It’s a big earnings day and I’m about to settle in for a long (wifi-free) flight, so a quick recap will have to hold us until I can dig into the earnings in more detail — but it sure looks like the PLMish universe is doing very well, indeed.
Dassault Systemes reported Q4 non-IFRS IAS 18 revenue of €1,045 million, up 13% in constant currencies (cc), which is up a strong 10% on an organic basis. Sales of 3DEXPERIENCE software was up 33% and now makes up 30% of total software revenue, up from 25% a year ago. By brand, ENOVIA software revenue was up 33%, SOLIDWORKS was up 12%, Other software was up 13% (I really with they’d split that out!). The problem: CATIA revenue was up only 2%. DS also announced a big Airbus deal — more on all of this after the call.
Hexagon reported that Q4 was solid, with revenue up 9% as reported and 5% on an organic, constant currency basis to just over 1 billion Euros to €1,043 million. It was, as is typical for Hexagon, a mixed bag: Geosystems reported organic growth of 10%; Manufacturing Intelligence, 6%; and Process Power and Marine, 8%; while Safety & Infrastructure “decline[d]”. Skipping ahead, MI saw strong demand in aerospace and automotive while PPM saw good progress in AEC and information life cycle management solutions drove growth. For the year, total revenue was €3,761 billion, up 8% ogranically in constant currencies. More on this when I’ve listened to the earnings call.
Nemetschek reported that total revenue in 2018 was up 17% as reported and up 19% in constant currencies (cc) to €461 million, well ahead of the company’s forecast 19%. Since Nemetschek has been steadily acquiring companies, it’s important to note that organic revenue was up 15% cc. We’ll know more once the company publishes its full results on March 29. Aside note: the press release makes mention that Nemetschek is “the world’s second largest provider of software solutions for the AEC industry”. I am truly not sure how they get to that — Bentley, though privately held, likely had over $600 million in revenue in 2018. And Autodesk was on track to be closer to $1 billion for the fiscal year that ended last week (they reported $877 million for the 12 months ending in October — but with accounting changes, etc. built in. At any rate, a number bigger than %500 million). I’ll try to find out whom Nemetschek is counting when they say “second largest”. Bragging rights aside, Nemetschek had an awesome 2018.
Gotta board — more soon!