Dassault Systèmes: Third quarter results in-line - Anticipating top line acceleration in 4Q - Confirming full year EPS objective
Dassault Systèmes reported Q3 2024 results with total revenue up 4% to €1.46 billion, driven by subscription revenue growth of 8%. The company's operating margin was 29.6% with EPS at €0.29. While MEDIDATA showed sequential improvement and SOLIDWORKS accelerated growth, automotive market contraction in Europe and US affected performance. The company updated its FY24 total revenue growth forecast from 6-8% to 5-7%, while maintaining its diluted EPS target of €1.27-€1.30. Q4 2024 is expected to show revenue growth acceleration to 8% mid-point.
Dassault Systèmes ha riportato i risultati del terzo trimestre 2024, con un incremento del fatturato totale del 4% a 1,46 miliardi di euro, sostenuto da una crescita dei ricavi da abbonamento dell'8%. Il margine operativo dell'azienda è stato del 29,6% con un utile per azione di 0,29 euro. Mentre MEDIDATA ha mostrato un miglioramento sequenziale e SOLIDWORKS ha accelerato la crescita, la contrazione del mercato automobilistico in Europa e negli Stati Uniti ha influenzato le performance. L'azienda ha aggiornato le previsioni di crescita del fatturato totale per l'intero anno fiscale 2024, portandole dal 6-8% al 5-7%, mantenendo comunque l'obiettivo di utile per azione diluito tra 1,27 e 1,30 euro. Si prevede che il quarto trimestre 2024 mostri un'accelerazione della crescita del fatturato fino all'8% come punto medio.
Dassault Systèmes reportó los resultados del tercer trimestre de 2024, con un incremento del ingreso total del 4% hasta 1,46 mil millones de euros, impulsado por un crecimiento de ingresos por suscripción del 8%. El margen operativo de la compañía fue del 29,6% con un beneficio por acción de 0,29 euros. Mientras MEDIDATA mostró una mejora secuencial y SOLIDWORKS aceleró su crecimiento, la contracción del mercado automotriz en Europa y Estados Unidos afectó el rendimiento. La compañía actualizó su pronóstico de crecimiento de ingresos totales para el ejercicio fiscal 2024 del 6-8% al 5-7%, manteniendo su objetivo de beneficio por acción diluido de 1,27 a 1,30 euros. Se espera que el cuarto trimestre de 2024 muestre una aceleración del crecimiento de ingresos hacia el 8% en el punto medio.
다쏘 시스템즈는 2024년 3분기 실적을 보고하며 총 수익이 4% 증가한 14억 6천만 유로에 도달했다고 발표했습니다. 이는 8%의 구독 수익 성장에 힘입은 것입니다. 회사의 운영 마진은 29.6%이며 주당 순이익은 0.29 유로입니다. MEDIDATA는 순차적으로 개선되었고 SOLIDWORKS는 성장을 가속화했지만, 유럽과 미국의 자동차 시장 축소가 성과에 영향을 미쳤습니다. 회사는 2024 회계연도의 총 수익 성장 전망을 6-8%에서 5-7%로 업데이트했으며, 희석 주당 순이익 목표는 1.27-1.30 유로를 유지하고 있습니다. 2024년 4분기는 수익 성장의 가속화가 8% 중간점으로 예상됩니다.
Dassault Systèmes a publié les résultats du troisième trimestre 2024, avec une augmentation du chiffre d'affaires total de 4% à 1,46 milliard d'euros, portée par une croissance des revenus d'abonnement de 8%. La marge opérationnelle de l'entreprise était de 29,6% avec un bénéfice par action de 0,29 euro. Alors que MEDIDATA a montré une amélioration séquentielle et que SOLIDWORKS a accéléré sa croissance, la contraction du marché automobile en Europe et aux États-Unis a affecté la performance. L'entreprise a mis à jour sa prévision de croissance du chiffre d'affaires total pour l'exercice 2024, la faisant passer de 6-8% à 5-7%, tout en maintenant son objectif de bénéfice par action dilué entre 1,27 et 1,30 euro. Le quatrième trimestre 2024 devrait montrer une accélération de la croissance du chiffre d'affaires vers un point médian de 8%.
Dassault Systèmes berichtete über die Ergebnisse des dritten Quartals 2024, mit einem Umsatz-Anstieg von 4% auf 1,46 Milliarden Euro, angetrieben durch ein Wachstum der Abonnementerlöse von 8%. Die operative Marge des Unternehmens betrug 29,6% und das Ergebnis je Aktie lag bei 0,29 Euro. Während MEDIDATA sequenzielle Verbesserungen zeigte und SOLIDWORKS das Wachstum beschleunigte, hatte die Schrumpfung des Automobilmarktes in Europa und den USA Auswirkungen auf die Leistung. Das Unternehmen aktualisierte seine Umsatzwachstumsprognose für das Geschäftsjahr 2024 von 6-8% auf 5-7%, während das Ziel für das verwässerte Ergebnis je Aktie von 1,27-1,30 Euro beibehalten wurde. Für das vierte Quartal 2024 wird eine Beschleunigung des Umsatzwachstums auf einen Mittelwert von 8% erwartet.
- Subscription revenue grew 8% in Q3
- Cloud software revenue increased 38% excluding MEDIDATA
- Operating margin remained resilient at 29.6%
- Cash flow from operations up 6% YTD
- Strong performance in Home & Lifestyle and Aerospace & Defense sectors
- Total revenue growth guidance reduced from 6-8% to 5-7% for FY24
- License revenue declined 7% to €229 million in Q3
- Operating margin decreased from 31.0% to 29.6% YoY
- European revenue declined 4% due to automotive market contraction
- 3DEXPERIENCE software revenue declined 10% in Q3
Press Release
VELIZY-VILLACOUBLAY, France — October 24, 2024
Dassault Systèmes: Third quarter results in-line
Anticipating top line acceleration in 4Q
Confirming full year EPS objective
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2024 and nine months ended September 30, 2024. The Group’s Board of Directors approved these estimated results on October 23, 2024. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.
Summary Highlights1
(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)
- 3Q24: total revenue rose
4% to€1.46 billion driven by subscription revenue up8% ; - 3Q24: sequential improvement of MEDIDATA revenue;
- 3Q24: operating margin of
29.6% and EPS at€0.29 , in line with guidance; - YTD24: IFRS cash flow from operations up
6% as reported; - FY24: confirming diluted EPS objectives of
€1.27 -€1.30 , while updating total revenue growth from 6 -8% to 5 -7% to reflect the continued scrutiny and contraction of the automotive market. Anticipating total revenue growth acceleration at8% mid-point in 4Q24.
Dassault Systèmes’ Chief Executive Officer Commentary
Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:
“As we enter the second half of the year, we have seen several end-markets gaining momentum. In Life Sciences, MEDIDATA is back to sequential growth improvement. At the same time, we had excellent performance in Consumer industries driven by CENTRIC PLM. SOLIDWORKS accelerated growth in revenue and seats. Importantly, Aerospace & Defense was resilient and delivered a solid performance this quarter.
However, since late summer, automotive customers in Europe and the US have been impacted by a contraction in volumes. This accelerates the need for transformative decisions, while elongating decision-making in the short term. Momentum in Asia, and China in particular, remains strong.
We are well-positioned to continue gaining market share in the industrial sector. We are confident that our data-centric platform will serve as a catalyst for transformation. In the age of AI, virtualizing industrial processes from design to manufacturing will be a prerequisite for OEMs and suppliers to compete successfully in this next decade.”
Dassault Systèmes’ Chief Financial Officer Commentary
(revenue, operating margin and diluted EPS growth rates in constant currencies,
data on a non-IFRS basis)
Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:
“In the third quarter, our total revenue grew by
For the full year, we are reconfirming our EPS target range of
This updated guidance reflects expected growth acceleration in the fourth quarter, driven by continued improvements at MEDIDATA and a robust 3DEXPERIENCE pipeline.”
Financial Summary
In millions of Euros, except per share data and percentages | IFRS | IFRS | ||||||||
Q3 2024 | Q3 2023 | Change | Change in constant currencies | YTD 2024 | YTD 2023 | Change | Change in constant currencies | |||
Total Revenue | 1,463.9 | 1,424.7 | 4,459.3 | 4,308.0 | ||||||
Software Revenue | 1,312.4 | 1,286.7 | 4,011.8 | 3,883.9 | ||||||
Operating Margin | (2.4)pts | (0.3)pt | ||||||||
Diluted EPS | 0.18 | 0.18 | 0.61 | 0.54 |
In millions of Euros, except per share data and percentages | Non-IFRS | Non-IFRS | ||||||||
Q3 2024 | Q3 2023 | Change | Change in constant currencies | YTD 2024 | YTD 2023 | Change | Change in constant currencies | |||
Total Revenue | 1,463.9 | 1,424.7 | 4,459.3 | 4,308.0 | ||||||
Software Revenue | 1,312.4 | 1,286.7 | 4,011.8 | 3,883.9 | ||||||
Operating Margin | (1.5)pt | (0.8)pt | ||||||||
Diluted EPS | 0.29 | 0.28 | 0.89 | 0.84 |
Third Quarter 2024 Versus 2023 Financial Comparisons
(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)
- Total Revenue: Total revenue in the third quarter grew by
4% to€1.46 billion , and software revenue increased by3% to€1.31 billion , both at the low end of the Company’s objectives. Subscription & support revenue rose5% ; recurring revenue represented83% of software revenue, up 2 percentage points compared to last year. Licenses and other software revenue declined by7% to€229 million . Services revenue increased by10% to€151 million , during the quarter. - Software Revenue by Geography: Revenue in the Americas increased by
6% to represent41% of software revenue, led by Home & Lifestyle from an Industry standpoint. Europe (36% of software revenue) declined by4% , largely impacted by a strong comparison basis after a large transformation deal signed in the third quarter of 2023. In Asia, revenue increased by9% with continued momentum across countries led by improvement in China, up double digits. Asia represented23% of software revenue at the end of the third quarter. - Software Revenue by Product Line:
- Industrial Innovation software revenue declined by
1% to€685 million , against a high comparison basis. The strong baseline effect combined with a weaker automotive market in Europe and the US weighed on the performance. Industrial Innovation software represented52% of software revenue, during the period. - Life Sciences software revenue was flat, at
€280 million , accounting for21% of software revenue. Sequential growth improvement confirms MEDIDATA progressive recovery. - Mainstream Innovation software revenue increased by
15% to€348 million and represented26% of software revenue. SOLIDWORKS had a good start in the second half of 2024, up mid-single digits in the quarter. CENTRIC PLM delivered another excellent quarter, due to competitive displacements and strong renewals.
- Industrial Innovation software revenue declined by
- Software Revenue by Industry: Home & Lifestyle, High-Tech, Aerospace & Defense and Marine & Offshore were among the best performers during the quarter.
- Key Strategic Drivers: 3DEXPERIENCE software revenue was impacted by a tough comparison base due to the anniversary of a mega deal. Hence, we saw a temporary decline of
10% . However, the performance on a year-to-date basis was in line with objectives and, looking at the subscription growth, the trend was very strong at41% . 3DEXPERIENCE software revenue represented37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by7% and represented25% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by a strong38% . - Operating Income and Margin: IFRS operating income declined by
9% at€276 million , as reported. Non-IFRS operating income declined by1% in constant currencies at€433 million (2% as reported). The IFRS operating margin stood at18.9% compared to21.2% in the third quarter of 2023. The non-IFRS operating margin totaled29.6% versus31.0% during the same period last year. - Earnings per Share: IFRS diluted EPS was
€0.18 , flat as reported. Non-IFRS diluted EPS grew to€0.29 , up3% as reported, or4% in constant currencies.
Nine months ended 2024 Versus 2023 Financial Comparisons
(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)
- Total Revenue: Total revenue grew by
4% to€4.46 billion . Software revenue increased by4% to€4.01 billion . Subscription and support revenue rose5% to€3.29 billion ; recurring revenue represented82% of total software revenue. Licenses and other software revenue declined by1% to€720 million . Services revenue rose6% to€448 million . - Software Revenue by Geography: The Americas grew
3% and represented40% of software revenue. Europe rose by2% and represented37% of software revenue. Asia increased by9% , representing23% of software revenue. - Software Revenue by Product Line:
- Industrial Innovation software revenue rose by
4% to€2.12 billion and represented53% of software revenue. ENOVIA, SIMULIA and DELMIA exhibited the strongest performance. - Life Sciences software revenue decreased by
2% to€847 million , representing21% of software revenue. - Mainstream Innovation software revenue increased by
11% to€1.05 billion . Mainstream Innovation represented26% of software revenue. SOLIDWORKS delivered mid-single digit growth while CENTRIC PLM continued to perform well with strong, double-digit growth.
- Industrial Innovation software revenue rose by
- Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Consumer Packaged Good & Retail displayed some of the strongest performance.
- Key Strategic Drivers: 3DEXPERIENCE software revenue increased by
10% , representing37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by7% and represented25% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than50% versus the same period last year. - Operating Income and Margin: IFRS operating income increased by
2% , to€876 million , as reported. Non-IFRS operating income increased by1% as reported (2% in constant currencies) to€1.35 billion . IFRS operating margin totaled19.6% compared to20.0% for the same period in 2023. The non-IFRS operating margin was preserved, standing at30.2% in the first nine months of 2024 compared to31.0% in the same period last year, thanks to cost containment measures. - Earnings per Share: IFRS diluted EPS was
€0.61 increasing12% as reported. Non-IFRS diluted EPS grew by6% to€0.89 , as reported, up8% in constant currencies. - Cash Flow from Operations (IFRS): Cash flow from operations totaled
€1.35 billion , up6% year over year, thanks to the increase in net income adjusted for non-cash items and positive cash tax effects in 2024. - Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled
€1.07 billion as of September 30, 2024, an increase of€0.49 billion , compared to€0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled€3.66 billion as of September 30, 2024. The movements of the quarter on cash and cash equivalents include the reimbursement for€700 million of the second Tranche of the Bond issued by the company in 2019.
Financial Objectives for 2024
Dassault Systèmes’ fourth quarter and 2024 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:
Q4 2024 | FY 2024 | ||||
Total Revenue (billion) | |||||
Growth | 3 - | 3 - | |||
Growth ex FX | 5 - | 5 - | |||
Software revenue growth * | 5 - | 5 - | |||
Of which licenses and other software revenue growth * | 0 - | (1) - | |||
Of which recurring revenue growth * | 7 - | 6 - | |||
Services revenue growth * | 0 - | 4 - | |||
Operating Margin | |||||
EPS Diluted | |||||
Growth | 4 - | 5 - | |||
Growth ex FX | 5 - | 7 - | |||
US dollar | |||||
Japanese yen (before hedging) | JPY 155.0 per Euro | JPY 162.0 per Euro | |||
* Growth in Constant Currencies |
These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.
The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately
The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2024.
Corporate Announcements
- October 24, 2024: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
- October 17, 2024: MEDIDATA Announces Rave Lite to Support Growth in Early and Late-Stage Clinical Trials
- September 25, 2024: Dassault Systèmes Signs the AI Pact to Drive Innovation and the Ethical Use of Artificial Intelligence in Europe
- September 17, 2024: OUTSCALE EXPERIENCES in the Era of AI and Sovereignty
- July 25, 2024: ASICS and Dassault Systèmes Demonstrate On-Demand, Personalized Footwear
- July 4, 2024: Bel Group and Dassault Systèmes Partner to Accelerate the Food Industry Transition towards a More Sustainable Model
Today’s Webcast and Conference Call Information
Today, Thursday, October 24, 2024, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.
Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.
Investor Relations Events
- Fourth Quarter 2024 Earnings Release: February 4, 2025
- First Quarter 2025 Earnings Release: April 24, 2025
- Second Quarter 2025 Earnings Release: July 24, 2025
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 Group’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 Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d'enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.
In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:
“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:
- the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
- the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
- continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
- uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
- the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.
The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.
Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, 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.
In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US
Non-IFRS Financial Information
Readers are cautioned that the supplemental non-IFRS financial 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 in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration Document filed with the AMF on March 18, 2024.
In the tables accompanying this press release the Group 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 and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, 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.
FOR MORE INFORMATION
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com
Dassault Systèmes Investor Relations Team FTI Consulting
Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48
Jamie Ricketts : +44 20 3727 1600
Dassault Systèmes Press Contacts
Corporate / France Arnaud MALHERBE
+33 (0)1 61 62 87 73
© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.
APPENDIX TABLE OF CONTENTS
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Glossary of Definitions
Non-IFRS Financial Information
Acquisitions and Foreign Exchange Impact
Condensed consolidated statements of income
Condensed consolidated balance sheet
Condensed consolidated cash flow statement
IFRS – non-IFRS reconciliation
DASSAULT SYSTÈMES - Glossary of Definitions
Information in Constant Currencies
Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (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 "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.
While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.
Information on Growth excluding acquisitions (“organic growth”)
In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.
Information on Industrial Sectors
The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.
These three sectors comprise twelve industries:
- Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods - Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
- Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
- Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.
Information on Product Lines
The Group’s product lines financial reporting include the following financial information:
- Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
- Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
- Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.
Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.
GEO’s
Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.
These GEOs are structured into three groups:
- the “Americas” group, made of two GEO’s;
- the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
- the “Asia” group, comprising Asia and Oceania and made of five GEO’s.
3DEXPERIENCE Software Contribution
To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).
Cloud revenue
Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.
DASSAULT SYSTÈMES
NON-IFRS FINANCIAL INFORMATION
(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)
Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.
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, percentages, headcount and exchange rates | Non-IFRS reported | |||||||
Three months ended | Nine months ended | |||||||
September 30, 2024 | September 30, 2023 | Change | Change in constant currencies | September 30, 2024 | September 30, 2023 | Change | Change in constant currencies | |
Total Revenue | ||||||||
Revenue breakdown by activity | ||||||||
Software revenue | 1,312.4 | 1,286.7 | 4,011.8 | 3,883.9 | ||||
Of which licenses and other software revenue | 229.5 | 246.0 | (7)% | (7)% | 719.8 | 735.8 | (2)% | (1)% |
Of which subscription and support revenue | 1,082.9 | 1,040.8 | 3,292.0 | 3,148.1 | ||||
Services revenue | 151.5 | 138.0 | 447.6 | 424.1 | ||||
Software revenue breakdown by product line | ||||||||
Industrial Innovation | 684.6 | 698.8 | (2)% | (1)% | 2,117.9 | 2,070.7 | ||
Life Sciences | 280.1 | 283.6 | (1)% | (0)% | 846.6 | 863.8 | (2)% | (2)% |
Mainstream Innovation | 347.7 | 304.2 | 1,047.4 | 949.5 | ||||
Software Revenue breakdown by geography | ||||||||
Americas | 540.6 | 513.6 | 1,619.7 | 1,575.2 | ||||
Europe | 470.3 | 490.5 | (4)% | (4)% | 1,465.4 | 1,426.3 | ||
Asia | 301.5 | 282.7 | 926.6 | 882.4 | ||||
Operating income | (2)% | |||||||
Operating margin | ||||||||
Net income attributable to shareholders | ||||||||
Diluted earnings per share | ||||||||
Closing headcount | 25,996 | 25,377 | 25,996 | 25,377 | ||||
Average Rate USD per Euro | 1.10 | 1.09 | 1.09 | 1.08 | ||||
Average Rate JPY per Euro | 163.95 | 157.25 | 164.29 | 149.65 |
DASSAULT SYSTÈMES
ACQUISITIONS AND FOREIGN EXCHANGE IMPACT
(unaudited; in millions of Euros)
In millions of Euros | Non-IFRS reported | o/w growth at constant rate and scope | o/w change of scope impact at current year rate | o/w FX impact on previous year figures | ||
September 30, 2024 | September 30, 2023 | Change | ||||
Revenue QTD | 1,463.9 | 1,424.7 | 39.2 | 49.8 | 1.3 | (11.8) |
Revenue YTD | 4,459.3 | 4,308.0 | 151.3 | 190.2 | 1.6 | (40.4) |
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 percentages | IFRS reported | |||
Three months ended | Nine months ended | |||
September 30, | September 30, | September 30, | September 30, | |
2024 | 2023 | 2024 | 2023 | |
Licenses and other software revenue | 229.5 | 246.0 | 719.8 | 735.8 |
Subscription and Support revenue | 1,082.9 | 1,040.8 | 3,292.0 | 3,148.1 |
Software revenue | 1,312.4 | 1,286.7 | 4,011.8 | 3,883.9 |
Services revenue | 151.5 | 138.0 | 447.6 | 424.1 |
Total Revenue | ||||
Cost of software revenue (1) | (127.6) | (105.2) | (364.4) | (329.0) |
Cost of services revenue | (125.3) | (133.1) | (385.0) | (386.1) |
Research and development expenses | (321.0) | (299.2) | (958.5) | (910.8) |
Marketing and sales expenses | (403.7) | (381.0) | (1,247.7) | (1,195.2) |
General and administrative expenses | (117.5) | (103.2) | (334.1) | (325.9) |
Amortization of acquired intangible assets and of tangible assets revaluation | (88.5) | (93.4) | (274.1) | (284.0) |
Other operating income and expense, net | (4.2) | (7.1) | (19.2) | (16.7) |
Total Operating Expenses | (1,187.7) | (1,122.2) | (3,583.1) | (3,447.7) |
Operating Income | ||||
Financial income (loss), net | 32.1 | (4.3) | 95.5 | 31.1 |
Income before income taxes | ||||
Income tax expense | (68.5) | (54.9) | (184.4) | (171.5) |
Net Income | ||||
Non-controlling interest | (0.0) | 0.1 | 0.9 | 1.0 |
Net Income attributable to equity holders of the parent | ||||
Basic earnings per share | 0.18 | 0.18 | 0.60 | 0.55 |
Diluted earnings per share | ||||
Basic weighted average shares outstanding (in millions) | 1,313.3 | 1,316.1 | 1,313.4 | 1,315.2 |
Diluted weighted average shares outstanding (in millions) | 1,323.1 | 1,326.1 | 1,327.0 | 1,326.8 |
(1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.
IFRS reported | Three months ended September 30, 2024 | Nine months ended September 30, 2024 | ||
Change (2) | Change in constant currencies | Change (2) | Change in constant currencies | |
Total Revenue | ||||
Revenue by activity | ||||
Software revenue | ||||
Services revenue | ||||
Software Revenue by product line | ||||
Industrial Innovation | (2)% | (1)% | ||
Life Sciences | (1)% | (0)% | (2)% | (2)% |
Mainstream Innovation | ||||
Software Revenue by geography | ||||
Americas | ||||
Europe | (4)% | (4)% | ||
Asia |
(2) Variation compared to the same period in the prior year.
DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited; in millions of Euros)
In millions of Euros | IFRS reported | |
September 30, | December 31, | |
2024 | 2023 | |
ASSETS | ||
Cash and cash equivalents | 3,657.7 | 3,568.3 |
Trade accounts receivable, net | 1,359.8 | 1,707.9 |
Contract assets | 45.1 | 26.8 |
Other current assets | 495.1 | 477.1 |
Total current assets | 5,557.7 | 5,780.1 |
Property and equipment, net | 946.2 | 882.8 |
Goodwill and Intangible assets, net | 7,301.4 | 7,647.0 |
Other non-current assets | 253.2 | 312.5 |
Total non-current assets | 8,500.7 | 8,842.3 |
Total Assets | ||
LIABILITIES | ||
Trade accounts payable | 181.2 | 230.5 |
Contract liabilities | 1,376.7 | 1,479.3 |
Borrowings, current | 548.8 | 950.1 |
Other current liabilities | 768.6 | 901.0 |
Total current liabilities | 2,875.4 | 3,561.0 |
Borrowings, non-current | 2,042.8 | 2,040.6 |
Other non-current liabilities | 1,137.7 | 1,174.8 |
Total non-current liabilities | 3,180.5 | 3,215.4 |
Non-controlling interests | 13.8 | 11.9 |
Parent shareholders' equity | 7,988.7 | 7,834.1 |
Total Liabilities |
DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(unaudited; in millions of Euros)
In millions of Euros | IFRS reported | |||||
Three months ended | Nine months ended | |||||
September 30, | September 30, | Change | September 30, | September 30, | Change | |
2024 | 2023 | 2024 | 2023 | |||
Net income attributable to equity holders of the parent | 239.7 | 243.5 | (3.7) | 788.2 | 720.9 | 67.3 |
Non-controlling interest | 0.0 | (0.1) | 0.1 | (0.9) | (1.0) | 0.0 |
Net income | 239.8 | 243.3 | (3.6) | 787.2 | 719.9 | 67.3 |
Depreciation of property and equipment | 49.4 | 47.3 | 2.1 | 142.1 | 138.4 | 3.7 |
Amortization of intangible assets | 90.3 | 95.2 | (5.0) | 279.7 | 290.3 | (10.6) |
Adjustments for other non-cash items | 39.3 | 65.4 | (26.1) | 113.6 | 123.5 | (10.0) |
Changes in working capital | (201.1) | (205.3) | 4.2 | 25.2 | (0.4) | 25.6 |
Net Cash From Operating Activities | ||||||
Additions to property, equipment and intangibles assets | (36.5) | (35.1) | (1.4) | (144.3) | (102.8) | (41.5) |
Payment for acquisition of businesses, net of cash acquired | (2.6) | (14.8) | 12.2 | (18.3) | (15.6) | (2.6) |
Other | 0.7 | 4.5 | (3.8) | 23.9 | (0.4) | 24.2 |
Net Cash Provided by (Used in) Investing Activities | ||||||
Proceeds from exercise of stock options | 8.8 | 11.6 | (2.7) | 44.0 | 38.5 | 5.5 |
Cash dividends paid | - | (0.0) | 0.0 | (302.7) | (276.3) | (26.4) |
Repurchase and sale of treasury stock | (65.8) | (218.6) | 152.8 | (373.5) | (386.0) | 12.5 |
Capital increase | (0.0) | 0.0 | (0.0) | - | 146.1 | (146.1) |
Acquisition of non-controlling interests | (0.7) | 0.0 | (0.7) | (3.3) | (0.8) | (2.5) |
Proceeds from borrowings | 300.0 | (0.3) | 300.3 | 300.0 | 20.3 | 279.7 |
Repayment of borrowings | (700.5) | (0.9) | (699.6) | (700.7) | (28.2) | (672.5) |
Repayment of lease liabilities | (18.7) | (21.1) | 2.4 | (61.0) | (63.0) | 2.1 |
Net Cash Provided by (Used in) Financing Activities | €( 547.7) | |||||
Effect of exchange rate changes on cash and cash equivalents | (76.2) | 51.7 | (127.9) | (22.6) | (4.4) | (18.2) |
Increase (decrease) in cash and cash equivalents | ||||||
Cash and cash equivalents at beginning of period | ||||||
Cash and cash equivalents at end of period |
DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – 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. 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 Group’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 Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’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 | ||||||
2024 | Adjustment(1) | 2024 | 2023 | Adjustment(1) | 2023 | IFRS | Non-IFRS(2) | |
IFRS | Non-IFRS | IFRS | Non-IFRS | |||||
Total Revenue | - | - | ||||||
Revenue breakdown by activity | ||||||||
Software revenue | 1,312.4 | - | 1,312.4 | 1,286.7 | - | 1,286.7 | ||
Licenses and other software revenue | 229.5 | - | 229.5 | 246.0 | - | 246.0 | (7)% | (7)% |
Subscription and Support revenue | 1,082.9 | - | 1,082.9 | 1,040.8 | - | 1,040.8 | ||
Recurring portion of Software revenue | ||||||||
Services revenue | 151.5 | - | 151.5 | 138.0 | - | 138.0 | ||
Software Revenue breakdown by product line | ||||||||
Industrial Innovation | 684.6 | - | 684.6 | 698.8 | - | 698.8 | (2)% | (2)% |
Life Sciences | 280.1 | - | 280.1 | 283.6 | - | 283.6 | (1)% | (1)% |
Mainstream Innovation | 347.7 | - | 347.7 | 304.2 | - | 304.2 | ||
Software Revenue breakdown by geography | ||||||||
Americas | 540.6 | - | 540.6 | 513.6 | - | 513.6 | ||
Europe | 470.3 | - | 470.3 | 490.5 | - | 490.5 | (4)% | (4)% |
Asia | 301.5 | - | 301.5 | 282.7 | - | 282.7 | ||
Total Operating Expenses | ||||||||
Share-based compensation expense and related social charges | (63.4) | 63.4 | - | (38.4) | 38.4 | - | ||
Amortization of acquired intangible assets and of tangible assets revaluation | (88.5) | 88.5 | - | (93.4) | 93.4 | - | ||
Lease incentives of acquired companies | (0.4) | 0.4 | - | (0.7) | 0.7 | - | ||
Other operating income and expense, net | (4.2) | 4.2 | - | (7.1) | 7.1 | - | ||
Operating Income | (9)% | (2)% | ||||||
Operating Margin | ||||||||
Financial income (loss), net | 32.1 | 0.6 | 32.6 | (4.3) | 26.8 | 22.5 | N/A | |
Income tax expense | (68.5) | (15.8) | (84.3) | (54.9) | (38.1) | (93.0) | (9)% | |
Non-controlling interest | (0.0) | (0.9) | (0.9) | 0.1 | (0.4) | (0.3) | (117)% | |
Net Income attributable to shareholders | (2)% | |||||||
Diluted Earnings Per Share (3) |
(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.
In millions of Euros, except percentages | Three months ended September 30, | Change | ||||||||
2024 IFRS | Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2024 Non-IFRS | 2023 IFRS | Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2023 Non-IFRS | IFRS | Non- IFRS | |
Cost of revenue | (252.9) | 3.3 | 0.1 | (249.5) | (238.2) | 2.1 | 0.2 | (236.0) | ||
Research and development expenses | (321.0) | 20.4 | 0.2 | (300.4) | (299.2) | 14.9 | 0.3 | (284.1) | ||
Marketing and sales expenses | (403.7) | 18.9 | 0.0 | (384.8) | (381.0) | 11.1 | 0.1 | (369.8) | ||
General and administrative expenses | (117.5) | 20.8 | 0.0 | (96.6) | (103.2) | 10.3 | 0.0 | (92.9) | ||
Total |
(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 1,323.1 million diluted shares for Q3 2024 and 1,326.1 million diluted shares for Q3 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of
DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – 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. 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 Group’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 Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’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 | ||||||
2024 | Adjustment(1) | 2024 | 2023 | Adjustment(1) | 2023 | IFRS | Non-IFRS(2) | |
IFRS | Non-IFRS | IFRS | Non-IFRS | |||||
Total Revenue | - | |||||||
Revenue breakdown by activity | ||||||||
Software revenue | 4,011.8 | 4,011.8 | 3,883.9 | - | 3,883.9 | |||
Licenses and other software revenue | 719.8 | - | 719.8 | 735.8 | - | 735.8 | (2)% | (2)% |
Subscription and Support revenue | 3,292.0 | 3,292.0 | 3,148.1 | - | 3,148.1 | |||
Recurring portion of Software revenue | ||||||||
Services revenue | 447.6 | - | 447.6 | 424.1 | - | 424.1 | ||
Software Revenue breakdown by product line | ||||||||
Industrial Innovation | 2,117.9 | - | 2,117.9 | 2,070.7 | - | 2,070.7 | ||
Life Sciences | 846.6 | - | 846.6 | 863.8 | - | 863.8 | (2)% | (2)% |
Mainstream Innovation | 1,047.4 | - | 1,047.4 | 949.5 | - | 949.5 | ||
Software Revenue breakdown by geography | ||||||||
Americas | 1,619.7 | 1,619.7 | 1,575.2 | - | 1,575.2 | |||
Europe | 1,465.4 | - | 1,465.4 | 1,426.3 | - | 1,426.3 | ||
Asia | 926.6 | - | 926.6 | 882.4 | - | 882.4 | ||
Total Operating Expenses | ||||||||
Share-based compensation expense and related social charges | (175.9) | 175.9 | - | (172.6) | 172.6 | - | ||
Amortization of acquired intangible assets and of tangible assets revaluation | (274.1) | 274.1 | - | (284.0) | 284.0 | - | ||
Lease incentives of acquired companies | (1.5) | 1.5 | - | (2.1) | 2.1 | - | ||
Other operating income and expense, net | (19.2) | 19.2 | - | (16.7) | 16.7 | - | ||
Operating Income | ||||||||
Operating Margin | ||||||||
Financial income (loss), net | 95.5 | 2.1 | 97.6 | 31.1 | 28.3 | 59.4 | ||
Income tax expense | (184.4) | (83.8) | (268.2) | (171.5) | (112.8) | (284.3) | (6)% | |
Non-controlling interest | 0.9 | (2.8) | (1.9) | 1.0 | (1.2) | (0.2) | (3)% | N/A |
Net Income attributable to shareholders | ||||||||
Diluted Earnings Per Share (3) |
(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.
In millions of Euros, except percentages | Nine months ended September 30, | Change | ||||||||
2024 IFRS | Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2024 Non-IFRS | 2023 IFRS | Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2023 Non-IFRS | IFRS | Non- IFRS | |
Cost of revenue | (749.4) | 11.2 | 0.4 | (737.8) | (715.1) | 12.1 | 0.6 | (702.3) | ||
Research and development expenses | (958.5) | 58.7 | 0.7 | (899.1) | (910.8) | 65.9 | 0.9 | (844.0) | ||
Marketing and sales expenses | (1,247.7) | 55.7 | 0.2 | (1,191.8) | (1,195.2) | 52.7 | 0.4 | (1,142.2) | ||
General and administrative expenses | (334.1) | 50.3 | 0.1 | (283.7) | (325.9) | 42.0 | 0.1 | (283.8) | (0)% | |
Total |
(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 1,327.0 million diluted shares for YTD 2024 and 1,326.8 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income attributable to the shareholders of
1 IFRS figures for 3Q24: total revenue at
Attachment
FAQ
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