Aspen Technology Provides Additional Details Relating to Filing of Form 12b-25 for Annual Report for Fiscal Year 2019
September 03 2019 - 8:30AM
Business Wire
Aspen Technology, Inc. (NASDAQ:AZPN), the asset optimization
software company, today announced additional details underlying its
filing of a Form 12b-25 (the “12b-25”) on August 30, 2019. The
12b-25 provided notice that the Company had been unable to file its
Annual Report on Form 10-K for the fiscal year ended June 30, 2019
(the “Annual Report”) by the August 29, 2019 due date, but that the
Company expected to file the Annual Report within fifteen calendar
days of the due date. In the 12b-25 the Company explained that the
additional time was needed to complete procedures to finalize the
Annual Report, which have taken longer than anticipated as a result
of the Company identifying errors in the transition adjustment
related to Accounting Standard Update No. 2014-09, Revenue from
Contracts with Customers (“ASC 606”) recorded as of June 30,
2016.
In the 12b-25 the Company stated that the earlier errors with
respect to the ASC 606 transitional adjustment impacted certain
balance sheet accounts as of June 30, 2016 and certain balance
sheet accounts as reported in the first three quarters of the
fiscal year ended June 30, 2019. The Company notes that the only
balance sheet accounts affected by the errors were contract assets,
deferred revenue and retained earnings.
The 12b-25 also disclosed that the ASC 606-related errors are
not expected to have a significant impact on previously reported
income statement accounts, including revenue. The Company confirms
that the errors do not impact its annual spend business metric, its
cash flow from operations or its free cash flow non-GAAP metric,
all as reported in a press release, “Aspen Technology Announces
Financial Results for the Fourth Quarter and Fiscal Year 2019,”
issued by the Company on August 7, 2019.
The Company will file the Annual Report as soon as practicable
and continues to expect to file by September 13, 2019, the
fifteenth calendar day following the prescribed due date of the
Annual Report.
About AspenTech
Aspen Technology (“AspenTech”) is a leading software supplier
for optimizing asset performance. Its products thrive in complex,
industrial environments where it is critical to optimize the asset
design, operation and maintenance lifecycle. AspenTech uniquely
combines decades of process modelling expertise with machine
learning. The Company's purpose-built software platform automates
knowledge work and builds sustainable competitive advantage by
delivering high returns over the entire asset lifecycle. As a
result, companies in capital-intensive industries can maximize
uptime and push the limits of performance, running their assets
safer, greener, longer and faster. Visit AspenTech.com to find out
more.
Forward-Looking Statements
The Company’s expectation regarding the timing of the filing of
the Annual Report is a forward looking statement as defined in the
Private Securities Litigation Reform Act of 1995. The actual timing
of the filing may differ significantly from the Company’s
expectation due to a number of risks and uncertainties, including
the Company’s inability to complete the work required to file the
Annual Report in the anticipated time frame.
© 2019 Aspen Technology, Inc. AspenTech and the Aspen leaf logo
are trademarks of Aspen Technology, Inc. All rights reserved. All
other trademarks are property of their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20190903005484/en/
Media Contact David Grip AspenTech +1 781-221-5273
david.grip@aspentech.com
Investor Contact Brian Denyeau ICR +1 646-277-1251
brian.denyeau@icrinc.com
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