Aspen Technology Announces Financial Results for the Third Quarter of Fiscal 2022
Aspen Technology, Inc. (NASDAQ: AZPN) reported strong third-quarter fiscal 2022 results, with total revenue of $187.8 million, indicating growth from $130.0 million in license revenue, $50.0 million in maintenance revenue, and $7.7 million in services. Net income rose to $75.1 million or $1.12 per share. The company anticipates annual spend growth of 7-8% and free cash flow of at least $285 million. A shareholder meeting is set for May 16, 2022, to discuss a proposed transaction with Emerson, expected to close in Q4 fiscal 2022.
- Total revenue increased to $187.8 million, up from $163.1 million year-over-year.
- License revenue grew to $130.0 million, a rise from $110.1 million in Q3 FY21.
- Net income rose to $75.1 million, compared to $67.7 million in Q3 FY21.
- Free cash flow of $89.2 million generated during the quarter.
- Annual spend reached $655 million, up 7.4% year-over-year.
- None.
“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
Pietri continued, “We are also excited to be approaching the completion of our proposed transaction with Emerson with the shareholder meeting set for
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
at the end of the third quarter of fiscal 2022, which increased$655 million 7.4% compared to the third quarter of fiscal 2021 and2.4% sequentially.
Summary of Third Quarter Fiscal Year 2022 Financial Results
AspenTech’s total revenue of
-
License revenue, which represents the portion of a term license agreement allocated to the initial license, was
in the third quarter of fiscal 2022, compared to$130.0 million in the third quarter of fiscal 2021.$110.1 million
-
Maintenance revenue, which represents the portion of the term license agreement related to ongoing support and the right to future product enhancements, was
in the third quarter of fiscal 2022, compared to$50.0 million in the third quarter of fiscal 2021.$45.9 million
-
Services and other revenue was
in the third quarter of fiscal 2022, compared to$7.7 million in the third quarter of fiscal 2021.$6.7 million
For the quarter ended
Net income was
Non-GAAP income from operations was
During the third quarter, the company generated
Business Outlook
Based on information as of today,
-
Annual spend growth of 7
-8% year-over-year -
Free cash flow of at least
$285 million -
Total bookings of
to$814 $840 million -
Total revenue of
to$737 $754 million -
GAAP total expense of
to$410 $415 million -
Non-GAAP total expense of
to$333 $338 million -
GAAP operating income of
to$327 $339 million -
Non-GAAP operating income of
to$404 $416 million -
GAAP net income of
to$299 $310 million -
Non-GAAP net income of
to$360 $371 million -
GAAP net income per share of
to$4.43 $4.59 -
Non-GAAP net income per share of
to$5.33 $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
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.
Conference Call and Webcast
About
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
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
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
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.
© 2022
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited in Thousands, Except Per Share Data) |
||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||
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 |
CONSOLIDATED BALANCE SHEETS (Unaudited in Thousands, Except Share and Per Share Data) |
||||||
2022 |
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 |
||
|
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, Authorized— 3,636 shares as of Issued and outstanding— none as of |
|
- |
|
- |
||
Stockholders’ equity: | ||||||
Common stock, Issued— 104,845,904 shares at Outstanding— 66,607,779 shares at |
|
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 |
||
|
(2,046,188) |
|
(1,816,499) |
|||
Total stockholders’ equity |
|
774,855 |
|
800,757 |
||
Total liabilities and stockholders’ equity | $ |
1,381,017 |
$ |
1,454,000 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited in Thousands) |
||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||
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 |
Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows (Unaudited in Thousands, Except Per Share Data) |
||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||
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 Ended |
Nine Months Ended |
|||||||||||
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 Ended |
Nine Months Ended |
|||||||||||
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 Ended |
Nine Months Ended |
|||||||||||
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 |
Reconciliation of (Unaudited in Thousands, Except Per Share Data) |
||||||||||||
Twelve Months Ended |
||||||||||||
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 |
|||||
(c) The company is estimating free cash flow of at least |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005651/en/
Media Contact
+1 781-221-4291
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