Dassault Systèmes today reported results for the first quarter that show that the momentum established towards in 2010 continued into 2011. Total revenue in Q1 was €410 million, up 31% as reported and up 29% excluding currency. New license revenue was up 30%, recurring software increased 34% and services revenue grew 16%. Revenue from Asia was up 39%, from Europe, up 33% and from the Americas, up 23%. (Keep in mind that Q1 2011 includes revenue from the acquired former IBM PLM, so this is not an apples-to-apples comparison.)

There were also a number of other, significant announcements inside the earnings release:

• A shuffling of the leadership team moves Etienne Droit to CEO of CATIA, Bruno Latchague to head the PLM Value Solutions Channel, Sylvain Laurent to lead the PLM Business Transformation Channel, Ken Clayton to head the worldwide Professional Channel and promotes Laurent Couillard to CEO of Exalead.
• DS announced that it had won a competitive benchmark at Embraer for Intercim, which joins CATIA & DELMIA for already in use for virtual design, production and manufacturing. Embraer will, according to DS, use Intercim to move shop-floor data to an online environment.
• Enginuity PLM, a data management solutions specifically targeted at formula-heavy industries, was acquired by DS. According to Enginuity, its solution streamlines R&D and aggregates all product development information in one place. Customers include Shiseido subsidiary Zotos International, Revlon, Schering-Plough, Coty, AkzoNobel, Energizer, Merck and Procter & Gamble. Enginuity has a staff of 25, all of whom are expected to join DS ENOVIA. The amount of the transaction was not disclosed.
• Finally, DS’ Board of Directors has proposed a 17% increase in its cash dividend. In the aggregate, this would represent about 30% of DS’ 2010 IFRS net income. 

Back to earnings. DS said that its Value (CATIA) and Professional (SolidWorks) channels led performance in the first quarter, and reflecting continued strengthening in the SMB market. In all, PLM revenue was up 38% while Solidworks revenue was up 16%. CATIA revenue was up 46% and ENOVIA was up 33%. Lots of parsing to do; I’ll post again after the earnings calls.

One question on everyone’s mind: Japan.  DS said that it has some 400 employees in Japan, in addition to network of resellers — this led to Japan accounting for roughly 16% of 2010 revenue. The impact of the devastation was not felt in the Q1 results but is expected to have a €20 million impact later in the year.

Even so, DS believes it is “well positioned to offset the potential near-term dampening effects on business activity in Japan from the natural disasters.” The company believes it will deliver new
license revenue growth of about 15% and topline revenue growth of about 10%, both in constant currencies. Taking into account fluctuating exchange rates, the loss of about €20 million in revenue from Japan and the gain of an additional €20 million in revenue from other areas, DS now puts its 2011 target at €1670 million to €1700 million and Q2 2011 at €400 million to €410 million.

More after the earnings calls.