Dassault Systèmes: Solid First Quarter Driven by Strong Subscription, Reaffirming FY23 Objectives

VELIZY-VILLACOUBLAY, France — April 26, 2023 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA), today announced IFRS unaudited financial results for the first quarter ended March 31, 2023. The Group’s Board of Directors approved these results on April 25, 2023. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix to this communication. 

Summary Highlights  

(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%.