Aspen Technology Announces Financial Results for the Fourth Quarter and Fiscal 2023

BEDFORD, Mass.–(BUSINESS WIRE)–Aspen Technology, Inc. (AspenTech) (NASDAQ: AZPN), a global leader in industrial software, today announced financial results for its fourth quarter and fiscal year 2023, ended June 30, 2023.

“The fourth quarter was a strong finish to an important year and showed benefits from our transformation efforts and learnings in fiscal 2023. We delivered a full year of double-digit ACV growth, ending above the midpoint of our guidance range. Demand in most of our end markets and geographies was strong in the quarter and throughout the year. This performance, during an unpredictable macro environment, validates the mission criticality of AspenTech solutions to our customers’ operations and strategic priorities,” said Antonio Pietri, President and Chief Executive Officer of AspenTech.

Fiscal Year 2023 Recent Business Highlights

Annual Contract Value1 (“ACV”) was $884.9 million at the end of fiscal 2023, increasing 11.8% year over year and 3.5% quarter over quarter.

Annual Spend for Heritage AspenTech2 was $730.9 million at the end of fiscal 2023, increasing 8.5% year over year and 2.7% quarter over quarter.

Operating cash flow was $299.2 million for fiscal 2023.

Free cash flow3 was $292.3 million for fiscal 2023.

AspenTech Board of Directors approved new $300.0 million share repurchase authorization for fiscal 2024; AspenTech set to complete previously announced $100.0 million accelerated share repurchase program in the first quarter of fiscal 2024.

Summary of Fourth Quarter and Fiscal Year 2023 Financial Results4, 5

AspenTech’s total revenue was $320.6 million for the fourth quarter of fiscal 2023 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 and professional services are recognized as one performance obligation, was $222.8 million, compared to $179.3 million in the fourth quarter of fiscal 2022.

Maintenance revenue, which represents the portion of customer agreements related to ongoing support and the right to future product enhancements, was $82.6 million, compared to $50.2 million in the fourth quarter of fiscal 2022.

Services and other revenue was $15.2 million, compared to $9.5 million in the fourth quarter of fiscal 2022.

Income from operations was $6.0 million in the fourth quarter of fiscal 2023, compared to income from operations of $39.2 million in the fourth quarter of fiscal 2022.

Net income was $27.3 million or $0.42 per diluted share in the fourth quarter of fiscal 2023, compared to net income of $57.2 million, or $1.13 per diluted share, in the fourth quarter of fiscal 2022. The Company has elevated amortization of intangible assets following the close of the transaction with Emerson. As a result, the Company expects its amortization of intangible assets to remain elevated for the next several years as the related asset balance is amortized over time.

Non-GAAP income from operations was $148.9 million in the fourth quarter of fiscal 2023. Non-GAAP net income was $138.2 million, or $2.13 per share, for the fourth quarter of fiscal 2023. These non-GAAP results add back the impact of stock-based compensation expense, amortization of intangibles, fees related to acquisitions and integration planning and realized and unrealized gains and losses in connection with derivatives on foreign currency forward contracts. A reconciliation of GAAP to non-GAAP results is presented in the financial tables included in this press release.

As of June 30, 2023, AspenTech had cash and cash equivalents of $241.2 million, no borrowings, and $193.1 million available on its revolving credit facility.

During the fourth quarter, AspenTech generated $113.6 million in cash flow from operations and $111.5 million in free cash flow3. 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 and payments for capitalized computer software development costs. Free cash flow was below our guidance for fiscal 2023 due to lower-than-expected cash collections. AspenTech has already received a significant portion of these payments in July 2023.

Recent Developments

Micromine Transaction Update

AspenTech, in collaboration with Potentia, Micromine’s majority owner, has terminated its share sale agreement to acquire Micromine. AspenTech and Potentia were waiting to secure a final Russian regulatory approval as a condition to closing the transaction. As this process continued, the timing and requirements necessary to get this approval became increasingly unclear. This lack of clarity on the potential for, and timing of, a successful review led AspenTech and Potentia to this mutual course of action. AspenTech will not be paying any termination fee as part of this arrangement.

Share Repurchase Programs Update

AspenTech announced today that its Board of Directors has approved a new share repurchase authorization, through which the Company may repurchase up to $300 million of its outstanding shares of common stock in fiscal 2024. This authorization is in addition to the Company’s $100 million accelerated share repurchase program announced on May 5, 2023. The Company expects to complete the accelerated share repurchase program in its first quarter of fiscal 2024. Upon its completion, the Company will begin executing the $300 million share repurchase authorization.

Fiscal Year 2024 Business Outlook

Based on information as of today, August 1, 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 flow3 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 $6.51

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, August 1, 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, http://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/.

Expanded Earnings Presentation

AspenTech has provided an expanded earnings presentation for its fourth quarter and fiscal 2023. 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.

AspenTech defines Annual Spend for Heritage AspenTech as the annualized value of all term license and SMS contracts at the end of the quarter for the businesses other than OSI and Subsurface Science and Engineering (SSE). AspenTech will no longer disclose its Annual Spend metric starting in the first quarter of fiscal year 2024.

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.

As a result of the transaction between AspenTech and Emerson Electric Co. (“Emerson”), EmerSubCX, the subsidiary Emerson created as part of the transaction, became the surviving entity when the transaction closed on May 16, 2022. The comparable three-month period shown in the financial statements for fiscal 2022 reflects 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 from May 16, 2022 to June 30, 2022. In addition, in conjunction with the closing of the transaction, EmerSubCX adjusted its fiscal year end from September 30 to June 30 to align with Heritage AspenTech’s fiscal year end. As a result, the financial results for fiscal 2022 are for the nine months from October 1, 2021 to June 30, 2022 and include the nine-month results of the OSI and SSE businesses Emerson contributed to new AspenTech and the results of Heritage AspenTech for the period from May 16, 2022 to June 30, 2022.

Prior period financial information throughout this press release has been revised to conform with the current period presentation.

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 accelerated share repurchase program. 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 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, and 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.

© 2023 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.

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 (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. 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
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Unaudited in Thousands, Except per Share Data)

 

Three Months Ended
June 30,
Year Ended
June 30,
Nine Months
Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Revenue:

License and solutions

$

222,825

 

$

179,260

 

$

669,185

 

$

278,589

 

Maintenance

 

82,634

 

 

50,201

 

 

316,911

 

 

103,786

 

Services and other

 

15,184

 

 

9,459

 

 

58,082

 

 

22,921

 

Total revenue

 

320,643

 

 

238,920

 

 

1,044,178

 

 

405,296

 

Cost of revenue:

License and solutions

 

70,238

 

 

56,491

 

 

279,564

 

 

125,258

 

Maintenance

 

8,846

 

 

6,660

 

 

36,650

 

 

15,030

 

Services and other

 

16,478

 

 

7,867

 

 

57,375

 

 

16,108

 

Total cost of revenue

 

95,562

 

 

71,018

 

 

373,589

 

 

156,396

 

Gross profit

 

225,081

 

 

167,902

 

 

670,589

 

 

248,900

 

Operating expenses:

Selling and marketing

 

126,396

 

 

71,569

 

 

482,656

 

 

108,463

 

Research and development

 

55,606

 

 

33,440

 

 

209,347

 

 

64,285

 

General and administrative

 

37,094

 

 

23,703

 

 

161,651

 

 

39,878

 

Restructuring costs

 

 

 

36

 

 

 

 

117

 

Total operating expenses

 

219,096

 

 

128,748

 

 

853,654

 

 

212,743

 

Income (loss) from operations

 

5,985

 

 

39,154

 

 

(183,065

)

 

36,157

 

Other income (expense), net

 

3,850

 

 

4,414

 

 

(29,418

)

 

310

 

Interest income, net

 

12,807

 

 

3,542

 

 

31,917

 

 

3,494

 

Income (loss) before provision for income taxes

 

22,642

 

 

47,110

 

 

(180,566

)

 

39,961

 

(Benefit) for income taxes

 

(4,674

)

 

(10,076

)

 

(72,806

)

 

(13,185

)

Net income (loss)

$

27,316

 

$

57,186

 

$

(107,760

)

$

53,146

 

Net income (loss) per common share:

Basic

$

0.42

 

$

1.14

 

$

(1.67

)

$

1.30

 

Diluted

$

0.42

 

$

1.13

 

$

(1.67

)

$

1.30

 

Weighted average shares outstanding:

Basic

 

64,614

 

 

50,179

 

 

64,621

 

 

40,931

 

Diluted

 

64,943

 

 

50,406

 

 

64,621

 

 

41,008

 

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Unaudited in Thousands, Except Share and Per Share Data)

 

June 30,

 

2023

 

 

2022

 

ASSETS

Current assets:

Cash and cash equivalents

$

241,209

 

$

449,725

 

Accounts receivable, net

 

122,789

 

 

111,027

 

Current contract assets, net

 

367,539

 

 

428,833

 

Prepaid expenses and other current assets

 

27,728

 

 

23,461

 

Receivables from related parties

 

62,375

 

 

16,941

 

Prepaid income taxes

 

11,424

 

 

17,503

 

Total current assets

 

833,064

 

 

1,047,490

 

Property, equipment and leasehold improvements, net

 

18,670

 

 

17,148

 

Goodwill

 

8,330,811

 

 

8,266,809

 

Intangible assets, net

 

4,659,657

 

 

5,112,781

 

Non-current contract assets, net

 

536,104

 

 

428,232

 

Contract costs

 

15,992

 

 

5,473

 

Operating lease right-of-use assets

 

67,642

 

 

78,286

 

Deferred tax assets

 

10,638

 

 

4,937

 

Other non-current assets

 

13,474

 

 

8,766

 

Total assets

$

14,486,052

 

$

14,969,922

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

20,299

 

$

21,416

 

Accrued expenses and other current liabilities

 

99,526

 

 

90,123

 

Due to related parties

 

22,019

 

 

4,111

 

Current operating lease liabilities

 

12,928

 

 

7,191

 

Income taxes payable

 

46,205

 

 

6,768

 

Current borrowings

 

 

 

28,000

 

Current contract liabilities

 

151,450

 

 

143,327

 

Total current liabilities

 

352,427

 

 

300,936

 

Non-current contract liabilities

 

30,103

 

 

21,081

 

Deferred income tax liabilities

 

957,911

 

 

1,145,408

 

Non-current operating lease liabilities

 

55,442

 

 

71,933

 

Non-current borrowings, net

 

 

 

245,647

 

Other non-current liabilities

 

19,240

 

 

15,560

 

Stockholders’ equity:

Common stock, 0.0001 par value—Authorized—600,000,000 shares
Issued— 64,952,868 shares at June 30, 2023 and 64,425,378 shares at June 30, 2022
Outstanding— 64,465,242 shares at June 30, 2023 and 64,425,378 shares at June 30, 2022

 

6

 

 

6

 

Additional paid-in capital

 

13,194,028

 

 

13,107,570

 

(Accumulated deficit) retained earnings

 

(41,391

)

 

66,369

 

Accumulated other comprehensive income (loss)

 

2,436

 

 

(4,588

)

Treasury stock, at cost- 487,626 shares of common stock at June 30, 2023 and none at June 30, 2022

 

(84,150

)

 

 

Total stockholders’ equity

 

13,070,929

 

 

13,169,357

 

Total liabilities and stockholders’ equity

$

14,486,052

 

$

14,969,922

 

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(Unaudited in Thousands)

 

Three Months Ended
June 30,
Year Ended
June 30,
Nine Months
Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Cash flows from operating activities:

Net income (loss)

$

27,316

 

$

57,186

 

$

(107,760

)

$

53,146

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

 

123,153

 

 

73,015

 

 

491,419

 

 

119,930

 

Reduction in the carrying amount of right-of-use assets

 

3,406

 

 

3,387

 

 

13,869

 

 

5,915

 

Net foreign currency losses (gains)

 

368

 

 

(4,533

)

 

4,079

 

 

(306

)

Net realized loss on settlement of foreign currency forward contracts

 

36,997

 

 

 

 

26,176

 

 

 

Stock-based compensation

 

20,830

 

 

14,786

 

 

84,850

 

 

15,763

 

Deferred income taxes

 

(36,880

)

 

(72,865

)

 

(192,926

)

 

(79,021

)

Provision for uncollectible receivables

 

3,883

 

 

(54

)

 

7,827

 

 

794

 

Other non-cash operating activities

 

(1,336

)

 

123

 

 

(228

)

 

228

 

Changes in assets and liabilities:

Accounts receivable

 

(14,478

)

 

13,206

 

 

(25,538

)

 

11,204

 

Contract assets

 

(10,986

)

 

(68,129

)

 

(21,658

)

 

(78,122

)

Contract costs

 

(4,808

)

 

(4,992

)

 

(10,165

)

 

(4,992

)

Lease liabilities

 

(3,352

)

 

(2,833

)

 

(13,655

)

 

(5,558

)

Prepaid expenses, prepaid income taxes, and other assets

 

(20,016

)

 

(6,303

)

 

7,625

 

 

(8,776

)

Liability from foreign currency forward contract

 

(40,454

)

 

 

 

 

 

 

Accounts payable, accrued expenses, income taxes payable and other liabilities

 

30,353

 

 

(18,280

)

 

18,315

 

 

(23,674

)

Contract liabilities

 

(437

)

 

15,942

 

 

16,979

 

 

22,431

 

Net cash provided by (used in) operating activities

 

113,559

 

 

(344

)

 

299,209

 

 

28,962

 

Cash flows from investing activities:

Purchase of property, equipment and leasehold improvements

 

(2,062

)

 

(982

)

 

(6,577

)

 

(2,263

)

Proceeds from sale of property and equipment

 

 

 

36

 

 

 

 

91

 

Net payments for settlement of foreign currency forward contracts

 

(36,997

)

 

 

 

(26,176

)

 

 

Payments for business acquisitions, net of cash acquired

 

 

 

(5,571,931

)

 

(72,498

)

 

(5,571,931

)

Payments for equity method investments

 

(24

)

 

(24

)

 

(700

)

 

(24

)

Payments for capitalized computer software development costs

 

(19

)

 

(508

)

 

(366

)

 

(508

)

Purchase of other assets

 

 

 

(553

)

 

(1,000

)

 

(553

)

Net cash (used in) investing activities

 

(39,102

)

 

(5,573,962

)

 

(107,317

)

 

(5,575,188

)

Cash flows from financing activities:

Issuance of shares of common stock

 

5,194

 

 

5,701

 

 

36,736

 

 

5,702

 

Repurchases of common stock

 

(100,000

)

 

 

 

(100,000

)

 

 

Payment of tax withholding obligations related to restricted stock

 

(6,430

)

 

(1,676

)

 

(20,836

)

 

(1,676

)

Deferred business acquisition payments

 

 

 

(1,200

)

 

(1,363

)

 

(1,200

)

Repayments of amounts borrowed under term loan

 

 

 

(6,000

)

 

(276,000

)

 

(6,000

)

Net transfers (to) from Parent Company

 

(14,184

)

 

6,004,439

 

 

(19,933

)

 

5,971,995

 

Payments of debt issuance costs

 

 

 

 

 

(2,375

)

 

 

Net cash (used in) provided by financing activities

 

(115,420

)

 

6,001,264

 

 

(383,771

)

 

5,968,821

 

Effect of exchange rate changes on cash and cash equivalents

 

(4,564

)

 

2,405

 

 

(16,637

)

 

1,417

 

(Decrease) increase in cash and cash equivalents

 

(45,527

)

 

429,363

 

 

(208,516

)

 

424,012

 

Cash and cash equivalents, beginning of period

 

286,736

 

 

20,362

 

 

449,725

 

 

25,713

 

Cash and cash equivalents, end of period

$

241,209

 

$

449,725

 

$

241,209

 

$

449,725

 

 

ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Results of Operations and Cash Flows
(Unaudited in Thousands, Except per Share Data)

 

Three Months Ended
June 30,
Year Ended
June 30,
Nine Months
Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Total expenses

GAAP total expenses (a)

$

314,658

 

$

199,766

 

$

1,227,243

 

$

369,139

 

Less:

Stock-based compensation (b)

 

(20,830

)

 

(14,786

)

 

(84,850

)

 

(15,763

)

Amortization of intangibles (c)

 

(121,526

)

 

(71,342

)

 

(485,486

)

 

(116,743

)

Acquisition and integration planning related fees

 

(526

)

 

(3,749

)

 

(7,556

)

 

(3,749

)

 

Non-GAAP total expenses

$

171,776

 

$

109,889

 

$

649,351

 

$

232,884

 

 

Income from operations

GAAP income (loss) from operations

$

5,985

 

$

39,154

 

$

(183,065

)

$

36,157

 

Plus:

Stock-based compensation (b)

 

20,830

 

 

14,786

 

 

84,850

 

 

15,763

 

Amortization of intangibles (c)

 

121,526

 

 

71,342

 

 

485,486

 

 

116,743

 

Acquisition and integration planning related fees

 

526

 

 

3,749

 

 

7,556

 

 

3,749

 

 

Non-GAAP income from operations

$

148,867

 

$

129,031

 

$

394,827

 

$

172,412

 

 

Net income

GAAP net income (loss)

$

27,316

 

$

57,186

 

$

(107,760

)

$

53,146

 

Plus (less):

Stock-based compensation (b)

 

20,830

 

 

14,786

 

 

84,850

 

 

15,763

 

Amortization of intangibles (c)

 

121,526

 

 

71,342

 

 

485,486

 

 

116,743

 

Acquisition and integration planning related fees

 

526

 

 

3,749

 

 

7,556

 

 

3,749

 

Unrealized (gain) on foreign currency forward contract

 

(40,454

)

 

 

 

 

 

 

Realized loss on foreign currency forward contract

 

36,997

 

 

 

 

26,176

 

 

 

Less:

Income tax effect on Non-GAAP items (d)

 

(28,565

)

 

(18,295

)

 

(124,231

)

 

(28,316

)

 

Non-GAAP net income

$

138,176

 

$

128,768

 

$

372,077

 

$

161,085

 

 

Diluted income per share

GAAP diluted income (loss) per share

$

0.42

 

$

1.13

 

$

(1.67

)

$

1.30

 

Plus (less):

Stock-based compensation (b)

 

0.32

 

 

0.29

 

 

1.30

 

 

0.38

 

Amortization of intangibles (c)

 

1.87

 

 

1.42

 

 

7.46

 

 

2.85

 

Acquisition and integration planning related fees

 

0.01

 

 

0.07

 

 

0.12

 

 

0.09

 

Unrealized (gain) on foreign currency forward contract

 

(0.62

)

 

 

 

 

 

 

Realized loss on foreign currency forward contract

 

0.57

 

 

 

 

0.40

 

 

 

Impact of diluted shares

 

 

 

 

 

0.02

 

 

 

Less:

Income tax effect on Non-GAAP items (d)

 

(0.44

)

 

(0.36

)

 

(1.91

)

 

(0.69

)

 

Non-GAAP diluted income per share

$

2.13

 

$

2.55

 

$

5.72

 

$

3.93

 

 

Shares used in computing Non-GAAP diluted income per share

 

64,943

 

 

50,406

 

 

65,094

 

 

41,008

 

Contacts

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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