DS Reports Third Quarter EPS and Operating Margin Above Company Objectives.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Regulatory News: Dassault Systemes Dassault Systemes (Dassault Systèmes S.A.) (Pronounced - Dasoh) (NASDAQ: DASTY; Euronext: 13065) is a leading company specializing in 3D and PLM (Product Lifecycle Management) software. (DS) (Paris:DSY DSY Drum Storage Yard ) (Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. : #13065, DSY.PA) reports IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System unaudited financial results for the third quarter and nine-month periods ended September 30, 2009, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Article L.451-1-2 IV of the French Monetary and Financial Code (Code Monetaire et Financier). These results have been reviewed by the Company's Board of Directors. Summary Financial Highlights (unaudited) * As recently announced DS plans to acquire the IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ("IBM PLM") for approximately $600 million * Third Quarter 2009 non-IFRS revenue results in line with DS Q3 objectives; non-IFRS EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. and non-IFRS operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: above on strong cost controls; cost-savings reach [euro]100 million year-to-date, ahead of plan * Net operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of [euro]234 million year-to-date; cash and short-term investments of [euro]975 million * DS updates 2009 financial objectives: reconfirms EPS range, narrows operating margin objective to mid-point of 25% and lowers revenue range by [euro]10 million to [euro]1.24 - [euro]1.27 billion Third Quarter 2009 Financial Summary [TABLE OMITTED] Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
"Looking at the third quarter, the environment continued to be challenging, similar to the second quarter. Against this reality, our earnings and operating margin results came in above our objectives on in-line revenue results, thanks to the strong execution of our cost savings program. We are on track to not only achieve, but in fact to exceed our full year savings target, all while maintaining our R&D and customer support investments in all the industries we serve. "The agreement with IBM is very timely to get closer to our clients delivering unique V6 value for sustainable innovation and expand our partnership with IBM in services, flexible financing and new enterprise infrastructure." Third Quarter 2009 Financial Review [TABLE OMITTED] * On a reported basis, IFRS and non-IFRS total revenue decreased 8% and 9%, respectively, and IFRS and non-IFRS software revenue declined by 8%, reflecting the impact of lower activity, offset in part by favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency impacts. * On a constant currency basis, non-IFRS software revenue decreased 12% reflecting a decline in new licenses revenue of 37%, offset in part by recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. software revenue which increased 1% and represented 77% of total software revenue in the 2009 third quarter. * Excluding currency effects non-IFRS PLM software revenue declined 11%. CATIA A family of 2D and 3D CAD programs from IBM. CATIA was one of the first CAD programs to provide 3D solid modeling. The program was developed by Dassault Systems, a French aerospace company. , representing 46% of total non-IFRS software revenue, decreased 7%. Other PLM software revenue was flat, benefiting from SIMULIA growth. ENOVIA software revenue was down 34%, reflecting a tough year-over-year comparison as well as lower large deal activity. The decrease in Mainstream 3D software revenue of 14% reflected lower new license revenue offset in part by growth in subscription revenue. * IFRS net income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share decreased 14% and non-IFRS net income per diluted share decreased 10%, principally reflecting lower revenue and lower financial revenue results, offset in part by an 11% decrease in total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . * Global headcount at September 30,2009 was 7,812 compared to 7,903 and 8,020 at June 30, 2009 and March 31, 2009, respectively. Nine-Month 2009 Financial Summary [TABLE OMITTED] [TABLE OMITTED] * For the first nine months of 2009 IFRS and non-IFRS total revenue was lower by approximately 4% on a reported basis and by 10% in constant currencies, reflecting the impact of the global economic recession. Revenue growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. on a reported basis benefited from the strengthening of both the U.S. dollar and the Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. during the 2009 nine-month period in comparison to the year-ago period. * Revenue distribution by geographic region for the 2009 nine-month period remained similar to that of the same period in 2008. As a percentage of total revenue, Europe represented 46% (46% in 2008 YTD See Year-to-date. YTD See year to date (YTD). ), the Americas accounted for 31% (31% in 2008 YTD) and Asia represented 23% (23% in 2008 YTD). * For the first nine months of 2009 IFRS and non-IFRS software revenue was lower by approximately 9% in constant currencies, reflecting a decrease in new licenses revenue of 38% offset in part by periodic licenses, maintenance, and product development revenue growth of 7% (all figures in constant currencies). * Non-IFRS recurring software revenue comprised of periodic licenses and maintenance revenue increased 7% in constant currencies compared to the 2008 nine-month period. Non-IFRS recurring software revenue totaled [euro]604.2 million and represented 76% of total software revenue, compared to [euro]531.7 million and 64% in the 2008 period. * IFRS diluted net income per share for the 2009 nine-month period decreased 35% principally reflecting the year-ago period benefit from the gain on sale of part of the Company's prior corporate headquarters facility as well as the year-over-year decrease in revenue. Non-IFRS net income per diluted share decreased 13%, principally reflecting lower revenue activity. Cash Flow and Other Financial Highlights IFRS net operating cash flow was [euro]56.6 million and [euro]233.9 million for the three- and nine-month periods ended September 30, 2009, respectively. Cash and short-term investments totaled [euro]975.0 million at September 30, 2009, compared to [euro]840.4 million at December 31, 2008. The Company's net financial position amounted to [euro]774.8 million at September 30, 2009, net of outstanding debt consisting of [euro]200.2 million of financial long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Key Business and Corporate Highlights On October 26th, Dassault Systemes and IBM announced their intent to integrate the IBM PLM sales force within DS and to sign a new global alliance to expand PLM in all industries. DS and IBM signed a definitive agreement whereby DS would acquire the IBM sales and client support business operations encompassing DS PLM software application portfolio, as well as customer contracts and related assets ("IBM PLM"), for approximately $600 million in cash. DS and IBM also defined the next steps in their long-standing relationship, with plans to establish DS as a strategic IBM global alliance partner and to expand their services partnership. On October 21st, DS announced that HydroChina Chengdu Engineering Corporation (CHIDI), one of China's largest hydropower hy·dro·pow·er n. Hydroelectric power. investigation and design enterprises, has successfully implemented Dassault Systemes' PLM solutions to facilitate investigation, design, and collaborative management of hydropower plants. CHIDI has significantly shortened short·en v. short·ened, short·en·ing, short·ens v.tr. 1. To make short or shorter. 2. project timelines, reduced total costs, and improved the collaboration between cross-functional teams In business, a cross-functional team is a group of people with different functional expertise working toward a common goal. It may include people from finance, marketing, operations, and human resources departments. of designers and engineers. On September 1st, DS announced that Boston Apparel Group has selected DS' ENOVIA V6 solution including the ENOVIA Apparel Accelerator for Design and Development and the ENOVIA Apparel Accelerator for Sourcing and Production to provide the foundation for managing the company's key business processes and ensuring the delivery of new product lines. On September 1st, DS SolidWorks unveiled the SolidWorks[R] 2010 product line, a new set of software products that optimize optimize - optimisation the core product design functions that make designers and engineers successful every day. Through the use of CAD, simulation, data management, documentation, and environmental impact assessment, organizations will transform their inspirations into innovation, supported by a vibrant community of CAD users, content, technology, and expertise. This new SolidWorks product line also improves depth and performance by extending the DS SolidWorks tradition of including hundreds of new enhancements specifically requested by customers. In September DS launched 3DVIA DVIA Dvi Analog Mobile, an iPhone and iPod touch A flash-based iPod from Apple that was modeled after the iPhone. It is essentially a thinner iPhone without the phone capability and uses a touch screen for navigation rather than the illustrious click wheel. Like the iPhone, the only physical button displays the main menu. application that allows users to search, share and interact with the growing library of high quality 3D models on www.3DVIA.com. The addition of 3DVIA Mobile brings 3DVIA a powerful platform for delivering unique, online 3D experiences, directly into the hands of a fast growing community of mobile users. With 3DVIA Mobile, users can find realistic 3D content from DS' library and immediately enrich their photos, right on the iPhone. They download and position the model on a picture for an instant 3D mash-up that blends 3D digital data with the physical world. On August 11th, DS announced it was selected by Dana Holding Corporation for design simulation management. Dana Holding Corporation, a global vehicular supplier, has selected SIMULIA SLM See service level management system and spatial light modulator. as its simulation lifecycle management solution to enhance product development decision-making processes Presented below is a list of topics on decision-making and decision-making processes: | width="" align="left" valign="top" |
| width="" align="left" valign="top" | Business Outlook Thibault de Tersant, Senior Executive Vice President and CFO See Chief Financial Officer. , commented, "We were pleased to deliver strong sequential growth in both earnings and operating margin in spite of the seasonal sequential decrease in revenue. Through the dedicated efforts of all our employees worldwide we have been able to achieve [euro]100 million in cost savings year-to-date, ahead of our plans. "Based upon our current visibility we think it is realistic to target a full year revenue objective of about [euro]1.24 to [euro]1.27 billion, which is just [euro]10 million below our former objective. Thanks to our cost reduction results, we are reconfirming our non-IFRS operating margin objective of about 25% and our non-IFRS earnings objective of [euro]1.76 to [euro]1.91. "The proposed acquisition of IBM PLM, which is expected to be completed during the 2010 second quarter, should be accretive to both our earnings and operating margin on a non-IFRS basis and will be instrumental to support our long-term growth strategy." The Company's objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below. The Company's current objectives are the following: * Fourth quarter 2009 non-IFRS total revenue objective range of about [euro]325 to [euro]355 million and non-IFRS EPS range of about [euro]0.58 to [euro]0.73; * 2009 non-IFRS total revenue objective growth range of about (10%) to (7%) in constant currencies ([euro]1.24 to [euro]1.27 billion based upon the 2009 currency exchange rate assumptions below); * 2009 non-IFRS operating margin of about 25%; * 2009 non-IFRS EPS range of about [euro]1.76 to [euro]1.91; * Objectives are based upon exchange rate assumptions for the 2009 fourth quarter of US$1.50 per [euro]1.00 and JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 140 per [euro]1.00 and a full year average of US$1.40 per [euro]1.00 and JPY132 per [euro]1.00. The non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2009 currency exchange rates above: (i) deferred revenue write-downs estimated at approximately [euro]1 million for 2009; (ii) share-based compensation expense estimated at approximately [euro]22 million for 2009, and (iii) amortization of acquired intangibles estimated at approximately [euro]42 million for 2009. The above objectives do not include any impact from other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and expense, net principally comprised of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses. These estimates also do not include any new stock option or share grants, or any new acquisitions or restructurings completed after October 29, 2009. Webcast and Conference Call Information Dassault Systemes will host an analyst meeting in London which will be webcasted and a conference call today, Thursday, October 29, 2009. Management will host the webcast at 8:30 AM London time/9:30 AM CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr time and will then host the conference call at 10:00 AM New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time /2:00 PM London time/3:00 PM CET. The webcast and conference call will be available via the Internet by accessing http://www.3ds.com/company/finance/. Please go to the website at least fifteen minutes prior to the webcast or conference call to register, download and install any necessary audio software. The webcast and conference call will be archived for 30 days. Additional investor information can be accessed at http://www.3ds.com/company/finance/ or by calling Dassault Systemes' Investor Relations Investor relations The process by which the corporation communicates with its investors. at 33.1.61.62.69.24. Forward-looking Information Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company's non-IFRS financial performance objectives, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements are based on DS management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors. In preparing such forward-looking statements, the Company has in particular assumed an average U.S. dollar to euro exchange rate of US$1.40 per [euro]1.00 and an average Japanese yen to euro exchange rate of JPY132 to [euro]1.00 for the 2009 full year; however, currency values fluctuate, and the Company's results of operations may be significantly affected by changes in exchange rates. The Company has tried to factor in the potential impact of the current global economic crisis on its 2009 fourth quarter and full year objectives, but conditions could worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn . Further the Company has assumed that its increased responsibility for both indirect and direct PLM sales channels, and the resulting commercial and management challenges, will not cause it to incur substantial unanticipated costs and inefficiencies. The Company's actual results or performance may also be materially negatively affected by the current global economic crisis, difficulties or adverse changes affecting its partners or its relationships with its partners, including the Company's longstanding, strategic partner, IBM; new product developments and technological changes; errors or defects in its products; growth in market share by its competitors; and the realization of any risks related to the integration of IBM PLM within DS and of any newly acquired company and internal reorganizations. Unfavorable changes in any of the above or other factors described in the Company's regulatory reports, including the Document de reference, as filed with the French "Autorite des marches financiers" (AMF AMF ACE (Allied Command, Europe) Mobile Force AMF Autorité des Marchés Financiers (French) AMF Action Message Format AMF Arab Monetary Fund AMF Asian Monetary Fund AMF Autocrine Motility Factor ) on April 2, 2009, could materially affect the Company's financial position or results of operations. Non-IFRS Financial Information Readers are cautioned that the supplemental non-IFRS (previously referred to as "adjusted IFRS") information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company's annual report for the year ended December 31, 2008 included in the Company's 2008 Document de reference filed with the AMF on April 2, 2009. In the tables accompanying this press release the Company sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , which exclude the effect of adjusting the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of acquired companies' deferred revenue, stock-based compensation expense, the expenses for the amortization of acquired intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and other income and expense, net (in each case, as explained respectively in the Company's 2008 Document de reference). The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information. Information in Constant Currencies When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding year. About Dassault Systemes As a world leader in 3D and Product Lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. Management (PLM) solutions, Dassault Systemes brings value to more than 115,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systemes develops and markets PLM application software and services that support industrial processes and provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. . The Dassault Systemes portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, and 3DVIA for online 3D lifelike experiences. Dassault Systemes' shares are listed on Euronext Paris (#13065, DSY.PA) and Dassault Systemes' ADRs may be traded on the US Over-The-Counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) market (DASTY). For more information, visit http://www.3ds.com CATIA, DELMIA, ENOVIA, SIMULIA, SolidWorks and 3DVIA are registered trademarks of Dassault Systemes or its subsidiaries in the US and/or other countries. TABLE OF CONTENTS Non-IFRS key figures Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of income Condensed consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Condensed consolidated cash flow statements IFRS - non-IFRS reconciliation DASSAULT SYSTEMES NON-IFRS KEY FIGURES (unaudited; in millions of Euros, except per share data, headcount and exchange rates) Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies' deferred revenue, stock-based compensation expense, amortization of acquired intangible assets, and other operating income and expense, net. Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the proceeding tables. [TABLE OMITTED] DASSAULT SYSTEMES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IFRS) (unaudited; in millions of Euros, except per share data) [TABLE OMITTED] DASSAULT SYSTEMES CONDENSED CONSOLIDATED BALANCE SHEETS (IFRS) (unaudited; in millions of Euros) [TABLE OMITTED] DASSAULT SYSTEMES CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (IFRS) (unaudited; in millions of Euros) [TABLE OMITTED] DASSAULT SYSTEMES SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION IFRS - NON-IFRS RECONCILIATION (unaudited; in millions of Euros, except per share data) Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company's Document de reference for the year ended December 31, 2008 filed with the AMF on April 2, 2009. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge prepared in accordance with IFRS. [TABLE OMITTED] (1) In the reconciliation schedule above, (i) all non-IFRS adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment; (ii) non-IFRS adjustments to operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. data reflect the exclusion of the amortization of acquired intangibles, other operating income and expense, net and stock-based compensation expense (as detailed below); and (iii) all non-IFRS adjustments to IFRS net income data reflect the combined effect of these non-IFRS adjustments with their related tax effects. [TABLE OMITTED] (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is a non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure. (3) Based on a weighted average 118.6 million diluted shares for Q3 2009 and 119.9 million diluted shares for Q3 2008. DASSAULT SYSTEMES SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION IFRS - NON-IFRS RECONCILIATION (unaudited; in millions of Euros, except per share data) Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Company's Document de reference for the year ended December 31, 2008 filed with the AMF on April 2, 2009. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Company's consolidated financial statements prepared in accordance with IFRS. [TABLE OMITTED] (1) In the reconciliation schedule above, (i) all non-IFRS adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment; (ii) non-IFRS adjustments to operating expense data reflect the exclusion of the amortization of acquired intangibles, other operating income and expense, net and stock-based compensation expense (as detailed below); and (iii) all non-IFRS adjustments to IFRS net income data reflect the combined effect of these non-IFRS adjustments with their related tax effects. [TABLE OMITTED] (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is a non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure. (3) Based on a weighted average 118.3 million diluted shares for YTD 2009 and 119.5 million diluted shares for YTD 2008. |
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