Dassault Systèmes’ earnings call is in an hour, so this is all gleaned from the materials released earlier today. Much more color commentary coming later:
• total revenue was €339.0 million, down 11% as reported from a year ago, but up 16% from Q3. For the sake of comparison, DS’ Q4 is usually its strongest of the year, with typical sequential growth of 20% or more — so Q4 2009 is a good start but still not back to typical performance
• software revenue was €301.0 million, down 9% from Q4 2008 but up strong 18% from Q3 2009
• services revenue fell 25% year/year to €37.9 million
• PLM brand revenue was down 3% from a year ago to €237 million; that, however, is up a strong 22% from Q3 2009. DS says that CATIA revenue was down 7%; ENOVIA 4%,; “Other PLM” increased 7%, principally in the SIMULIA and DELMIA. brands
• Mainstream brand revenue was €64 million, down 9% from a year ago but up 4% sequentially
• on a geo basis, all regions fell year/year but less dramatically than in Q3; sequentially, all regions reported growth.
It’s not back to pre-2009 levels by any means, but improvement is definitely there.
For FY 2009,
• total revenue was €1251.3 million, down 6% as reported from a year ago, and down 9% in constant currencies
• software revenue was €1099.8 million, down 5%
• PLM brand revenue was down 7% as reported to €839.0 million
• Mainstream brand revenue was €260.8 million, down 9% from a year ago
• all regions were down, with the sharpest decline in Asia
The acquisition of the IBM PLM business is still on track, expected to be complete in early April.
The company also issued an update for 2010, saying that it sees a slow economic recovery that will nonetheless enable it to generate double-digit growth (in constant currency) new license revenue. For Q1, the company now sees revenue of between €280 million to €300 million and, assuming the IBM deal closes in April, full-year 2010 non-IFRS total revenue of between €1.410 billion and €1.440 billion, including approximately €165 million from the inclusion of IBM PLM. That would amount to growth of 15% to 17% in constant currencies.
More after the call.