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     122  0 Kommentare Aspen Technology Announces Financial Results for the Third Quarter of Fiscal 2021

    Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in asset optimization software, today announced financial results for its third quarter of fiscal year 2021 ended March 31, 2021.

    “AspenTech’s third quarter performance was highlighted by strong free cash flow generation and demand activity in each of our core end-markets that was at or above pre-pandemic levels,” said Antonio Pietri, President and Chief Executive Officer of Aspen Technology. “At the same time, the continued uncertainty in the global macro environment due to COVID, coupled with the significant and costly disruptions in the energy and chemicals markets related to the winter storm in the US during the quarter, made it more challenging to close transactions than we expected.”

    Pietri continued, “Our high levels of engagement with customers regarding AspenTech’s critical role in their long-term digitalization and sustainability initiatives give us confidence that we will drive faster growth as market conditions normalize.”

    Third Quarter Fiscal Year 2021 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 $609.9 million at the end of the third quarter of fiscal 2021, which increased 6.0% compared to the third quarter of fiscal 2020 and 1.0% sequentially.

    Summary of Third Quarter Fiscal Year 2021 Financial Results

    AspenTech’s total revenue of $162.7 million included:

    • License revenue, which represents the portion of a term license agreement allocated to the initial license, was $110.1 million in the third quarter of fiscal 2021, compared to $78.2 million in the third quarter of fiscal 2020.
    • Maintenance revenue, which represents the portion of the term license agreement related to on-going support and the right to future product enhancements, was $45.9 million in the third quarter of fiscal 2021, compared to $44.2 million in the third quarter of fiscal 2020.
    • Services and other revenue was $6.7 million in the third quarter of fiscal 2021, compared to $8.2 million in the third quarter of fiscal 2020.

    For the quarter ended March 31, 2021, AspenTech reported income from operations of $68.9 million, compared to income from operations of $44.7 million for the quarter ended March 31, 2020.

    Net income was $62.5 million for the quarter ended March 31, 2021, leading to net income per share of $0.91, compared to net income per share of $0.61 in the same period last fiscal year.

    Non-GAAP income from operations, was $80.9 million for the third quarter of fiscal 2021, compared to non-GAAP income from operations of $53.9 million in the same period last fiscal year. Non-GAAP net income was $72.0 million, or $1.05 per share, for the third quarter of fiscal 2021, compared to non-GAAP net income of $49.1 million, or $0.72 per share, in the same period last fiscal year. These non-GAAP results add back the impact of stock-based compensation expense, amortization of intangibles and acquisition-related fees. A reconciliation of GAAP to non-GAAP results is presented in the financial tables included in this press release.

    AspenTech had cash and cash equivalents of $317.1 million and total borrowings, net of debt issuance costs, of $297.0 million at March 31, 2021.

    During the third quarter, the company generated $98.7 million in cash flow from operations and $100.0 million in free cash flow. 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; payments for capitalized computer software development costs, and other nonrecurring items, such as acquisition-related payments.

    Business Outlook

    Based on information as of today, April 28, 2021, Aspen Technology is issuing the following guidance for fiscal year 2021:

    • Annual spend growth of 4-5.5% year-over-year
    • Free cash flow of $265 to $275 million
    • Total bookings of $771 to $809 million
    • Total revenue of $705 to $729 million
    • GAAP total expense of $355 to $360 million
    • Non-GAAP total expense of $310 to $315 million
    • GAAP operating income of $350 to $369 million
    • Non-GAAP operating income of $395 to $415 million
    • GAAP net income of $306 to $321 million
    • Non-GAAP net income of $341 to $357 million
    • GAAP net income per share of $4.46 to $4.70
    • Non-GAAP net income per share of $4.98 to $5.22

    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 our actual results to differ materially from these forward-looking statements.

    AspenTech has not reconciled its expectations as to forward-looking non-GAAP total expense, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share to their most directly comparable GAAP measure because certain items are out of AspenTech’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP total expense, non-GAAP operating income, non-GAAP net income and non-GAAP net income per share is not available without unreasonable effort.

    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. 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 Aspen Technology’s business. As the result of adoption of new licensing models, management believes that a number of Aspen Technology’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 Aspen Technology’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 Aspen Technology’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

    Aspen Technology will host a conference call and webcast today, April 28, 2021, at 4:30 p.m. (Eastern Time), to discuss the company's financial results for the second-quarter of fiscal year 2021 as well as the company’s business outlook. The live dial-in number is (866) 471-3828 or (678) 509-7573, conference ID code 6459234. Interested parties may also listen to a live webcast of the call by logging on to the Investor Relations section of Aspen Technology’s website, http://ir.aspentech.com/events-and-presentations, and clicking on the “webcast” link. A replay of the call will be archived on Aspen Technology’s website and will also be available via telephone at (855) 859-2056 or (404) 537-3406, conference ID code 6459234, through May 5, 2021.

    About Aspen Technology

    Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.

    Forward-Looking Statements

    The 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. 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 AspenTech solutions due to the COVID-19 pandemic; AspenTech’s failure to increase usage and product adoption of aspenONE offerings or grow the aspenONE APM business, and failure to continue to provide innovative, market-leading solutions; declines in the demand for, or usage of, aspenONE software for any reason, including declines due to adverse changes in the process or other capital-intensive industries and due to the drop in demand for oil due to the COVID-19 pandemic, compounded by the excess supply arising from producers’ failure to agree on production cuts; unfavorable economic and market conditions or a lessening demand in the market for asset process optimization software, including due to the significant drop in oil prices arising from drop in demand due to the COVID-19 pandemic and producers’ failure to agree on production cuts; risks of foreign operations or transacting business with customers outside the United States; risks of competition and other risk factors described from time to time in AspenTech’s periodic reports filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any obligation to update forward-looking statements after the date of this press release.

    2021 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.

    ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited in Thousands, Except per Share Data)

     

     

     

     

     

     

     

     

     

     

    Three Months Ended
    March 31,

     

    Nine Months Ended
    March 31,

     

    2021

     

    2020

     

    2021

     

    2020

     

    (Dollars in Thousands, Except per Share Data)

    Revenue:

     

     

     

     

     

     

     

    License

    $

    110,104

     

     

    $

    78,156

     

     

    $

    352,133

     

     

    $

    238,311

     

    Maintenance

    45,885

     

     

    44,199

     

     

    139,561

     

     

    132,418

     

    Services and other

    6,737

     

     

    8,233

     

     

    19,721

     

     

    26,048

     

    Total revenue

    162,726

     

     

    130,588

     

     

    511,415

     

     

    396,777

     

    Cost of revenue:

     

     

     

     

     

     

     

    License

    2,485

     

     

    1,881

     

     

    6,859

     

     

    5,550

     

    Maintenance

    5,174

     

     

    4,778

     

     

    14,066

     

     

    14,339

     

    Services and other

    8,396

     

     

    9,046

     

     

    24,911

     

     

    26,560

     

    Total cost of revenue

    16,055

     

     

    15,705

     

     

    45,836

     

     

    46,449

     

    Gross profit

    146,671

     

     

    114,883

     

     

    465,579

     

     

    350,328

     

    Operating expenses:

     

     

     

     

     

     

     

    Selling and marketing

    30,345

     

     

    28,354

     

     

    82,092

     

     

    86,046

     

    Research and development

    25,874

     

     

    23,576

     

     

    70,576

     

     

    68,694

     

    General and administrative

    21,553

     

     

    18,219

     

     

    60,389

     

     

    54,525

     

    Total operating expenses

    77,772

     

     

    70,149

     

     

    213,057

     

     

    209,265

     

    Income from operations

    68,899

     

     

    44,734

     

     

    252,522

     

     

    141,063

     

    Interest income

    8,410

     

     

    8,173

     

     

    26,383

     

     

    24,577

     

    Interest (expense)

    (1,495)

     

     

    (3,207)

     

     

    (5,639)

     

     

    (9,368)

     

    Other (expense), net

    (5)

     

     

    (352)

     

     

    (1,807)

     

     

    (217)

     

    Income before income taxes

    75,809

     

     

    49,348

     

     

    271,459

     

     

    156,055

     

    Provision for income taxes

    13,314

     

     

    7,522

     

     

    47,101

     

     

    20,914

     

    Net income

    $

    62,495

     

     

    $

    41,826

     

     

    $

    224,358

     

     

    $

    135,141

     

    Net income per common share:

     

     

     

     

     

     

     

    Basic

    $

    0.92

     

     

    $

    0.62

     

     

    $

    3.31

     

     

    $

    1.98

     

    Diluted

    $

    0.91

     

     

    $

    0.61

     

     

    $

    3.28

     

     

    $

    1.96

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

    67,920

     

     

    67,806

     

     

    67,809

     

     

    68,122

     

    Diluted

    68,608

     

     

    68,482

     

     

    68,439

     

     

    68,906

     

    ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (Unaudited in Thousands, Except Share and Per Share Data)

     

     

     

     

     

    March 31,
    2021

     

    June 30,
    2020

     

    (Dollars in Thousands, Except
    Share Data)

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    317,099

     

     

    $

    287,796

     

    Accounts receivable, net

    49,034

     

     

    56,301

     

    Current contract assets, net

    298,835

     

     

    291,497

     

    Prepaid expenses and other current assets

    9,762

     

     

    10,884

     

    Prepaid income taxes

    12,008

     

     

    3,962

     

    Total current assets

    686,738

     

     

    650,440

     

    Property, equipment and leasehold improvements, net

    5,506

     

     

    5,963

     

    Computer software development costs, net

    1,255

     

     

    928

     

    Goodwill

    158,182

     

     

    137,055

     

    Intangible assets, net

    45,996

     

     

    42,851

     

    Non-current contract assets, net

    409,010

     

     

    318,976

     

    Contract costs

    28,419

     

     

    28,614

     

    Operating lease right-of-use assets

    31,589

     

     

    34,905

     

    Deferred tax assets

    2,924

     

     

    1,735

     

    Other non-current assets

    3,042

     

     

    1,839

     

    Total assets

    $

    1,372,661

     

     

    $

    1,223,306

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    3,563

     

     

    $

    3,988

     

    Accrued expenses and other current liabilities

    43,063

     

     

    43,556

     

    Current operating lease liabilities

    7,214

     

     

    6,824

     

    Income taxes payable

    76

     

     

    1,799

     

    Current borrowings

    18,000

     

     

    135,163

     

    Current deferred revenue

    54,730

     

     

    43,168

     

    Total current liabilities

    126,646

     

     

    234,498

     

    Non-current deferred revenue

    11,535

     

     

    13,913

     

    Deferred tax liabilities

    188,896

     

     

    179,978

     

    Non-current operating lease liabilities

    28,894

     

     

    33,088

     

    Non-current borrowings, net

    278,960

     

     

    292,369

     

    Other non-current liabilities

    4,842

     

     

    3,107

     

    Commitments and contingencies (Note 17)

     

     

     

    Series D redeemable convertible preferred stock, $0.10 par value—

    Authorized— 367,000 shares as of March 31, 2021 and June 30, 2020

    Issued and outstanding— none as of March 31, 2021 and June 30, 2020

     

     

     

    Stockholders’ equity:

     

     

     

    Common stock, $0.10 par value— Authorized—210,000,000 shares

    Issued— 104,283,957 shares at March 31, 2021 and 103,988,707 shares at June 30, 2020

    Outstanding— 68,013,942 shares at March 31, 2021 and 67,718,692 shares at June 30, 2020

    10,429

     

     

    10,399

     

    Additional paid-in capital

    799,743

     

     

    769,411

     

    Retained earnings

    1,682,688

     

     

    1,458,330

     

    Accumulated other comprehensive income (loss)

    6,527

     

     

    (5,288)

     

    Treasury stock, at cost—36,270,015 shares of common stock at March 31, 2021 and 36,270,015 shares at June 30, 2020

    (1,766,499)

     

     

    (1,766,499)

     

    Total stockholders’ equity

    732,888

     

     

    466,353

     

    Total liabilities and stockholders’ equity

    $

    1,372,661

     

     

    $

    1,223,306

     

    ASPEN TECHNOLOGY, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited in Thousands)

     

     

     

     

     

     

     

     

     

    Three Months Ended
    March 31,

     

    Nine Months Ended
    March 31,

     

    2021

     

    2020

     

    2021

     

    2020

     

    (Dollars in Thousands)

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net income

    $

    62,495

     

     

    $

    41,826

     

     

    $

    224,358

     

     

    $

    135,141

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

    2,688

     

     

    2,549

     

     

    7,545

     

     

    7,028

     

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

    2,258

     

     

    3,267

     

     

    7,037

     

     

    6,518

     

    Net foreign currency losses (gains)

    (27)

     

     

    345

     

     

    2,027

     

     

    183

     

    Stock-based compensation

    9,225

     

     

    7,299

     

     

    24,589

     

     

    24,133

     

    Deferred income taxes

    6,817

     

     

    (116)

     

     

    7,029

     

     

    (1,516)

     

    Provision for bad debts

    2,064

     

     

    2,127

     

     

    6,800

     

     

    3,391

     

    Other non-cash operating activities

    311

     

     

    208

     

     

    718

     

     

    423

     

    Changes in assets and liabilities:

     

     

     

     

     

     

     

    Accounts receivable

    (4,257)

     

     

    (11,889)

     

     

    4,115

     

     

    (16,428)

     

    Contract assets, net

    19,835

     

     

    32,216

     

     

    (103,538)

     

     

    2,329

     

    Contract costs

    (123)

     

     

    (692)

     

     

    198

     

     

    (1,522)

     

    Lease liabilities

    (2,298)

     

     

    (3,444)

     

     

    (7,533)

     

     

    (6,840)

     

    Prepaid expenses, prepaid income taxes, and other assets

    (7,001)

     

     

    (433)

     

     

    (6,959)

     

     

    (2,201)

     

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

    216

     

     

    2,353

     

     

    (6,847)

     

     

    (20,752)

     

    Deferred revenue

    6,456

     

     

    5,765

     

     

    13,410

     

     

    13,701

     

    Net cash provided by operating activities

    98,659

     

     

    81,381

     

     

    172,949

     

     

    143,588

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Purchases of property, equipment and leasehold improvements

    (211)

     

     

    (143)

     

     

    (733)

     

     

    (1,111)

     

    Payments for business acquisitions, net of cash acquired

    (329)

     

     

    (241)

     

     

    (16,272)

     

     

    (74,460)

     

    Payments for equity method investments

    (760)

     

     

    (319)

     

     

    (926)

     

     

    (319)

     

    Payments for capitalized computer software development costs

     

     

    (71)

     

     

    (895)

     

     

    (141)

     

    Net cash used in investing activities

    (1,300)

     

     

    (774)

     

     

    (18,826)

     

     

    (76,031)

     

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Issuance of shares of common stock

    9,394

     

     

    2,650

     

     

    12,508

     

     

    5,364

     

    Repurchases of common stock

     

     

    (49,757)

     

     

     

     

    (150,621)

     

    Payments of tax withholding obligations related to restricted stock

    (2,612)

     

     

    (2,395)

     

     

    (6,719)

     

     

    (8,246)

     

    Deferred business acquisition payments

     

     

    (4,600)

     

     

     

     

    (4,600)

     

    Proceeds from revolving credit facility, net of repayments

     

     

    90,000

     

     

    (119,182)

     

     

    219,163

     

    Repayments of amounts borrowed under term loan

    (4,000)

     

     

    (4,000)

     

     

    (12,000)

     

     

    (4,000)

     

    Payments of debt issuance costs

     

     

    (79)

     

     

     

     

    (3,533)

     

    Net cash provided by (used in) financing activities

    2,782

     

     

    31,819

     

     

    (125,393)

     

     

    53,527

     

    Effect of exchange rate changes on cash and cash equivalents

    (531)

     

     

    (740)

     

     

    573

     

     

    (838)

     

    Increase in cash and cash equivalents

    99,610

     

     

    111,686

     

     

    29,303

     

     

    120,246

     

    Cash and cash equivalents, beginning of period

    217,489

     

     

    80,486

     

     

    287,796

     

     

    71,926

     

    Cash and cash equivalents, end of period

    $

    317,099

     

     

    $

    192,172

     

     

    $

    317,099

     

     

    $

    192,172

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

    Income taxes paid, net

    $

    18,681

     

     

    $

    6,611

     

     

    $

    49,349

     

     

    $

    26,359

     

    Interest paid

    1,455

     

     

    3,054

     

     

    5,672

     

     

    8,246

     

    Supplemental disclosure of non-cash activities:

     

     

     

     

     

     

     

    Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses

    $

    20

     

     

    $

    7

     

     

    $

    77

     

     

    $

    (89)

     

    Change in repurchases of common stock included in accounts payable and accrued expenses

     

     

    243

     

     

     

     

    (621)

     

    Lease liabilities arising from obtaining right-of-use assets

    197

     

     

    6,802

     

     

    1,488

     

     

    11,626

     

    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
    March 31,

     

    Nine Months Ended
    March 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Total expenses

     

     

     

     

     

     

     

     

    GAAP total expenses (a)

     

    $

    93,827

     

     

    $

    85,854

     

     

    $

    258,893

     

     

    $

    255,714

     

    Less:

     

     

     

     

     

     

     

     

    Stock-based compensation (b)

     

    (9,225)

     

     

    (7,299)

     

     

    (24,589)

     

     

    (24,133)

     

    Amortization of intangibles

     

    (2,047)

     

     

    (1,864)

     

     

    (5,657)

     

     

    (4,741)

     

    Acquisition related fees

     

    (749)

     

     

     

     

    (3,133)

     

     

    (78)

     

     

     

     

     

     

     

     

     

     

    Non-GAAP total expenses

     

    $

    81,806

     

     

    $

    76,691

     

     

    $

    225,514

     

     

    $

    226,762

     

     

     

     

     

     

     

     

     

     

    Income from operations

     

     

     

     

     

     

     

     

    GAAP income from operations

     

    $

    68,899

     

     

    $

    44,734

     

     

    $

    252,522

     

     

    $

    141,063

     

    Plus:

     

     

     

     

     

     

     

     

    Stock-based compensation (b)

     

    9,225

     

     

    7,299

     

     

    24,589

     

     

    24,133

     

    Amortization of intangibles

     

    2,047

     

     

    1,864

     

     

    5,657

     

     

    4,741

     

    Acquisition related fees

     

    749

     

     

     

     

    3,133

     

     

    78

     

     

     

     

     

     

     

     

     

     

    Non-GAAP income from operations

     

    $

    80,920

     

     

    $

    53,897

     

     

    $

    285,901

     

     

    $

    170,015

     

     

     

     

     

     

     

     

     

     

    Net income

     

     

     

     

     

     

     

     

    GAAP net income

     

    $

    62,495

     

     

    $

    41,826

     

     

    $

    224,358

     

     

    $

    135,141

     

    Plus:

     

     

     

     

     

     

     

     

    Stock-based compensation (b)

     

    9,225

     

     

    7,299

     

     

    24,589

     

     

    24,133

     

    Amortization of intangibles

     

    2,047

     

     

    1,864

     

     

    5,657

     

     

    4,741

     

    Acquisition related fees

     

    749

     

     

     

     

    3,133

     

     

    78

     

    Less:

     

     

     

     

     

     

     

     

    Income tax effect on Non-GAAP items (c)

     

    (2,524)

     

     

    (1,924)

     

     

    (7,010)

     

     

    (6,080)

     

     

     

     

     

     

     

     

     

     

    Non-GAAP net income

     

    $

    71,992

     

     

    $

    49,065

     

     

    $

    250,727

     

     

    $

    158,013

     

     

     

     

     

     

     

     

     

     

    Diluted income per share

     

     

     

     

     

     

     

     

    GAAP diluted income per share

     

    $

    0.91

     

     

    $

    0.61

     

     

    $

    3.28

     

     

    $

    1.96

     

    Plus:

     

     

     

     

     

     

     

     

    Stock-based compensation (b)

     

    0.14

     

     

    0.11

     

     

    0.35

     

     

    0.35

     

    Amortization of intangibles

     

    0.03

     

     

    0.03

     

     

    0.08

     

     

    0.07

     

    Acquisition related fees

     

    0.01

     

     

     

     

    0.05

     

     

     

    Less:

     

     

     

     

     

     

     

     

    Income tax effect on Non-GAAP items (c)

     

    (0.04)

     

     

    (0.03)

     

     

    (0.10)

     

     

    (0.09)

     

     

     

     

     

     

     

     

     

     

    Non-GAAP diluted income per share

     

    $

    1.05

     

     

    $

    0.72

     

     

    $

    3.66

     

     

    $

    2.29

     

     

     

     

     

     

     

     

     

     

    Shares used in computing Non-GAAP diluted income per share

     

    68,608

     

     

    68,482

     

     

    68,439

     

     

    68,906

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended
    March 31,

     

    Nine Months Ended
    March 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Free Cash Flow

     

     

     

     

     

     

     

     

    Net cash provided by operating activities (GAAP)

     

    $

    98,659

     

     

    $

    81,381

     

     

    $

    172,949

     

     

    $

    143,588

     

    Purchases of property, equipment and leasehold improvements

     

    (211)

     

     

    (143)

     

     

    (733)

     

     

    (1,111)

     

    Payments for capitalized computer software development costs

     

     

     

    (71)

     

     

    (895)

     

     

    (141)

     

    Acquisition related payments

     

    1,526

     

     

     

     

    2,433

     

     

    1,264

     

    Free cash flow (non-GAAP)

     

    $

    99,974

     

     

    $

    81,167

     

     

    $

    173,754

     

     

    $

    143,600

     

     

     

     

     

     

     

     

     

     

    (a) GAAP total expenses

     

     

    Three Months Ended

    March 31,

     

    Nine Months Ended

    March 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Total costs of revenue

     

    $

    16,055

     

     

    $

    15,705

     

     

    $

    45,836

     

     

    $

    46,449

     

    Total operating expenses

     

    77,772

     

     

    70,149

     

     

    213,057

     

     

    209,265

     

    GAAP total expenses

     

    $

    93,827

     

     

    $

    85,854

     

     

    $

    258,893

     

     

    $

    255,714

     

     

     

     

     

     

     

     

     

     

    (b) Stock-based compensation expense was as follows:

     

     

    Three Months Ended
    March 31,

     

    Nine Months Ended
    March 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Cost of maintenance

     

    $

    234

     

     

    $

    343

     

     

    $

    688

     

     

    $

    1,104

     

    Cost of services and other

     

    412

     

     

    450

     

     

    1,198

     

     

    1,477

     

    Selling and marketing

     

    1,869

     

     

    1,472

     

     

    4,655

     

     

    4,228

     

    Research and development

     

    2,273

     

     

    2,082

     

     

    6,515

     

     

    6,193

     

    General and administrative

     

    4,437

     

     

    2,952

     

     

    11,533

     

     

    11,131

     

    Total stock-based compensation

     

    $

    9,225

     

     

    $

    7,299

     

     

    $

    24,589

     

     

    $

    24,133

     

    (c) The income tax effect on non-GAAP items for the three and nine months ended March 31, 2021 and 2020, respectively, is calculated utilizing the Company's statutory tax rate of 21 percent.

     



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    Aspen Technology Announces Financial Results for the Third Quarter of Fiscal 2021 Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in asset optimization software, today announced financial results for its third quarter of fiscal year 2021 ended March 31, 2021. “AspenTech’s third quarter performance was highlighted by strong …