Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in industrial software, today announced financial results
for its fourth quarter and fiscal year 2022, ended June 30,
2022.
“AspenTech ended fiscal year 2022 with strong fourth quarter
results highlighted by 8.5% annual spend growth for the heritage
AspenTech business. We have continued to see improvement in demand
across our business due to the strength of our customers' end
markets and the growing need for our customers to operate their
assets in a more sustainable and efficient manner,” said Antonio
Pietri, President and Chief Executive Officer of AspenTech.
Pietri added, “The completion of our transaction with Emerson
was transformational for AspenTech. Together we have created one of
the world’s leading industrial software companies that is well
positioned to help our customers address the Dual Challenge of
meeting the increasing global demand for resources in a sustainable
manner. We believe we are uniquely positioned to deliver even
greater value to our customers and shareholders over time.”
Fourth Quarter and Fiscal Year 2022 Recent Business
Highlights
- Annual spend for heritage AspenTech, which the company defines
as the annualized value of all term license and maintenance
contracts at the end of the quarter for the businesses other than
OSI and SSE, was approximately $674 million at the end of the
fourth quarter of fiscal 2022, which increased 8.5% compared to the
fourth quarter of fiscal 2021 and 2.8% sequentially.
Summary of Fourth Quarter and Fiscal Year 2022 Financial
Results
As a result of the transaction between AspenTech and Emerson
Electric (“Emerson”) the subsidiary Emerson created as part of the
transaction, EmerSubCX, became the surviving entity when the
transaction closed on May 16th, 2022. The financial results shown
below reflect 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 of May 16th, 2022 to June
30th, 2022. In addition, in conjunction with the close of the
transaction, EmerSubCX adjusted its fiscal year end from September
30th to June 30th to align with heritage AspenTech’s fiscal year
end. As a result, the year-end financial results shown below are
for the nine months of October 1st, 2021 to June 30th, 2022 and
include the nine-month results of the Open Systems International,
Inc. and Subsurface Science and Engineering businesses Emerson
contributed to new AspenTech and the results of heritage AspenTech
for the period of May 16th, 2022 to June 30th, 2022.
AspenTech’s total revenue of $238.9 million included:
- License and solutions revenue, which represents the
portion of a term license agreement allocated to the initial
license and OSI revenue recognized on a percentage of completion
basis, was $177.3 million in the fourth quarter of fiscal 2022,
compared to $45.7 million in the fourth quarter of fiscal
2021.
- Maintenance revenue, which represents the portion of
customer agreements related to ongoing support and the right to
future product enhancements, was $50.2 million in the fourth
quarter of fiscal 2022, compared to $23.9 million in the fourth
quarter of fiscal 2021.
- Services and other revenue was $11.5 million in the
fourth quarter of fiscal 2022, compared to $7.7 million in the
fourth quarter of fiscal 2021.
For the quarter ended June 30, 2022, AspenTech reported income
from operations of $39.2 million, compared to loss from operations
of $8.8 million in the fourth quarter of fiscal 2021.
Net income was $57.2 million for the quarter ended June 30,
2022, leading to net income per share of $1.13, compared to net
loss per share of $0.23 in the same period last fiscal year.
Non-GAAP income from operations was $128.9 million for the
fourth quarter of fiscal 2022. Non-GAAP net income was $122.7
million, or $2.43 per share, for the fourth quarter of fiscal 2022.
These non-GAAP results add back the impact of stock-based
compensation expense, amortization of intangibles and fees related
to acquisitions and integration planning. 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 $449.7 million and
total borrowings, net of debt issuance costs, of $273.6 million at
June 30, 2022.
During the fourth quarter, AspenTech used $0.3 million in cash
flow from operations and generated $4.9 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 payments related to acquisitions and integration
planning.
Business Outlook
Based on information as of today, August 8, 2022, AspenTech is
issuing the following guidance for fiscal year 2023. Please note
this guidance does not include any contribution from the pending
acquisition of Micromine, which is currently expected to close in
the second fiscal quarter of 2023, subject to regulatory
approval.
- Annual Contract Value (“ACV”) growth of 10.5-13.5%
year-over-year. The company defines ACV as the estimate of the
annual value of our portfolio of term license and software
maintenance and support (SMS) agreements
- Free cash flow of $347 to $362 million
- Total bookings of $1.07 to $1.17 billion
- Total revenue of $1.14 to $1.20 billion
- GAAP total expense of $1.186 to $1.196 billion
- Non-GAAP total expense of $637 to $647 million
- GAAP operating loss of $46 million to operating income of $6
million
- Non-GAAP operating income of $503 to $555 million
- GAAP net loss of $8 million to net income of $24 million
- Non-GAAP net income of $423 million to $455 million
- GAAP net loss per share of $0.12 to income per share of
$0.36
- Non-GAAP net income per share of $6.40 to $6.89
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, August
8, 2022, at 4:30 p.m. (Eastern Time), to discuss the company's
financial results for the fourth quarter of fiscal year 2022 as
well as the company’s business outlook. The live dial-in number is
(646) 307-1963 or (800) 715-9871, conference ID code 9571995.
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 (800) 770-2030, conference ID code 9571995, through
August 15, 2022.
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
The 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. 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 or other
offerings or grow the aspenONE APM, OSI and SSE businesses, 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; risks that acquisitions could
be difficult to consummate and integrate into our operations, which
could disrupt our business, dilute stockholder value or impair our
financial results; and other risk factors described from time to
time in AspenTech’s periodic reports filed with the Securities and
Exchange Commission.
Additional factors that could cause actual results relating to
the transaction with Emerson to differ materially from AspenTech’s
plans, estimates or expectations regarding the transaction include,
among others: (1) unexpected costs, charges or expenses resulting
from the transaction; (2) uncertainty of the expected financial
performance of the new AspenTech (“New AspenTech”) following
completion of the transaction; (3) failure to realize the
anticipated benefits of the transaction, including as a result of
delay in integrating the industrial software business of Emerson
with AspenTech’s business; (4) the ability of New AspenTech to
implement its business strategy; (5) difficulties and delays in
achieving revenue and cost synergies of New AspenTech; (6)
inability to retain and hire key personnel; (7) potential
litigation in connection with the transaction or other settlements
or investigations that may result in significant costs of defense,
indemnification and liability; (8) AspenTech’s to recover
successfully 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; and (9) other risk
factors as detailed from time to time in AspenTech’s reports filed
with the SEC, including AspenTech’s annual reports on Form 10-K,
periodic quarterly reports on Form 10-Q, current reports on Form
8-K, the risk factors in Amendment No. 4 to the Registration
Statement on Form S-4, which was filed on April 14, 2022 by Emersub
CX, Inc. related to a proposal to adopt the Transaction Agreement
and Plan of Merger among Aspen Technology, Emerson Electric Co.,
EMR Worldwide Inc., Emersub CX, Inc., and Emersub CXI, Inc. 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 AND
COMBINED STATEMENTS OF OPERATIONS(Unaudited in Thousands, Except
per Share Data)
Three Months Ended June
30,
Nine Months Ended June
30,
Twelve Months Ended September
30,
2022
2021
2022
2021
Revenue: License and solutions
$
177,267
$
45,714
$
276,596
$
180,914
Maintenance
50,201
23,903
103,786
92,562
Services and other
11,452
7,732
24,914
27,164
Total revenue
238,920
77,349
405,296
300,640
Cost of revenue: License and solutions
30,523
32,492
99,290
125,181
Maintenance
6,675
4,543
15,045
18,610
Services and other
33,820
4,874
42,061
19,219
Total cost of revenue
71,018
41,909
156,396
163,010
Gross profit
167,902
35,440
248,900
137,630
Operating expenses: Selling and marketing
71,569
24,387
108,463
103,311
Research and development
33,440
14,549
64,285
59,646
General and administrative
23,703
6,920
39,878
32,638
Restructuring costs
36
(1,616
)
117
2,474
Total operating expenses
128,748
44,240
212,743
198,069
Income (loss) from operations
39,154
(8,800
)
36,157
(60,439
)
Other income (expense), net
4,414
(1,720
)
310
(5,359
)
Interest income (expense), net
3,542
1
3,494
(115
)
Income (loss) before provision for income taxes
47,110
(10,519
)
39,961
(65,913
)
(Benefit) for income taxes
(10,076
)
(2,008
)
(13,185
)
(45,305
)
Net income (loss)
$
57,186
$
(8,511
)
$
53,146
$
(20,608
)
Net income per common share: Basic
$
1.14
$
(0.23
)
$
1.30
$
(0.57
)
Diluted
$
1.13
$
(0.23
)
$
1.30
$
(0.57
)
Weighted average shares outstanding: Basic
50,179
36,308
40,931
36,308
Diluted
50,406
36,308
41,008
36,308
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED AND
COMBINED BALANCE SHEETS(Unaudited in Thousands, Except Share and
Per Share Data)
June 30,2022 September 30,2021
ASSETS Current assets: Cash and cash equivalents
$
449,725
$
25,713
Accounts receivable, net
111,027
65,040
Current contract assets, net
428,833
61,494
Prepaid expenses and other current assets
23,461
6,262
Receivables from related parties
12,377
-
Prepaid income taxes
17,503
3,414
Total current assets
1,042,926
161,923
Property, equipment and leasehold improvements, net
17,148
14,744
Computer software development costs, net
687
-
Loan receivable from related parties
4,564
-
Goodwill
8,266,809
1,044,383
Intangible assets, net
5,112,094
837,655
Non-current contract assets, net
428,232
-
Contract costs
5,473
-
Operating lease right-of-use assets
78,286
46,048
Deferred tax assets
4,937
7,002
Other non-current assets
8,766
5,001
Total assets
$
14,969,922
$
2,116,756
LIABILITIES AND EQUITY/STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable
$
21,416
$
9,644
Accrued expenses and other current liabilities
90,123
45,328
Due to related parties
4,111
-
Current operating lease liabilities
7,191
5,744
Income taxes payable
6,768
2,690
Current borrowings
28,000
-
Current deferred revenue
143,327
72,524
Total current liabilities
300,936
135,930
Non-current deferred revenue
21,081
7,029
Deferred income taxes
1,145,408
148,788
Non-current operating lease liabilities
71,933
41,114
Non-current borrowings, net
245,647
-
Other non-current liabilities
15,560
12,549
Commitments and contingencies Total equity/stockholders’ equity
13,169,357
1,771,346
Total liabilities and equity/stockholders’ equity
$
14,969,922
$
2,116,756
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESCONSOLIDATED AND
COMBINED STATEMENTS OF CASH FLOWS(Unaudited in Thousands)
Three Months Ended June
30,
Nine Months Ended June
30,
Twelve Months Ended September
30,
2022
2021
2022
2021
Cash flows from operating activities: Net income
$
57,186
$
(8,511
)
$
53,146
$
(20,608
)
Adjustments to reconcile net income to net cash (used in) provided
by operating activities: Depreciation and amortization
73,015
30,587
119,930
125,642
Reduction in the carrying amount of right-of-use assets
3,387
1,359
5,915
5,515
Net foreign currency (gains)
(4,533
)
1,717
(306
)
5,525
Stock-based compensation
14,786
459
15,763
1,744
Deferred income taxes
(72,865
)
(6,104
)
(79,021
)
(57,086
)
Provision for bad debts
(54
)
-
(54
)
-
Other non-cash operating activities
123
122
228
165
Changes in assets and liabilities: Accounts receivable
13,206
13,455
12,052
(5,621
)
Contract assets, net
(68,129
)
(10,406
)
(78,122
)
(17,868
)
Contract costs
(4,992
)
-
(4,992
)
-
Lease liabilities
(2,833
)
(1,774
)
(5,558
)
(4,673
)
Prepaid expenses, prepaid income taxes, and other assets
(6,303
)
957
(8,776
)
1,553
Accounts payable, accrued expenses, income taxes payable and other
liabilities
(18,280
)
3,568
(23,674
)
(1,740
)
Deferred revenue
15,942
2,009
22,431
22,252
Net cash (used in) provided by operating activities
(344
)
27,438
28,962
54,800
Cash flows from investing activities: Purchase of property,
equipment and leasehold improvements
(982
)
(1,373
)
(2,263
)
(6,185
)
Proceeds from sale of property and equipment
36
-
91
-
Payments for business acquisitions, net of cash acquired
(5,571,931
)
-
(5,571,931
)
(1,588,802
)
Payments for equity method investments
(24
)
-
(24
)
-
Payments for capitalized computer software development costs
(508
)
-
(508
)
-
Purchase of other assets
(553
)
(179
)
(553
)
5
Net cash (used in) investing activities
(5,573,962
)
(1,552
)
(5,575,188
)
(1,594,982
)
Cash flows from financing activities: Issuance of shares of
common stock
5,701
-
5,702
-
Payment of tax withholding obligations related to restricted stock
(1,676
)
-
(1,676
)
-
Deferred business acquisition payments
(1,200
)
-
(1,200
)
-
Repayments of amounts borrowed under term loan
(6,000
)
-
(6,000
)
-
Net transfers from (to) Parent Company
6,004,439
(22,286
)
5,971,995
1,551,537
Net cash provided by financing activities
6,001,264
(22,286
)
5,968,821
1,551,537
Effect of exchange rate changes on cash and cash equivalents
2,405
(28
)
1,417
(141
)
Increase in cash and cash equivalents
429,363
3,572
424,012
11,214
Cash and cash equivalents, beginning of period
20,362
20,087
25,713
14,499
Cash and cash equivalents, end of period
$
449,725
$
23,659
$
449,725
$
25,713
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, Nine Months EndedJune 30, Twelve Months
EndedSeptember 30,
2022
2021
2022
2021
Total expenses GAAP total
expenses (a)
$
199,766
$
86,149
$
369,139
$
361,079
Less: Stock-based compensation (b)
(14,786
)
(459
)
(15,763
)
(1,744
)
Amortization of intangibles
(71,245
)
(28,809
)
(115,818
)
(119,274
)
Acquisition and integration planning related fees
(3,749
)
(36
)
(3,749
)
(6,102
)
Non-GAAP total expenses
$
109,986
$
56,845
$
233,809
$
233,959
Income from operations
GAAP income (loss) from operations
$
39,154
$
(8,800
)
$
36,157
$
(60,439
)
Plus: Stock-based compensation (b)
14,786
459
15,763
1,744
Amortization of intangibles
71,245
28,809
115,818
119,274
Acquisition and integration planning related fees
3,749
36
3,749
6,102
Non-GAAP income from operations
$
128,934
$
20,504
$
171,487
$
66,681
Net income GAAP net
income (loss)
$
57,186
$
(8,511
)
$
53,146
$
(20,608
)
Plus: Stock-based compensation (b)
14,786
459
15,763
1,744
Amortization of intangibles
71,245
28,809
115,818
119,274
Acquisition and integration planning related fees
3,749
36
3,749
6,102
Less: Income tax effect on Non-GAAP items (c)
(24,290
)
(6,816
)
(34,003
)
(29,568
)
Non-GAAP net income
$
122,676
$
13,977
$
154,473
$
76,944
Diluted income per share
GAAP diluted income (loss) per share
$
1.13
$
(0.23
)
$
1.30
$
(0.57
)
Plus: Stock-based compensation (b)
0.29
0.01
0.38
0.05
Amortization of intangibles
1.42
0.79
2.83
3.29
Acquisition and integration planning related fees
0.07
-
0.09
0.17
Less: Income tax effect on Non-GAAP items (c)
(0.48
)
(0.19
)
(0.83
)
(0.81
)
Non-GAAP diluted income per share
$
2.43
$
0.38
$
3.77
$
2.13
Shares used in computing Non-GAAP diluted income per share
50,406
36,308
41,008
36,308
Three Months EndedJune 30, Nine Months
EndedJune 30, Twelve Months EndedSeptember 30,
2022
2021
2022
2021
Free Cash Flow Net cash (used
in) provided by operating activities (GAAP)
$
(344
)
$
27,438
$
28,962
$
54,800
Purchases of property, equipment and leasehold improvements
(982
)
(1,373
)
(2,263
)
(6,185
)
Payments for capitalized computer software development costs
(508
)
-
(508
)
-
Acquisition and integration planning related fee payments
6,738
36
6,738
6,102
Free cash flow (non-GAAP)
$
4,904
$
26,101
$
32,929
$
54,717
(a) GAAP total expenses
Three Months EndedJune 30,
Nine Months EndedJune 30, Twelve Months EndedSeptember
30,
2022
2021
2022
2021
Total costs of revenue
$
71,018
$
41,909
$
156,396
$
163,010
Total operating expenses
128,748
44,240
212,743
198,069
GAAP total expenses
$
199,766
$
86,149
$
369,139
$
361,079
(b) Stock-based compensation expense was as follows:
Three Months EndedJune 30, Nine Months EndedJune 30,
Twelve Months EndedSeptember 30,
2022
2021
2022
2021
Cost of license and solutions
$
1,351
$
-
$
1,351
$
-
Cost of maintenance
344
-
344
-
Cost of services and other
282
-
282
-
Selling and marketing
2,850
-
2,850
-
Research and development
3,507
-
3,507
-
General and administrative
6,452
459
7,429
1,744
Total stock-based compensation
$
14,786
$
459
$
15,763
$
1,744
(c) The income tax effect on non-GAAP items for the
three/nine months ended June 30 and fiscal year ended September 30,
2021 is calculated utilizing the Company's combined US federal and
state statutory tax rate as following:
Three Months EndedJune
30, Nine Months EndedJune 30, Twelve Months
EndedSeptember 30,
2022
2021
2022
2021
U.S. statutory rate
21.79
%
23.26
%
21.79
%
23.26
%
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIESReconciliation of
Forward-Looking Guidance Range(Unaudited in Thousands, Except per
Share Data) Twelve Months Ended June 30, 2023 (a)
Range Low High Guidance - Total expenses GAAP
expectation - total expenses
$
1,186,000
$
1,196,000
Less: Stock-based compensation
(66,000
)
(66,000
)
Amortization of intangibles
(480,500
)
(480,500
)
Acquisition and integration planning related fees
(2,500
)
(2,500
)
Non-GAAP expectation - total expenses
$
637,000
$
647,000
Guidance - (Loss) income from operations GAAP expectation -
(loss) income from operations
$
(46,000
)
$
6,000
Plus: Stock-based compensation
66,000
66,000
Amortization of intangibles
480,500
480,500
Acquisition and integration planning related fees
2,500
2,500
Non-GAAP expectation - income from operations
503,000
555,000
Guidance - Net income and diluted income per share GAAP
expectation - net (loss) income and diluted (loss) income per share
$
(8,000
)
$
(0.12
)
$
24,000
$
0.36
Plus: Stock-based compensation
66,000
66,000
Amortization of intangibles
480,500
480,500
Acquisition and integration planning related fees
2,500
2,500
Less: Income tax effect on Non-GAAP items (b)
(118,500
)
(118,500
)
Non-GAAP expectation - net income and diluted income per
share
$
422,500
$
6.40
$
454,500
$
6.89
Shares used in computing guidance for Non-GAAP diluted
income per share
66,000
66,000
Guidance - Free Cash Flow GAAP expectation - Net cash
provided by operating activities
$
355,000
$
370,000
Less: Purchases of property, equipment and leasehold improvements
(9,500
)
(9,500
)
Payments for capitalized computer software development costs
(1,000
)
(1,000
)
Acquisition and integration planning related fee payments
2,500
2,500
Free cash flow expectation (non-GAAP)
$
347,000
$
362,000
(a) Rounded amounts used, except per share data. (b) The
income tax effect on non-GAAP items for the twelve months ended
June 30, 2023 is calculated utilizing the Company’s statutory tax
rate of 21.6 percent.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220808005571/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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