOVIA software
revenue increased 5%. (All growth comparisons are in constant
currencies.)
- IFRS operating income was essentially
unchanged as reported. Non-IFRS operating income of €240.7 million
increased 2%, with a negative currency impact of 5 percentage
points. The non-IFRS operating margin was 32%, stable with the
year-ago quarter, thanks to operational improvements offsetting the
negative impact from currency of 30 basis points.
- The IFRS effective tax rate increased
to 32.9% from 28.2% in the prior year quarter. On a non-IFRS basis,
the effective tax rate increased 120 basis points to 31.4% in the
2017 third quarter compared to 30.2% in the year-ago period.
- Currency had six points of growth
negative influence on earnings per share results on both an IFRS
and non-IFRS basis. IFRS diluted net income per share decreased 7%
to €0.41. Non-IFRS diluted net income per share increased 2% to
€0.64 and increased an estimated 8% in constant currencies.
2017 Nine Months Financial
Summary(Unaudited)
In millions of Euros, except per share
data
IFRS Non-IFRS
Change Change in cc*
Change Change in cc* YTD 2017 Total Revenue
2,317.6 6% 6% 2,329.2 7%
7% YTD 2017 Software Revenue 2,057.8 7% 7%
2,069.4 7% 7% YTD 2017 Services Revenue
259.8 3% 3% 259.8 3% 3% YTD 2017
Operating Margin 19.4%
29.4% YTD 2017 EPS 1.22
3% 1.79 5%
Total Software Revenue in millions of Euros
IFRS Non-IFRS YTD 2017
YTD 2016 Change in cc* YTD
2017 YTD 2016 Change in cc*
Americas 626.1 582.2 7% 629.7
583.2 8% Europe 855.9 803.5 8%
863.2 804.2 8% Asia 575.8 542.7
5% 576.5 543.0 5%
*In constant currencies
- IFRS total revenue increased 6% and
non-IFRS total revenue increased 7% in the 2017 Nine-Month period.
Software revenue increased 7% on both an IFRS and non-IFRS basis.
Excluding acquisitions, non-IFRS total revenue and software revenue
growth was 5%. Non-IFRS service revenue increased 3% in constant
currencies led by 3DEXPERIENCE and manufacturing service
engagements. (All growth rates in constant currencies.)
- Core Industries represented 68% of
non-IFRS software revenue on a year-to-date basis and benefited
from growth across all industrial sectors. Diversification
Industries represented 32% of non-IFRS software revenue compared to
31% in the prior year period. For the first nine months of 2017,
non-IFRS Diversification Industries software revenue growth was led
by High-Tech, Consumer Goods & Retail and Consumer Packaged
Goods & Retail.
- Non-IFRS software revenue increased 8%
in Europe on solid new licenses and recurring revenue performance;
it was led by Southern Europe and France. The Company recorded a
notable improvement in Russia. In the Americas, non-IFRS software
revenue increased 8%, led by strong growth in new licenses revenue
in North America and Latin America. In Asia non-IFRS software
revenue increased 5% with strong results in Korea and India and
mixed results in China and Japan. High Growth countries saw an
increase in non-IFRS software revenue of 11%, with double-digit
growth in a number of countries offset in part by weak results in
China. (All growth rates in constant currencies.)
- Non-IFRS new licenses revenue and other
software increased 9% and represented 27% of total non-IFRS
software revenue. Core and Diversification Industries represented
63% and 37%, respectively, of non-IFRS new licenses revenue on a
year-to-date basis. (All growth rates in constant currencies.)
- Non-IFRS recurring revenue increased 7%
in constant currencies and represented 73% of total software
revenue for the first nine-months of 2017 similar to the year-ago
period. Recurring revenue is comprised of maintenance subscription,
rental subscription and initial cloud revenues.
- By product line and on a non-IFRS
basis, SOLIDWORKS software revenue increased 14% to €517.1 million
led by strong new licenses activity across the globe. CATIA
software totaled €716.4 million with growth in the Americas and
Europe offset by lower activity in Asia, notably in China. ENOVIA
software revenue increased 3%. Other Software totaled €600.2
million and increased 11% reflecting the addition of the CST
acquisition. Excluding acquisition impacts, Other Software growth
was led by QUINTIQ and SIMULIA. (All growth comparisons are in
constant currencies.)
- IFRS operating income increased 1%.
Non-IFRS operating income totaled €685.2 million, an increase of
6%. The non-IFRS operating margin was 29.4%, a 20 basis points
decrease compared to 29.6% in the year-ago period. Higher
investments accounted for 30 basis points partially offset by a
favorable currency impact of about 10 basis points.
- The IFRS effective tax rate increased
to 32.8% compared to 27.8% for the first nine months of 2016. The
non-IFRS effective tax rate increased to 32.6% from 30.7% in the
year-ago period. The year-ago period IFRS and non-IFRS effective
tax rates benefited from a tax reserve reversal.
- IFRS net income per diluted share
increased 3% to €1.22. Non-IFRS net income per diluted share of
€1.79 increased 5% or 8% excluding a 5 cents impact from a reversal
of tax reserves in the year-ago nine-months period. Currency had a
net neutral impact on IFRS and non-IFRS earnings per share growth
for the first nine months of the year.
Cash Flow and Other Financial Highlights
Net operating cash flow increased 28% to €671.8 million for the
nine months ended September 30, 2017, compared to €525.7 million
for the prior year period, reflecting higher net income and working
capital improvements.
The Company’s uses of cash for the 2017 nine-month period were
principally for cash dividends of €51.3 million (based on the
shareholders electing payment of the dividend in cash); share
repurchases of €64.0 million; capital expenditures, net of €63.5
million, payment for acquisitions, net of cash acquired of €10.8
million and for acquisition of non-controlling interests of €37.5
million. The Company received cash for stock options exercised of
€33.8 million.
Dassault Systèmes’ net financial position totaled €1.79 billion
at September 30, 2017, compared to €1.49 billion at December 31,
2016, reflecting an increase in cash, cash equivalents and
short-term investments from €2.49 billion to €2.79 billion, with
long-term debt of €1.00 billion.
Summary of Recent Business, Technology and Customer
Announcements
Customers
On July 25, 2017, Dassault Systèmes announced that it had
entered into a new, extended strategic partnership agreement with
The Boeing Corporation. Pursuant to the agreement, Boeing will
expand its deployment of Dassault Systèmes’ software across
Boeing’s commercial aviation, space and defense programs to include
Dassault Systèmes’ 3DEXPERIENCE platform. This decision follows
a competitive process that included the rigorous analysis of
technical and functional capabilities, cost and business benefits
across the value chain. The 3DEXPERIENCE platform can reduce
integration and support costs, improve productivity, foster new
innovation, and aid in the introduction of best practice processes
to deliver standard work across the value chain. The 3DEXPERIENCE
platform cannot only simulate products and processes, but also find
and eliminate potential risks and quality issues before production.
The platform’s single source of data across all applications will
provide reliable and actionable real-time information and seamless
communication throughout the entire enterprise and supply chain as
well as across product generations. This digital continuity will
improve data and analytics capabilities.
On September 12, 2017, Dassault Systèmes announced that
Valmet, a leading developer and supplier of technologies,
automation and services for the pulp, paper and energy industries,
is using the “Single Source for Speed” industry solution experience
to unify and manage Valmet’s product development and order
fulfilment across its engineering and service centers in 30
countries. In a digital collaborative environment, its teams
have greater visibility on what products and services should be
included in a specific offering, as well as on what future
resources will be needed as a project evolves. This will help to
improve the reliability and performance of its customers' processes
and enhance their use of raw materials and energy.
On September 14, 2017, Dassault Systèmes announced that VE
Commercial Vehicles Limited (VECV), a joint venture in India
between the Volvo Group and Eicher Motors Limited, has chosen the
3DEXPERIENCE platform to cost-effectively develop and deliver
innovative, high-quality trucks and buses to the growing commercial
vehicle market in India. VECV is deploying “Modular, Glocal and
Secure” Industry Solution Experience for an integrated approach to
product development that accommodates regional requirements. The
deployment is part of the company’s “Integrated Data Management”
initiative, which aims to improve quality, streamline the product
development process, and deliver business value across the
organization by integrating the processes, data and systems of its
engineering and manufacturing value chain.
On September 19, 2017 Dassault Systèmes announced that
Chevron Products Company, a division of Chevron U.S.A., and a
manufacturer and supplier of premium base oils and finished
lubricants, selected the 3DEXPERIENCE platform to accelerate the
development of lubricant products that are sold under the Chevron,
Texaco and Caltex names worldwide. Dassault Systèmes’ “Perfect
Product” Industry Solution Experience responds to Chevron’s
lubricants business needs. “Perfect Product,” based on the
3DEXPERIENCE platform, connects users across a company’s global
operations in a digital collaborative environment to help to reduce
time, resources and costs associated with new product
development.
On October 11, 2017, Dassault Systèmes announced an agreement
with Scania, formalizing the process to deploy the 3DEXPERIENCE
platform and other solutions for innovation now and in the
future. The cooperation aims to enable cost-efficient design,
testing and validation of the complete range of Scania’s
high-quality modular products. It will improve realistic
simulations of functional properties and processes, such as
engineering, manufacturing, service and sales. This will further
support Scania in providing the right products at high quality to
customers, as well as a more cost- and resource-efficient product
development process.
Acquisitions
On September 28, 2017, Dassault Systèmes and Exa Corporation
(NASDAQ:EXA), a global innovator in simulation software for product
engineering, announced the signing of a definitive merger agreement
for Dassault Systèmes to acquire Burlington, Massachusetts-based
Exa representing a fully diluted equity value for Exa of
approximately $400 million. With the addition of Exa, Dassault
Systèmes’ 3DEXPERIENCE platform will provide customers with a
proven, diverse portfolio of combined Lattice Boltzmann fluid
simulation technologies, as well as Exa’s fully industrialized
solutions and nearly 350 highly experienced simulation
professionals. Exa’s software is used by designers and engineers at
more than 150 leading companies including Transportation and
Mobility, as well as Aerospace and Defense, Natural Resources, and
others to evaluate highly dynamic fluid flow throughout the design
process. Completion of the transaction is expected in the fourth
quarter of 2017, subject to the receipt of the majority of shares
through the tender offer and the satisfaction of customary closing
conditions, including required regulatory approvals.
In a separate press release issued today, Dassault Systèmes
announced the signing of a definitive agreement to acquire No
Magic, a global solutions company focused on model-based systems
engineering and architecture modeling for software and system of
systems. Aerospace & Defense, Transportation & Mobility
and High-Tech industries, among others, can digitally address all
aspects of embedded systems and system of systems design. The
proposed acquisition of No Magic will strengthen Dassault Systèmes’
industry solution experiences based on the 3DEXPERIENCE platform
for developing the “Internet of Experiences” – the smart and
autonomous experiences that are digitally connecting products,
nature and life in the physical world. Closing of this acquisition
is subject to the satisfaction of customary conditions, including
required regulatory approvals.
Products and Industry Solution
Experiences
On September 26, 2017 Dassault Systèmes announced the launch
of SOLIDWORKS 2018, the latest release of its portfolio of 3D
design and engineering applications. With SOLIDWORKS 2018, teams
can collaborate concurrently to more rapidly and cost-efficiently
design a product or part, validate its function and
manufacturability, manage its data and related processes,
streamline and automate its manufacturing, and inspect it. Any
changes in design or manufacturing are fast and easy to manage and
automatically flow to all related models, programs, drawings and
documentation, thanks to intellectual property embedded early on in
the design process. A key feature of SOLIDWORKS 2018 for this
process is SOLIDWORKS CAM, a new application that provides
rules-based machining with knowledge capture to allow for the
automation of manufacturing programming. Designers and engineers
can gain a greater understanding of how their designs are made,
make more informed decisions, and quickly create prototype parts
and manufacture in-house to control quality, cost and delivery.
Business Outlook
Thibault de Tersant, Dassault Systèmes’ Senior Executive Vice
President & CFO, commented, “Our key performance indicators
during the third quarter were well aligned with the high end of our
non-IFRS guidance, with new licenses revenue up 12% and total
software revenue up 8% in constant currencies, operating margin at
32% and earnings per share of €0.64. Total revenue growth of 6% in
constant currencies came in at the low end of our 6-8% range due to
services activity.
“New license revenue growth reflected solid performances across
a majority of geos, all Core Industries with notable performance in
Industrial Equipment and in multiple Diversification Industries
including High-Tech, Energy, Process & Utilities and Consumer
Goods & Retail. China’s overall results were disappointing, but
strength in other geos compensated for this. From a product line
perspective, SOLIDWORKS continued to perform well, and SIMULIA and
GEOVIA also stood out.
“Based upon our performance to date and updated fourth quarter
outlook, we are reaffirming for 2017 new licenses revenue growth of
8 to 10% and recurring revenue growth of about 6%, both goals in
constant currencies and on a non-IFRS basis. Since late July, the
Euro has strengthened against all other currencies, and as a result
we have updated our 2017 reported non-IFRS revenue range to €3.185
to €3.205 billion to reflect these currency effects and reduced
services activity. Our non-IFRS operating margin is now 31.0% to
31.5% and our non-IFRS EPS range is €2.57 to €2.61 for 2017, both
solely reflecting increased currency headwinds.”
The Company’s fourth quarter and full year 2017 financial
objectives are given on a non-IFRS basis and are as follows:
- Fourth quarter 2017 non-IFRS total
revenue objective of about €856 to €876 million based upon the
exchange rates assumptions below, growing about 3% to 5% in
constant currencies; non-IFRS operating margin of about 36% to 37%;
and non-IFRS EPS of about €0.78 to €0.82;
- 2017 non-IFRS revenue growth objective
of about 6% in constant currencies at €3.185 to €3.205 billion
(reflecting the principal 2017 currency exchange rate assumptions
below for the US dollar and Japanese yen as well as the potential
impact from additional currencies representing about 10% of the
Company’s total revenue in 2016);
- 2017 non-IFRS operating margin of about
31% to 31.5% compared to 2016 where the non-IFRS operating margin
was 31.2%;
- 2017 non-IFRS EPS of about €2.57 to
€2.61, representing a growth objective of about 3% to 5%;
- Objectives are based upon exchange rate
assumptions of US$1.20 per €1.00 for the 2017 fourth quarter and
US$1.14 per €1.00 for the full year; and JPY135 per €1.00 for the
2017 fourth quarter and JPY127.2 per €1.00 for the full year before
hedging.
The Company’s objectives are prepared and communicated only on a
non-IFRS basis and are subject to the cautionary statement set
forth below.
The 2017 non-IFRS objectives set forth above do not take into
account the following accounting elements and are estimated based
upon the 2017 principal currency exchange rates above: deferred
revenue write-downs estimated at approximately €12 million,
share-based compensation expense, including related social charges,
estimated at approximately €108 million and amortization of
acquired intangibles estimated at approximately €158 million. The
above objectives also do not include any impact from other
operating income and expense, net principally comprised of
acquisition, integration and restructuring expenses, from one-time
items included in financial revenue and from one-time tax
restructuring gains and losses. Finally, these estimates do not
include any new stock option or share grants, or any new
acquisitions or restructurings completed after October 25,
2017.
Today’s Webcast and Conference Call
Information
Today, Wednesday, October 25, 2017, Dassault Systèmes will first
host from London a webcasted meeting at 8:30 AM London time/ 9:30
AM Paris time and will then host a conference call at 9:00 AM New
York time/ 2:00 PM London time/ 3:00 PM Paris time. The webcasted
meeting and conference call will be available via the Internet by
accessing http://www.3ds.com/investors/. Please go to the website
at least 15 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 one year.
Additional investor information can be accessed at
http://www.3ds.com/investors/ or by calling Dassault Systèmes’
Investor Relations at 33.1.61.62.69.24.
Key Investor Relations Events
Fourth Quarter 2017 Earnings, February 1, 2018
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 the Company’s non-IFRS financial
performance objectives, are forward-looking statements.
Such forward-looking statements are based on Dassault Systèmes
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. The Company’s current outlook for 2017 takes into
consideration, among other things, an uncertain global economic
environment. In light of the continuing uncertainties regarding
economic, business, social and geopolitical conditions at the
global level, the Company’s revenue, net earnings and cash flows
may grow more slowly, whether on an annual or quarterly basis.
While the Company makes every effort to take into consideration
this uncertain macroeconomic outlook, the Company’s business
results, however, may not develop as anticipated. Further, there
may be a substantial time lag between an improvement in global
economic and business conditions and an upswing in the Company’s
business results. The Company’s actual results or performance may
also be materially negatively affected by numerous risks and
uncertainties, as described in the “Risk Factors” section of the
2016 Document de Référence (Annual Report) filed with the AMF
(French Financial Markets Authority) on March 22, 2017, and also
available on the Company’s website www.3ds.com.
In preparing such forward-looking statements, the Company has in
particular assumed an average US dollar to euro exchange rate
of US$1.20 per €1.00 for the 2017 fourth quarter and US$1.14 per
€1.00 for the full year 2017 as well as an average Japanese yen to
euro exchange rate of JPY135 to €1.00 for the fourth quarter and
JPY127.2 to €1.00 for the full year 2017 before hedging; however,
currency values fluctuate, and the Company’s results of operations
may be significantly affected by changes in exchange rates.
Non-IFRS Financial Information
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 2016
Document de Référence filed with the AMF on March 22, 2017.
In the tables accompanying this press release the Company sets
forth its supplemental non-IFRS figures for revenue, operating
income, operating margin, net income and diluted earnings per
share, which exclude the effect of adjusting the carrying value of
acquired companies’ deferred revenue, share-based compensation
expense and related social charges, the amortization of acquired
intangible assets, other operating income and expense, net, certain
one-time items included in financial revenue and other, net, and
the income tax effect of the non-IFRS adjustments and certain
one-time tax effects. The tables also set forth the most comparable
IFRS financial measure and reconciliations of this information with
non-IFRS information.
This press release constitutes the quarterly financial
information required by article L.451-1-2 IV of the French Monetary
and Financial Code (Code Monétaire et Financier).
Important Notices
This communication is for informational purposes only and is
neither a recommendation, an offer to purchase nor a solicitation
of an offer to sell securities. On October 12, 2017, Dassault
Systèmes filed with the U.S. Securities Exchange Commission (the
“SEC”) a tender offer statement on Schedule TO regarding the tender
offer described in this communication. Holders of shares of common
stock of Exa Corporation are urged to read the tender offer
statement (as it may be updated and amended from time to time)
filed by Dassault Systèmes because it contains important
information that holders of shares of common stock of Exa
Corporation should consider before making any decision regarding
tendering their shares. The tender offer statement and other
documents filed by Dassault Systèmes and Exa Corporation with the
SEC are available for free at the SEC’s website at www.sec.gov.
Forward-looking Statements
The foregoing communication may contain forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors, many of which are
outside of the control of Dassault Systèmes, are difficult to
predict and may cause actual outcomes to differ significantly from
any future outcome expressed or implied in the forward looking
statements in this communication. While Dassault Systèmes believes
that the assumptions made and the expectations reflected in this
material are reasonable, no assurance can be given that such
assumptions or expectations will prove to have been correct and no
guarantee of whatsoever nature is assumed in this respect. The
uncertainties include, inter alia, the risk of a change in general
economic conditions and government and regulatory actions. These
known, unknown and uncertain factors are not exhaustive, and other
factors, whether known, unknown or unpredictable, could cause
Dassault Systèmes’ actual results or ratings to differ materially
from those assumed hereinafter. Dassault Systèmes undertakes no
obligation to update or revise the forward-looking statements in
this material whether as a result of new information, future events
or otherwise.
About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, provides business
and people with virtual universes to imagine sustainable
innovations. Its world-leading solutions transform the way products
are designed, produced, and supported. Dassault Systèmes’
collaborative solutions foster social innovation, expanding
possibilities for the virtual world to improve the real world. The
group brings value to over 220,000 customers of all sizes, in all
industries, in more than 140 countries. For more information, visit
www.3ds.com.
3DEXPERIENCE, the Compass logo and the 3DS logo, CATIA,
SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA,
BIOVIA, NETVIBES and 3DEXCITE are registered trademarks of Dassault
Systèmes or its subsidiaries in the US and/or other countries.
(Tables to Follow)
TABLE OF CONTENTS
Glossary of Definitions
Non-IFRS Financial Information
Condensed consolidated statements of income
Condensed consolidated balance sheets
Condensed consolidated cash flow statements
IFRS – non-IFRS reconciliation
DASSAULT SYSTEMES
Glossary of Definitions
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 IFRS as well as non-IFRS) 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 "prior" period have first been recalculated using
the average exchange rates of the comparable period in the current
year, and then compared with the results of the comparable period
in the current year.
Information on Growth excluding acquisitions (“organic
growth”)
Growth excluding acquisitions have been calculated using the
following restatements of the scope of consolidation: for entities
entering the consolidation scope in the current year, subtracting
the contribution of the acquisition from the aggregates of the
current year, and for entities entering the consolidation scope in
the previous year, subtracting the contribution of the acquisition
from January 1 of the current year, until the last day of the month
of the current year when the acquisition was made the previous
year.
Information on Industrial Sectors
The Company’s global customer base includes companies in 12
industrial sectors: Transportation & Mobility; Industrial
Equipment; Aerospace & Defense; Financial & Business
Services; High-Tech; Life Sciences; Energy, Process &
Utilities; Consumer Goods & Retail; Natural Resources;
Architecture, Engineering & Construction; Consumer Packaged
Goods & Retail and Marine & Offshore. Commencing in 2012
the Company implemented an industry go-to-market strategy with the
dual objectives of broadening and deepening its presence in its
largest industries as well as increasing the contribution from a
diversified set of industrial sectors. “Diversification Industries”
include: Architecture, Engineering & Construction; Consumer
Goods & Retail; Consumer Packaged Goods & Retail; Energy,
Process & Utilities; Finance Business Services; High-Tech; Life
Sciences; Marine & Offshore; and Natural Resources. “Core
Industries” include: Transportation & Mobility, Industrial
Equipment, Aerospace & Defense and a portion of Business
Services.
3DEXPERIENCE New Licenses and Software Contribution
To measure the progressive penetration of 3DEXPERIENCE software,
the Company utilizes the following ratios: a) for new licenses
revenue, the Company calculates the percentage contribution by
comparing total 3DEXPERIENCE new licenses revenue to new licenses
revenue for all product lines except SOLIDWORKS and acquisitions;
and, b) for software revenue, the Company calculates the percentage
contribution by comparing total 3DEXPERIENCE software revenue to
software revenue for all product lines except SOLIDWORKS and
acquisitions.
DASSAULT SYSTEMES
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
effect of the 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
September 30, 2017 September 30, 2016
Change Change in cc* September 30,
2017 September 30, 2016 Change
Change in cc* Non-IFRS Revenue € 752.9
€ 735.5 2% 6% €
2,329.2 € 2,183.0 7%
7% Non-IFRS Revenue breakdown by activity
Software revenue 670.6 647.1 4% 8% 2,069.4 1,930.4 7% 7% of which
new licenses and other software-related revenue 175.2 164.6 6% 12%
560.0 519.3 8% 9% of which periodic licenses, maintenance 495.4
482.5 3% 6% 1,509.4 1,411.1 7% 7% Services revenue 82.3 88.4 -7%
-3% 259.8 252.6 3% 3%
Non-IFRS software revenue breakdown
by product line CATIA software revenue 230.3 237.5 -3% -1%
716.4 703.0 2% 1% ENOVIA software revenue 77.6 77.0 1% 5% 235.7
229.6 3% 3% SOLIDWORKS software revenue 166.2 152.2 9% 16% 517.1
455.9 13% 14% Other software revenue 196.5 180.4 9% 13% 600.2 541.9
11% 11%
Non-IFRS Revenue breakdown by geography
Americas 227.9 225.4 1% 7% 721.7 674.8 7% 7% Europe 317.3 302.4 5%
7% 977.5 915.5 7% 8% Asia 207.7 207.7 0%
5% 630.0 592.7 6% 5%
Non-IFRS operating income € 240.7 € 235.3
2% € 685.2 € 646.2 6% Non-IFRS
operating margin 32.0% 32.0% 29.4%
29.6% Non-IFRS net income attributable to
shareholders € 165.6 € 161.6 2% €
460.7 € 439.0 5% Non-IFRS diluted net income
per share € 0.64 € 0.63
2% € 1.79 € 1.71
5% Closing headcount
15,562 14,921 4%
15,562 14,921 4%
Average Rate USD per Euro 1.17 1.12 4% 1.11 1.12 -1%
Average Rate JPY per Euro 130.3 114.3 14%
124.7 121.0 3%
* In constant currencies
DASSAULT SYSTEMESCONDENSED
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,
2017 2016 2017
2016 New licenses and Other software revenue 175.2
164.6 560.0 518.7 Periodic and Maintenance revenue 493.9
482.2 1,497.8 1,409.7 Software revenue 669.1 646.8
2,057.8 1,928.4 Services revenue 82.3 88.4 259.8
252.2
Total Revenue € 751.4 € 735.2
€ 2,317.6 € 2,180.6 Cost of software revenue
(excluding amortization of acquired intangibles) (38.0) (36.9)
(116.4) (112.1) Cost of services and other revenue (72.7) (74.6)
(234.5) (230.4) Research and development (140.6) (131.8) (446.5)
(401.0) Marketing and sales (232.1) (224.1) (750.4) (684.1) General
and administrative (60.5) (56.3) (182.3) (166.7) Amortization of
acquired intangibles (39.1) (37.8) (119.6) (115.2) Other operating
income and expense, net (8.5) (12.8) (19.1)
(26.3) Total Operating Expenses (591.5) (574.3)
(1,868.8) (1,735.8)
Operating Income € 159.9
€ 160.9 € 448.8 € 444.8 Financial revenue and
other, net (1.6) (0.8) 20.9 (17.6) Income
before income taxes 158.3 160.1 469.7 427.2 Income tax expense
(52.1) (45.1) (154.2) (118.6)
Net Income € 106.2 €
115.0 € 315.5 € 308.6 Non-controlling interest
0.3 (1.9) (1.0) (4.3)
Net Income
attributable to equity holders of the parent € 106.5
€ 113.1 € 314.5 € 304.3
Basic net income per share 0.42 0.44 1.23 1.20
Diluted net income per share € 0.41 €
0.44 € 1.22 € 1.18 Basic weighted
average shares outstanding (in millions) 255.5 254.3
254.7 254.0 Diluted weighted average shares outstanding (in
millions) 258.5 257.7 258.0 257.4
IFRS revenue variation as reported and in
constant currencies
Three months ended
September 30, 2017 Nine months ended September 30,
2017 Change* Change in cc**
Change* Change in cc** IFRS
Revenue 2% 6% 6% 6%
IFRS Revenue by
activity Software revenue 3% 8% 7% 7% Services Revenue -7% -3%
3% 3%
IFRS Software Revenue by product line CATIA software
revenue -3% -1% 2% 1% ENOVIA software revenue 1% 5% 3% 3%
SOLIDWORKS software revenue 9% 16% 13% 14% Other software revenue
8% 13% 9% 9%
IFRS Revenue by geography Americas 1% 7% 7% 6%
Europe 5% 7% 6% 7% Asia 0% 5% 6% 5%
*Variation compared to the same period in the prior year. **In
constant currencies
DASSAULT SYSTEMESCONDENSED
CONSOLIDATED BALANCE SHEETS (IFRS)(unaudited; in millions of
Euros)
In millions of Euros
September 30, December 31,
2017 2016 ASSETS Cash and cash
equivalents 2,741.9 2,436.7 Short-term investments 46.5 56.1
Accounts receivable, net 549.0 820.4 Other current assets 278.9
257.2
Total current assets 3,616.3 3,570.4
Property and equipment, net 153.8 135.4 Goodwill and Intangible
assets, net 2,693.2 2,926.5 Other non-current assets 288.4
310.7
Total Assets € 6,751.7 €
6,943.0 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts
payable 125.9 144.9 Unearned revenues 789.9 853.1 Other current
liabilities 423.2 467.6
Total current liabilities
1,339.0 1,465.6 Long-term debt 1,000.0 1,000.0 Other
non-current obligations 551.8 594.6
Total long-term
liabilities 1,551.8 1,594.6 Non-controlling
interests 2.1 22.6 Parent shareholders' equity 3,858.8
3,860.2
Total Liabilities and Shareholders' equity
€ 6,751.7 € 6,943.0
DASSAULT SYSTEMESCONDENSED
CONSOLIDATED CASH FLOW STATEMENTS (IFRS)(unaudited; in millions
of Euros)
In millions of Euros
Three months ended Nine months ended
September 30, 2017 September 30, 2016
Change September 30, 2017
September 30, 2016 Change Net Income
attributable to equity holders of the parent 106.5 113.1
(6.6) 314.5 304.3 10.2 Non-controlling
interest
(0.3)
1.9
(2.2)
1.0
4.3
(3.3)
Net Income 106.2 115.0 (8.8) 315.5 308.6 6.9 Depreciation of
property & equipment 13.9 10.1 3.8 36.8 31.5 5.3 Amortization
of intangible assets 40.9 39.9 1.0 125.5 121.6 3.9 Other non cash
P&L Items 27.1 22.2 4.9 37.5 13.4 24.1 Changes in working
capital (108.7) (110.6) 1.9 156.5 50.6
105.9
Net Cash provided by operating activities €
79.4 € 76.6 € 2.8 € 671.8 € 525.7
€ 146.1 Additions to property, equipment and
intangibles (17.7) (13.6) (4.1) (63.5) (32.0) (31.5) Payments for
acquisition of businesses, net of cash acquired (2.8) (234.7) 231.9
(10.8) (245.9) 235.1 Sale (purchase) of short term investments, net
(0.1) 0.7 (0.8) 3.6 20.5 (16.9) Investments, loans and others 0.8
- 0.8 7.2 0.6 6.6
Net Cash
provided by (used in) investing activities (€ 19.8)
(€ 247.6) € 227.8 (€ 63.5) (€ 256.8)
€ 193.3 Acquisition of non-controlling interests
(23.4) - (23.4) (37.5) - (37.5) (Purchase) Sale of treasury stock
(19.2) (9.2) (10.0) (64.0) (52.5) (11.5) Proceeds from exercise of
stock-options 12.0 5.4 6.6 33.8 15.9 17.9 Cash dividend paid -
- - (51.3) (101.9) 50.6
Net
Cash provided by (used in) financing activities (€ 30.6)
(€ 3.8) (€ 26.8) (€ 119.0) (€ 138.5)
€ 19.5 Effect of exchange rate changes on
cash and cash equivalents
(56.3) (3.4) (52.9) (184.1)
(3.3) (180.8)
Increase (decrease) in
cash and cash equivalents (€ 27.3) (€
178.2) € 150.9 € 305.2 €
127.1 € 178.1
Cash and
cash equivalents at beginning of period € 2,769.2 €
2,585.8 € 2,436.7 € 2,280.5 Cash and cash
equivalents at end of period € 2,741.9
€ 2,407.6 € 2,741.9 €
2,407.6
DASSAULT SYSTEMESSUPPLEMENTAL
NON-IFRS FINANCIAL INFORMATIONIFRS – 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, 2016 filed
with the AMF on March 22, 2017. 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.
In millions of Euros, except per share
data and percentages
Three months ended September 30,
Change 2017 Adjustment (1)
2017 2016 Adjustment (1)
2016 IFRS Non-IFRS (2)
IFRS non-IFRS
IFRS non-IFRS
Total Revenue € 751.4 €
1.5 € 752.9 € 735.2 € 0.3 € 735.5
2% 2% Total Revenue breakdown by activity
Software revenue 669.1 1.5 670.6 646.8 0.3 647.1 3% 4% New licenses
and Other software revenue 175.2 175.2 164.6 164.6 6% 6% Periodic
and Maintenance revenue 493.9 1.5 495.4 482.2 0.3 482.5 2% 3%
Recurring portion of Software revenue 74% 74% 75% 75% Services
revenue 82.3 82.3 88.4 88.4 -7% -7%
Total Software Revenue
breakdown by product line CATIA software revenue 230.3 230.3
237.5 237.5 -3% -3% ENOVIA software revenue 77.6 77.6 77.0 77.0 1%
1% SOLIDWORKS software revenue 166.2 166.2 152.2 152.2 9% 9% Other
software revenue 195.0 1.5 196.5 180.1 0.3 180.4 8% 9%
Total
Revenue breakdown by geography Americas 227.5 0.4 227.9 225.4
225.4 1% 1% Europe 316.3 1.0 317.3 302.1 0.3 302.4 5% 5% Asia
207.6 0.1 207.7 207.7
207.7 0% 0%
Total Operating Expenses
(€ 591.5) € 79.3 (€ 512.2) (€ 574.3)
€ 74.1 (€ 500.2) 3% 2% Share-based
compensation expense (31.7) 31.7 - (23.5) 23.5 - Amortization of
acquired intangibles (39.1) 39.1 - (37.8) 37.8 - Other operating
income and expense, net (8.5) 8.5 -
(12.8) 12.8 -
Operating Income € 159.9 € 80.8 € 240.7
€ 160.9 € 74.4 € 235.3 -1% 2%
Operating Margin 21.3% 32.0% 21.9%
32.0% Financial revenue & other, net (1.6) 2.0 0.4 (0.8)
(0.4) (1.2) 100% -133% Income tax expense (52.1) (23.7) (75.8)
(45.1) (25.5) (70.6) 16% 7% Non-controlling interest 0.3 0.3 (1.9)
(1.9) -116% -116%
Net Income attributable to shareholders
€ 106.5 € 59.1 € 165.6 € 113.1 €
48.5 € 161.6 -6% 2% Diluted Net Income
Per Share (3) € 0.41 € 0.23
€ 0.64 € 0.44 € 0.19 €
0.63 -7% 2%
(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 September 30, In millions of Euros
2017 IFRS Adjustment 2017 2016 IFRS
Adjustment 2016
non-IFRS non-IFRS Cost of
revenue (110.7) 1.1 (109.6) (111.5) 0.6 (110.9) Research and
development (140.6) 12.6 (128.0) (131.8) 10.0 (121.8) Marketing and
sales (232.1) 10.9 (221.2) (224.1) 7.3 (216.8) General and
administrative (60.5) 7.1 (53.4) (56.3) 5.6 (50.7)
Total
share-based compensation expense €
31.7 € 23.5
(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 258.5 million diluted shares for Q3 2017 and 257.7
million diluted shares for Q3 2016.
DASSAULT SYSTEMESSUPPLEMENTAL
NON-IFRS FINANCIAL INFORMATIONIFRS – 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, 2016 filed
with the AMF on March 22, 2017. 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.
In millions of Euros, except per share
data and percentages
Nine months ended September 30,
Change 2017 Adjustment (1)
2017 2016 Adjustment (1)
2016 IFRS Non-IFRS (2)
IFRS non-IFRS
IFRS non-IFRS
Total Revenue € 2,317.6 €
11.6 € 2,329.2 € 2,180.6 € 2.4 €
2,183.0 6% 7% Total Revenue breakdown by
activity Software revenue 2,057.8 11.6 2,069.4 1,928.4 2.0
1,930.4 7% 7% New licenses and Other software revenue 560.0 560.0
518.7 0.6 519.3 8% 8% Periodic and Maintenance revenue 1,497.8 11.6
1,509.4 1,409.7 1.4 1,411.1 6% 7% Recurring portion of Software
revenue 73% 73% 73% 73% Services revenue 259.8 259.8 252.2 0.4
252.6 3% 3%
Total Software Revenue breakdown by product line
CATIA software revenue 716.4 716.4 703.0 703.0 2% 2% ENOVIA
software revenue 235.7 235.7 229.6 229.6 3% 3% SOLIDWORKS software
revenue 517.1 517.1 455.9 455.9 13% 13% Other software revenue
588.6 11.6 600.2 539.9 2.0 541.9 9% 11%
Total Revenue breakdown
by geography Americas 718.2 3.5 721.7 673.6 1.2 674.8 7% 7%
Europe 970.2 7.3 977.5 914.7 0.8 915.5 6% 7% Asia 629.2
0.8 630.0 592.3 0.4 592.7
6% 6%
Total Operating Expenses (€ 1,868.8)
€ 224.8 (€ 1,644.0) (€ 1,735.8) € 199.0
(€ 1,536.8) 8% 7% Share-based compensation
expense (86.1) 86.1 - (57.5) 57.5 - Amortization of acquired
intangibles (119.6) 119.6 - (115.2) 115.2 - Other operating income
and expense, net (19.1) 19.1 - (26.3)
26.3 -
Operating
Income € 448.8 € 236.4 € 685.2 €
444.8 € 201.4 € 646.2 1% 6%
Operating Margin 19.4% 29.4% 20.4%
29.6% Financial revenue & other, net 20.9 (20.7) 0.2
(17.6) 11.4 (6.2) -219% -103% Income tax expense (154.2) (69.5)
(223.7) (118.6) (78.1) (196.7) 30% 14% Non-controlling interest
(1.0) (1.0) (4.3) (4.3) -77% -77%
Net Income attributable to
shareholders € 314.5 € 146.2 € 460.7 €
304.3 € 134.7 € 439.0 3% 5%
Diluted Net Income Per Share (3) € 1.22
€ 0.57 € 1.79 € 1.18 €
0.53 € 1.71 3% 5%
(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.
Nine months ended September 30, In millions of Euros
2017 IFRS Adjustment 2017 2016 IFRS
Adjustment 2016
non-IFRS non-IFRS Cost of
revenue (350.9) 3.4 (347.5) (342.5) 2.0 (340.5) Research and
development (446.5) 35.5 (411.0) (401.0) 23.9 (377.1) Marketing and
sales (750.4) 29.0 (721.4) (684.1) 19.1 (665.0) General and
administrative (182.3) 18.2 (164.1) (166.7) 12.5 (154.2)
Total
share-based compensation expense €
86.1 € 57.5
(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 258.0 million diluted shares for 9 months 2017 and
257.4 million diluted shares for 9 months 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024006698/en/
Dassault SystèmesFrançois-José Bordonado/Béatrix
Martinez, +33.1.61.62.69.24United States and
Canada:Michele.Katz@3ds.comorFTI ConsultingRob Mindell,
+44.20.3727.1000Arnaud de Cheffontaines, +33.1.47.03.69.48
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