At the top line, total revenue of EUR410 million increased 29% in constant currencies. New licenses revenue was up 28% in constant currencies. The revenue dynamic was good in all three geographic regions. At the bottom-line earnings were up 47% demonstrating our operating leverage.We had several major new Version 6 announcements, and are progressively building a broad base of references, truly enterprise-wide references. On industry diversification, two acquisitions we completed further advance our diversification, broadening our offering to target industries. With Intercim, we have acquired a company with technology to expand DELMIA’s footprint enabling companies to close the loop between the shop floor and manufacturing engineering. The acquisition strengthens our offering for advanced and regulated industries where, for example, certification is important. With Enginuity we help accelerate product innovation in formula-based industries such as CPG and pharmaceutical where our formulation is at the heart of the product. We continue to focus on returning an important portion of earnings to shareholders. Our Board of Directors has proposed a 17% increase in our cash dividend. Now, let me turn to Japan and provide some details here. Our local teams and partners were quite amazing following the earthquake, quickly assuming continuing of operations in order to be positioned to support our customers. This support took many forms. In total we have about 400 employees in Japan and a very strong network of resellers and partners. Japan is one of the four largest markets in the world for industrial companies. We have a strong position in this country, with long-standing relationships. I visited Japan earlier this month and met with a number of our customers to understand first-hand the situation. In large measure the infrastructure in Japan is intact and most customers’ facilities are up and running. The issue is the indirect effect from supply chain disruption, resulting in some companies not running at planned levels at their manufacturing facilities in Japan or elsewhere in the world. What is important, however, is that production volume are not impacting product development plans.
While we anticipate seeing a lower level of new business activities over the next two quarters in Japan, we believe it will be largely limited to new license revenue with minimal effects on recurring revenue. The large majority of our revenue in Japan is of a recurring nature. New licenses revenue in Japan represented about 3% to 4% of the total revenue. Following this period, we anticipate continuing to grow our business with companies of all types in this important market.So having assessed the near-term impact we may see from customers in Japan, we are able to reconfirm our 2011 financial growth objectives. Taking into account our first quarter result, anticipated customer demand in other countries and regions, and recent acquisitions, I believe we are well positioned to achieve our objectives for the full-year 2011. And, now, let me turn the call to Thibault at this time. Thibault de Tersant Thank you, Bernard. My comments today are based upon our non-IFRS financial results. In our press release tables you can find the reconciliation of our non-IFRS to IFRS data. At the revenue level the differences are very minor in the first quarter, as we had less than 1 million of deferred revenue. Our financial results for the first quarter of 2011 reflect the significant increase in our direct sales force following the integration of IBM PLM as of April 1 st, 2010. The comparisons also reflect the acquisitions of EXALEAD and Geensoft since July 1st of 2010. Turning to our first quarter of financial performance, non-IFRS revenue was EUR410 million, up 29% in constant currencies. Adjusting for the better evolution of currency, we came in just above the top end of our revenue range. In total, software revenue increased 31% in constant currencies, with PLM software revenue up 36% and Mainstream 3D software revenue up 16%. In constant currencies, new licenses revenue increased 28% led by a strong performance of our indirect channel, benefiting CATIA and SolidWorks as well as 3DVIA. Read the rest of this transcript for free on seekingalpha.com