Aspen Technology Announces Financial Results for the First Quarter of Fiscal 2024
- AspenTech achieved double-digit ACV growth and strong demand across most markets in Q1 FY 2024.
- Operating cash flow increased to $17.0 million in Q1 FY 2024, compared to $5.1 million in Q1 FY 2023.
- Total revenue for Q1 FY 2024 was $249.3 million.
- AspenTech had cash and cash equivalents of $120.5 million as of September 30, 2023.
- None.
“We delivered solid results in the first quarter, once again achieving double-digit ACV growth on strong demand across most markets,” said Antonio Pietri, President and Chief Executive Officer of AspenTech. “While our first year as new AspenTech was centered on building the foundation, our focus in fiscal 2024 is on execution and expansion. Our work in these areas is off to a strong start, and we remain committed to helping our customers to run their assets safer, greener, longer, and faster through our expanded portfolio and greater market reach.”
Pietri continued, “AspenTech solutions are mission-critical to customers around the world. We are seeing numerous opportunities to help asset-intensive companies better meet their profitability and sustainability objectives as well as promising signs of growth across many different sustainability pathways. We remain confident in our business outlook and are reiterating our guidance for fiscal 2024.”
First Quarter Fiscal Year 2024 Recent Business Highlights
-
Annual contract value1 (“ACV”) was
$897.6 million 10.9% year over year and1.4% quarter over quarter. -
Operating cash flow was
$17.0 million $5.1 million -
Free cash flow2 was
$16.0 million $3.7 million
Summary of First Quarter Fiscal Year 2024 Financial Results
AspenTech’s total revenue was
-
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, hardware and professional services are recognized as one performance obligation, was
$148.6 million $160.2 million -
Maintenance revenue, which represents the portion of customer agreements related to ongoing support and the right to future product enhancements, was
$85.0 million $78.4 million -
Services and other revenue, which represents the portion of customer agreements related to professional services and training services, was
$15.7 million $12.2 million
Loss from operations was
Net loss was
Non-GAAP net income was
AspenTech had cash and cash equivalents of
AspenTech generated
Recent Developments
Chief Financial Officer Transition
On October 19, 2023, AspenTech announced that Chantelle Breithaupt had informed the Company that she plans to step down as Chief Financial Officer for another opportunity. Ms. Breithaupt will continue in her role through December 31, 2023. Christopher Stagno, who currently serves as SVP, Chief Accounting Officer, will assume the role of Interim CFO, effective January 1, 2024, should a permanent CFO not have been named.
Share Repurchase Programs Update
AspenTech settled its
Fiscal Year 2024 Business Outlook
Based on information as of today, November 6, 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 flow2 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
$6.57
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 Monday, November 6, 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, 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/.
AspenTech has provided an earnings presentation for its first quarter of fiscal 2024. 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.
- 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.
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 share repurchase authorization. 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
© 2023 Aspen Technology, Inc. AspenTech, aspenONE, asset optimization and the
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under the rules of the
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 SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended September 30, |
||||||
|
2023 |
|
2022 |
||||
|
(Dollars and Shares in Thousands, Except per share data) |
||||||
Revenue: |
|
|
|
||||
License and solutions |
$ |
148,648 |
|
|
$ |
160,224 |
|
Maintenance |
|
84,968 |
|
|
|
78,366 |
|
Services and other |
|
15,692 |
|
|
|
12,229 |
|
Total revenue |
|
249,308 |
|
|
|
250,819 |
|
Cost of revenue: |
|
|
|
||||
License and solutions |
|
71,578 |
|
|
|
69,513 |
|
Maintenance |
|
10,200 |
|
|
|
9,217 |
|
Services and other |
|
16,282 |
|
|
|
12,400 |
|
Total cost of revenue |
|
98,060 |
|
|
|
91,130 |
|
Gross profit |
|
151,248 |
|
|
|
159,689 |
|
Operating expenses: |
|
|
|
||||
Selling and marketing |
|
122,378 |
|
|
|
118,274 |
|
Research and development |
|
53,676 |
|
|
|
49,740 |
|
General and administrative |
|
35,405 |
|
|
|
42,848 |
|
Restructuring costs |
|
— |
|
|
|
9 |
|
Total operating expenses |
|
211,459 |
|
|
|
210,871 |
|
Loss from operations |
|
(60,211 |
) |
|
|
(51,182 |
) |
Other expense, net |
|
(5,830 |
) |
|
|
(58,632 |
) |
Interest income, net |
|
14,049 |
|
|
|
5,023 |
|
Loss before benefit for income taxes |
|
(51,992 |
) |
|
|
(104,791 |
) |
Benefit for income taxes |
|
(17,467 |
) |
|
|
(93,547 |
) |
Net loss |
$ |
(34,525 |
) |
|
$ |
(11,244 |
) |
Net loss per common share: |
|
|
|
||||
Basic |
$ |
(0.54 |
) |
|
$ |
(0.17 |
) |
Diluted |
$ |
(0.54 |
) |
|
$ |
(0.17 |
) |
Weighted average shares outstanding: |
|
|
|
||||
Basic |
|
64,319 |
|
|
|
64,454 |
|
Diluted |
|
64,319 |
|
|
|
64,454 |
|
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
|
|
|
|
||||
|
September 30, 2023 |
|
June 30, 2023 |
||||
|
(Dollars in Thousands, Except Share and Per Share Data) |
||||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
120,540 |
|
|
$ |
241,209 |
|
Accounts receivable, net |
|
87,977 |
|
|
|
122,789 |
|
Current contract assets, net |
|
369,019 |
|
|
|
367,539 |
|
Prepaid expenses and other current assets |
|
32,010 |
|
|
|
27,728 |
|
Receivables from related parties |
|
59,458 |
|
|
|
62,375 |
|
Prepaid income taxes |
|
15,319 |
|
|
|
11,424 |
|
Total current assets |
|
684,323 |
|
|
|
833,064 |
|
Property, equipment and leasehold improvements, net |
|
17,484 |
|
|
|
18,670 |
|
Goodwill |
|
8,328,192 |
|
|
|
8,330,811 |
|
Intangible assets, net |
|
4,549,858 |
|
|
|
4,659,657 |
|
Non-current contract assets, net |
|
547,617 |
|
|
|
536,104 |
|
Contract costs |
|
17,138 |
|
|
|
15,992 |
|
Operating lease right-of-use assets |
|
64,322 |
|
|
|
67,642 |
|
Deferred income tax assets |
|
12,019 |
|
|
|
10,638 |
|
Other non-current assets |
|
19,721 |
|
|
|
13,474 |
|
Total assets |
$ |
14,240,674 |
|
|
$ |
14,486,052 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
15,301 |
|
|
$ |
20,299 |
|
Accrued expenses and other current liabilities |
|
79,536 |
|
|
|
99,526 |
|
Due to related parties |
|
29,253 |
|
|
|
22,019 |
|
Current operating lease liabilities |
|
12,570 |
|
|
|
12,928 |
|
Income taxes payable |
|
48,461 |
|
|
|
46,205 |
|
Current contract liabilities |
|
117,110 |
|
|
|
151,450 |
|
Total current liabilities |
|
302,231 |
|
|
|
352,427 |
|
Non-current contract liabilities |
|
27,671 |
|
|
|
30,103 |
|
Deferred income tax liabilities |
|
911,967 |
|
|
|
957,911 |
|
Non-current operating lease liabilities |
|
52,485 |
|
|
|
55,442 |
|
Other non-current liabilities |
|
19,401 |
|
|
|
19,240 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, Authorized— 600,000,000 shares Issued— 65,030,408 and 64,952,868 shares Outstanding— 63,855,939 and 64,465,242 shares |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
13,230,178 |
|
|
|
13,194,028 |
|
Accumulated deficit |
|
(75,916 |
) |
|
|
(41,391 |
) |
Accumulated other comprehensive (loss) income |
|
(8,765 |
) |
|
|
2,436 |
|
Treasury stock, at cost — 1,174,469 and 487,626 shares of common stock |
|
(218,584 |
) |
|
|
(84,150 |
) |
Total stockholders’ equity |
|
12,926,919 |
|
|
|
13,070,929 |
|
Total liabilities and stockholders’ equity |
$ |
14,240,674 |
|
|
$ |
14,486,052 |
|
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended September 30, |
||||||
|
2023 |
|
2022 |
||||
|
(Dollars in Thousands) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(34,525 |
) |
|
$ |
(11,244 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
123,219 |
|
|
|
122,546 |
|
Reduction in the carrying amount of right-of-use assets |
|
3,562 |
|
|
|
3,291 |
|
Net foreign currency losses |
|
5,894 |
|
|
|
8,332 |
|
Stock-based compensation |
|
16,699 |
|
|
|
17,736 |
|
Deferred income taxes |
|
(51,080 |
) |
|
|
(70,438 |
) |
Provision for uncollectible receivables |
|
1,788 |
|
|
|
3,609 |
|
Other non-cash operating activities |
|
19 |
|
|
|
3,225 |
|
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
29,417 |
|
|
|
8,009 |
|
Contract assets |
|
(24,062 |
) |
|
|
(68,357 |
) |
Contract costs |
|
(1,163 |
) |
|
|
(3,451 |
) |
Lease liabilities |
|
(3,770 |
) |
|
|
(1,659 |
) |
Prepaid expenses, prepaid income taxes, and other assets |
|
(17,022 |
) |
|
|
(47,004 |
) |
Liability from foreign currency forward contract |
|
— |
|
|
|
50,259 |
|
Accounts payable, accrued expenses, income taxes payable and other liabilities |
|
4,735 |
|
|
|
(13,476 |
) |
Contract liabilities |
|
(36,730 |
) |
|
|
3,699 |
|
Net cash provided by operating activities |
|
16,981 |
|
|
|
5,077 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property, equipment and leasehold improvements |
|
(937 |
) |
|
|
(1,321 |
) |
Payments for business acquisitions, net of cash acquired |
|
(8,273 |
) |
|
|
(74,947 |
) |
Payments for equity method investments |
|
(98 |
) |
|
|
— |
|
Payments for capitalized computer software development costs |
|
— |
|
|
|
(99 |
) |
Payments for asset acquisitions |
|
(12,500 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(21,808 |
) |
|
|
(76,367 |
) |
Cash flows from financing activities: |
|
|
|
||||
Issuance of shares of common stock |
|
3,285 |
|
|
|
8,470 |
|
Repurchases of common stock |
|
(114,224 |
) |
|
|
— |
|
Payment of tax withholding obligations related to restricted stock |
|
(1,938 |
) |
|
|
(3,422 |
) |
Deferred business acquisition payments |
|
— |
|
|
|
(1,363 |
) |
Repayments of amounts borrowed under term loan |
|
— |
|
|
|
(6,000 |
) |
Net transfers from Parent Company |
|
3,890 |
|
|
|
12,446 |
|
Payments of debt issuance costs |
|
— |
|
|
|
(2,375 |
) |
Net cash (used in) provided by financing activities |
|
(108,987 |
) |
|
|
7,756 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(6,855 |
) |
|
|
(3,733 |
) |
Decrease in cash and cash equivalents |
|
(120,669 |
) |
|
|
(67,267 |
) |
Cash and cash equivalents, beginning of period |
|
241,209 |
|
|
|
449,725 |
|
Cash and cash equivalents, end of period |
$ |
120,540 |
|
|
$ |
382,458 |
|
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows (Unaudited Dollars in Thousands, Except per Share Data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
Total expenses |
|
|
|
|
|
|
|
|
GAAP total expenses (a) |
|
$ |
309,519 |
|
|
$ |
302,001 |
|
Less: |
|
|
|
|
|
|
|
|
Stock-based compensation (b) |
|
|
(16,699 |
) |
|
|
(17,736 |
) |
Amortization of intangibles (c) |
|
|
(121,587 |
) |
|
|
(121,160 |
) |
Acquisition and integration planning related fees |
|
|
255 |
|
|
|
(4,858 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP total expenses |
|
$ |
171,488 |
|
|
$ |
158,247 |
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations |
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
$ |
(60,211 |
) |
|
$ |
(51,182 |
) |
Plus: |
|
|
|
|
|
|
|
|
Stock-based compensation (b) |
|
|
16,699 |
|
|
|
17,736 |
|
Amortization of intangibles (c) |
|
|
121,587 |
|
|
|
121,160 |
|
Acquisition and integration planning related fees |
|
|
(255 |
) |
|
|
4,858 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations |
|
$ |
77,820 |
|
|
$ |
92,572 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(34,525 |
) |
|
$ |
(11,244 |
) |
Plus: |
|
|
|
|
|
|
|
|
Stock-based compensation (b) |
|
|
16,699 |
|
|
|
17,736 |
|
Amortization of intangibles (c) |
|
|
121,587 |
|
|
|
121,160 |
|
Acquisition and integration planning related fees |
|
|
(255 |
) |
|
|
4,858 |
|
Unrealized loss on foreign currency forward contract |
|
|
— |
|
|
|
50,259 |
|
Less: |
|
|
|
|
|
|
|
|
Income tax effect on Non-GAAP items (d) |
|
|
(28,621 |
) |
|
|
(40,730 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
74,885 |
|
|
$ |
142,039 |
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share |
|
|
|
|
|
|
|
|
GAAP diluted loss per share |
|
$ |
(0.54 |
) |
|
$ |
(0.17 |
) |
Plus: |
|
|
|
|
|
|
|
|
Stock-based compensation (b) |
|
|
0.26 |
|
|
|
0.28 |
|
Amortization of intangibles (c) |
|
|
1.88 |
|
|
|
1.88 |
|
Acquisition and integration planning related fees |
|
|
— |
|
|
|
0.07 |
|
Unrealized loss on foreign currency forward contract |
|
|
— |
|
|
|
0.77 |
|
Less: |
|
|
|
|
|
|
|
|
Income tax effect on Non-GAAP items (d) |
|
|
(0.44 |
) |
|
|
(0.63 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP diluted income per share |
|
$ |
1.16 |
|
|
$ |
2.20 |
|
|
|
|
|
|
|
|
|
|
Shares used in computing Non-GAAP diluted income per share |
|
|
64,658 |
|
|
|
64,454 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
Free Cash Flow (2) |
|
|
|
|
|
|
|
|
Net cash provided by operating activities (GAAP) |
|
$ |
16,981 |
|
|
$ |
5,077 |
|
Purchases of property, equipment and leasehold improvements |
|
|
(937 |
) |
|
|
(1,321 |
) |
Payments for capitalized computer software development costs |
|
|
— |
|
|
|
(99 |
) |
Free cash flow (non-GAAP) |
|
$ |
16,044 |
|
|
$ |
3,657 |
|
|
|
|
|
|
|
|
|
|
(a) GAAP total expenses |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
Total costs of revenue |
|
$ |
98,060 |
|
|
$ |
91,130 |
|
Total operating expenses |
|
|
211,459 |
|
|
|
210,871 |
|
GAAP total expenses |
|
$ |
309,519 |
|
|
$ |
302,001 |
|
|
|
|
|
|
|
|
|
|
(b) Stock-based compensation expense was as follows: |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
Cost of license and solutions |
|
$ |
680 |
|
|
$ |
742 |
|
Cost of maintenance |
|
|
488 |
|
|
|
561 |
|
Cost of services and other |
|
|
498 |
|
|
|
408 |
|
Selling and marketing |
|
|
2,942 |
|
|
|
3,347 |
|
Research and development |
|
|
4,553 |
|
|
|
3,611 |
|
General and administrative |
|
|
7,538 |
|
|
|
9,067 |
|
Total stock-based compensation |
|
$ |
16,699 |
|
|
$ |
17,736 |
|
|
|
|
|
|
|
|
|
|
(c) Amortization of intangible assets was as follows: |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
Cost of license and solutions |
|
$ |
48,035 |
|
|
$ |
47,670 |
|
Selling and marketing |
|
|
73,552 |
|
|
|
73,490 |
|
Total amortization of intangible assets |
|
$ |
121,587 |
|
|
$ |
121,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (d) The income tax effect on non-GAAP items for the three months ended September 30, 2023 and 2022, respectively, is calculated utilizing the Company's combined US federal and state statutory tax rate as following: | ||||||||
|
|
Three Months Ended September 30, |
||||||
|
|
2023 |
|
2022 |
||||
|
|
|
21.79 |
% |
|
|
21.79 |
% |
ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES Reconciliation of Forward-Looking Guidance (Unaudited Dollars in Thousands, Except per Share Data) |
|||||||
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30, 2024 (3) |
||||||
|
|
|
|
|
|
|
|
Guidance - Total expenses |
|
|
|
|
|
|
|
GAAP expectation - total expenses |
$ |
1,220,000 |
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Stock-based compensation |
|
(59,000 |
) |
|
|
|
|
Amortization of intangible assets |
|
(486,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP expectation - total expenses |
$ |
675,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance - (Loss) income from operations |
|
|
|
|
|
|
|
GAAP expectation - loss from operations |
$ |
(100,000 |
) |
|
|
|
|
Plus: |
|
|
|
|
|
|
|
Stock-based compensation |
|
59,000 |
|
|
|
|
|
Amortization of intangible assets |
|
486,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP expectation - income from operations |
$ |
445,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance - Net (loss) income and diluted (loss) income per share |
|
|
|
|
|
|
|
GAAP expectation - net loss and diluted loss per share |
$ |
(7,000 |
) |
|
$ |
(0.11 |
) |
Plus: |
|
|
|
|
|
|
|
Stock-based compensation |
|
59,000 |
|
|
|
|
|
Amortization of intangible assets |
|
486,000 |
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Income tax effect on Non-GAAP items (4) |
|
(114,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP expectation - net income and diluted income per share |
$ |
424,000 |
|
|
$ |
6.57 |
|
|
|
|
|
|
|
|
|
Shares used in computing guidance for Non-GAAP diluted income per share |
|
64,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance - Free Cash Flow (5) |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
| __________ | |
(3) |
Rounded amount used, except per share data. |
(4) |
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. |
(5) |
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231106823775/en/
Media
Len Dieterle
Aspen Technology
+1 781-221-4291
len.dieterle@aspentech.com
Investors
Brian Denyeau
ICR for Aspen Technology
+1 646-277-1251
ir@aspentech.com
Source: Aspen Technology, Inc.
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