Dassault Systemes Reports Q2 Results, Notes Strong Demand, Issues Q3 Guidance

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  • Dassault Systemes SE DASTY reported second-quarter  FY21 Non-IFRS revenue growth of 8% year-on-year to €1.16 billion.
  • Strong demand across product lines and geographies drove the numbers.
  • 3DEXPERIENCE and Cloud both performed well, growing 26% Y/Y on a non-IFRS basis.
  • Non-IFRS software revenue grew 9% Y/Y to €1.1 billion. It posted a 15% organic growth. Licenses and other software revenue increased 32% to €223.1 million, while Subscription and Support revenue improved 5% to €828.2 million.
  • Services revenue remained flat at €110.2 million.
  • Industrial Innovation software revenue rose 5% Y/Y to €571 million; Life Sciences software revenue increased 13% to €218.4 million; Mainstream Innovation software revenue grew 18% to €261.8 million.
  • The non-IFRS operating margin expanded 550 basis points to 32.2%, with operating income improving 31%.
  • The non-IFRS EPS was €0.22, up 35% Y/Y.
  • It held €2.9 billion in cash and equivalents.
  • The company generated €391.4 million in operating cash flow.
  • Shareholders approved FY20 dividend of €0.56 per share worth €147.1 million in aggregate was fully paid on June 1, 2021.
  • Additionally, shareholders had approved a five-for-one split, effective July 7, 2021.
  • Outlook: For Q3, the company sees non-IFRS basis revenue of €1.115 billion- €1.140 billion and non-IFRS EPS of €0.18 - €0.19.
  • For FY21, it currently sees non-IFRS revenue of €4.745 billion to €4.790 billion.
  •  Price action: DASTY shares traded higher by 2.22% at $53.86 on the last check Tuesday.
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