In millions of Euros, except per share data, percentages, headcount and exchange ratesNon-IFRS reportedThree months endedMarch 31,2025March 31,2024ChangeChange in constant currenciesTotal Revenue€ 1,573.0 € 1,499.7 5%4% Revenue breakdown by activity Software revenue1,432.71,352.86%5%Of which licenses and other software revenue198.1218.5(9)%(10)%Of which subscription and support revenue1,234.61,134.39%7%Services revenue140.2146.8(4)%(6)% Software revenue breakdown by product line Industrial Innovation793.1731.48%8%Life Sciences292.6284.73%0%Mainstream Innovation347.1336.73%2% Software Revenue breakdown by geography Americas611.1553.610%7%Europe513.2503.22%1%Asia308.4296.04%5% Operating income€ 486.1 € 466.5 4% Operating margin30.9%31.1% Net income attributable to shareholders€ 420.1 € 397.2 6% Diluted earnings per share€ 0.32 € 0.30 6%5% Closing headcount26,225 25,780 2% Average Rate USD per Euro1.051.09(3)% Average Rate JPY per Euro160.45161.15(0)% DASSAULT SYSTÈMES ACQUISITIONS AND FOREIGN EXCHANGE IMPACT (unaudited; in millions of Euros) In millions of EurosNon-IFRS reportedo/w growth at constant rate and scopeo/w change of scope impact at current year rateo/w FX impact on previous year figuresMarch 31,2025March 31,2024ChangeRevenue QTD1,573.01,499.773.352.60.919.8 DASSAULT SYSTÈMES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited; in millions of Euros, except per share data and percentages) In millions of Euros, except per share data and percentagesIFRS reportedThree months endedMarch 31,March 31,20252024Licenses and other software revenue198.1218.5Subscription and Support revenue1,234.61,134.3Software revenue1,432.71,352.8Services revenue140.2146.8Total Revenue€ 1,573.0 € 1,499.7 Cost of software revenue (1)(129.2)(111.9)Cost of services revenue(131.1)(131.8)Research and development expenses(348.6)(311.4)Marketing and sales expenses(446.5)(420.3)General and administrative expenses(120.4)(105.1)Amortization of acquired intangible assets and of tangible assets revaluation(88.3)(93.3)Other operating income and expense, net(4.4)(1.8)Total Operating Expenses(1,268.5)(1,175.6)Operating Income € 304.5 € 324.1 Financial income (loss), net30.330.2Income before income taxes€ 334.8 € 354.2 Income tax expense(75.5)(68.3)Net Income € 259.4 € 286.0 Non-controlling interest1.2(0.3)Net Income attributable to equity holders of the parent€ 260.5 € 285.7 Basic earnings per share0.200.22Diluted earnings per share € 0.20 € 0.21 Basic weighted average shares outstanding (in millions)1,312.31,313.6Diluted weighted average shares outstanding (in millions)1,332.21,331.1 (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.
In millions of Euros, except per share data and percentagesThree months ended March 31,Change2025Adjustment(1)20252024Adjustment(1)2024IFRSNon-IFRS(2)IFRSNon-IFRSIFRSNon-IFRSTotal Revenue€ 1,573.0 -€ 1,573.0 € 1,499.7 -€ 1,499.7 5%5%Revenue breakdown by activity Software revenue1,432.7-1,432.71,352.8-1,352.86%6%Licenses and other software revenue198.1-198.1218.5-218.5(9)%(9)%Subscription and Support revenue1,234.6-1,234.61,134.3-1,134.39%9% Recurring portion of Software revenue86% 86%84% 84% Services revenue140.2-140.2146.8-146.8(4)%(4)%Software Revenue breakdown by product line Industrial Innovation793.1-793.1731.4-731.48%8%Life Sciences292.6-292.6284.7-284.73%3%Mainstream Innovation347.1-347.1336.7-336.73%3%Software Revenue breakdown by geography Americas611.1-611.1553.6-553.610%10%Europe513.2-513.2503.2-503.22%2%Asia308.4-308.4296.0-296.04%4%Total Operating Expenses€ (1,268.5)€ 181.6 € (1,086.9)€ (1,175.6)€ 142.4 € (1,033.2)8%5%Share-based compensation expense and related social charges(88.5)88.5-(46.7)46.7- Amortization of acquired intangible assets and of tangible assets revaluation(88.3)88.3-(93.3)93.3- Lease incentives of acquired companies(0.4)0.4-(0.7)0.7- Other operating income and expense, net(4.4)4.4-(1.8)1.8- Operating Income€ 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)%4%Operating Margin 19.4% 30.9%21.6% 31.1% Financial income (loss), net30.30.630.930.21.031.21%(1)%Income tax expense(75.5)(21.6)(97.1)(68.3)(31.6)(99.9)11%(3)%Non-controlling interest1.2(0.9)0.2(0.3)(0.3)(0.5)N/A(141)%Net Income attributable to shareholders€ 260.5 € 159.6€ 420.1 € 285.7 € 111.5€ 397.2 (9)%6%Diluted Earnings Per Share (3)€ 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)%6% (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
DASSAULT SYSTÈMES CONDENSED CONSOLIDATED BALANCE SHEET (unaudited; in millions of Euros) In millions of EurosIFRS reportedMarch 31,December 31,20252024ASSETS Cash and cash equivalents4,242.93,952.6Trade accounts receivable, net1,709.52,120.9Contract assets34.330.1Other current assets464.8464.0Total current assets6,451.5 6,567.6 Property and equipment, net928.7945.8Goodwill and Intangible assets, net7,597.67,687.1Other non-current assets358.9345.5Total non-current assets8,885.2 8,978.3 Total Assets€ 15,336.7 € 15,545.9 LIABILITIES Trade accounts payable199.5259.9Contract liabilities1,716.01,663.4Borrowings, current411.4450.8Other current liabilities1,109.71,147.4Total current liabilities3,436.6 3,521.5 Borrowings, non-current2,043.32,042.8Other non-current liabilities887.9900.9Total non-current liabilities2,931.3 2,943.7 Non-controlling interests14.314.1Parent shareholders' equity8,954.59,066.6Total Liabilities € 15,336.7 € 15,545.9 DASSAULT SYSTÈMES CONDENSED CONSOLIDATED CASH FLOW STATEMENT (unaudited; in millions of Euros) In millions of EurosIFRS reportedThree months endedMarch 31,March 31,Change20252024Net income attributable to equity holders of the parent260.5285.7(25.2)Non-controlling interest(1.2)0.3 (1.4)Net income259.4286.0(26.6)Depreciation of property and equipment50.547.62.8Amortization of intangible assets89.695.2(5.6)Adjustments for other non-cash items16.137.7(21.6)Changes in working capital397.4204.4193.0Net Cash From Operating Activities€ 813.0 € 670.9 € 142.1 Additions to property, equipment and intangibles assets(55.9)(57.2)1.2Payment for acquisition of businesses, net of cash acquired(193.8)(4.5)(189.2)Other(37.8)22.3(60.1)Net Cash Provided by (Used in) Investing Activities € (287.5)€ (39.4)€ (248.1) Proceeds from exercise of stock options22.221.30.8Repurchase and sale of treasury stock(80.1)(131.1)51.0Acquisition of non-controlling interests(0.2)(2.6)2.5Repayment of borrowings(58.9)(0.1)(58.8)Repayment of lease liabilities(22.6)(24.0)1.4Net Cash Provided by (Used in) Financing Activities€ (139.6)€ (136.5)€ (3.0) Effect of exchange rate changes on cash and cash equivalents(95.7)32.7 (128.4) Increase (decrease) in cash and cash equivalents€ 290.3 € 527.7 € (237.4) Cash and cash equivalents at beginning of period€ 3,952.6 € 3,568.3 Cash and cash equivalents at end of period€ 4,242.9 € 4,095.9 DASSAULT SYSTÈMESSUPPLEMENTAL NON-IFRS FINANCIAL INFORMATIONIFRS – NON-IFRS RECONCILIATION(unaudited; in millions of Euros, except per share data and percentages) Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations.
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