Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global
leader in industrial software, today announced financial results
for its second quarter in fiscal 2024, ended December 31, 2023.
“AspenTech had a solid second quarter with strong demand for our
products and solutions,” commented Antonio Pietri, President and
Chief Executive Officer of AspenTech. “We continue to see numerous
growth opportunities in asset-intensive industries as they navigate
the energy transition and focus on efficiencies and sustainability
use cases. In particular, with DGM, we are uniquely positioned to
capitalize on the unprecedented investment cycle to expand and
upgrade the grid globally.”
“We continue to see resilient demand and meaningful pipeline
growth across most end markets as we move into the second half of
our fiscal year. We remain confident in our outlook for fiscal
2024, and we are reaffirming our ACV growth target of at least 11.5
percent,” concluded Pietri.
Second Quarter Fiscal Year 2024 Recent Business
Highlights
- Annual contract value1 (“ACV”) was $914.1 million at the end of
the second quarter of fiscal 2024, increasing 9.6% year over year
and 1.8% quarter over quarter. This result reflects the delay of a
customer agreement that was scheduled to renew in the second
quarter of fiscal 2024 and reduced ACV growth by approximately 0.6
points. AspenTech now expects this customer renewal to close in the
third quarter of fiscal 2024, with a corresponding benefit to ACV
growth.
- Cash flow from operations was $29.8 million for the second
quarter of fiscal 2024, compared to $49.5 million in the second
quarter of fiscal 2023.
- Free cash flow2 was $29.2 million for the second quarter of
fiscal 2024, compared to $47.8 million in the second quarter of
fiscal 2023.
Summary of Second Quarter Fiscal Year 2024 Financial
Results
AspenTech’s total revenue was $257.2 million in the second
quarter of fiscal 2024 and included the following:
- 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 $152.5 million in the second quarter of
fiscal 2024, compared to $149.8 million in the second quarter of
fiscal 2023.
- Maintenance revenue, which represents the portion of
customer agreements related to ongoing support and the right to
future product enhancements, was $85.1 million in the second
quarter of fiscal 2024, compared to $78.6 million in the second
quarter of fiscal 2023.
- Services and other revenue, which represents the portion
of customer agreements related to professional services and
training services, was $19.6 million in the second quarter of
fiscal 2024, compared to $14.4 million in the second quarter of
fiscal 2023.
Loss from operations was $49.2 million in the second quarter of
fiscal 2024, compared to $59.4 million in the second quarter of
fiscal 2023. Non-GAAP income from operations was $88.7 million in
the second quarter of fiscal 2024, compared to $86.6 million in the
second quarter of fiscal 2023. A reconciliation of GAAP to non-GAAP
results is presented in the financial tables included in this press
release.
Net loss was $21.5 million, or $0.34 per diluted share, in the
second quarter of fiscal 2024, compared to $66.2 million, or $1.02
per diluted share, in the second quarter of fiscal 2023. AspenTech
has increased amortization of intangible assets following the close
of its transaction with Emerson Electric Co. AspenTech expects its
amortization of intangible assets to remain at higher levels for
the next several years as the related asset balance is amortized
over the respective expected useful lives of the intangible
assets.
Non-GAAP net income was $87.8 million, or $1.37 per diluted
share, in the second quarter of fiscal 2024, compared to $22.8
million, or $0.35 per diluted share, in the second quarter of
fiscal 2023. The year-over-year increase in non-GAAP net income was
mainly due to the change in approach to computing AspenTech’s tax
provision, which initially occurred in the second quarter of fiscal
2023.
AspenTech had cash and cash equivalents of $130.8 million as of
December 31, 2023, compared to $241.2 million as of June 30, 2023.
The decrease in cash and cash equivalents during this period was
due to the impact of share repurchase activity under AspenTech’s
$300.0 million share repurchase authorization (the “share
repurchase authorization”) in the first half of fiscal 2024. Please
see below for an update on the share repurchase authorization.
Under its revolving credit facility, AspenTech had no borrowings
and $197.4 million available as of December 31, 2023.
AspenTech generated $29.8 million in cash flow from operations
and $29.2 million in free cash flow2 in the second quarter of
fiscal 2024, compared to $49.5 million in cash flow from operations
and $47.8 million in free cash flow2 in the second quarter of
fiscal 2023. The difference in free cash flow2 results between
periods was mainly due to the variability of contract cycle
renewals and billings between quarters as well as higher expenses
and cash tax in the second quarter of fiscal 2024.
Recent Developments
Appointment of Interim Chief Financial Officer
Effective January 1, 2024, Christopher Stagno was appointed to
the position of Senior Vice President, Interim Chief Financial
Officer of AspenTech, while AspenTech searches for a new permanent
Chief Financial Officer following Chantelle Breithaupt’s previously
announced resignation from the role, effective December 31, 2023.
Mr. Stagno is an experienced financial executive with deep
knowledge of AspenTech’s business and over 25 years of leadership
in finance, including at various software companies.
Share Repurchase Authorization Update
AspenTech repurchased 375,041 shares for $72.1 million under its
$300.0 million share repurchase authorization, announced on August
1, 2023, in the second quarter of fiscal 2024. As of December 31,
2023, a total of 954,839 shares had been repurchased under the
share repurchase authorization for $186.3 million, with the total
remaining value being $113.7 million.
Fiscal Year 2024 Business Outlook
Based on information as of today, February 6, 2024, AspenTech is
reaffirming its fiscal 2024 guidance and increasing its Non-GAAP
net income per share guidance by $0.02 to reflect the impact of
share repurchase activity in the second quarter of fiscal 2024.
AspenTech’s fiscal 2024 guidance is as follows.
- 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 $6.59
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 Tuesday, February 6, 2024, 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 second
quarter of fiscal 2024. AspenTech asks that shareholders refer to
this presentation in conjunction with the 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.
- Free cash flow is a non-GAAP metric that is calculated as net
cash provided by operating activities adjusted for the net impact
of purchases of property, equipment and leasehold improvements and
payments for capitalized computer software development costs.
Effective January 1, 2023, AspenTech no longer excludes acquisition
and integration planning related payments from its 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 asset-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, closing of customer renewals 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
Russia-Ukraine war and the Israeli-Hamas 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, and inflation; and others, as set forth in AspenTech’s
most recent Annual Report on Form 10-K and subsequent reports filed
with the U.S. Securities and Exchange Commission (the “SEC”). The
outlook contained herein represents AspenTech’s expectation for its
consolidated results, other than as noted herein.
© 2024 Aspen Technology, Inc. AspenTech, aspenONE, asset
optimization and the Aspen leaf logo are trademarks of Aspen
Technology, Inc. All rights reserved. All other trademarks not
owned by AspenTech are property of their respective owners.
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under
the rules of the SEC. 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.
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
(Dollars and Shares in
Thousands, Except per share data)
Revenue:
License and solutions
$
152,463
$
149,843
$
301,111
$
310,068
Maintenance
85,056
78,628
170,024
156,994
Services and other
19,644
14,367
35,336
26,595
Total revenue
257,163
242,838
506,471
493,657
Cost of revenue:
License and solutions
67,326
70,833
138,903
140,346
Maintenance
10,647
9,567
20,848
18,784
Services and other
16,960
12,698
33,242
25,098
Total cost of revenue
94,933
93,098
192,993
184,228
Gross profit
162,230
149,740
313,478
309,429
Operating expenses:
Selling and marketing
122,240
117,951
244,618
236,225
Research and development
53,145
49,954
106,821
99,695
General and administrative
36,088
41,230
71,494
84,086
Total operating expenses
211,473
209,135
422,933
420,006
Loss from operations
(49,243
)
(59,395
)
(109,455
)
(110,577
)
Other (expense) income, net
(199
)
38,643
(6,029
)
(19,989
)
Interest income, net
12,283
4,120
26,333
9,143
Loss before benefit for income taxes
(37,159
)
(16,632
)
(89,151
)
(121,423
)
(Benefit) provision for income taxes
(15,659
)
49,565
(33,126
)
(43,982
)
Net loss
$
(21,500
)
$
(66,197
)
$
(56,025
)
$
(77,441
)
Net loss per common share:
Basic
$
(0.34
)
$
(1.02
)
$
(0.88
)
$
(1.20
)
Diluted
$
(0.34
)
$
(1.02
)
$
(0.88
)
$
(1.20
)
Weighted average shares
outstanding:
Basic
63,699
64,621
64,009
64,538
Diluted
63,699
64,621
64,009
64,538
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
December 31, 2023
June 30, 2023
(Dollars in Thousands, Except
Share Data)
ASSETS
Current assets:
Cash and cash equivalents
$
130,753
$
241,209
Accounts receivable, net
129,837
122,789
Current contract assets, net
357,847
367,539
Prepaid expenses and other current
assets
26,314
27,728
Receivables from related parties
61,479
62,375
Prepaid income taxes
3,021
11,424
Total current assets
709,251
833,064
Property, equipment and leasehold
improvements, net
16,756
18,670
Goodwill
8,329,997
8,330,811
Intangible assets, net
4,428,636
4,659,657
Non-current contract assets, net
606,318
536,104
Contract costs
18,971
15,992
Operating lease right-of-use assets
97,035
67,642
Deferred income tax assets
11,392
10,638
Other non-current assets
9,488
13,474
Total assets
$
14,227,844
$
14,486,052
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
16,517
$
20,299
Accrued expenses and other current
liabilities
81,059
99,526
Due to related parties
96,087
22,019
Current operating lease liabilities
13,810
12,928
Income taxes payable
28,988
46,205
Current contract liabilities
135,522
151,450
Total current liabilities
371,983
352,427
Non-current contract liabilities
35,036
30,103
Deferred income tax liabilities
867,927
957,911
Non-current operating lease
liabilities
83,812
55,442
Other non-current liabilities
20,013
19,240
Stockholders’ equity:
Common stock, $0.0001 par value
Authorized—600,000,000 shares
Issued— 65,170,178 and 64,952,868
shares
Outstanding— 63,620,668 and 64,465,242
shares
6
6
Additional paid-in capital
13,241,067
13,194,028
Accumulated deficit
(97,416
)
(41,391
)
Accumulated other comprehensive (loss)
income
(3,895
)
2,436
Treasury stock, at cost — 1,549,510 and
487,626 shares of common stock
(290,689
)
(84,150
)
Total stockholders’ equity
12,849,073
13,070,929
Total liabilities and stockholders’
equity
$
14,227,844
$
14,486,052
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
(Dollars in Thousands)
Cash flows from operating
activities:
Net loss
$
(21,500
)
$
(66,197
)
$
(56,025
)
$
(77,441
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
123,167
122,556
246,386
245,102
Reduction in the carrying amount of
right-of-use assets
3,370
3,271
6,932
6,562
Net foreign currency losses (gains)
274
(3,588
)
6,168
4,744
Stock-based compensation
16,211
23,441
32,910
41,177
Deferred income taxes
(43,130
)
(35,946
)
(94,210
)
(106,384
)
Provision for uncollectible
receivables
1,597
(381
)
3,385
3,228
Other non-cash operating activities
(648
)
(3,820
)
(629
)
(593
)
Changes in assets and
liabilities:
Accounts receivable
(40,126
)
(41,700
)
(10,709
)
(33,691
)
Contract assets
(33,864
)
(9,507
)
(57,926
)
(77,864
)
Contract costs
(1,896
)
(96
)
(3,059
)
(3,547
)
Lease liabilities
(3,338
)
(4,949
)
(7,108
)
(6,609
)
Prepaid expenses, prepaid income taxes,
and other assets
(584
)
81,184
(17,606
)
34,177
Liability from foreign currency forward
contract
—
(34,940
)
—
15,319
Accounts payable, accrued expenses, income
taxes payable and other liabilities
4,523
11,983
9,258
(1,490
)
Contract liabilities
25,771
8,223
(10,959
)
11,922
Net cash provided by operating
activities
29,827
49,534
46,808
54,612
Cash flows from investing
activities:
Purchases of property, equipment and
leasehold improvements
(500
)
(1,523
)
(1,437
)
(2,844
)
Payments for business acquisitions, net of
cash acquired
—
—
(8,273
)
(74,947
)
Payments for equity method investments
(423
)
(465
)
(521
)
(465
)
Payments for capitalized computer software
development costs
(131
)
(230
)
(131
)
(329
)
Payments for asset acquisitions
—
—
(12,500
)
—
Net cash used in investing activities
(1,054
)
(2,218
)
(22,862
)
(78,585
)
Cash flows from financing
activities:
Issuance of shares of common stock
4,635
17,135
7,920
25,605
Repurchases of common stock
(72,105
)
—
(186,329
)
—
Payment of tax withholding obligations
related to restricted stock
(11,905
)
(8,276
)
(13,843
)
(11,698
)
Deferred business acquisition payments
—
—
—
(1,363
)
Repayments of amounts borrowed under term
loan
—
(6,000
)
—
(12,000
)
Net transfers from Parent Company
64,865
17,426
68,755
29,872
Payments of debt issuance costs
—
—
—
(2,375
)
Net cash (used in) provided by financing
activities
(14,510
)
20,285
(123,497
)
28,041
Effect of exchange rate changes on cash
and cash equivalents
(4,050
)
(3,970
)
(10,905
)
(7,705
)
Increase (decrease) in cash and cash
equivalents
10,213
63,631
(110,456
)
(3,637
)
Cash and cash equivalents, beginning of
period
120,540
382,457
241,209
449,725
Cash and cash equivalents, end of
period
$
130,753
$
446,088
$
130,753
$
446,088
ASPEN TECHNOLOGY, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Results of Operations and Cash Flows
(Unaudited)
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
(Dollars and Shares in
Thousands, Except per Share Data)
Total
expenses
GAAP total expenses (a)
$
306,406
$
302,233
$
615,926
$
604,234
Less:
Stock-based compensation (b)
(16,211
)
(23,441
)
(32,910
)
(41,177
)
Amortization of intangibles (c)
(121,565
)
(121,161
)
(243,152
)
(242,321
)
Acquisition and integration planning
related fees
(125
)
(1,411
)
130
(6,269
)
Non-GAAP total expenses
$
168,505
$
156,220
$
339,994
$
314,467
(Loss) income
from operations
GAAP loss from operations
$
(49,243
)
$
(59,395
)
$
(109,455
)
$
(110,577
)
Plus:
Stock-based compensation (b)
16,211
23,441
32,910
41,177
Amortization of intangibles (c)
121,565
121,161
243,152
242,321
Acquisition and integration planning
related fees
125
1,411
(130
)
6,269
Non-GAAP income from operations
$
88,658
$
86,618
$
166,477
$
179,190
Net (loss)
income
GAAP net loss
$
(21,500
)
$
(66,197
)
$
(56,025
)
$
(77,441
)
Plus:
Stock-based compensation (b)
16,211
23,441
32,910
41,177
Amortization of intangibles (c)
121,565
121,161
243,152
242,321
Acquisition and integration planning
related fees
125
1,411
(130
)
6,269
Unrealized (gain) loss on foreign currency
forward contract
—
(34,940
)
—
15,319
Less:
Income tax effect on Non-GAAP items
(d)
(28,636
)
(22,075
)
(57,257
)
(62,591
)
Non-GAAP net income
$
87,765
$
22,801
$
162,650
$
165,054
Diluted (loss)
income per share
GAAP diluted loss per share
$
(0.34
)
$
(1.02
)
$
(0.88
)
$
(1.20
)
Plus:
Stock-based compensation (b)
0.25
0.36
0.51
0.64
Amortization of intangibles (c)
1.90
1.87
3.78
3.75
Acquisition and integration planning
related fees
—
0.02
—
0.10
Unrealized loss on foreign currency
forward contract
—
(0.54
)
—
0.24
Impact of diluted shares
0.01
—
0.01
—
Less:
Income tax effect on Non-GAAP items
(d)
(0.45
)
(0.34
)
(0.89
)
(0.97
)
Non-GAAP diluted income per share
$
1.37
$
0.35
$
2.53
$
2.56
Shares used in computing Non-GAAP diluted
income per share
64,008
64,621
64,343
64,538
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Free Cash
Flow (2)
Net cash provided by operating activities
(GAAP)
$
29,827
$
49,534
$
46,808
$
54,612
Purchases of property, equipment and
leasehold improvements
(500
)
(1,523
)
(1,437
)
(2,844
)
Payments for capitalized computer software
development costs
(131
)
(230
)
(131
)
(329
)
Free cash flow (2) (non-GAAP)
$
29,196
$
47,781
$
45,240
$
51,439
(a) GAAP total expenses
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Total costs of revenue
$
94,933
$
93,098
$
192,993
$
184,228
Total operating expenses
211,473
209,135
422,933
420,006
GAAP total expenses
$
306,406
$
302,233
$
615,926
$
604,234
(b) Stock-based compensation expense was
as follows:
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Cost of license and solutions
$
602
$
1,200
$
1,282
$
1,919
Cost of maintenance
729
474
1,217
1,035
Cost of services and other
360
428
858
858
Selling and marketing
2,707
3,826
5,649
7,191
Research and development
3,719
4,240
8,272
7,858
General and administrative
8,094
13,273
15,632
22,316
Total stock-based compensation
$
16,211
$
23,441
$
32,910
$
41,177
(c) Amortization of intangible assets was
as follows:
Three Months Ended
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
Cost of license and solutions
$
48,035
$
47,671
$
96,070
$
95,342
Selling and marketing
73,530
73,490
147,082
146,979
Total amortization of intangible
assets
$
121,565
$
121,161
$
243,152
$
242,321
(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
December 31,
Six Months Ended
December 31,
2023
2022
2023
2022
U.S. Statutory Rate
21.79
%
21.79
%
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
$
6.59
Shares used in computing guidance for
Non-GAAP diluted income per share
64,300
Guidance - Free Cash Flow (2)
(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 the change in methodology to calculate free cash
flow, as described in Footnote 2, and does not represent a change
in management’s expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240206121906/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 ir@aspentech.com
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