Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in industrial software, today announced financial results
for its fourth quarter and fiscal year 2023, ended June 30,
2023.
“The fourth quarter was a strong finish to an important year and
showed benefits from our transformation efforts and learnings in
fiscal 2023. We delivered a full year of double-digit ACV growth,
ending above the midpoint of our guidance range. Demand in most of
our end markets and geographies was strong in the quarter and
throughout the year. This performance, during an unpredictable
macro environment, validates the mission criticality of AspenTech
solutions to our customers’ operations and strategic priorities,”
said Antonio Pietri, President and Chief Executive Officer of
AspenTech.
Fiscal Year 2023 Recent Business Highlights
- Annual Contract Value1 ("ACV") was $884.9 million at the end of
fiscal 2023, increasing 11.8% year over year and 3.5% quarter over
quarter.
- Annual Spend for Heritage AspenTech2 was $730.9 million at the
end of fiscal 2023, increasing 8.5% year over year and 2.7% quarter
over quarter.
- Operating cash flow was $299.2 million for fiscal 2023.
- Free cash flow3 was $292.3 million for fiscal 2023.
- AspenTech Board of Directors approved new $300.0 million share
repurchase authorization for fiscal 2024; AspenTech set to complete
previously announced $100.0 million accelerated share repurchase
program in the first quarter of fiscal 2024.
Summary of Fourth Quarter and Fiscal Year 2023 Financial
Results4, 5
AspenTech’s total revenue was $320.6 million for the fourth
quarter of fiscal 2023 and included the following:
- License and solutions revenue, which represents the
portion of a term license agreement allocated to the initial
license and Open Systems International, Inc. (OSI) revenue where
software and professional services are recognized as one
performance obligation, was $222.8 million, compared to $179.3
million in the fourth quarter of fiscal 2022.
- Maintenance revenue, which represents the portion of
customer agreements related to ongoing support and the right to
future product enhancements, was $82.6 million, compared to $50.2
million in the fourth quarter of fiscal 2022.
- Services and other revenue was $15.2 million, compared
to $9.5 million in the fourth quarter of fiscal 2022.
Income from operations was $6.0 million in the fourth quarter of
fiscal 2023, compared to income from operations of $39.2 million in
the fourth quarter of fiscal 2022.
Net income was $27.3 million or $0.42 per diluted share in the
fourth quarter of fiscal 2023, compared to net income of $57.2
million, or $1.13 per diluted share, in the fourth quarter of
fiscal 2022. The Company has elevated amortization of intangible
assets following the close of the transaction with Emerson. As a
result, the Company expects its amortization of intangible assets
to remain elevated for the next several years as the related asset
balance is amortized over time.
Non-GAAP income from operations was $148.9 million in the fourth
quarter of fiscal 2023. Non-GAAP net income was $138.2 million, or
$2.13 per share, for the fourth quarter of fiscal 2023. These
non-GAAP results add back the impact of stock-based compensation
expense, amortization of intangibles, fees related to acquisitions
and integration planning and realized and unrealized gains and
losses in connection with derivatives on foreign currency forward
contracts. A reconciliation of GAAP to non-GAAP results is
presented in the financial tables included in this press
release.
As of June 30, 2023, AspenTech had cash and cash equivalents of
$241.2 million, no borrowings, and $193.1 million available on its
revolving credit facility.
During the fourth quarter, AspenTech generated $113.6 million in
cash flow from operations and $111.5 million in free cash flow3.
Free cash flow is calculated as net cash provided by operating
activities adjusted for the net impact of purchases of property,
equipment and leasehold improvements and payments for capitalized
computer software development costs. Free cash flow was below our
guidance for fiscal 2023 due to lower-than-expected cash
collections. AspenTech has already received a significant portion
of these payments in July 2023.
Recent Developments
Micromine Transaction Update
AspenTech, in collaboration with Potentia, Micromine’s majority
owner, has terminated its share sale agreement to acquire
Micromine. AspenTech and Potentia were waiting to secure a final
Russian regulatory approval as a condition to closing the
transaction. As this process continued, the timing and requirements
necessary to get this approval became increasingly unclear. This
lack of clarity on the potential for, and timing of, a successful
review led AspenTech and Potentia to this mutual course of action.
AspenTech will not be paying any termination fee as part of this
arrangement.
Share Repurchase Programs Update
AspenTech announced today that its Board of Directors has
approved a new share repurchase authorization, through which the
Company may repurchase up to $300 million of its outstanding shares
of common stock in fiscal 2024. This authorization is in addition
to the Company’s $100 million accelerated share repurchase program
announced on May 5, 2023. The Company expects to complete the
accelerated share repurchase program in its first quarter of fiscal
2024. Upon its completion, the Company will begin executing the
$300 million share repurchase authorization.
Fiscal Year 2024 Business Outlook
Based on information as of today, August 1, 2023, AspenTech is
issuing the following guidance for fiscal 2024.
- ACV1 growth of at least 11.5% year-over-year.
- GAAP operating cash flow of at least $378 million
- Free cash flow3 of at least $360 million
- Total bookings of at least $1.04 billion
- Total revenue of at least $1.12 billion
- GAAP total expense of approximately $1.22 billion
- Non-GAAP total expense of approximately $675 million
- GAAP operating loss at or better than $100 million
- Non-GAAP operating income of at least $445 million
- GAAP net loss at or better than $7 million
- Non-GAAP net income of at least $424 million
- GAAP net loss per share at or better than $0.11
- Non-GAAP net income per share of at least $6.51
These statements are forward-looking and actual results may
differ materially. Refer to the Forward-Looking Statements safe
harbor below for information on the factors that could cause
AspenTech’s actual results to differ materially from these
forward-looking statements.
Conference Call and Webcast
AspenTech will host a conference call and webcast presentation
on Tuesday, August 1, 2023, at 4:30 p.m. ET to discuss its
financial results, business outlook, and related corporate and
financial matters. A live webcast of the call will be available on
AspenTech's Investor Relations website, http://ir.aspentech.com/,
via its "Webcasts" page. To access the call by phone, please use
the following registration link. To avoid delays, we encourage
participants to dial into the conference call fifteen minutes ahead
of the scheduled start time. A replay of the webcast also will be
available for a limited time at http://ir.aspentech.com/.
Expanded Earnings Presentation
AspenTech has provided an expanded earnings presentation for its
fourth quarter and fiscal 2023. The Company asks that shareholders
refer to this presentation in conjunction with today’s conference
call, which can be found at ir.aspentech.com.
Footnotes
- AspenTech defines ACV as the estimate of the annual value of
our portfolio of term license and software maintenance and support,
or SMS, contracts, the annual value of SMS agreements purchased
with perpetual licenses and the annual value of standalone SMS
agreements purchased with certain legacy term license agreements,
which have become an immaterial part of our business.
- AspenTech defines Annual Spend for Heritage AspenTech as the
annualized value of all term license and SMS contracts at the end
of the quarter for the businesses other than OSI and Subsurface
Science and Engineering (SSE). AspenTech will no longer disclose
its Annual Spend metric starting in the first quarter of fiscal
year 2024.
- Effective January 1, 2023, we no longer exclude acquisition and
integration planning related payments from our computation of free
cash flow. Free cash flow for all prior periods presented has been
revised to the current period computation.
- As a result of the transaction between AspenTech and Emerson
Electric Co. (“Emerson”), EmerSubCX, the subsidiary Emerson created
as part of the transaction, became the surviving entity when the
transaction closed on May 16, 2022. The comparable three-month
period shown in the financial statements for fiscal 2022 reflects
the full quarter results of the OSI and SSE businesses that were
contributed to new AspenTech and the results of Heritage AspenTech
for the period from May 16, 2022 to June 30, 2022. In addition, in
conjunction with the closing of the transaction, EmerSubCX adjusted
its fiscal year end from September 30 to June 30 to align with
Heritage AspenTech’s fiscal year end. As a result, the financial
results for fiscal 2022 are for the nine months from October 1,
2021 to June 30, 2022 and include the nine-month results of the OSI
and SSE businesses Emerson contributed to new AspenTech and the
results of Heritage AspenTech for the period from May 16, 2022 to
June 30, 2022.
- Prior period financial information throughout this press
release has been revised to conform with the current period
presentation.
About AspenTech
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software
leader helping industries at the forefront of the world’s dual
challenge meet the increasing demand for resources from a rapidly
growing population in a profitable and sustainable manner.
AspenTech solutions address complex environments where it is
critical to optimize the asset design, operation and maintenance
lifecycle. Through our unique combination of deep domain expertise
and innovation, customers in capital-intensive industries can run
their assets safer, greener, longer and faster to improve their
operational excellence. To learn more, visit AspenTech.com.
Forward-Looking Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements for purposes of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties, and AspenTech
undertakes no obligation to update any such statements to reflect
later developments. These forward-looking statements include, but
are not limited to, our guidance for fiscal 2024, our expectations
regarding cash collections and completion of our accelerated share
repurchase program. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “strategy,” “anticipate,”
“believe,” “estimate,” “predict,” “project,” “potential,”
“continue,” “ongoing,” “opportunity” or the negative of these terms
or other comparable terminology, although not all forward-looking
statements contain these words. These risks and uncertainties
include, without limitation: the failure to realize the anticipated
benefits of our transaction with Emerson Electric Co.; risks
resulting from our status as a controlled company; the scope,
duration and ultimate impacts of the COVID-19 pandemic and the
Russia-Ukraine conflict; as well as economic and currency
conditions, market demand (including related to the pandemic and
adverse changes in the process or other capital-intensive
industries such as materially reduced spending budgets due to oil
and gas price declines and volatility), pricing, protection of
intellectual property, cybersecurity, natural disasters, tariffs,
sanctions, competitive and technological factors, and inflation;
and others, as set forth in AspenTech’s most recent Annual Report
on Form 10-KT and subsequent reports filed with the Securities and
Exchange Commission. The outlook contained herein represents
AspenTech’s expectation for its consolidated results, other than as
noted herein.
© 2023 Aspen Technology, Inc. AspenTech, aspenONE, asset
optimization and the Aspen leaf logo are trademarks of Aspen
Technology, Inc. All rights reserved. All other trademarks are
property of their respective owners.
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under
the rules of the U.S. Securities and Exchange Commission (the
"SEC"). Non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles. This non-GAAP
information supplements, and is not intended to represent a measure
of performance in accordance with, disclosures required by
generally accepted accounting principles, or GAAP. Non-GAAP
financial measures should be considered in addition to, not as a
substitute for or superior to, financial measures determined in
accordance with GAAP. A reconciliation of GAAP to non-GAAP results
is included in the financial tables included in this press
release.
Management considers both GAAP and non-GAAP financial results in
managing AspenTech’s business. As the result of adoption of new
licensing models, management believes that a number of AspenTech’s
performance indicators based on GAAP, including revenue, gross
profit, operating income and net income, should be viewed in
conjunction with certain non-GAAP and other business measures in
assessing AspenTech’s performance, growth and financial condition.
Accordingly, management utilizes a number of non-GAAP and other
business metrics, including the non-GAAP metrics set forth in this
press release, to track AspenTech’s business performance. None of
these non-GAAP metrics should be considered as an alternative to
any measure of financial performance calculated in accordance with
GAAP.
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED AND
COMBINED STATEMENTS OF OPERATIONS(Unaudited in Thousands,
Except per Share Data)
Three Months EndedJune 30,
Year EndedJune 30, Nine MonthsEnded June 30,
2023
2022
2023
2022
Revenue: License and solutions
$
222,825
$
179,260
$
669,185
$
278,589
Maintenance
82,634
50,201
316,911
103,786
Services and other
15,184
9,459
58,082
22,921
Total revenue
320,643
238,920
1,044,178
405,296
Cost of revenue: License and solutions
70,238
56,491
279,564
125,258
Maintenance
8,846
6,660
36,650
15,030
Services and other
16,478
7,867
57,375
16,108
Total cost of revenue
95,562
71,018
373,589
156,396
Gross profit
225,081
167,902
670,589
248,900
Operating expenses: Selling and marketing
126,396
71,569
482,656
108,463
Research and development
55,606
33,440
209,347
64,285
General and administrative
37,094
23,703
161,651
39,878
Restructuring costs
—
36
—
117
Total operating expenses
219,096
128,748
853,654
212,743
Income (loss) from operations
5,985
39,154
(183,065
)
36,157
Other income (expense), net
3,850
4,414
(29,418
)
310
Interest income, net
12,807
3,542
31,917
3,494
Income (loss) before provision for income taxes
22,642
47,110
(180,566
)
39,961
(Benefit) for income taxes
(4,674
)
(10,076
)
(72,806
)
(13,185
)
Net income (loss)
$
27,316
$
57,186
$
(107,760
)
$
53,146
Net income (loss) per common share: Basic
$
0.42
$
1.14
$
(1.67
)
$
1.30
Diluted
$
0.42
$
1.13
$
(1.67
)
$
1.30
Weighted average shares outstanding: Basic
64,614
50,179
64,621
40,931
Diluted
64,943
50,406
64,621
41,008
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED AND
COMBINED BALANCE SHEETS(Unaudited in Thousands, Except Share
and Per Share Data)
June 30,
2023
2022
ASSETS Current assets: Cash and cash equivalents
$
241,209
$
449,725
Accounts receivable, net
122,789
111,027
Current contract assets, net
367,539
428,833
Prepaid expenses and other current assets
27,728
23,461
Receivables from related parties
62,375
16,941
Prepaid income taxes
11,424
17,503
Total current assets
833,064
1,047,490
Property, equipment and leasehold improvements, net
18,670
17,148
Goodwill
8,330,811
8,266,809
Intangible assets, net
4,659,657
5,112,781
Non-current contract assets, net
536,104
428,232
Contract costs
15,992
5,473
Operating lease right-of-use assets
67,642
78,286
Deferred tax assets
10,638
4,937
Other non-current assets
13,474
8,766
Total assets
$
14,486,052
$
14,969,922
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable
$
20,299
$
21,416
Accrued expenses and other current liabilities
99,526
90,123
Due to related parties
22,019
4,111
Current operating lease liabilities
12,928
7,191
Income taxes payable
46,205
6,768
Current borrowings
—
28,000
Current contract liabilities
151,450
143,327
Total current liabilities
352,427
300,936
Non-current contract liabilities
30,103
21,081
Deferred income tax liabilities
957,911
1,145,408
Non-current operating lease liabilities
55,442
71,933
Non-current borrowings, net
—
245,647
Other non-current liabilities
19,240
15,560
Stockholders’ equity: Common stock, 0.0001 par
value—Authorized—600,000,000 sharesIssued— 64,952,868 shares at
June 30, 2023 and 64,425,378 shares at June 30, 2022Outstanding—
64,465,242 shares at June 30, 2023 and 64,425,378 shares at June
30, 2022
6
6
Additional paid-in capital
13,194,028
13,107,570
(Accumulated deficit) retained earnings
(41,391
)
66,369
Accumulated other comprehensive income (loss)
2,436
(4,588
)
Treasury stock, at cost- 487,626 shares of common stock at June 30,
2023 and none at June 30, 2022
(84,150
)
—
Total stockholders’ equity
13,070,929
13,169,357
Total liabilities and stockholders’ equity
$
14,486,052
$
14,969,922
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED AND
COMBINED STATEMENTS OF CASH FLOWS(Unaudited in Thousands)
Three Months EndedJune 30, Year EndedJune 30,
Nine MonthsEnded June 30,
2023
2022
2023
2022
Cash flows from operating activities: Net income
(loss)
$
27,316
$
57,186
$
(107,760
)
$
53,146
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: Depreciation and amortization
123,153
73,015
491,419
119,930
Reduction in the carrying amount of right-of-use assets
3,406
3,387
13,869
5,915
Net foreign currency losses (gains)
368
(4,533
)
4,079
(306
)
Net realized loss on settlement of foreign currency forward
contracts
36,997
—
26,176
—
Stock-based compensation
20,830
14,786
84,850
15,763
Deferred income taxes
(36,880
)
(72,865
)
(192,926
)
(79,021
)
Provision for uncollectible receivables
3,883
(54
)
7,827
794
Other non-cash operating activities
(1,336
)
123
(228
)
228
Changes in assets and liabilities: Accounts receivable
(14,478
)
13,206
(25,538
)
11,204
Contract assets
(10,986
)
(68,129
)
(21,658
)
(78,122
)
Contract costs
(4,808
)
(4,992
)
(10,165
)
(4,992
)
Lease liabilities
(3,352
)
(2,833
)
(13,655
)
(5,558
)
Prepaid expenses, prepaid income taxes, and other assets
(20,016
)
(6,303
)
7,625
(8,776
)
Liability from foreign currency forward contract
(40,454
)
—
—
—
Accounts payable, accrued expenses, income taxes payable and other
liabilities
30,353
(18,280
)
18,315
(23,674
)
Contract liabilities
(437
)
15,942
16,979
22,431
Net cash provided by (used in) operating activities
113,559
(344
)
299,209
28,962
Cash flows from investing activities: Purchase of property,
equipment and leasehold improvements
(2,062
)
(982
)
(6,577
)
(2,263
)
Proceeds from sale of property and equipment
—
36
—
91
Net payments for settlement of foreign currency forward contracts
(36,997
)
—
(26,176
)
—
Payments for business acquisitions, net of cash acquired
—
(5,571,931
)
(72,498
)
(5,571,931
)
Payments for equity method investments
(24
)
(24
)
(700
)
(24
)
Payments for capitalized computer software development costs
(19
)
(508
)
(366
)
(508
)
Purchase of other assets
—
(553
)
(1,000
)
(553
)
Net cash (used in) investing activities
(39,102
)
(5,573,962
)
(107,317
)
(5,575,188
)
Cash flows from financing activities: Issuance of shares of
common stock
5,194
5,701
36,736
5,702
Repurchases of common stock
(100,000
)
—
(100,000
)
—
Payment of tax withholding obligations related to restricted stock
(6,430
)
(1,676
)
(20,836
)
(1,676
)
Deferred business acquisition payments
—
(1,200
)
(1,363
)
(1,200
)
Repayments of amounts borrowed under term loan
—
(6,000
)
(276,000
)
(6,000
)
Net transfers (to) from Parent Company
(14,184
)
6,004,439
(19,933
)
5,971,995
Payments of debt issuance costs
—
—
(2,375
)
—
Net cash (used in) provided by financing activities
(115,420
)
6,001,264
(383,771
)
5,968,821
Effect of exchange rate changes on cash and cash equivalents
(4,564
)
2,405
(16,637
)
1,417
(Decrease) increase in cash and cash equivalents
(45,527
)
429,363
(208,516
)
424,012
Cash and cash equivalents, beginning of period
286,736
20,362
449,725
25,713
Cash and cash equivalents, end of period
$
241,209
$
449,725
$
241,209
$
449,725
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESReconciliation of
GAAP to Non-GAAP Results of Operations and Cash Flows(Unaudited
in Thousands, Except per Share Data)
Three Months
EndedJune 30, Year EndedJune 30, Nine MonthsEnded
June 30,
2023
2022
2023
2022
Total expenses GAAP total
expenses (a)
$
314,658
$
199,766
$
1,227,243
$
369,139
Less: Stock-based compensation (b)
(20,830
)
(14,786
)
(84,850
)
(15,763
)
Amortization of intangibles (c)
(121,526
)
(71,342
)
(485,486
)
(116,743
)
Acquisition and integration planning related fees
(526
)
(3,749
)
(7,556
)
(3,749
)
Non-GAAP total expenses
$
171,776
$
109,889
$
649,351
$
232,884
Income from operations
GAAP income (loss) from operations
$
5,985
$
39,154
$
(183,065
)
$
36,157
Plus: Stock-based compensation (b)
20,830
14,786
84,850
15,763
Amortization of intangibles (c)
121,526
71,342
485,486
116,743
Acquisition and integration planning related fees
526
3,749
7,556
3,749
Non-GAAP income from operations
$
148,867
$
129,031
$
394,827
$
172,412
Net income GAAP net
income (loss)
$
27,316
$
57,186
$
(107,760
)
$
53,146
Plus (less): Stock-based compensation (b)
20,830
14,786
84,850
15,763
Amortization of intangibles (c)
121,526
71,342
485,486
116,743
Acquisition and integration planning related fees
526
3,749
7,556
3,749
Unrealized (gain) on foreign currency forward contract
(40,454
)
—
—
—
Realized loss on foreign currency forward contract
36,997
—
26,176
—
Less: Income tax effect on Non-GAAP items (d)
(28,565
)
(18,295
)
(124,231
)
(28,316
)
Non-GAAP net income
$
138,176
$
128,768
$
372,077
$
161,085
Diluted income per share
GAAP diluted income (loss) per share
$
0.42
$
1.13
$
(1.67
)
$
1.30
Plus (less): Stock-based compensation (b)
0.32
0.29
1.30
0.38
Amortization of intangibles (c)
1.87
1.42
7.46
2.85
Acquisition and integration planning related fees
0.01
0.07
0.12
0.09
Unrealized (gain) on foreign currency forward contract
(0.62
)
—
—
—
Realized loss on foreign currency forward contract
0.57
—
0.40
—
Impact of diluted shares
—
—
0.02
—
Less: Income tax effect on Non-GAAP items (d)
(0.44
)
(0.36
)
(1.91
)
(0.69
)
Non-GAAP diluted income per share
$
2.13
$
2.55
$
5.72
$
3.93
Shares used in computing Non-GAAP diluted income per share
64,943
50,406
65,094
41,008
Three Months EndedJune 30, Year EndedJune 30, Nine
MonthsEnded June 30,
2023
2022
2023
2022
Free Cash Flow (6) Net cash
provided by (used in) operating activities (GAAP)
$
113,559
$
(344
)
$
299,209
$
28,962
Purchases of property, equipment and leasehold improvements
(2,062
)
(982
)
(6,577
)
(2,263
)
Payments for capitalized computer software development costs
(19
)
(508
)
(366
)
(508
)
Free cash flow (non-GAAP)
$
111,478
$
(1,834
)
$
292,266
$
26,191
(6) Effective January 1, 2023, we no longer exclude acquisition and
integration planning related payments from our computation of free
cash flow. Free cash flow for all prior periods presented has been
revised to the current period computation methodology. (a)
GAAP total expenses
Three Months EndedJune 30, Year
EndedJune 30, Nine MonthsEnded June 30,
2023
2022
2023
2022
Total costs of revenue
$
95,562
$
71,018
$
373,589
$
156,396
Total operating expenses
219,096
128,748
853,654
212,743
GAAP total expenses
$
314,658
$
199,766
$
1,227,243
$
369,139
(b) Stock-based compensation expense was as follows:
Three Months EndedJune 30, Year EndedJune 30, Nine
MonthsEnded June 30,
2023
2022
2023
2022
Cost of license and solutions
$
813
$
1,351
$
3,565
$
1,351
Cost of maintenance
431
344
1,893
344
Cost of services and other
538
282
1,995
282
Selling and marketing
5,316
2,850
16,202
2,850
Research and development
7,959
3,507
21,790
3,507
General and administrative
5,773
6,452
39,405
7,429
Total stock-based compensation
$
20,830
$
14,786
$
84,850
$
15,763
(c) Amortization of intangible assets was as follows:(7)
Three Months EndedJune 30, Year EndedJune 30, Nine
MonthsEnded June 30,
2023
2022
2023
2022
Cost of license and solutions
$
48,035
$
30,068
$
191,412
$
56,453
Selling and marketing
73,491
41,274
294,074
60,290
Total amortization of intangible assets
$
121,526
$
71,342
$
485,486
$
116,743
(7) Amortization of intangible assets for the three and nine months
ended June 30, 2022 has been updated to reflect the amounts as
presented in our Form 10-KT for our fiscal 2022. (d) The income tax
effect on non-GAAP items is calculated utilizing the Company's
combined US federal and state statutory tax rate as follows:(8)
Three Months EndedJune 30, Year EndedJune 30,
Nine MonthsEnded June 30,
2023
2022
2023
2022
U.S. statutory rate
21.79 %
21.79 %
21.79 %
21.79 %
(8) The income tax effect on non-GAAP items for the three and nine
months ended June 30, 2022 has been updated to conform to the
current methodology of calculating the income tax effect on
non-GAAP items.
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIESReconciliation of Forward-Looking Guidance(Unaudited in
Thousands, Except per Share Data) Twelve Months Ended
June 30, 2024 (9) Guidance - Total expenses GAAP
expectation - total expenses
$
1,220,000
Less: Stock-based compensation
(59,000
)
Amortization of intangibles
(486,000
)
Non-GAAP expectation - total expenses
$
675,000
Guidance - Income from operations GAAP expectation -
(loss) from operations
$
(100,000
)
Plus: Stock-based compensation
59,000
Amortization of intangibles
486,000
Non-GAAP expectation - income from operations
$
445,000
Guidance - Net income and diluted income per share
GAAP expectation - net (loss) and diluted (loss) per share
$
(7,000
)
$
(0.11
)
Plus (less): Stock-based compensation
59,000
Amortization of intangibles
486,000
Less: Income tax effect on Non-GAAP items (10)
(114,000
)
Non-GAAP expectation - net income and diluted income per
share
$
424,000
$
6.51
Shares used in computing guidance for Non-GAAP diluted
income per share
65,100
Guidance - Free Cash Flow (11) GAAP expectation - Net
cash provided by operating activities
$
378,000
Less: Purchases of property, equipment and leasehold improvements
(17,500
)
Payments for capitalized computer software development costs
(500
)
Free cash flow expectation (non-GAAP)
$
360,000
(9) Rounded amounts used, except per share data. (10) The income
tax effect on non-GAAP items for the twelve months ended June 30,
2024 is calculated utilizing the Company’s statutory tax rate of
21.79 percent. (11) Free cash flow guidance has been updated to
reflect a change in methodology to calculate free cash flow and
does not represent a change in management's expectations. Effective
January 1, 2023, we no longer exclude acquisition and integration
planning related payments from our computation of free cash flow.
We have updated our guidance computation for free cash flow to
reflect that such payments are no longer excluded from free cash
flow.
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version on businesswire.com: https://www.businesswire.com/news/home/20230801756683/en/
Media Contact Len Dieterle Aspen Technology +1
781-221-4291 len.dieterle@aspentech.com
Investor Contact Brian Denyeau ICR for Aspen Technology
+1 646-277-1251 brian.denyeau@icrinc.com
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