Aspen Technology Announces $100 Million Share Repurchase Program
May 05 2023 - 7:30AM
Business Wire
Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in industrial software, announced today that its Board of
Directors has authorized a new share repurchase program for up to
$100 million of its outstanding shares of common stock in fiscal
years 2023 and 2024, subject to the terms of the program.
The program includes an accelerated share repurchase (“ASR”)
agreement with JPMorgan Chase Bank, National Association
(“JPMorgan”), to repurchase up to $100 million of AspenTech’s
common stock. The final settlement of the transactions under the
ASR agreement is expected to take place in the first quarter of
fiscal year 2024, subject to early acceleration by JPMorgan.
“Our primary capital allocation priority continues to be
acquisitions that support our long-term strategic growth,” said
Antonio Pietri, President and Chief Executive Officer of AspenTech.
“However, our strong balance sheet and base of recurring cash flows
also provide us with the opportunity to execute this buyback
program, which is in line with our capital allocation
strategy.”
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. 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; AspenTech’s
ability to successfully complete on the terms and conditions
contemplated, and the financial impact of, the proposed Micromine
transaction; 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230505005103/en/
Media Len Dieterle Aspen Technology +1 781-221-4291
len.dieterle@aspentech.com
Investor Brian Denyeau ICR for Aspen Technology +1
646-277-1251 brian.denyeau@icrinc.com
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