The acquisition of IBM PLM continues to inflate year-over-year comparisons. SolidWorks unit sales set a quarterly record.
Dassault Systèmes (Paris:DSY) reports a strong first quarter, with new license revenue up 31% when measured in constant currencies.
Total revenue for the first quarter of 2011 (ending March 31, 2011) was €409.5 million ($601.3 million), up 29%. Of that, software revenue was €372.2 million ($547 million), while services revenue was €37.3 million ($54.7 million), up 14%. Net income for the quarter was €63.9 million ($93.8 million), up from €37.8 million ($55.5 million) a year earlier.
These year-over-year comparisons do not separate out the impact of the IBM PLM acquisition, which was not a factor in the 1Q2010 results. Dassault says 1Q10 revenue—the last quarter before the IBM PLM acquisition—IBM PLM revenue was €50 million.
PLM software revenue (enterprise products including Catia, Enovia, and Delmia) was €288.1 million ($423 million), up 35%. Mainstream 3D software revenue (primarily SolidWorks) in the quarter was €84.1 million ($123.5 million) up 16%, a quarterly record. This revenue segment is not impacted by the IBM PLM acquisition, and is more in line with industry trends, which show mid-market 3D CAD revenue increases continuing to outperform enterprise-class 3D CAD. We expect Autodesk’s manufacturing division to show similar gains when it reports next month.
- Americas revenue was €112.7 million ($165.5 million), up 22%
- EMEA revenue was €186.8 million ($274.3 million), up 32%
- Asia/Pacific revenue was €110 million ($161.5 million), up 31%.
Major wins during the quarter for Dassault included BMW, Jaguar Land Rover, and CLAAS, an agricultural engineering company.
Cash per share on March 31, 2011 was $10.83, down slightly from $13.10 three months ago, and exactly what it was six months ago. Dassault currently has $1.28 billion cash on hand.
Eight charts follow.
Contributing analyst L. Stephen Wolfe, P.E, contributed research for this article.