Dassault Systèmes: Solid First Quarter Driven by Strong Subscription, Reaffirming FY23 Objectives
(unaudited, IFRS & non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)
- 1Q23: Revenue increased 7% with software revenue up 6%. Recurring revenue rose 10%, driven by strong subscription growth of 14%.
- 1Q23: Cloud software revenue increased 17%. 3DEXPERIENCE software revenue rose 10%.
- 1Q23: IFRS Operating Margin of 20.8%. Non-IFRS Operating Margin of 31.0%, well-aligned with objectives, while continuing to invest to support future growth.
- 1Q23: IFRS diluted EPS declined 3% to €0.19 as reported. Non-IFRS diluted EPS grew 1% to €0.28 as reported, at the high-end of the objective range.
- 1Q23: Record IFRS operating cash flow of €783 million, up 24%. Dassault Systèmes is now deleveraged.
- FY2023: Reaffirming non-IFRS objectives of diluted EPS reaching €1.18-€1.20 and revenue growth of 8%-9%.