Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in asset optimization software, today announced financial
results for its third-quarter of fiscal year 2022, ended March 31,
2022.
“AspenTech delivered strong third quarter results driven by a
notable improvement in customer spending and continued execution by
our team. We believe the growing importance of operational
efficiency and sustainability across capital intensive industries
will support our ability to return to consistent double-digit
growth over time,” said Antonio Pietri, President and Chief
Executive Officer of AspenTech.
Pietri continued, “We are also excited to be approaching the
completion of our proposed transaction with Emerson with the
shareholder meeting set for May 16th. We believe the innovation and
expertise of OSI and Geological Simulation Software will enable the
new AspenTech to deliver even greater transformative value to
customers in a broader set of industries.”
Third Quarter and Fiscal Year 2022 Recent Business
Highlights
- Annual spend, which the company defines as the annualized value
of all term license and maintenance contracts at the end of the
quarter, was $655 million at the end of the third quarter of fiscal
2022, which increased 7.4% compared to the third quarter of fiscal
2021 and 2.4% sequentially.
Summary of Third Quarter Fiscal Year 2022 Financial
Results
AspenTech’s total revenue of $187.8 million included:
- License revenue, which represents the portion of a term
license agreement allocated to the initial license, was $130.0
million in the third quarter of fiscal 2022, compared to $110.1
million in the third quarter of fiscal 2021.
- Maintenance revenue, which represents the portion of the
term license agreement related to ongoing support and the right to
future product enhancements, was $50.0 million in the third quarter
of fiscal 2022, compared to $45.9 million in the third quarter of
fiscal 2021.
- Services and other revenue was $7.7 million in the third
quarter of fiscal 2022, compared to $6.7 million in the third
quarter of fiscal 2021.
For the quarter ended March 31, 2022, AspenTech reported income
from operations of $80.8 million, compared to income from
operations of $68.9 million in the third quarter of fiscal
2021.
Net income was $75.1 million for the quarter ended March 31,
2022, leading to net income per share of $1.12, compared to net
income per share of $0.91 in the same period last fiscal year.
Non-GAAP income from operations was $102.5 million for the third
quarter of fiscal 2022, compared to non-GAAP income from operations
of $80.9 million in the same period last fiscal year. Non-GAAP net
income was $92.3 million, or $1.38 per share, for the third quarter
of fiscal 2022, compared to non-GAAP net income of $72.0 million,
or $1.05 per share, in the same period last fiscal year. These
non-GAAP results add back the impact of stock-based compensation
expense, amortization of intangibles and acquisition and
integration planning related fees. A reconciliation of GAAP to
non-GAAP results is presented in the financial tables included in
this press release.
AspenTech had cash and cash equivalents of $285.2 million and
total borrowings, net of debt issuance costs, of $279.4 million at
March 31, 2022.
During the third quarter, the company generated $81.1 million in
cash flow from operations and $89.2 million in free cash flow. 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; payments for capitalized
computer software development costs, and other nonrecurring items,
such as acquisition and integration planning related payments.
Business Outlook
Based on information as of today, April 27, 2022, AspenTech is
issuing the following guidance for fiscal year 2022:
- Annual spend growth of 7-8% year-over-year
- Free cash flow of at least $285 million
- Total bookings of $814 to $840 million
- Total revenue of $737 to $754 million
- GAAP total expense of $410 to $415 million
- Non-GAAP total expense of $333 to $338 million
- GAAP operating income of $327 to $339 million
- Non-GAAP operating income of $404 to $416 million
- GAAP net income of $299 to $310 million
- Non-GAAP net income of $360 to $371 million
- GAAP net income per share of $4.43 to $4.59
- Non-GAAP net income per share of $5.33 to $5.50
The above guidance does not give effect to the proposed
transaction with Emerson, which, if completed, is expected to close
during the fourth quarter of fiscal 2022, ending June 30, 2022.
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.
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. 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.
Conference Call and Webcast
AspenTech will host a conference call and webcast today, April
27, 2022, at 4:30 p.m. (Eastern Time), to discuss the company's
financial results for the third-quarter fiscal year 2022 as well as
the company’s business outlook. The live dial-in number is (866)
471-3828 or (678) 509-7573, conference ID code 6745137. Interested
parties may also listen to a live webcast of the call by logging on
to the Investor Relations section of AspenTech’s website,
http://ir.aspentech.com/events-and-presentations, and clicking on
the “webcast” link. A replay of the call will be archived on
AspenTech’s website and will also be available via telephone at
(855) 859-2056 or (404) 537-3406, conference ID code 6745137,
through May 4, 2022.
About AspenTech
Aspen Technology (AspenTech) is a global leader in asset
optimization software. Its solutions address 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 artificial
intelligence. Its 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 second and third paragraph of this press release as well as
the Business Outlook section contain forward-looking statements for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including statements regarding the
pending transaction with Emerson. The forward-looking statements
regarding the pending transaction with Emerson include: the
expected timing of the transaction; the ability of the parties to
complete the transaction considering the various closing
conditions; the expected benefits of the transaction, such as
improved synergies, growth potential, business plans, expanded
portfolio, financial performance and strength; the position of the
new AspenTech following completion of the transaction; and any
assumptions underlying any of the foregoing. Forward-looking
statements are based upon current plans, estimates and expectations
that are subject to risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. We can give no assurance that such
plans, estimates or expectations will be achieved and therefore,
actual results may differ materially from any plans, estimates or
expectations in such forward-looking statements.
Actual results may vary significantly from AspenTech’s
expectations based on a number of risks and uncertainties,
including, without limitation: delays or reductions in demand for
AspenTech solutions due to the COVID-19 pandemic; AspenTech’s
failure to increase usage and product adoption of aspenONE
offerings or grow the aspenONE APM business, and failure to
continue to provide innovative, market-leading solutions; declines
in the demand for, or usage of, aspenONE software for any reason,
including declines due to adverse changes in the process or other
capital-intensive industries and materially reduced industry
spending budgets due to the drop in demand for oil due to the
COVID-19 pandemic; unfavorable economic and market conditions or a
lessening demand in the market for asset process optimization
software, including materially reduced industry spending budgets
due to the significant drop in oil prices arising from drop in
demand due to the COVID-19 pandemic; risks of foreign operations or
transacting business with customers outside the United States;
risks of competition; and other risk factors described from time to
time in AspenTech’s periodic reports filed with the Securities and
Exchange Commission.
Important factors that could cause actual results relating to
the pending transaction with Emerson to differ materially from
AspenTech’s plans, estimates or expectations regarding the
transaction include, among others: (1) that one or more closing
conditions to the transaction, including certain regulatory
approvals, may not be satisfied or waived, on a timely basis or
otherwise, including that a governmental entity may prohibit, delay
or refuse to grant approval for the consummation of the
transaction, may require conditions, limitations or restrictions in
connection with such approvals or that the required approval by
AspenTech’s stockholders may not be obtained; (2) the risk that the
transaction may not be completed in the time frame expected by
AspenTech or Emerson, or at all; (3) unexpected costs, charges or
expenses resulting from the transaction; (4) uncertainty of the
expected financial performance of the new AspenTech (“New
AspenTech”) following completion of the transaction; (5) failure to
realize the anticipated benefits of the transaction, including as a
result of delay in completing the transaction or integrating the
industrial software business of Emerson with AspenTech’s business;
(6) the ability of New AspenTech to implement its business
strategy; (7) difficulties and delays in achieving revenue and cost
synergies of New AspenTech; (8) inability to retain and hire key
personnel; (9) the occurrence of any event that could give rise to
termination of the transaction; (10) potential litigation in
connection with the transaction or other settlements or
investigations that may affect the timing or occurrence of the
transaction or result in significant costs of defense,
indemnification and liability; (11) AspenTech’s ability and the
ability of Emerson and New AspenTech to successfully recover from a
disaster or other business continuity problem due to a hurricane,
flood, earthquake, terrorist attack, war, pandemic, security
breach, cyber-attack, power loss, telecommunications failure or
other natural or man-made event, including the ability to function
remotely during long-term disruptions such as the COVID-19
pandemic; (12) potential adverse reactions or changes to business
relationships resulting from the announcement or completion of the
transaction; (13) the risk that disruptions from the transaction
will harm Emerson’s and AspenTech’s business, including current
plans and operations; (14) certain restrictions during the pendency
of the transaction that may impact Emerson’s or AspenTech’s ability
to pursue certain business opportunities or strategic transactions;
(15) AspenTech’s, Emerson’s and new AspenTech’s ability to meet
expectations regarding the accounting and tax treatments of the
transaction; and (16) other risk factors as detailed from time to
time in Emerson’s and AspenTech’s reports filed with the SEC,
including Emerson’s and AspenTech’s annual reports on Form 10-K,
periodic quarterly reports on Form 10-Q, current reports on Form
8-K and other documents filed with the SEC.
While the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realization of forward-looking statements.
AspenTech cannot guarantee any future results, levels of
activity, performance, or achievements. AspenTech expressly
disclaims any obligation to update forward-looking statements after
the date of this press release.
© 2022 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.
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED
STATEMENTS OF OPERATIONS(Unaudited in Thousands, Except Per
Share Data)
Three Months EndedMarch 31, Nine
Months EndedMarch 31,
2022
2021
2022
2021
Revenue: License
$
130,032
$
110,104
$
327,247
$
352,133
Maintenance
50,017
45,885
146,615
139,561
Services and other
7,704
6,737
21,267
19,721
Total revenue
187,753
162,726
495,129
511,415
Cost of revenue: License
489
2,485
5,291
6,859
Maintenance
4,760
5,174
13,674
14,066
Services and other
8,373
8,396
24,436
24,911
Total cost of revenue
13,622
16,055
43,401
45,836
Gross profit
174,131
146,671
451,728
465,579
Operating expenses: Selling and marketing
33,977
30,345
94,088
82,092
Research and development
28,704
25,874
80,975
70,576
General and administrative
30,694
21,553
87,542
60,389
Total operating expenses
93,375
77,772
262,605
213,057
Income from operations
80,756
68,899
189,123
252,522
Interest income
8,287
8,410
25,646
26,383
Interest (expense)
(1,572)
(1,495)
(4,626)
(5,639)
Other income (expense), net
522
(5)
(2,107)
(1,807)
Income before income taxes
87,993
75,809
208,036
271,459
Provision for income taxes
12,870
13,314
31,650
47,101
Net income
$
75,123
$
62,495
$
176,386
$
224,358
Net income per common share: Basic
$
1.13
$
0.92
$
2.64
$
3.31
Diluted
$
1.12
$
0.91
$
2.62
$
3.28
Weighted average shares outstanding: Basic
66,594
67,920
66,791
67,809
Diluted
67,014
68,608
67,241
68,439
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited in Thousands, Except Share and Per Share Data)
March 31,2022 June 30,2021 ASSETS
Current assets: Cash and cash equivalents
$
285,217
$
379,853
Accounts receivable, net
49,182
52,502
Current contract assets, net
345,633
308,607
Prepaid expenses and other current assets
11,848
12,716
Prepaid income taxes
3,154
14,639
Total current assets
695,034
768,317
Property, equipment and leasehold improvements, net
4,650
5,610
Computer software development costs, net
1,003
1,461
Goodwill
157,855
159,852
Intangible assets, net
37,737
44,327
Non-current contract assets, net
416,604
407,180
Contract costs
30,274
29,056
Operating lease right-of-use assets
31,609
32,539
Deferred tax assets
2,157
2,121
Other non-current assets
4,094
3,537
Total assets
$
1,381,017
$
1,454,000
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable
$
7,176
$
4,367
Accrued expenses and other current liabilities
46,161
50,575
Current operating lease liabilities
7,119
6,751
Income taxes payable
33,649
3,444
Current borrowings
26,000
20,000
Current deferred revenue
50,569
56,393
Total current liabilities
170,674
141,530
Non-current deferred revenue
12,114
11,732
Deferred income tax liabilities
139,921
193,360
Non-current operating lease liabilities
27,761
29,699
Non-current borrowings, net
253,412
273,162
Other non-current liabilities
2,280
3,760
Commitments and contingencies Series D redeemable convertible
preferred stock, $0.10 par value—Authorized— 3,636 shares as of
March 31, 2022 and June 30, 2021Issued and outstanding— none as of
March 31, 2022 and June 30, 2021
-
-
Stockholders’ equity: Common stock, $0.10 par value—
Authorized—210,000,000 sharesIssued— 104,845,904 shares at March
31, 2022 and 104,543,414 shares at June 30, 2021Outstanding—
66,607,779 shares at March 31, 2022 and 67,912,160 shares at June
30, 2021
10,485
10,455
Additional paid-in capital
850,948
819,642
Retained earnings
1,954,519
1,778,133
Accumulated other comprehensive income
5,091
9,026
Treasury stock, at cost—38,238,125 shares of common stock at March
31, 2022 and 36,631,254 shares at June 30, 2021
(2,046,188)
(1,816,499)
Total stockholders’ equity
774,855
800,757
Total liabilities and stockholders’ equity
$
1,381,017
$
1,454,000
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS
OF CASH FLOWS(Unaudited in Thousands)
Three Months
EndedMarch 31, Nine Months EndedMarch 31,
2022
2021
2022
2021
Cash flows from operating activities:
Net income
$
75,123
$
62,495
$
176,386
$
224,358
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
2,680
2,688
8,151
7,545
Reduction in the carrying amount of right-of-use assets
2,457
2,258
7,566
7,037
Net foreign currency (gain) losses
(69)
(27)
2,238
2,027
Stock-based compensation
7,757
9,225
25,713
24,589
Deferred income taxes
(33)
6,817
(53,472)
7,029
Provision for receivables
799
2,064
2,276
6,800
Other non-cash operating activities
735
311
1,507
718
Changes in assets and liabilities: Accounts receivable
(14,506)
(4,257)
805
4,115
Contract assets, net
9,319
19,835
(49,739)
(103,538)
Contract costs
(595)
(123)
(1,218)
198
Lease liabilities
(2,750)
(2,298)
(7,908)
(7,533)
Prepaid expenses, prepaid income taxes, and other assets
(304)
(7,001)
12,111
(6,959)
Accounts payable, accrued expenses, income taxes payable and other
liabilities
(3,231)
216
36,036
(6,847)
Deferred revenue
3,760
6,456
(5,366)
13,410
Net cash provided by operating activities
81,142
98,659
155,086
172,949
Cash flows from investing activities: Purchases of property,
equipment and leasehold improvements
(479)
(211)
(1,138)
(733)
Payments for business acquisitions, net of cash acquired
-
(329)
-
(16,272)
Payments for equity method investments
(33)
(760)
(617)
(926)
Payments for capitalized computer software development costs
(31)
-
(361)
(895)
Net cash used in investing activities
(543)
(1,300)
(2,116)
(18,826)
Cash flows from financing activities: Issuance of shares of
common stock
1,616
9,394
15,923
12,508
Repurchases of common stock
-
-
(234,043)
-
Payments of tax withholding obligations related to restricted stock
(2,360)
(2,612)
(12,656)
(6,719)
Deferred business acquisition payments
-
-
(1,220)
-
Repayments of amounts borrowed
(6,000)
(4,000)
(14,000)
(131,182)
Payments of debt issuance costs
-
-
(402)
-
Net cash used in financing activities
(6,744)
2,782
(246,398)
(125,393)
Effect of exchange rate changes on cash and cash equivalents
(37)
(531)
(1,208)
573
Increase (Decrease) in cash and cash equivalents
73,818
99,610
(94,636)
29,303
Cash and cash equivalents, beginning of period
211,399
217,489
379,853
287,796
Cash and cash equivalents, end of period
$
285,217
$
317,099
$
285,217
$
317,099
Supplemental disclosure of cash flow information: Income taxes
paid, net
$
21,451
$
18,681
$
42,697
$
49,349
Interest paid
1,337
1,455
3,975
5,672
Supplemental disclosure of non-cash activities: Change in purchases
of property, equipment and leasehold improvements included in
accounts payable and accrued expenses
$
8
$
20
$
(99)
$
77
Change in repurchases of common stock included in accounts payable
and accrued expenses
-
-
(4,353)
-
Lease liabilities arising from obtaining right-of-use assets
3,228
197
4,860
1,488
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 EndedMarch
31, Nine Months EndedMarch 31,
2022
2021
2022
2021
Total expenses GAAP total
expenses (a)
$
106,997
$
93,827
$
306,006
$
258,893
Less: Stock-based compensation (b)
(7,757)
(9,225)
(25,713)
(24,589)
Amortization of intangibles
(2,025)
(2,047)
(6,102)
(5,657)
Acquisition and integration planning related fees
(11,923)
(749)
(29,066)
(3,133)
Non-GAAP total expenses
$
85,292
$
81,806
$
245,125
$
225,514
Income from operations
GAAP income from operations
$
80,756
$
68,899
$
189,123
$
252,522
Plus: Stock-based compensation (b)
7,757
9,225
25,713
24,589
Amortization of intangibles
2,025
2,047
6,102
5,657
Acquisition and integration planning related fees
11,923
749
29,066
3,133
Non-GAAP income from operations
$
102,461
$
80,920
$
250,004
$
285,901
Net income GAAP net
income
$
75,123
$
62,495
$
176,386
$
224,358
Plus: Stock-based compensation (b)
7,757
9,225
25,713
24,589
Amortization of intangibles
2,025
2,047
6,102
5,657
Acquisition and integration planning related fees
11,923
749
29,066
3,133
Less: Income tax effect on Non-GAAP items (c)
(4,558)
(2,524)
(12,785)
(7,010)
Non-GAAP net income
$
92,270
$
71,992
$
224,482
$
250,727
Diluted income per share
GAAP diluted income per share
$
1.12
$
0.91
$
2.62
$
3.28
Plus: Stock-based compensation (b)
0.12
0.14
0.39
0.35
Amortization of intangibles
0.03
0.03
0.09
0.08
Acquisition and integration planning related fees
0.18
0.01
0.43
0.05
Less: Income tax effect on Non-GAAP items (c)
(0.07)
(0.04)
(0.19)
(0.10)
Non-GAAP diluted income per share
$
1.38
$
1.05
$
3.34
$
3.66
Shares used in computing Non-GAAP diluted income per share
67,014
68,608
67,241
68,439
Three Months EndedMarch 31, Nine Months
EndedMarch 31,
2022
2021
2022
2021
Free Cash Flow Net cash
provided by operating activities (GAAP)
$
81,142
$
98,659
$
155,086
$
172,949
Purchases of property, equipment and leasehold improvements
(479)
(211)
(1,138)
(733)
Payments for capitalized computer software development costs
(31)
-
(361)
(895)
Acquisition and integration planning related payments
8,592
1,526
20,592
2,433
Free cash flow (non-GAAP)
$
89,224
$
99,974
$
174,179
$
173,754
(a) GAAP total expenses
Three Months EndedMarch 31,
Nine Months EndedMarch 31,
2022
2021
2022
2021
Total costs of revenue
$
13,622
$
16,055
$
43,401
$
45,836
Total operating expenses
93,375
77,772
262,605
213,057
GAAP total expenses
$
106,997
$
93,827
$
306,006
$
258,893
(b) Stock-based compensation expense was as follows:
Three Months EndedMarch 31, Nine Months EndedMarch
31,
2022
2021
2022
2021
Cost of maintenance
$
150
$
234
$
505
$
688
Cost of services and other
225
412
731
1,198
Selling and marketing
1,687
1,869
5,324
4,655
Research and development
1,702
2,273
5,434
6,515
General and administrative
3,993
4,437
13,719
11,533
Total stock-based compensation
$
7,757
$
9,225
$
25,713
$
24,589
(c) The income tax effect on non-GAAP items for the three and
nine-months ended March 31, 2022 and 2021, respectively, is
calculated utilizing the company’s statutory tax rate of 21
percent.
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESReconciliation
of Forward-Looking Guidance Range(Unaudited in Thousands,
Except Per Share Data)
Twelve Months Ended June 30, 2022
(a) Range Low High Guidance - Total
expenses GAAP - total expenses
$
410,000
$
415,000
Less: Stock-based compensation
(33,000)
(33,000)
Amortization of intangibles
(8,000)
(8,000)
Acquisition and integration planning related fees
(36,000)
(36,000)
Non-GAAP - total expenses
$
333,000
$
338,000
Guidance - Income from operations GAAP - income from
operations
$
327,000
$
339,000
Plus: Stock-based compensation
33,000
33,000
Amortization of intangibles
8,000
8,000
Acquisition and integration planning related fees
36,000
36,000
Non-GAAP - income from operations
$
404,000
$
416,000
Guidance - Net income and diluted income per share
GAAP - net income and diluted income per share
$
299,000
$
4.43
$
310,000
$
4.59
Plus: Stock-based compensation
33,000
33,000
Amortization of intangibles
8,000
8,000
Acquisition and integration planning related fees
36,000
36,000
Less: Income tax effect on Non-GAAP items (b)
(16,000)
(16,000)
Non-GAAP - net income and diluted income per share
$
360,000
$
5.33
$
371,000
$
5.50
Shares used in computing guidance for Non-GAAP diluted
income per share
67,500
67,500
Guidance - Free Cash Flow (c) GAAP - Net cash
provided by operating activities
$
251,500
Less: Purchases of property, equipment and leasehold improvements
(2,000)
Payments for capitalized computer software development costs
(500)
Plus: Acquisition and integration planning related payments
36,000
Free cash flow expectation (non-GAAP)
$
285,000
(a) Rounded amount used, except per share data. (b) The income tax
effect on non-GAAP items for the twelve-months ended June 30, 2022
is calculated utilizing the company’s statutory tax rate of 21
percent. (c) The company is estimating free cash flow of at least
$285 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220427005651/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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